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It’s nice to see the pop of spring color throughout our region – and a pop in real estate activity as well.
Through the end of April, we’ve seen a 10% year-over-year increase in homes on the market throughout northwest Vermont. Buyer demand still exceeds the supply of homes for sale, pushing the median sales price up by 6% to $429,500. Multiple offers are commonplace, resulting in 38% of properties selling above the list price. Buyers are still acting quickly when the right house comes on the market at the right price. On average, we’ve seen 19 days from a home hitting the market to going under contract.
At the start of the year, optimism was high for rate cuts from the Federal Reserve and the potential impact on mortgage rates. However, recent economic data has indicated that interest rate cuts are not happening as expected, and rates remain at 2023 levels. As a result, it doesn’t make sense to wait for mortgage interest rates to drop significantly, as the steady increase in median price may cost you more in the long run.
What is my takeaway for people ready to make a move this spring and summer? Get ready to act, and let’s talk about your strategy, including your financing strategy.
We asked New England Federal Credit Union about a few programs that might interest you or someone you know. NEFCU is proud to support affordable housing. Through its own programs and partnerships with organizations and homeownership centers throughout Vermont, NEFCU is working hard to help more of its members achieve homeownership.
First-Time Buyer Programs:
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They are a top lender with the Vermont Housing Finance Agency, with expertise in navigating loan programs and layering grant funds for qualified buyers.
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They collaborate with many shared equity programs across the state, including the Homeownership Equity Program, which offers funds to BIPOC borrowers and is now available statewide.
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NEFCU is an approved lender with the Federal Home Loan Bank of Boston’s (FHLBB) Equity Builder, Housing Our Workforce, and Lift Up programs, which provide down payment and closing cost funds to qualified buyers, including first-time buyers and the BIPOC community.
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Their own down payment assistance loan program, Home Ownership Made Easy (H.O.M.E.).
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A 100% financing product, without income or asset limits or a first-time buyer requirement.
Move Up Buyer Programs:
NEFCU also offers a wide range of portfolio and saleable loan programs. NEFCU portfolio programs have lower closing costs (due to no loan-level price adjustments charged by Freddie Mac or Fannie Mae) and include a large suite of products: adjustable-rate mortgages, jumbo loans, investment properties, second homes, land, construction, manufactured homes, and more.
In the current high-rate environment, NEFCU’s portfolio loans significantly benefit homebuyers through the RateProtect program. This program offers a 120-day free rate lock at pre-approval, with a one-time free float-down option if rates drop. After closing, the benefits continue; if rates decrease, borrowers can modify to the lower rate for a $500 flat fee without needing a full refinance.
NEFCU’s Mortgage Loan Officers are experts at identifying the right program and presenting all the options to each buyer, whether it is their first or fifth home. To learn more about NEFCU’s range of products, visit NEFCU Home Loans or call 800-400-8790.
Please reach out if you or someone you know has any questions about the real estate market. I am here to guide you every step of the way.
