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Fannie Mae Issues New Appraiser Guidelines

Fannie Mae has set new guidelines for choosing appraisers and comparable properties that appraisers uses. This should bring some much needed relief from The Home Valuation Code of Conduct. In order to comply with the HVCC, many lenders were using appraisal management companies to hire appraisers. Many of the appraisals that were hired out by appraisal management companies were falling short of the contracted sales price. The appraisal management companies often employ appraisers with little experience in the markets in which they are asked to provide valuations. These new guidelines should insure that a qualified appraiser will be doing the report using the correct comparable properties.

Fannie May has given notice to lenders that they can now only use appraisers who have the ability to access records on recent sales, and are knowledgeable about the area in which they are appraising properties in. If issues arise with the original appraisal, lenders can order a review or a new appraisal from another appraiser.

Fannie Mae has also set guidelines for choosing comparable sales. If an appraiser uses a short sale or a foreclosure as a comp, they will be required to identify and consider the condition of the home and weather any stigma has been associated with it. Appraisers will still be required to use at least three comparable sales, and can use more than three.

Hopefully the new guidelines set by Fannie Mae will ensure that more transactions appraise at the contracted sales price and end up closing escrow!

New Listing in South Lake Tahoe

Just Listed on the South Lake Tahoe MLS!

1476 Glenwood Way

Completely remodeled home with an open floor plan perfect for entertaining! Recent upgrades include granite countertops, kitchen cabinets, tile bathrooms, laminate flooring, new carpet, and new interior paint. Located close to Heavenly Ski Resort, the Casino’s, and The lake, this would make a great vacation home or primary residence. This house comes furnished per inventory list including a hot tub! Make sure to take a look at the virtual tours as well!

1406 Square Feet
3 Bedrooms, 2 Bathrooms, and a 2 Car Garage
New Double Pane Vinyl Windows
Recently Remodeled
Fully Furnished including a Hot Tub!
Single Level Living
Much More!!!

Make sure to take a look at the Virtual Tour of my new listing which was entered on the South Lake Tahoe MLS on 6/28/10. For more information or to set up an appointment to see 1476 Glenwood call South Lake Tahoe Real Estate Agent Brent Johnson today!

Tahoe Keys Waterfront Just Reduced!

2213 Texas Ave.

Just Reduced!!!

Ofered at $439,000

South Lake Tahoe Real Estate agents Brent and Jill Johnson have just listed one of the least expensive waterfront properties in South Lake Tahoe! This waterfront home is located in the Tahoe Keys and has expansive waterfront views and amazing sunsets! You will be impressed with this recently remodeled Tahoe Keys home that overlooks Lake Tallac. The 2007 remodel included new kitchen with hickory cabinets, quartz slab counter tops, stainless steel appliances, and distressed hickory hardwood flooring. The windows have been replaced with new double pane vinyl frame windows and the roof was replaced about 7 years ago. The second level of this upstairs living house is wheel chair accessible by a ramp that connects to the upper back deck.

click on this link to see the virtual tour of this remodeled house for sale in the Tahoe Keys!

3 bedrooms, 2 bath, 2 car garage
1440 square feet
6753 square foot lot
recently remodeled including new front siding and a new roof!
Great Tahoe Keys HOA amenities including indoor and outdoor pools, spa, beach, pier, boat launch, marina, park, tennis, basketball, volleyball, and security

For more information about this great house in the Tahoe Keys area please give South Lake Tahoe real estate agent Brent Johnson a call today!

May South Tahoe Real Estate Stats

May was a much better month for the South Lake Tahoe real estate market than it was for the stock market! There were 42 single family homes that closed escrow in South Tahoe during the month in May 2010. This is a significant increase from the 27 homes that closed escrow in May 2009. The stock market did not fair nearly as well!

Distress sales were once again on the decline. Distress sales only accounted for 38% (16) of the sales in May, down from 48% in April, and down from 58% in March. Foreclosures accounted for only 9 of the closed sold homes, short sales accounted for the other 7.

May South Tahoe Real Estate Statistics

There were 42 single family homes reported as sold on the South Lake Tahoe mls in the month of May. This is up from 27 in May 2009 and down from 46 in April 2010.
The average price of the homes sold was $462,367 (The average drops to$387,669 if I take out the lakefront Keys sale for $3,525,000) The average sales price was $386,177 in April and $355,633 in May 2009.
The median sales price of the homes sold in May was $322,000. This is down from $329,163 in April and up from $315,000 in May 2009.
The average price per square foot was $216. The average price per square foot was $211 in April and $222 in May 2009.
The average days on the market was 145, down from 158 in April and down from 147 in May 2009.
The median days on the market was 99, down from 112 in April and down from 137 in May 2009.

The distress sales that sold in May had a very low price per square foot compared to the non-distress sales. The foreclosures that sold had an average price per square foot of $165 and the short sales had an average price per square foot of $170. The price per square foot for the non-distress sales was $245.

Here are some other interesting statistics for the distress sales sold in May:

Including the escrow period, the foreclosures had an average days on the market of 66. The sold short sales averaged 286 days!
The foreclosures had a median days on the market of 76 days including the escrow period. The sold short sales had a median days on the market of 204!
The average sales price of the foreclosures was $257,156. The average sales price was $479,857 for the short sales.
The median price of the sold foreclosures was $229,900. The median sales price was $525,000 for the short sales.

There were only two lots in South Lake Tahoe that sold in May. Both lots that sold were in the North Upper Truckee area. One was a lot in the burn area that sold for $145,000 and one was a 10,511 square foot lot that sold for $95,000.

There was one condo that sold in May. This was a 2 bedroom 1.5 bath unit in the Tahoe Keys that sold for $290,000.

There was also only one multi family unit that sold in May. This was a property that had 2 houses on one lot in the Tahoe Island Drive area. These homes sold for $240,500.

The most active area of the South Lake Tahoe real estate market continues to be the single family homes. It is great to see that the percentage of short sale and foreclosure sales has continued to decline for the third consecutive month. The percentage of distress sale closings has gone down to 38% from 65% in February. This is another sign of stabilization in the housing market. I hope that it continues!

South Lake Tahoe Real Estate Statistics

Here are the current South Lake Tahoe real estate statistics from the South Lake Tahoe MLS.

The following statistics are for residential (single family, condo, and town houses) located in the City and County areas of South Lake Tahoe:

Total listings: 520

Active listings: 408

In Escrow: 112

Of the 112 single family homes that are in escrow 52 are short sales and 15 are bank owned foreclosures.

The 112 escrows represent 21.5% of the total inventory in escrow.

Breakdown by price range of the 112 escrows

Under $200,000-18 escrows
$200,001 to $300,000-36 escrows
$300,001 to $400,000-25 escrows
$400,001 to $500,000-5 escrows
$500,001 to $600,000-10 escrows
$600,001 to $700,000-2 escrows
$700,001 to $800,000-9 escrows
$800,001 to $999,999-4 escrows
Over $1,000,000- 3 escrows

There have been a total of 198 single family properties sold so far this year in South Lake Tahoe. Bank owned foreclosures have accounted for 35.7% (71) of the sales, and short sales have accounted for 16.2% (32). The total percentage of distress sales (short sales and foreclosures) sold so far this year is 52%. That means that over half of the single family sales in South Lake Tahoe have been distress sales.

Single family sold statistics from the South Lake Tahoe mls:

Average price per square foot:

$241 for non distress sales
$207 for short sales
$172 for foreclosures

Median sales price:

$313,750 for all single family sales
$326,250 for short sales
$235,000 for foreclosures

Median days on the market

107 days for all single family sales
229 days for short sales
74 for foreclosures

Below is a graph of the median sales price for South Lake Tahoe for the last year from Trulia.com , which is also great source for local real estate statistics. I love Trulia for statistics, but I would not use it for searching for properties.

South Lake Tahoe median sales prices

I hope that you have found these most recent South Lake Tahoe Real Estate Statistics helpful. For more information regarding the South Lake Tahoe real estate market, please call Brent Johnson today!

Recent Home Buyer Testimonial

I recently had the pleasure of assisting Rick and Clare in the purchase of their vacation home in South Lake Tahoe. Rick and Clare were able to purchase a completely remodeled home in Meyers that fit them perfectly. I am happy to share my home town with Rick and Clare.

Here is what Rick and Clare had to say about their home buying experience with me.

“Brent,

We wanted to take the opportunity to express our thanks to you for helping us with the purchase of our South Lake Tahoe vacation home.

From the start we felt very comfortable working with you. Prior to us coming to South Lake Tahoe to view properties, you helped set up viewings of the properties we had sifted through online and sent us several suggestions you had in our price range. Ultimately we purchased a property which you had sent to us as a recommendation. On the day we viewed properties, you quickly picked up what type of property we were interested in and didn’t push us into viewing properties we weren’t interested in or were out of our price range.

When we made an offer on our property, you showed a good understanding of the current market and helped us come to a decision on our offer price. We appreciated your efforts in working through the counter offer. With us not living in the area, it was so reassuring and comforting to know you were on top of the inspections, disclosure packages, etc. and that we could call you with any questions we had.

We have purchased several properties in 4 different states over the course of our “young” lives, and we can say without hesitation that working with you was one of our best experiences. We will certainly recommend you to anyone we know purchasing property in the South Lake Tahoe area.

Thanks again for all your efforts”

Best Regards,

Rick and Clare

I am happy to share my home town of South Lake Tahoe with Rick and Clare!