New For Sale Signs? See How Many Are Pending!

Thbellingham homese market continues to be active with inventory running low. If you are thinking of selling now is the time!

The number of real estate signs you see in yards can be deceiving as to the number of homes actually for sale WITHOUT offers on them. If you are seeing new signs around your neighborhood and curious if any of those homes already have offers on them, we have your answers!

Every week we keep track of how many homes are for sale around Bellingham and Whatcom County and how many of those homes have pending offers on them. Pending is the time frame between when an offer has been mutual accepted between the buyer’s and the seller’s of the home and when the title actually transfers hands. This give the buyer’s time to get the financing, do inspection, review the title reports and more.

As of Friday, April 20th, the pending ratio in Bellingham was 47%. Click the links to view a report of how many homes are for sale in each area by price range and how many of them are pending showing just how active certain sectors of the market are.

The Birch Bay Pending ratio was 41%

The Ferndale pending ratio was 46%

The Lynden pending ratio was 50%

The Sudden Valley pending ratio was 62%

If you are thinking of selling your home or property, Johnson Team Real Estate would love to help! We are here to help you will all your real estate needs! You can reach us toll free at 1-888-713-3056 or email us at Info@JohnsonTeamRealEstate.com

New 4 Bedroom Ferndale Home

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Brand new on the market today!!!!

Ferndale 4-bedroom fixer. 1508 Sq Feet . This home is in a wonderful location with a great lot backing onto some nice trees. The home does need some work but has good bones. This would make a great rental or would be that home to build sweet equity. The road dead ends into the cul-de-sac, schools are close, and the neighborhood is great for walking. All appliances included.

Contact us today to see this home. For more information, visit our website.

Secure Your Mortgage Rates Today!

Mortgage rates are an important factor in many aspects of buying, selling, or refinancing a home. In order to be an informed home buyer, the rates are a must know! And here are the most current rates as of yesterday, April 19th.

4.19

For more details, or a custom home loan quote, contact Sidney Stonecypher at People’s Bank at 360-676-4597.

Classic Craftsman in Bellingham’s Happy Valley Neighborhood!

Brand new on the market is 2314 Harris St located in the heart of Bellingham’s Happy Valley Neighborhood!

Click image below to view virtual tour

Virtual Tour

Welcome to 2314 Harris Ave, a Happy Valley Craftsman that, for in excess of 100 yrs, has been well loved & cared for. It’s Happy Valley classic for sure with a floorplan sure to fit a variety of needs. Whether it’s the spacious kitchen with sun-drenched breakfast nook, the large living area or the upstairs mezzanine, there is a fun-filled space packed into this home. Outside you’ll enjoy a huge deck for entertaining, a completely fenced in backyard for Fido or fun & a huge double car garage.

Join Rich Johnson this weekend for open houses on Saturday from 12pm to 2pm and Sunday from 1pm to 3pm or call (360) 303-2734 to schedule a private showing!

Details:

4 bedrooms, 1.75 bathrooms
Taxes $3,916
Lot Size 0.25 Acre (10,890 SqFt)
Garage Size: 2 Car
Exterior :Wood
Heating/Cooling :Forced Air
Roof: Composition Roof
Flooring: Hardwood Floor, Laminate, Vinyl Floor, Wall to Wall Carpet

School Information

District: Bellingham
Happy Valley Elementary
Fairhaven Middle School
Sehome High School

For more information on the home call 1-888-713-3056 or visit the home’s website today!

Bellingham: A Clean Air City

77149408 - wildcat cover along chuckanut drive in washington state during colorful sunset

The American Lung Association (ALA) named Bellingham the 3rd city with the cleanest air in the nation for ozone and particle pollution. Bellingham has zero high ozone or high particle pollution days and was also among the lowest year-around particle levels in the most recent State of The Air 2018 report released by ALA. And this isn’t the first year we have been included in this list!

So take the time to get out and enjoy our clean air this spring. There are many outdoor activities to enjoy here in Whatcom County.

For more on this report, read here.

Rising Prices Help You Build Your Family’s Wealth

Over the next five years, home prices are expected to appreciate, on average, by 3.6% per year and to grow by 18.2% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.

So, what does this mean for homeowners and their equity position?

As an example, let’s assume a young couple purchased and closed on a $250,000 home this January. If we only look at the projected increase in the price of that home, how much equity will they earn over the next 5 years?

Rising Prices Help You Build Your Family’s Wealth | MyKCM

Since the experts predict that home prices will increase by 5.0% in 2018, the young homeowners will have gained $12,500 in equity in just one year.

Over a five-year period, their equity will increase by over $48,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.

Bottom Line

Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today! Give us a call at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

Build Your Dream Home!

Brand new on the market you won’t want to miss this  1/3 of an acre saltwater view lot located at  2931 Leeward Way in Bellingham!

030_2931_Leeward_Way_Rich_Johnson

Build the house of your dreams on this level view lot overlooking the San Juan & Gulf Islands. If gorgeous sunsets, evening strolls on the beach, the overwhelming sound of “Quiet” & the joy of clean fresh air are what you are hoping to find, then look no further than 2931 Leeward Way. The lot is 13,000+ sq ft & has about 83′ of high bank waterfront. The community maintains a walkway to the Beach for your evening strolls or agate searches.

View a complete virtual tour and learn more here!

View the Tour

For immediate information call us today at 1-888-713-3056 or email us at Info@JohnsonTeamRealEstate.com

 

Mortgage Interest Rates Have Begun to Level Off

Mortgage Interest Rates Have Begun to Level Off | MyKCM

Whether you are a buyer searching for your first home, or a homeowner looking to move up to your next home, you should pay attention to where mortgage interest rates are heading.

Over the course of 2018, according to Freddie Mac’s Primary Mortgage Market Survey, rates have increased from 3.95% in the first week of January to 4.40% in the first week of April.

At first glance, the difference between these numbers in such a short amount of time could be concerning, but if we look at the graph below, we’ll see that rates have already started to level off and return to the mark set in February.

Mortgage Interest Rates Have Begun to Level Off | MyKCM

This is great news for anyone looking to buy a home this spring! The spring is always one of the busiest seasons for home buying, and with rates increasing even more, buyers have come off the fence to lock in great rates! This is still great advice as the experts believe that rates will continue to rise throughout the year.

Every month, Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors release their projections for where they believe mortgage rates will be in the coming months. If we take the average of what each of the four organizations is predicting for the second quarter, rates are expected to rise to about 4.48% by June.

That average climbs to 4.73% by the end of this year.

So, what does this mean?

Waiting until the end of the year to buy, with rates still projected to increase, will end up costing you more money on your monthly mortgage payment. For every $250,000 you need to borrow to purchase your dream home, you will spend $49.21 more per month, $590.52 per year, and over $17,700 by the end of your 30-year mortgage.

And that’s just the impact of your interest rate going up!

Bottom Line

If you are ready and willing to purchase a home, find out if you’re able to. Let’s get together to evaluate your needs and help you with next steps! Give us a call at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

What Is Private Mortgage Insurance (PMI)?

What Is Private Mortgage Insurance (PMI)? | MyKCM

When it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information about Private Mortgage Insurance (PMI).

What is PMI?

Freddie Mac defines PMI as:

“An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%.

Once you’ve built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”

As the borrower, you pay the monthly premiums for the insurance policy, and the lender is the beneficiary. Freddie Mac goes on to explain that:

“The cost of PMI varies based on your loan-to-value ratio – the amount you owe on your mortgage compared to its value – and credit score, but you can expect to pay between $30 and $70 per month for every $100,000 borrowed.” 

According to the National Association of Realtors, the average down payment for all buyers last year was 10%. For first-time buyers, that number dropped to 5%, while repeat buyers put down 14% (no doubt aided by the sale of their homes). This just goes to show that for a large number of buyers last year, PMI did not stop them from buying their dream homes.

Here’s an example of the cost of a mortgage on a $200,000 home with a 5% down payment & PMI, compared to a 20% down payment without PMI:

What Is Private Mortgage Insurance (PMI)? | MyKCM

The larger the down payment you can make, the lower your monthly housing cost will be, but Freddie Mac urges you to remember:

“It’s no doubt an added cost, but it’s enabling you to buy now and begin building equity versus waiting 5 to 10 years to build enough savings for a 20% down payment.”

Bottom Line

If you have questions about whether you should buy now or wait until you’ve saved a larger down payment, let’s get together to discuss our market’s conditions and help you make the best decision for you and your family. If you have any questions, give us a call at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

Getting Pre-Approved Should Always Be Your First Step

Getting Pre-Approved Should Always Be Your First Step | MyKCM

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

  1. Capacity: Your current and future ability to make your payments
  2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
  3. Collateral: The home, or type of home, that you would like to purchase
  4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so. Call us for help today at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.