2018 Real Estate Forecast

Whether you are selling or buying homes for sale in Lynden, WA, knowing what is happening in the market place is very beneficial. As I have discussed in other blogs, the monthly stats are super important as far as things like pricing and days on market are concerned. In addition to these numbers, knowing what the general trends are for the next year is also super helpful. The folks at realtor.com put together a realistic forecast after diving through historical real-estate data and other major economic indicators. So how is it looking? Let’s check it out!

Supply is supposed to catch up with demand. 

For the past three years, buyers have been feeling the impact of a sellers market with minimal homes for sale in Lynden, WA to choose from. As prices went up and mortgage rates stayed at historic lows, there was slight pressure put on buyers to lock in a great rate, however their buying options were limited. While 2018 is still expected to be challenging for buyers, the last half is supposed to see things ease up thanks to new homes for sale in Lynden, WA coming on the market. This is thanks to new construction which actually adds inventory instead of shuffling people around. Initial relief is expected in the $350,000 and up range before it trickles down to the “lower tiers”. Pricing will go up at first, but then slow to a 3.2% growth year over year across the nation. This means buyers will need to be patient a little longer. For sellers, you may want to think about listing your Lynden, WA homes for sale before the inventory and pricing eases up. This increases your chances of making the most money at resale.

Millenials will continue to buy

While a lot of millenials struggled with handling student loan debt and taking on a mortgage at record high prices, this year will give them more success in the real estate arena. Not only will they eventually have more inventory available to them, but thanks to their continued income growth they will be able to take on bigger mortgages. This means they are not limited to starter homes. This particular group is motivated to buy as they settle down and begin to think about starting families. In fact, they are expected to make up 43% of the buyers. This upswing could result in hundreds of thousands of new homes which can start a rebound for the years to come. Of course, waiting isn’t recommend as mortgage rates are expected to hit 5% by the end of 2018.

The new proposed tax reform

This could change everything but the jury is still out. If a version of this tax reform does come to pass, we can expect to see declining home prices and less homes for sale in Lynden, WA.

 

The South is where it is at

While Seattle is expected to be the hottest market of 2018, the Southern states are also expected to beat the national average this next year. In fact, cities like Dallas, Charlotte and Tulsa are expected to have a 6% growth compared to the national 2.5%. Of course, the South has been hot for a while. With low costs of living, strong economic growth and warm weather, buyers have been snapping up luxurious homes for a great price point for a while. Of course, as a Lynden, WA realtor, I am curious to see how Seattle’s continued growth impacts us up North. Bellingham real estate, Lynden real estate and Whatcom County real estate in general have continued to see rising prices and less inventory for a while. With so many folks being priced out of King County, some home owners have been forced to buy farther and farther away and commute or work remotely thanks to the booming tech industry. The one thing we know is that 2018 is going to be a big year for real estate. If you have been thinking of buying or selling Lynden, WA homes for sale or are currently looking for a Lynden, WA realtor, let me know. I would be happy to help you navigate this market!

 

 

Posted on November 29, 2017 at 5:52 pm
Karen Timmer | Category: Uncategorized

Whatcom County Real Estate Monthly Update

If you are interested in listing or buying homes for sale in Whatcom County, making yourself aware of the current market conditions is very important. Sellers should make sure they price their homes for sale in Whatcom County according to the current market values. If homes for sale in Whatcom County are overpriced, they can sit and “grow stale”. Basically, buyers assume there is something wrong with it as it is still available, or they aren’t willing to spend more than market value. If homes for sale in Whatcom County are under priced with the hopes of creating a bidding war, a seller could make less money, depending on how low they go of course. Less than 5% of the current market value is usually recommended for this tactic, however homes for sale in Whatcom County vary. As a buyer, you want to ensure that you are not over paying for homes for sale in Whatcom County.  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 10.9% and is now $305,000. The average increased by 9.7% and is now $333,838. Both the median and average days on the market went down. The median decreased by 37.9% which puts homes from active to pending in 18 days. Meanwhile, the average is down 20.8% at 57. 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 99.4% of the listing price. This basically means that homes are getting very close to asking and in some cases, over. Pending Whatcom County real estate is down 2%, which isn’t a huge deal. Closed homes are up 1.8% while new listings are actually down a bit by 0.5% which isn’t a huge decrease, but we also need the inventory. The price per square foot is up 12.1% at $204. If you are looking for Whatcom County real estate 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. Thankfully, this number has stayed this way for a few months, where as other areas within Whatcom County continue to go down. 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!

Posted on November 21, 2017 at 8:40 pm
Karen Timmer | Category: Uncategorized

Bellingham, WA Real Estate Monthly Update

Thinking of buying or selling Bellingham, WA real estate? Knowing the current market conditions can offer guidance as far as what to expect. Details like average and median sold prices can give insight on a comparable listing price for sellers while letting buyers know if their budget fits with the current market conditions. If you are looking to list or sell homes for sale in Bellingham, WA, working with a qualified Bellingham, WA Realtor is key. We provide past and present market insight that can help you navigate our current market successfully.  So how is Bellingham, WA real estate doing? Let’s take a look!

The good news for sellers is that prices for homes for sale in Bellingham, WA have continued to go up. The average sold price for Bellingham, WA real estate is up 10.5% from this time last year (and a significant amount just from last month) at $413,638. Meanwhile, the median is up 9.2% at $355,000, also up from last month by about $20,000. The median percentage of list price is still sitting at 100%. This basically determines a buyer’s negotiation power when it comes to their offer price. In this particular area, most homes for sale in Bellingham, WA are getting asking. So be prepared and speak with your Bellingham, WA realtor about what is an appropriate offer number. New listings are down 5.1%, homes for sale are down 17.8%, pending sales are down 10.2% and closed sales are down 6.1%. We can chalk this up to real estate in Bellingham being in a seller’s market thanks to a 2.7 month supply. This is down from 3.2 last a month, making for a 15.6% decrease in just 30 days. Us Bellingham, WA Realtors look for a 6 month supply in order to consider the market balanced. The median days on market is also just 9 days while the average is 39. As a seller, this means you can expect (in most cases) a quick offer. A buyer should also expect to move quickly and not wait. Time is of the essence in a seller’s market! If you are interested in a specific neighborhood or area, let me know. As a Bellingham, WA realtor, we have access to stats from the NWMLS that can tell us what exactly is happening throughout every single area in Washington State. Looking to buy or sell real estate in Bellingham, WA? I would be happy to help!

Posted on November 21, 2017 at 8:26 pm
Karen Timmer | Category: Uncategorized

Lynden, WA Real Estate Monthly Update

If you are thinking of buying or listing Lynden, WA homes for sale, knowing the current market conditions can be very helpful! Whether it is the average and median sold price, the average days on market or the percentage of list price, these details go a long way in ensuring your success as a seller or a buyer. The details can offer guidance on what to list at or how much to offer based on what is being spent on comparable Lynden, WA homes for sale.  Of course, working with a Lynden, WA realtor is necessary for multiple reasons. In addition to being your advocate, they can help you navigate anything that can pop up, like a bad inspection report, issues with funding or even what maintenance person to hire. Additionally, a sellers market can be very competitive which can feel stressful for those trying to buy or sell. As a buyer, you could be up against multiple offers while a seller might be trying to figure out which offer is best for them. This can feel like a lot of pressure to both parties. Typically this year sees a little cool down, however, due to low inventory and high buyer demand, the local market is still hot! Utilizing a qualified Lynden, WA realtor is recommended for a successful transaction. 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 Lynden, WA homes for sale are up for both the median and the average. The average sold price for Lynden, WA real estate is up 10% at $356,298 while the median is up 17.6% at $329,500. It is important to note that these prices are up compared to this time last year as well as just last month. This has been a consistent trend in Lynden, WA real estate for the last few months. The average price per square foot is also up 15.4% at $187. This means that in most scenarios, homes for sale in Lynden, WA have more value compared to this time last year. The median percentage of list price (which basically determines a buyer’s negotiation power) is up 0.6% at 99.3%. As this inches closer and closer to 100%, you can bet that a majority of homes will be getting close to ask price, if not full offer. In some cases, homes for sale in Lynden, WA may get over. This of course depends on the property and is usually seen when it comes to hot buys, which are considered homes for sale in Lynden, WA that are listed at a very competitive price (about 5% less than market value). The good news for buyers is that new listings are up 5.7%, however the amount of homes for sale is down is 15.9%. Pending sales are up 17.3% and closed sales are up 18.1%. The median days on market are down 31.3% at 22 days, which is actually up one day from last month. The average days on market is down 32% at 51 while the median days on market is just 22. The month supply is still very much in a seller’s market at 3.1. This is down 24.4% compared to this time last year, and down a little bit even compared to last month. 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 homes for sale 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!

Posted on November 21, 2017 at 8:14 pm
Karen Timmer | Category: Uncategorized

Selling? Don’t Scare Buyers Away With These Things!

In honor of Halloween, we thought we’d put together a list of things that can scare buyers away from your home for sale in Lynden, WA. As a Lynden, WA realtor, I understand how much work and effort goes into getting a home ready for market. However, there could be somethings still lurking about your home that gives buyer’s the heeby jeebies. And they are likely things you didn’t even think about. Let’s look at some of the most common suspects!

1.) Mystery Scents

This is the first thing that hits buyers as soon as they walk in your door. Whether you are a Martha Stewart in the kitchen or your darling pet has added a little something to the atmosphere, you will want to take the necessary precautions to create a clean smell. We tend to get used to our surroundings so it is easy to overlook this. However, if something smells off, a buyer might not stay for the whole tour of your home for sale in Lynden, WA.

2.) Mean Pets

Speaking of animals, not everyone loves them. Especially if yours aren’t that friendly to anyone outside the family. You may have a guard dog that doesn’t take to strangers or a sassy cat that likes to scratch. Even if your fur ball is the most loving thing on the planet, put them away for tours and let the buyers know where they are located. Whether in a kennel out back or a crate in the garage.

3.) Dust, Cobwebs and Dirt-Oh My!

Those three we tend to get comfortable with or even overlook. During the darker PNW months, these may go unnoticed, but when light is streaming in, it highlights dusty blinds, dirt in the entryway and cobwebs in the corner. When people buy, they want it shiny and new, whether it is a car or a Lynden, WA home for sale. So be sure to pay attention to these areas and clean up!

4.) Awkward Wall Decor

Listen, your home for sale in Lynden, WA is your personal space, so having your personal taste present is somewhat expected. A Lynden, WA realtor will always recommend you make it as neutral as possible, BUT, we understand that isn’t always possible. However, there are some items that must go! Uncomfortable art, taxidermy or anything political should probably come down.

5.) Half Done Repairs

Nothing is scarier to a buyer looking for a Lynden, WA home for sale than unfinished repairs. It suggests a few things: 1.) There are a lot of things wrong with the home. 2.) They will have to inherit these issues, which is more money out of their pockets. Before you list, finish what you started. If you can’t, hire a professional. Even if you are selling “as is”, consider taking care of a few things so someone doesn’t feel like they are taking on a major project or a total tear down.

6.) Lots of Locks

Lynden, WA is considered one of the safest towns in WA. We have a reputation for it. Still, securing your home is good. After all, you can never be too safe. However, if your home feels like Fort Knox, you could be suggesting to buyers that they have something to fear. If the front door has 4 heavy duty locks in addition to an alarm system and extra enforcement on every window and exterior door, they may wonder what you are trying to keep out. Not to mention, it could make the Lynden, WA home for sale hard to show. If there is one thing us Lynden, WA realtors suggest, it is to make it easy for the buyers to view your home. Don’t leave the door wide open while you are gone, but don’t make it so hard that they have to call a lock smith just to get inside for a tour.

For more information on how to get your home ready for the market, give me a call! I would be happy to help!

Posted on October 25, 2017 at 5:28 pm
Karen Timmer | Category: Uncategorized

Common Buyer Mistakes To Avoid In A Seller’s Market!

For the past couple years, it is the same story from buyers trying to purchase a home for sale in Lynden, WA. Prices are on the rise and inventory is frustratingly low.  Hunting for a home for sale in Lynden, WA is hard to time which means you might not be able to avoid purchasing in a seller’s market. However, there are things you can avoid which in turn, help you increase your chances of getting that Lynden, WA home for sale. First things first, the most important aspect is aligning yourself with a Lynden, WA realtor.

  1. Don’t make a decision based on desperation. Trust me, I have seen plenty of buyers get frustrated with the lack of inventory as well as the pricing on current homes for sale in Lynden, WA. I get how tough it is to find a property go from being brand new to “Pending” quicker then you can schedule an appointment to tour. However, don’t let the desperation to find a home or lock in a mortgage rate force you to make a knee jerk reaction. At the end of the day, you have to remind yourself that purchasing Lynden, WA real estate is still an investment. So don’t talk yourself into a home that just doesn’t fit. Whether it be the wrong location, too small, too big or out of your budget. Think of this as a business transaction. While Lynden, WA real estate is really about relationships and community at its core (at least for us Lynden, WA realtors), you are still making a purchase and the person on the other end is making money. You can’t return it the next day when you realize it doesn’t fit. Stay patient.

    2. Don’t wait. This may seem a little conflicting compared to the last paragraph. However, if you see a home you like or fits your needs, don’t dilly dally and miss out. In a seller’s market, a hot home will get an offer quickly. If you are on vacation or busy with work, your Lynden, WA realtor can go preview the home for you to see if it fits your needs as well as take a video as they walk through. However, if you are perfectly capable of going and viewing the Lynden, WA, home for sale, get in the car and go! And make sure your loan paperwork is up to date and approved so you can make an offer with confidence as soon as possible.

    3. Don’t ignore the market. You cannot, no matter how hard you try, time the market with your needs based on the trends, past, present and future. Think about what is happening in your life currently (whether that is growing a family, becoming an empty nester, moving out of state, etc.) and base your decisions on that. Your realtor in Lynden, WA will be able to give you neighborhood specific info that can help you strategize and focus on the areas you want to live in, how much you want to spend and more.

    4. Don’t underestimate your budget. Have a professional run the numbers for you. You may think you can afford a certain amount, but your loan approval may tell you differently. Add in taxes, insurance, possible HOA fees and you could be disregarding another chunk of money you’ll have to factor in. Which means you might be wasting your time looking at Lynden, WA homes for sale you THINK you can afford, and can’t. What is the harm in window shopping? A couple of things. 1.) You aren’t just wasting your time but the seller’s and your realtor in Lynden, WA. 2.) You could get attached to homes and then be disappointed when you see the homes within your budget.

    5. Don’t overpay. Speaking of budgets, over extending yourself financially is tempting. Especially if you find yourself in a bidding war. No one wants to lose, especially when you finally find that Lynden, WA real estate you have been dreaming about. But even if you “win” the offer, you could feel the financial pressure for years to come. If you have some wiggle room with your budget and can afford to add in extra to get your offer accepted, by all means, go for it. However, if this means your going to be stuck to a strict budget that affects your quality of life later on, keep moving. Likely, your realtor in Lynden, WA will be guiding you through this process and you will know what is a fair offer price based on local comps. If you want a little more info, ask them to pull the current actives and pendings. This can give you more insight on the market. Not to mention, a comparable property might pop up and you want to put an offer in without over extending yourself or dealing with the head ache of a bidding war.

     

    For more information on real estate in Lynden, WA, feel free to reach out. I would be happy to guide you on the process of buying or selling in this area!

Posted on October 25, 2017 at 5:01 pm
Karen Timmer | Category: Uncategorized

Bellingham, WA Real Estate Update

Thinking of buying or selling Bellingham, WA real estate? Knowing the current market conditions can help guide you as far as what to expect like what is a comparable listing price, if your buying budget lines up with the current  average sold price for the area, how many days are homes sitting on the markets and so much more. Of course, when you work with a Bellingham, WA realtor, they can give you all this info as well as work as your advocate as you navigate the market. So how is the current market looking? Let’s take a look!

The good news for sellers is that sold prices for real estate in Bellingham, WA have continued to go up. The average is up 9.3% from this time last year at $381,482 (this is also up last month from $378,767) while the median is up 8.8% at $335,000. Which is also up from last month as well as this time last year. The median percentage of list price is officially at 100%. This basically determines a buyer’s negotiation power when it comes to their offer price. In this particular area, homes are getting asking. So be prepared and speak with your Bellingham, WA realtor about what is an appropriate offer number. New listings are down minimally at 1.8%, homes for sale are down 13.7%, pending sales are down 5.7% and closed sales are down 4.9%. We can chalk this up to real estate in Bellingham being in a seller’s market thanks to a 3.2 month supply. Us Bellingham, WA Realtors look for a 6 month supply in order to consider the market balanced. The median days on market is also just 11 days. As a seller, this means you can expect (in most cases) a quick offer. A buyer should also expect to move quickly and not wait. Time is of the essence in this market! These numbers are for Bellingham, WA real estate as a whole. So you may be hearing about the folks that just bought a gorgeous new construction home in a sought after neighborhood and paid a high price point. These numbers include all the single family residential from the affordable small fixer upper to the gorgeous multi million dollar home with water views. If you are interested in a specific neighborhood or area, let me know. As a Bellingham, WA realtor, we have access to stats from the NWMLS that can tell us what exactly is happening throughout every single area in Washington State. Looking to buy or sell in the area? I would be happy to help!

Posted on October 24, 2017 at 6:21 pm
Karen Timmer | Category: Uncategorized

Lynden, WA Real Estate Update

If you are thinking of buying or selling Lynden, WA real estate, knowing the current market conditions is very important for a successful transaction. These details ensure that a seller prices according to market conditions 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 in addition to being your advocate, 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 as well. While we have to wait and see what the market does, 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 7.2% at $347,387 while the median is up 16.1% at $325,000. These prices are both up compared to this time last year as well as just last month. The average price per square foot is also up 16.9% at $187. This means that in most scenarios, a seller’s home for sale in Lynden, WA has more value compared to this time last year. The percentage of list price (which basically determines a buyer’s negotiation power) is up 0.8% at 98.6%, which is actually down compared to just last month, although not by a lot. The good news for buyers is that new listings are up 4.5%, however the amount of homes for sale is down is 13.6%. Pending sales are up 17.6% and closed sales are up 19.8%. The median days on market are down 31.3% at 22 days, which is actually up one day from last month. The average days on market is down 34.2%. The month supply is still very much in a seller’s market at 3.2. This is down 22% compared to this time last year, and down a little bit even compared to last month. 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!

Posted on October 20, 2017 at 7:34 pm
Karen Timmer | Category: Uncategorized

Why Millennials Choose To Buy Lynden, WA Real Estate

“Millennials” and “real estate” are two terms that seem to go together like peanut butter and jelly lately. Everywhere we are seeing articles on the two. While it may seem like other demographics are getting left out, millennials make up for one of the largest groups of people looking to buy real estate in Lynden, WA. Which makes sense. After all, this includes the late 20’s and early 30’s age groups. This is about that time in life when people have graduated from college, they have chosen their career and they are looking to find a stable place that also provides equity. There are also some other reasons why they choose to buy Lynden, WA real estate. Check them out here.

1.) One of the biggest reasons millennials are choosing to buy real estate in Lynden, WA right now is so they have control over their living space. When you rent, you just don’t get the leeway that you do when you pay the mortgage. I mean, you pay a mortgage anyway, you may as well be able to decide how to decorate or redo the home you are living in, right?

2.) Along with having control, you also have flexibility in your decisions regarding the future. When you own Lynden, WA real estate, your monthly housing cost basically works as a savings account you can tap into later. Which is perfect during times that may feel financially uncertain.

3.) Millennials also view living in Lynden, WA real estate as a way to be plugged into the local community. When your home value is directly tied to your neighborhood and town, you can’t help but be more aware and get involved.

4.) Living in a nicer home is another reason millennials are buying. Whether you buy a nicer home or renovate as time goes on, the goal is to upgrade.

5.) A sense of security is another driving factor. Both with knowing how much your payments are going to be each month AND who is coming to your home.

Are you looking to buy real estate in Lynden, WA? Give me a call, I would be happy to help!

 

Posted on September 19, 2017 at 7:25 pm
Karen Timmer | Category: Uncategorized

Bellingham, WA Real Estate Monthly Report

Thinking of buying Bellingham, WA real estate? With real estate in the PNW making headlines for the past year, it is truly no surprise. With the outdoor recreation, 4 seasons, close proximity to both nature and city amenities, it makes sense that folks have been eyeing our corner as a place to call home. However, with King County real estate having almost no inventory for the influx of people moving to Seattle and Bellevue, prices have increased and residents have been looking at places to live outside the city. Places as far North as Bellingham, WA real estate. The commute may seem like a hassle, but most folks are not comfortable with an average sold price of over $700,000. Not to mention, Bellingham, WA real estate has been a Seattle residents weekend getaway for some time. So whether you are looking to relocate and buy real estate in Bellingham, WA or you already live in Whatcom County, check out the monthly market report!

The good news for sellers is that sold prices for real estate in Bellingham, WA have continued to go up. The average is up 9.9% at $378,767 while the median is up 8.9% at $331,000. The median percentage of list price is officially at 100%. This basically determines a buyer’s negotiation power when it comes to their offer price. In this particular area, homes are getting asking. So be prepared and speak with your Bellingham, WA realtor about what is an appropriate offer number. New listings are down minimally at 0.9%, homes for sale are down 15.6%, pending sales are down 5.7% and closed sales are down 1.8%. We can chalk this up to real estate in Bellingham being in a seller’s market thanks to a 3.1 month supply. Us Bellingham, WA Realtors look for a 6 month supply in order to consider the market balanced. The median days on market is also just 12 days. As a seller, this means you can expect (in most cases) a quick offer. A buyer should also expect to move quickly and not wait. Time is of the essence in this market! These numbers are for Bellingham, WA real estate as a whole. So you may be hearing about the folks that just bought a gorgeous new construction home in a sought after neighborhood and paid a pretty penny for it. These numbers include all the single family residential from the affordable small fixer upper to the gorgeous multi million dollar home with water views. If you are interested in a specific neighborhood or area, let me know. As a Bellingham, WA realtor, we have access to stats from the NWMLS that can tell us what exactly is happening throughout every single area in Washington State. Looking to buy or sell in the area? I would be happy to help!

Posted on September 19, 2017 at 6:46 pm
Karen Timmer | Category: Uncategorized

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