Monday, April 20, 2020 / by Anne Rose
Q & A WITH ADAM SLACK AND TARA JONES OF GUARANTEED RATE
We’ve heard there are changes that home buyers should understand in the appraisal process right now. What are the most recent updates?
Adam: Processes for property appraisals have been changing daily, in light of the COVID-19 social distancing requirements and business restrictions.
Tara: It’s been interesting. Each change does seem like it is for the better. On your conventional loans, Frannie, Freddie, on primary residences, those are desktop versions for now. Which means that the appraiser doesn’t have to go out. They can just do an AVM (automated value) and that is not only beneficial for people who may be living in the home, but for the appraisers health safety as well. The appraiser doesn’t have to leave their home for this scope of work. That has been a really big win in the mortgage process.
On government loans, they are often a little bit more conservative, and FHA now is allow ...
Monday, April 6, 2020 / by Anne Rose
Q & A with Adam Slack and Tara Jones of Guaranteed Rate
Business as usual doesn’t exist any more, with respect to COVID-19, so what are you doing at Guaranteed Rate to facilitate closings and serve your clients while observing stay-at-home and social distancing restrictions?
Adam: We are really 100% open for business. Even before everything that has happened with COVID-19, our entire office staff was fully setup with home office stations, and secure servers and full size monitors - everything that they have in the office.
This was even before the pandemic happened, so our productivity hasn’t changed at all.
Just like Kirk has said with his COVID-19 updates, for Guaranteed Rate on the financing end, we have the ability to work 100% remotely, so we are not missing a beat on our end. Everything is moving forward smoothly and business is normal.
People are looking for no-contact options in every aspect of their lives right now. Have you done any c ...
Thursday, March 19, 2020 / by Anne Rose
On Covid 19, your 401K, toilet paper shortages, and the real estate market. Some sanity from Kirk Pugh, Broker Realtor, at KBT Realty Group.
Let's add some insight into the question we get almost a hundred times a day now, "What is going to happen to the real estate market in light of the COVID-19 virus and in light of the tumultuous state of the stock market right now?"
On COVID-19 and the Real Estate Market
What's going to happen? The honest answer is, "We don't know."
In the six years prior to the real estate market crash in 2008, the average home price appreciation for each of the six years was somewhere in the 17-20% range. So, there was a huge appreciation in home values, leading to a great big bubble, that burst when the financial markets crashed in 2008.
In the six years prior to today, average appreciation on homes has been running in the 4-6% range, creating no where near the bubble and the overpricing that we saw back in 2006 and 2007.
On that ...
Wednesday, January 29, 2020 / by Anne Rose
contributed by Jen Reed
Veterans sacrifice a lot for this country. To help honor these sacrifices, special programs were put in place to aid vets in getting and keeping a home. Unfortunately, not all veterans know that these programs exist. Even for those who do, they may not realize exactly what options are available for them and may apply for a program that doesn’t really match their situation ideally. Based on the programs, veterans can qualify for loans under 3 percent, so there are certainly some advantages to checking it out.
To help sort out some of the confusion, here are a few of the most common home programs that vets might be interested in. As requirements and availability can change over time, be sure to find out more before attempting to apply for any specific program.
VA Home Loans
One of the most commonly used home programs for vets are VA home loans. These loans are subsidized by the Veterans Administration itself, similar to HUD home loans or ru ...
Monday, July 29, 2019 / by Anne Rose
Well into the dog days of summer, the real estate market is hot, just like the weather is outside.
Kirk Pugh jumps right into some numbers to see what that means to the real estate buyer or seller. If you are a seller today, whether you are getting a job transfer, moving to get closer to family, or needing to upsize for a growing family or downsize, the market is very much in your favor right now. "Absorbtion rate" is something that we talk about internally on the KBT Realty team. At what pace are homes that are put on the market in various price categories selling, and what is a reasonable expectation a seller can have for how long it may take to get their house sold?
If we look at the market by price point, Kirk suggests, up to about $350,000, in New Hanover county, assuming a house is in a decent location and in decent condition without too much deferred maintenance, there is a three month supply of inventory. On the spectrum of buyers-market, sellers-market, a h ...