If you are thinking of selling your Lynden, WA real estate this fall, the experts are suggesting that you should! In a balanced market, spring and summer is usually considered the best time to list your home for sale in Lynden, WA. There seems to be a higher demand and people are on summer vacation and they want to get their family settled before the school year. However, with real estate in Lynden, WA being in a seller’s market, demand isn’t likely to halt anytime soon. In fact, let’s take a look at why the experts suggest that Fall is a great time to list.
Demand Is Still High
The National Association of Realtors recently released the Buyer Traffic Report which shows that the demand to purchase is strong and steady throughout the entire country. Lynden, WA real estate specifically is at a 3.3 month supply, which is very much a seller’s market. This is optimal for those listing their home for sale in Lynden, WA as it means that there are plenty of qualified buyers looking to purchase.
There Isn’t As Much Competition Now
With a majority of the United States having less than the needed 6 month supply for a balanced housing market, there are just not enough homes for sale to satisfy the buyer demand. Add in that most people who don’t HAVE to sell usually remove their home during the holidays, a seller will have less competition than normal. This can result in bidding wars depending on the Lynden, WA real estate in question. If you want the most bang for your buck, don’t wait to see if your home value increases over time. More inventory is expected to flood the market within the next year AND mortgage interest rates are expected to increase, which can impact the amount of buyers in the market.
The Process Will Be Quicker
Thanks to real estate in Lynden, WA being in a seller’s market, buyers have been forced to get all their ducks in a row before they even start looking at homes for sale in Lynden, WA. This means they are getting pre-approved first and are making bids immediately. This speeds up the buying process. In fact the time that it takes, on average, to close a loan has decreased to just 43 days.
There Will Never Be a Better Time to Buy That Dream House
Interestingly enough, luxury real estate in Lynden, WA is still in a buyer’s market. Which means that you can get that dream home for a better price compared to if you wait. With prices expected to appreciate 5% over the course of the next year, you could pay more in both down payment and mortgage payment if you wait.
For more information on selling your home, give me a call. I would be happy to help!
If you are thinking of buying or selling Lynden, WA real estate, knowing the current market conditions is crucial for a successful transaction. These details ensure that as a seller, you don’t price incorrectly while a buyer feels confident they didn’t overpay for their home for sale in Lynden, WA. Of course, working with a Lynden, WA realtor is necessary for multiple reasons, but they can help you navigate the market. One thing that is very important to know for this time of year is that just because we are going into the colder months, doesn’t mean Lynden, WA real estate is going to cool down with the temperatures. While we have to wait and see what the market does, as only time will tell, the low inventory and high buyer demand mixed with the fact that we are still very much in a seller’s market, indicates that homes should still move quickly. The market could slow during the last month of the year as folks focus on the holidays, however, that is to be determined. So how is real estate in Lynden, WA doing? Let’s take a look!
The good news for seller’s is that the sold price for homes for sale in Lynden, WA are up for both the median and the average. The average sold price for real estate in Lynden, WA is up 7.6% at $342,073 while the median is up 16.2% at $323,000. This means that in most scenarios, a seller’s home for sale in Lynden, WA has more value than this time last year. The percentage of list price (which basically determines a buyer’s negotiation power) is up 0.4% at 99.1%. The good news for buyers is that new listings are up 6.9%, however the amount of homes for sale is down is 11.2%. Pending sales are up 21.8% and closed sales are up 19.2%. The median days on market are down 40% at 21 days. The month supply is still very much in a seller’s market at 3.3. This is down 17.5% compared to this time last year. In order for a market to be considered balanced, it needs a 6 month supply. Whether or not Lynden, WA real estate will catch up with that need over the course of the next few months remains to be seen. If you are looking to list or buy real estate in Lynden, WA, working with a qualified Lynden, WA realtor is the best bet for a positive experience.
Looking for a Lynden, WA realtor? I would be happy to help!
If you are looking to sell your Lynden, WA real estate, you likely are hoping to sell fast and are open to the idea of a bidding war. After all, it is a current trend in real estate markets across the nation. Supply is low, demand is high and with prices rising along with mortgage rates, people want to get into a home NOW. If you want to sell your Lynden, WA real estate with multiple bids and hopefully over asking, discuss these 3 tips with your Lynden, WA realtor.
Price Your Home To Move
This is slightly different compared to pricing per the market conditions. Pricing your real estate in Lynden, WA to move is decreasing the listing price by a small percentage. When you price per the market conditions, you are pricing based on comparable sales in the area. Market conditions are usually determined by market demand which is essentially what people are willing to pay. Pricing your Lynden, WA real estate a little bit lower can feel a bit risky as you don’t want there to be any thing left on the table. However! This is psychology 101: Buyers love the idea of a good deal. If your home is priced a little lower compared to the competition, there is a good chance the people who are looking for a home for sale in Lynden, WA will make an offer on yours before other similar ones that are priced higher.
Set a Deadline, Also Known As An Offer Review Date
This is not a move that is for everyone, and really depends on the market. If your home for sale in Lynden, WA has showings lined up before you even hit the market, this could be a good strategy. Just like the above tip, people don’t like to miss out on a good opportunity. When you set a deadline or an offer review date, it motivates buyers who are serious to get an offer in on your house. Keep in mind that if your home is overpriced, this could backfire. In fact, this should only apply to real estate in Lynden, WA that is priced appropriately or even slightly lower then market value. This is a huge trend with our neighbors in King County. The demand is so high that a majority of new listings are setting an offer review date. While this hasn’t become the norm in Whatcom County like it has there, we usually do see trends migrate this way from our friends down South at some point.
Spice Up The Listing Photos
Professional photographs are a must when it comes to listing a home for sale in Lynden, WA. However, instead of doing the same old boring shots, request photos that show different angles of the house. This shows off how the home flows as well as creates the opportunity to stand out and not get lost in the sea of houses.
Of course, every home is unique so it is crucial to consult your Lynden, WA realtor to find out if these steps would be appropriate for you. For more information, give me a call at 360-410-0848.
If you are interested in selling or buying real estate in Bellingham, WA, knowing the current market conditions is crucial. As a seller, you want to make sure you price your home for sale in Bellingham, WA according to the current market demands. If you overprice, your home can sit and be stigmatized by buyers as having something wrong with it. If you under price in hopes of creating a bidding war, you may end up making less money. As a buyer, you want to ensure that you are not over paying for a Bellingham, WA home for sale. Knowing the current market conditions is why the use of a Bellingham, WA realtor is so necessary. We have a tool that comes straight from the NWMLS that provides accurate stats of current market trends. Let’s take a look at the current Bellingham, WA real estate market.
Both the median and average home prices for Bellingham, WA real estate went up compared to last month as well as this time last year. The median increased by 8.3% and is now $325,000. The average increased by 15.4% and is now $384,687. Both the median and average days on the market went down. The average decreased by 17.5% which puts homes from active to pending in 47 days. The median has gone down 40.9% which puts homes going from active to pending on average at 13 days. This is not only down substantially from last year, but even last month. It is important to note that even if 1 property has been sitting too long, it can throw the entire average off. The median percentage of list price saw a small increase with a report of homes getting 100.1% of the listing price. This basically means that homes are getting asking and in some cases, over. Pending homes for sale in Bellingham, WA are down 6.8%, which isn’t a huge increase. Closed homes are down 1.4%, which is up a little bit compared to not only this time last year, but also last month. Price per square foot is up 12% at $214. The amount of new listings is actually down a bit by 1.8% which isn’t a huge decrease, but we also need the inventory. If you are looking for real estate in Bellingham, WA we think you will agree with this. Now, we are definitely in a sellers market with a month supply of 3.1. Additionally, the amount of total homes for sale has had a 17.6% decrease, which we don’t love. Bellingham, WA realtors hope that folks thinking of selling their real estate in Bellingham, WA will do so soon so that we can satisfy buyer needs. If you are looking for stats specific to certain areas within Bellingham, WA, give me a call at 360-410-0848. My team and I would love to help!
If you are interested in selling or buying real estate in Whatcom County, knowing the current market conditions is crucial. As a seller, you want to make sure you price your home for sale in Whatcom County according to the current market demands. If you overprice, your home can sit and be stigmatized by buyers as having something wrong with it. If you under price in hopes of creating a bidding war, you may end up making less money. As a buyer, you want to ensure that you are not over paying for a Whatcom County home for sale. Knowing the current market conditions is why the use of a Whatcom County realtor is so necessary. We have a tool that comes straight from the NWMLS that provides accurate stats of current market trends. Let’s take a look at the current Whatcom County real estate market.
Both the median and average home prices for Whatcom County real estate went up compared to last month as well as this time last year. The median increased by 9.3% and is now $295,000. The average increased by 11.8% and is now $329,707. Both the median and average days on the market went down. The median decreased by 37.5% which puts homes from active to pending in 20 days. The average has gone down 18.9% which puts homes going from active to pending on average at 60 days. It is important to note that even if 1 property has been sitting too long, it can throw the entire average off. The median percentage of list price saw a small increase with a report of homes getting 99% of the listing price. This basically means that homes are getting very close to asking and in some cases, over. Pending homes for sale in Whatcom County are up 0.8%, which isn’t a huge increase. Closed homes are up 4.5%, which is up a little bit compared to not only this time last year, but also last month. Price per square foot is up 11.3% at $197. The amount of new listings is actually down a bit by 1.1% which isn’t a huge decrease, but we also need the inventory. If you are looking for real estate in Whatcom County we think you will agree with that statement. Now, we are right on the cusp of a buyers and sellers market with a month supply of 4.3. Additionally, the amount of total homes for sale has had a 17% decrease, which we don’t love. Whatcom County realtors hope that folks thinking of selling their real estate in Whatcom County will do so soon so that we can satisfy buyer needs. If you are looking for stats specific to certain towns within Whatcom County, give me a call at 360-410-0848. My team and I would love to help!
Whether you are buying or selling real estate in Lynden, WA, it is crucial to know what the current market conditions are. As a buyer, you just want the reassurance that you didn’t overpay. As a seller you can remain confident that you didn’t price too high or too low. Both of which can backfire. If you price too high, you run the risk of having your property sit too long which can cause potential buyers to assume there is something wrong with it. If you price too low in hopes of starting a bidding war, you could leave some money on the table. At the end of the day, a successful Lynden, WA real estate transaction is when both parties feel satisfied with what they received. So how is the local Lynden, WA real estate market doing? Let’s take a look.
The good news for home sellers is that Lynden, WA real estate sold prices are up-both the median and the average. After a 15.1% increase, the median is sitting at $319,900 while the average is at $336,780, up 7.0% this time last year (and up a bit from last month!). This means that if you have been waiting to list in hopes that prices go up and you can make more at resale, now is a good time. New listings are up 7% which is great for buyers as any bump is appreciated in this kind of tight market. Pending sales are also up 20.9% for real estate in Lynden, WA while closed sales are up 17%. Days on the market are down, substantially, for both median and average. The median is down 43.2% at 21 days while the average is down 45.1% at 45 days. Which basically means homes are getting and accepting offers quickly. The month supply is also down 12.5% at 3.5. In order for the market to be considered “balanced”, the number we need to see is 6, so we are still definitely in a seller’s market. For more information on real estate in Lynden, WA, give me a call. I would be happy to help!
If you are thinking of listing your Lynden, WA real estate, chances are you have been scoping out your local Lynden, WA realtors. Choosing a qualified individual to represent you and your home is the first (and most important) step to a successful transaction. After all, a good Lynden, WA realtor will help you not only sell your home fast, but also for the most money. This market is also highly competitive which isn’t just overwhelming for buyers. It can be for sellers as well. When multiple offers are coming in, you may not be sure which one is the best offer for you. A qualified real estate agent can help you go through the offers and select the one that fits your needs. If you pick the wrong realtor, your home could end up sitting on the market and grow “stale”. While some real estate professionals might be offended that you want to ask them a few questions, you should definitely get some information before signing a listing agreement. If you are trying to determine which Lynden, WA realtor is your match, ask them these questions.
1. What credentials make you qualified to sell my home?
At the minimum, your Lynden, WA realtor should have a Washington license and belong to the local association. This allows them access to the Northwest Multiple Listing Service which is where your home is listed and as a result, seen by hundreds of Realtors AND all over the world. Do they have any other certifications that specializes in something specific such as luxury or second resort homes? Are they a member of the National Association of Realtors®, which requires additional training and following a code of ethics? Do they serve on the local board? How are they involved in the community? Have they been recognized for their real estate success? How long have they been in the business? These are the types of questions that can give you a hint on their involvement in the industry and the community. A Lynden, WA realtor that seeks additional education and finds a way to give back is someone that is likely passionate about the bigger scope of what the term “home” really means.
2. How many homes for sale in Lynden, WA did you close last year?
The answer to this is multi-faceted. This doesn’t necessarily mean that a realtor in Lynden, WA is good or not. After all, market conditions can play a big role. However, it does suggest that enough people have put their trust into them for their real estate needs. Lynden, WA Real estate is a referral business. So if the number of sales is high, chances are that they know what they are doing. If you want a more in-depth answer to this question, ask about their sales volume, how quickly the homes sold, what neighborhoods these homes were in and how close the accepted offers were to the list prices.
3. Do you specialize in specific neighborhoods and areas?
Having a realtor in Lynden, WA that specializes in your neighborhood can give you a huge advantage. They may be aware of certain nuances, amenities or upcoming developments that other realtors may not know about. They also know the past, present and future of this areas real estate market which can be of benefit to a home seller. Listing a home for sale in Lynden, WA also includes selling the neighborhood.
4. How do you decide on the listing price?
The next most important thing after selecting the right realtor, is selecting the right selling price for the current market conditions. Homes that are overpriced can sit too long causing buyers to think there is something wrong. Homes that are priced too low can mean you didn’t get your full potential. A realtor will pull comparable sales from the last 6-12 months which tells you what buyers are willing to pay for a home like yours. This in turn helps you pick a price that is fair which is attractive to buyers. In this competitive market it is more important then ever to select the right price as overpricing can still back fire even with all the demand.
5. Will I be working with you or are you a part of a team?
If your Realtor in Lynden, WA is part of a team, find out who you will be working with. Usually, when an agent is working with a team, that means there is always someone to help you if your realtor is unavailable for whatever reason. Or if your realtor is not a part of a team, but has an assistant, you may be corresponding with them as well. This isn’t a negative in anyway, in fact your Realtor having extra support is a great bonus. However, it is nice to know all the people that will be involved so you don’t overlook communication because you don’t recognize the name.
6. How much does selling cost?
Selling is not free. There are closing costs, commissions and potential repairs depending on how the inspection report comes back. Finding out ahead of time a rough idea of what this will cost can help you plan accordingly. Some realtors will take a lower commission, which sounds appealing at first, but being the listing agent is not cheap. Out of pocket, it can cost a Realtor anywhere from $500-$5000 to market your home for sale in Lynden, WA. Here is a quick break down of the on average costs:
- Professional photos on average run around $400.
- Professional staging on average is about $2500 although can go WAY up depending on the property.
- Professional post cards created, printed and mailed to your neighborhood/sphere are usually around $400.
- Professional flyers/brochures created for the flyer box & signage (which also carries additional costs for install) is usually another $400.
Another type of marketing is creating a video of 3D tour of the property. A professional videographer will run around $3000 while a 3D tour is around $500. Of course realtors can do some of these tasks themselves (like the photos and flyers) however the outcome doesn’t always show as well as a professional’s work and it is still time spent. So be leery of anyone willing to reduce their commission to get your listing. Usually a portion of that commission goes towards the cost of marketing your Lynden, WA real estate that is FREE to you.
7. What is your marketing plan?
Speaking of professional photos, staging and postcards, ask a realtor what their marketing plan is. Each professional should have a printed out folder that identifies who they are, the brand they are affiliated with, where your Lynden, WA real estate will be seen and how they plan to get your property in front of buyers whether it be social media or open houses.
8. What do I need to do before I list?
Ask them their professional advice (and don’t be offended) on how to prepare. Do you need to paint? Repair? De-clutter? Will staging services be necessary? A real estate professional will likely have people they have worked with in the past who can do some fixes if you are unable to get your home ready yourself.
9. How do I get ahold of you?
If you two don’t have the same communication style, it may not be a deal breaker but it could be frustrating. Your realtor should be able to correspond in the way you request, but finding out how often they like to reach out, and how, can help you know what to expect. If you just want to know when there is a showing or an offer, tell them. If you want weekly updates via email and phone, tell them. If you just want texts, that is fine too. Also ask if there are certain hours they are unavailable.
10. How long will it take to sell my home?
No agent can guarantee a number, but they can give you an idea based on recent market activity. For example, real estate in Lynden, WA is selling in less than the national average, which is 65 days. One property can throw off the whole average though, so while this is the number for this month, we suspect it will go down due to demand this summer. For more information, give me a call!
Buying Lynden, WA real estate is exciting, but also overwhelming as there is a learning curve that comes with it. If you are new to the process, you may not realize that there are mistakes you can make that can heavily impact your buying power. If you are getting ready to embark on this new venture OR you are in the beginning stages, be sure to read this.
Mistake #1: Don’t wait to get pre-approved
Just so we are clear, and I just covered this in another blog, pre-approved and pre-qualified are two very different things. Pre-approved lets you know how much your loan is actually for. Pre-qualified is simply an estimate. Pre-approved shows sellers that you are serious about buying their home for sale in Lynden, WA. With how competitive the market is right now, having this step done first usually moves your offer to the top of the pile. While we are on this topic, be sure to ask your Lynden, WA realtor for a recommendation when it comes to a mortgage lender.
Mistake #2: Shopping over budget
This is another perk to getting pre-approved: You know how much you can actually afford. Which means you aren’t wasting your own time (not to mention your Lynden, WA realtor’s time AND the seller’s time) looking at homes for sale in Lynden, WA you can’t put an offer on.
Mistake #3: Making a lowball offer
Lynden, WA real estate is in a seller’s market, which means low balling is not the way to go. This isn’t even recommended in a buyer’s market. The logic behind it makes sense if seller’s are desperate to move a home for sale in Lynden, WA. You hope that if you make a lowball offer, they will counter and then you will counter and then end up getting the home for a price both parties are happy with. Right now, homes are going for close to full price if not over in some scenarios. If you low ball on Lynden, WA real estate that is priced at market value, the chances are high that your offer won’t even be looked at. Of course if you are using a qualified Lynden, WA realtor, you can rest assured that the offer price they advise you to make will be a good one.
Mistake #4: Purchasing something MAJOR while in escrow
This is not the time to finance something. Had your eye on a something big and shiny and new? Wait. Whether it is a new car, a boat, a motor home, a new credit card or anything that will pull your credit and change your debt to income ratio. If you think you locked in a certain loan amount and you are in the clear to be foot loose and fancy free with your finances during the pending process, you are incorrect. The lender’s under-writer will re-check your credit report right before close to confirm you can still qualify for the loan. Making a big purchase could have a negative impact and could cause your financing to fall through or change last second.
Mistake #5: Not saving for the closing costs
You must set aside money to cover the closing costs if you are expected to help cover this expense. If you don’t, you may not make it to signing and could even lose your earnest money deposit. Be sure to read the estimate from your mortgage lender on what the costs will be before you make an offer on real estate in Lynden, WA. This is something that is legally required but some buyers don’t read it. Usually, this cost ranges from 2% to 7% of the purchase price. While the sellers and the buyers generally split the closing costs, the buyers usually cover a bigger chunk so be sure to save enough to cover your portion.
If you are ready to buy a home for sale in Lynden, WA, give me a call. As a qualified Lynden, WA realtor, I would be happy to assist you with the process.
If you are buying in the current competitive Lynden, WA real estate market, you may be wondering what you can do to successfully put it an offer on a home and have it accepted. I have covered this topic before by providing tips for both buyers and sellers but Trulia recently blogged about some ideas that are worth sharing. If you feel like you haven’t been navigating this market in the way you hoped, check these ideas out.
This is not news and definitely something we have blogged about before. In order to prove you are serious to sellers who have listed their home for sale in Lynden, WA, you need to get your ducks in a row ahead of time. This means getting your finances in order so you can get pre-approved (not pre-qualified). This also means finding homes within your budget that match your NEEDS and some wants. No home is perfect, but there will be some non negotiable needs when it comes to your future Lynden, WA real estate. For example, this could be beds, baths, school zones, etc. Knowing this ahead of time saves you time, as well as your Lynden, WA realtors AND the sellers. Once you are pre-approved AND you know what you are looking for, you can make an offer with full confidence. Not to mention, if you are the most prepared buyer, the seller is likely going to choose your offer as one of their top contenders, if not the one they accept.
Whether you are a first time home buyer or a seasoned real estate investor, being strategic is key. This could be with the contingencies or the closing date, but know what you need and be upfront about it. If you are a first time home buyer making an offer on a home for sale in Lynden, WA, you have a little more flexibility to let the seller pick the closing date compared to someone who has to close on their own home first. This could also make your offer stand out compared to others. If you have a home for sale in Lynden, WA that you need to get sold first, that is ok too. Simply be honest about your timeline when offers come in.
Consider the fixer upper
Listen, no one is asking you to by Chip & Joanna Gaines. However, when it comes to buying Lynden, WA real estate, be open to finding a home that needs a little TLC. It may not be turn key ready, but if it matches your “Must Have Needs” and is in your price point? Don’t overlook it. However, you need to be realistic about this. If the home could use a little love but is livable and things can be done over time, go ahead. If the home is a complete tear down and you don’t have to budget to get it to where it needs to be, keep looking. Your Lynden, WA realtor will be able to advise on this as well. Just keep in mind that buying the worst house in the best neighborhood has perks….like having instant equity after adding some updates.
This market has proven to be tough on buyers with the lack of inventory, increasing prices and mortgage rates that continue to hover around historically low numbers. There is the pressure to lock in a great rate and find a home before prices and interest climb, but that has proven hard with the low level of listings available. Whatever you do, be open minded and prepare yourself from the start to be taken seriously. If you have more questions, feel free to reach out. As a local Lynden, WA realtor, I am happy to help.
Whether you are buying or selling real estate in Lynden, WA, it is crucial to know what the current market conditions are. As a seller you can remain confident that you didn’t price too high or too low. Both of which can backfire. If you price too high, you run the risk of having your property “grow stale”. This essentially means that it sits and potential buyers assume there is something wrong with it. If you price too low in hopes of starting a bidding war, you could leave some money on the table. As a buyer, you just want the reassurance that you didn’t overpay. At the end of the day, a successful Lynden, WA real estate transaction is when both parties feel satisfied and happy with what they received. So how is the local market doing? Just like the current temps, Lynden, WA real estate is staying hot this summer! Let’s take a look.
The good news for home sellers is that Lynden, WA real estate sold prices are up-both the median and the average. After a 14.5% increase, the median is sitting at $315,000 while the average is at $332,154, up 5.9%. This means that if you have been waiting to list in hopes that prices go up and you can make more at resale, now is a good time. Speaking of listings, new listings are up 11.5% which is great for buyers. Pending sales are also up 17.5% for real estate in Lynden, WA while closed sales are up 8%. Days on the market are down, substantially. Which basically means homes are getting and accepting offers quickly. The month supply is also down 7.7% at 3.6. In order for the market to be considered “balanced”, the number we need to see is 6, so we are still definitely in a seller’s market. For more information on real estate in Lynden, WA, give me a call. I would be happy to help!