The Last Mortgage Rates of Winter!

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.

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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!

Blaine Ranks In The Top 10!

115211531 - sea view from marin park in blaine, washington

Not only is Blaine an amazing place to live, a new study says that Blaine is one of the top ten places to retire in Washington!

There is a lot to love about Blaine, Washington and the surrounding areas. Nature lovers have always appreciated Blaine’s coastal location, its accessible bike and walking trails, and view of mountains and water.

Blaine has always been a working waterfront, home to a fishing fleet which has fallen prey to declining salmon stocks. The smaller commercial fleet has made space for growing numbers of pleasure boaters, lured by the protected waters and unparalleled scenery of the San Juan and Gulf Islands. Blaine has adapted, emphasizing its downtown historic district, duty free shopping for Canadian visitors and wonderful Peace Arch park.

Blaine is also home to the world class Semiahmoo community. It boasts a world class destination resort, golf course, marina, park and more. If you haven’t taken a trip out to Semiahmoo you should. During the summer months you can even hop on the Plover foot ferry for a quick trip across the bay to Blaine’s Marina.

Have you considered relocating to Blaine? Or maybe you currently live in Blaine and you are wondering what your home values are worth? Either way, The Johnson Team can help you! Give us a call or send us a message today and let’s chat about your home goals.

To view Blaine area real estate, take a look at our website!

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Homeownership is a Cornerstone of the American Dream

Homeownership is a Cornerstone of the American Dream |MyKCM

“The rumors of my death are greatly exaggerated.”

The famous quote attributed to Mark Twain can apply to homeownership in the United States today. During the housing bubble of the last decade, the homeownership rate soared to over sixty-nine percent. After the crash, that percentage continued to fall for the next ten years.

That led to speculation that homeownership was no longer seen as a major component of the American Dream. That belief became so widespread that the term “renters’ society” began to be used by some to define American consumers.

However, the latest report by the Census Bureau on homeownership shows that over the last two years, the percentage of homeowners has increased in each of the last eight quarters.

Homeownership is a Cornerstone of the American Dream |MyKCM

Going forward…

It appears the homeownership rate will continue to increase.

The 2019 Aspiring Home Buyers Profile recently released by the National Association of Realtors revealed that 84% of non-owners want to own a home in the future. That percentage increased from 73% earlier last year.

Bottom Line

In the United States, the concept of homeownership as part of the American Dream is very much alive and well. If you want to achieve homeownership, give The Johnson Team a call today at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

What’s Going On with Bidding Wars?

What’s Going On with Bidding Wars? | MyKCM

In a strong seller’s market, like the one we have experienced over the past few years, bidding wars are common and expected. This makes sense! A seller’s market is defined as a market in which the inventory of homes for sale cannot satisfy the number of buyers who want to purchase a home.

According to the Cambridge English Dictionarybidding wars occur when two or more parties repeatedly outbid each other as they compete to purchase something- in this case, a home.

In some areas of the country, first-time buyers have been met with fierce competition throughout their experience. Some have been out-bid multiple times before finally winning a bid on a home to call their own.

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently a 3.7-month supply of homes for sale.

With the current number of houses listed for sale and the level of demand from buyers, this means it would take 3.7 months for all the homes listed to sell if no additional listings came to market. Any supply number under a 6-month supply is considered a seller’s market. According to NAR, the housing market hasn’t had a 6-month supply of homes for sale since August 2012.

Good News for Buyers

A recent report shows that the percentage of houses sold including a bidding war before settling on a final price decreased from 53% in January of 2018 to 13% this year.

One reason for the decline is an influx of homes being listed for sale. Even though the month’s supply number is not increasing, the number of homes for sale is. The chart below shows the year-over-year change in inventory over the last 12 months.

What’s Going On with Bidding Wars? | MyKCM

As you can see, the number of homes for sale has started to build over the last eight months. Prior to this reversal, inventory levels had fallen for 36 consecutive months when compared to the year before.

Danielle Hale, realtor.com’s Chief Economist, gave some insight into why bidding wars are less common on a local level this year,

“[Last year] you might have been the only listing in your neighborhood, and you could put your home up at a certain list price and you would likely see multiple offers at or above that list price. That tide is turning this year.

It’s going to depend on what neighborhood you’re in, but we expect it to be more common this year that you won’t be the only listing.”

Inventory in the luxury and premium markets (the top 25% of listings in an area by price), is increasing at a greater rate than the starter home market. As the choices buyers have continued to increase, the likelihood of a bidding war will decrease.

Bottom Line

If you are debating listing your house for sale this year, you may not want to wait for additional competition as inventory continues to rise.

Testimony Tuesday!

Halloween Johnson Team

We are grateful for our clients! We strive to provide them the best possible experience when buying a selling a home. If you have any questions about the market, give The Johnson Team a call today at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

Agriculture and food processing provide over 164,000 jobs in Washington

Agriculture

Did you know that 94% of Washington farms are small farms that sell less than $250,000 a year? Farming here in Washington is a bigger than most of us realize. Many Washingtonian families are farm families in some way. Our most common commodity here in Washington State is, of course, the apple. however milk, potatoes, cattle, and wheat round out the top 5. Whatcom County alone has over 1,400 farms. We are so lucky to live in a place that is able to grow so many amazing things and we are grateful to our local farmers!

For more information on agriculture in Washington, take a look at this informative info graphic.

4 Reasons to Buy a Home in the Spring

4 Reasons to Buy a Home in the Spring | MyKCM

Spring has sprung, and it’s a great time to buy a home! Here are four reasons to consider buying today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest U.S. Home Price Insights reports that home prices have appreciated by 4.4% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.6% over the next year.

Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed rate mortgage came in at 4.41% last week. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

Some renters have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move On with Your Life

The cost of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Examine the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, greater safety for your family, or you just want to have control over renovations, now could be the time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings. Give The Johnson Team a call today at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

Preparing to Spring Forward

Preparing to Spring Forward [INFOGRAPHIC] | MyKCM

Some Highlights:

  • In the majority of the country, this last weekend marked the start of Daylight Savings Time as we set our clocks forward an hour on Sunday.
  • Whether you plan on buying or selling this spring, these tips could help you ‘spring ahead’ of your competition!
  • Spring brings two things: more buyers & more sellers! Get prepared now to stand out in the crowd! Give The Johnson Team a call today at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

Spring Is On It’s Way – Here is Where The Real Estate Market Is Headed

43049884_sIf 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, March 8th, 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 30%

The Ferndale pending ratio was 37%

The Lynden pending ratio was 42%

The Sudden Valley pending ratio was 55%

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

5 Reasons Homeownership Makes ‘Cents’

The American Dream of homeownership is alive and well. Before you sign another lease, let’s get together to help you better understand all your options. Give The Johnson Team a call today at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.