How Many Homes in Whatcom County Have Offers?

If you have been following the local real estate market you know it’s active and inventory is 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, October 18th, the pending ratio in Bellingham was 46%. 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 32%

The Ferndale pending ratio was 37%

The Lynden pending ratio was 36%

The Sudden Valley pending ratio was 39%

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

October by the Numbers

Homes are selling quickly, in an average of 31 days, and interest rates are still historically low. If you’re thinking of buying or selling a home, let’s connect and make these numbers work for you. Give The Johnson Team a call today at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

What Do Purchase Rates Mean for Mortgage Payments?

Thinking of buying, selling, or refinancing?  The mortgage rates are a must know! Interest rates are the rates at which money can be borrowed for a set period of time. The higher the rate, the more money a borrower must pay in the form of interest on the loan. When mortgage rates are lower, this makes the purchasing of a home more affordable. Although the cost of mortgages is closely tied to the interest rate, the price at which homes are sold does not always appear in direct correlation.

Thank you Sidney Stonecypher at People’s Bank Home Loan Center for the rates. If you have any mortgage questions you can reach her at 360-650-5365!



Sunday Condo Open House in Cordata Neighborhood

Join Claire Bobadilla at 4247 Fuchsia Dr #4 in Bellingham for an open house on Sunday, October 20th from 1:00pm – 3:00pm.

You’ll find this immaculate 3 bedroom condo in popular Commons at Cordata very much to your liking. The floor plan is open to the kitchen, dining & living areas leaving many options for an active lifestyle. Outside you’ll enjoy the fully fenced back & side yards along with the solitude offered by the bordering green space. The location is ideal in that you are close to parks & trails, shopping along the Bakerview, the new Cordata Elementary School, easy access to I-5 & Bellingham’s City bus system.

For more information, visit our virtual tour here!



Move In Ready Condo in Bellingham’s Cordata Neighborhood!

Now priced at $385,000 you won’t want to miss out on this move in ready 3 bedroom condo just waiting for you!

The floor plan is open to the kitchen, dining & living areas leaving many options for an active lifestyle. Outside you’ll enjoy the fully fenced back & side yards along with the solitude offered by the bordering green space. The location is ideal in that you are close to parks & trails, shopping along the Bakerview, the new Cordata Elementary School, Ez access to I-5 & Bellingham’s City bus system.

For more information on this home visit it on our website or text CORDATA to (360) 319-3267 today!

Be on the Lookout for Gen Z: The Next Generation of Homebuyers

Be on the Lookout for Gen Z: The Next Generation of Homebuyers | MyKCM

You’ve likely heard a ton about Millennials, but what about Gen Z? In the next 5 years, this generation will be between the ages of 23 and 28, and they’re eager to become homeowners faster than you may think.

According to realtor.com, “Nearly 80 percent of Generation Z members say they want to own a home before age 30,” and Concentrix Analytics said, “52% of prospective Gen Z buyers are already saving to buy a home.”

Wikipedia defines Generation Z (Gen Z) as “the demographic cohort after the Millennials. Demographers and researchers typically use the mid-1990s to mid-2000s as starting birth years.”

The report from Concentrix goes a little deeper on Gen Z, identifying the main reasons this cohort wants to own homes:

  • 55% want to own a home because they want to start a family
  • 47% want to build wealth over time
  • 33% want to make their family proud

Although they’re eager to buy, this generation also perceives a few challenges ahead:

  • 66% believe saving for a down payment and closing costs will be challenging
  • 58% feel covering the monthly costs of owning may be difficult
  • 52% perceive a lack of knowledge about where to start

It is also interesting to note that 21% of Gen Zers think their parents will provide financial help, 17% will use a down payment assistance program, and 15% believe other family members will help them. One of the highlights of the report mentioned,

“More than half of Gen Zers who think they’ll receive help also think they will need to pay their parents back, compared to 40 percent of millennials.”

Bottom Line

It is never too early to start saving for your own home, whether you are part of Gen Z or a different generation. If you would like to know where to start and how much you need to save to reach your goal of buying a home, let’s get together so you can better understand the process. Give The Johnson Team a call today at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

4 Ways To Protect Your Home From Electrical Incidents

Did you know that electrical incidents are the second most common cause of house fires in the United States? The looming risk of electrocution and electrical fires should be a major concern for any homeowner. Thankfully, proper electrical safety in the home can protect you from danger and expensive damage. Review this checklist to ensure that your home is properly safeguarded from electrical incidents of all kinds.

Use bulbs of the proper wattage. Check your light fixtures, lamps, and appliances to ensure that you’re using the right wattage of bulbs in each. You may overheat the fixture if you use bulbs that exceed the recommended wattage.

Keep an eye on cords. Frayed or otherwise damaged cords are a common source of both electrocution and electrical fires. If you notice a damaged cord, replace or repair it before you use it again.

Don’t overload outlets. While extension cords and power strips are not inherently unsafe, you should avoid using them for appliances, and don’t plug more than one heat-generating item (such as a hair dryer or iron) into the same outlet. If any outlet is warm to the outlet during or after use, it is likely overloaded.

Unplug unused items. You can greatly reduce your risk of electrical incidents by unplugging things when they are not in use. If this seems like a lot of trouble, you may want to look into smart plugs, which can be controlled by remote or by timer.

When in doubt about whether a certain electrical symptom may be dangerous, you should always call an electrician to check it out. While a flickering light could simply be a dying bulb, it could also be a sign of wiring problems. A loose outlet that can’t seem to hold onto a plug is more than just inconvenient — it could mean larger issues inside the outlet.It’s better to be safe than sorry! If you keep a close eye on the electrical elements of your home and follow these basic rules, your risk of electrical incidents steeply decreases.

Thank you to Sydney Stonecypher at People’s Bank for this information! Give her a call at (360) 650-5365 with any mortgage questions!

Existing-Home Sales Report Indicates Now Is a Great Time to Sell

Existing-Home Sales Report Indicates Now Is a Great Time to Sell | MyKCM

The best time to sell anything is when demand for that item is high and the supply of that item is limited. The latest Existing-Home Sales Report released by the National Association of Realtors (NAR), reveals that demand for housing continues to be strong, but the supply is struggling to keep pace. With this trend likely continuing throughout 2020, now is a great time to sell your house.

THE EXISTING-HOME SALES REPORT

The most important data revealed in this report was not actually sales. In reality, it was the inventory of homes for sale (supply). The report explained:

  • Total housing inventory at the end of August decreased 2.6% to 1.86 million homes available for sale.
  • Unsold inventory is lower than the 4.3-month figure recorded in August 2018.
  • This represents a 1-month supply at the current sales pace.

According to Lawrence Yun, Chief Economist at NAR,

“Sales are up, but inventory numbers remain low and are thereby pushing up
home prices.”

Existing-Home Sales Report Indicates Now Is a Great Time to Sell | MyKCM

In real estate, there is a simple guideline that often applies here. Essentially, when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see greater appreciation. Between a 6 to 7-month supply is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and can expect depreciation in home values (see below):As we mentioned before, there is currently a 4.1-month supply of homes on the market, and houses are going under contract fast. The Existing Home Sales Report also shows that 49% of properties were on the market for less than a month when they were sold. In August, properties sold nationally were typically on the market for 31 days. As Yun notes, this should continue,

“As expected, buyers are finding it hard to resist the current rates…The desire to take advantage of these promising conditions is leading more buyers to the market.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market, and supply will fail to catch up with demand if a sizable supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers who are out there searching for your house to become their dream home. Give The Johnson Team a call today at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

Current Pending Ratios and Whatcom County Market Update

If you have been following the local real estate market you know it’s active and inventory is 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, October 11th, the pending ratio in Bellingham was 44%. 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 30%

The Ferndale pending ratio was 39%

The Lynden pending ratio was 33%

The Sudden Valley pending ratio was 42%

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

What You Need to Know About the Mortgage Process

What You Need to Know About the Mortgage Process [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Many buyers are purchasing homes with down payments as little as 3%.
  • You may already qualify for a loan, even if you don’t have perfect credit.
  • Your local professionals are here to help you determine how much you can afford, so take advantage of the opportunity to learn more. Give The Johnson Team a call today at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.