Incredible Home For Sale Located Along the Iconic Chuckanut Drive!

House Front 4

Welcome to 859 Chuckanut Drive in Bellingham! You won’t want to miss your chance to own this stunning 3 bedroom, 2.5 bath home located on an expansive .71 acre lot.

View a full Virtual Tour

Exposed beams, vaulted ceilings, floors of wood, tile & concrete along with solid wood trims are the framework for this gorgeous North Western contemporary home located on legendary Chuckanut Dr. From the moment you drive up to this private spot, you’ll know you are in for a unique experience. Whether it’s the private location, the quality of the home, the inviting spaces, the view of Chuckanut Bay or the use of the neighborhood beaches, it all adds up to a lifestyle that you’ll enjoy for years.

Visit Rich Johnson at 859 Chuckanut Drive this Sunday from 1 to 3pm as he hosts an open house here!

For more information on this incredible home or to schedule a private showing call us today at 1-888-713-3056 or email us at Info@JohnsonTeamRealEstate.com.

How Long Do Most Families Stay in Their Home?

 

How Long Do Most Families Stay in Their Home? | MyKCM

The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%.

How Long Do Most Families Stay in Their Home? | MyKCM

Why the dramatic increase?

The reasons for this change are plentiful!

The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much more fiscally conservative about making a move.

With home prices rising dramatically over the last several years, 93.9% of homes with a mortgage are now in a positive equity situation with 78.8% of them having at least 20% equity according to CoreLogic.

With the economy coming back and wages starting to increase, many homeowners are in a much better financial situation than they were just a few short years ago.

One other reason for the increase was brought to light by NAR in their 2017 Home Buyer and Seller Generational Trends Report. According to the report,

Sellers 36 years and younger stayed in their home for six years

These homeowners who are either looking for more space to accommodate their growing families or for better school districts are more likely to move more often (compared to 10 years for typical sellers in 2016). The homeownership rate among young families, however, has still not caught up to previous generations, resulting in the jump we have seen in median tenure!

What does this mean for housing?

Many believe that a large portion of homeowners are not in a house that is best for their current family circumstance; They could be baby boomers living in an empty, four-bedroom colonial, or a millennial couple living in a one-bedroom condo planning to start a family.

These homeowners are ready to make a move, and since a lack of housing inventory is still a major challenge in the current housing market, this could be great news. If we can help at all, feel free to call us at (888) 713 – 3056 or email us at Info@JohnsonTeamRealEstate.com.

How Many Homes Have Current Offers?

 

Bellingham Real Estate

Happy Monday! 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 Saturday, August 5th, the pending ratio in Bellingham was 37%. 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 33%

The Ferndale pending ratio was 44%

The Lynden pending ratio was 34%

The Sudden Valley pending ratio was 40%

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

20 Tips for Preparing Your House for Sale

20 Tips for Preparing Your House for Sale [INFOGRAPHIC] | MyKCM

Some Highlights:

  • When listing your house for sale your top goal will be to get the home sold for the best price possible!
  • There are many small projects that you can do to ensure this happens!
  • Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!

If you have any questions or concerns, call us toll free at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

Millennial Homeownership Rate Increases

 

Millennial Homeownership Rate Increases | MyKCM

Recent headlines exclaimed the homeownership rate, as reported by the Census Bureau, rose again in the second quarter of 2017. What didn’t get much attention in the reports is that the homeownership rate for American households under the age of 35 increased a full percentage point from last quarter’s 34.3% to 35.3%. Millennials proved to have the highest increase of any age group.

This came as a surprise to some considering Millennials have come to be known as the “renter” generation. However, a new study by First American, 6 Trends Poised to Reshape Homeownership Demand, revealed reasons why homeownership numbers will continue to increase for Millennials.

Millennials are the most educated generation in the U.S.

Why does that matter? First American explains:

“Our model shows that, all other factors being equal, the likelihood of homeownership increases by 3 percent for those that earn a bachelor’s degree over those with a high school degree. The likelihood of homeownership jumps another 3 percent for those that earn a graduate degree.”

The more educated, the better the likelihood for homeownership. And, as we mentioned: Millennials are the most educated generation in the U.S.

Homes & marriage go together

Marriage is a key determinate in homeownership. According to an analysis by First American, the homeownership rate is 30% higher among married couples compared to non-married households.

Millennials have put off marriage in the pursuit of higher education. As this group ages, more and more will marry and purchase a home.

Parents buy houses

According to the study:

“The homeownership rate is 1.7% higher for households with one or two children compared to households with no children, and it is 5.4 percent higher for households with three or more children.”

The report goes on to say that as Millennials grow older there may be an increase in not just marriage but also in married couples with children. That will probably also create a “corresponding” increase in homeownership demand.

Wages and the economy

The study goes on to explain that recent gains in income growth and a strengthening economy will also help all generations (including Millennials) be more willing and able to purchase a new home.

Bottom Line

We guess the time has come to announce – Here come the Millennials!! If you have any questions or concerns, call us toll free at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

Do Your Future Plans Include a Move? What’s Stopping You from Listing Now?

Do Your Future Plans Include a Move? What's Stopping You from Listing Now? | MyKCM

Are you an empty-nester? Do you want to retire where you are, or does a vacation destination sound more your style? Are you close to retirement and not ready to move yet, but living in a home that is too big in size and maintenance needs?

How can you line up your current needs with your goals and dreams for the future? The answer for many might be the equity you have in your house.

According to the latest Equity Report from CoreLogic, the average homeowner in the United States gained $14,000 in equity over the course of the last year. On the West Coast, homeowners gained twice that amount, with homeowners in Washington gaining an average of $38,000!

Do you know how much your home has appreciated over the last year?

Many homeowners would be able to easily sell their current house and use the profits from that sale to purchase a condo nearby in order to continue working while eliminating some of the daily maintenance of owning a house (ex. lawn care, snow removal).

With the additional cash gained from the sale of the home, you could put down a sizeable down payment on a vacation/retirement home in the location that you would like to eventually retire to. While you will not yet be able to live there full-time, you can rent out your property during peak vacation times and pay off your mortgage faster.

Purchasing your retirement home now will allow you to take full advantage of today’s seller’s market, allow you to cash in on the equity you have already built, and take comfort in knowing that a plan is in place for a smooth transition into retirement.

Bottom Line

There are many reasons to relocate in retirement, including a change in climate, proximity to family & grandchildren, and so much more. What are the reasons you want to move? Are the reasons to stay more important? Let’s get together to discuss your current equity situation and the options available for you, today! Call us toll free at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

 

Rates as of August 3rd

Check out the mortgage rates as of today, August 3rd! These middle of summer rates are a great reflection of the market and what’s coming up next.

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

Sunday Open House!

COPENHAGEN

Join us for an open house on Sunday, August 6th for 3463 Pinehurst Ct in Bellingham.

Don’t miss this 4 bedroom, 2.5 bath home on a quiet cul-de-sac located very near Barkley Village. The spaces are open, bright & designed with efficiency in mind. Enjoy dramatic bay & sunset views from either the master bedroom, balcony or the back deck. Lounging in the hot tub, one would think the Puget Sound & Gulf Islands were put there just for your pleasure. Walking trails are within a few steps of your front door and within a short drive are shopping opportunities at Barkley Village.

Be Careful Not to Get Caught in The Rental Trap!

 

Be Careful Not to Get Caught in The Rental Trap! | MyKCM

There are many benefits to homeownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage.

Don’t Become Trapped 

A recent article by ConsumerAffairs addressed the continuous rise in rents, stating:

“The cost of putting a roof over your head continues to go up. Not only are home prices still rising, but the cost of rent rose 0.5% in June.”

Additionally, in the Joint Center for Housing Studies at Harvard University’s 2017 State of the Nation’s Housing Report, it was revealed that,

“Despite a slight improvement from 2014, fully one-third of US households paid more than 30 percent of their incomes for housing in 2015. Renters continue to be more likely to face cost burdens…the number of cost-burdened renters (21 million) considerably outstrips the number of cost-burdened owners (18 million) even though nearly two-thirds of US households own their homes.”

These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.

It’s Cheaper to Buy Than Rent 

As we have previously mentioned, the results of the latest Rent vs. Buy Report from Trulia shows that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!

Know Your Options

Perhaps you have already saved enough to buy your first home. A nationwide survey of about 24,000 renters found that 80% of millennial renters plan to eventually buy a house, but 72% cite affordability as their primary obstacle. Aside from affordability, one in three millennial renters have concerns about their credit scores, and another 53% said that a down payment is an obstacle.

Many first-time homebuyers who believe that they need a large down payment may be holding themselves back from their dream homes. As we have reported before, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line

Don’t get caught in the trap that so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Let’s get together to determine if you can qualify for a mortgage now! Call us toll free at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

Just Listed! Incredible Barkley Neighborhood Home

3463 Pinehurst Ct

ViewDon’t miss this 4 bedroom, 2.5 bath home on a quiet cul-de-sac located very near Barkley Village. The spaces are open, bright & designed with efficiency in mind. Enjoy dramatic bay & sunset views from either the master bedroom, balcony or the back deck. Lounging in the hot tub, one would think the Puget Sound & Gulf Islands were put there just for your pleasure. Walking trails are within a few steps of your front door and within a short drive are shopping opportunities at Barkley Village.

Just listed for $487,531

For more information or to see a virtual tour of the home visit our website today!