Lummi Island Open House This Saturday!

Pending!

Join The Johnson Team this Saturday from 12pm – 2pm for an open house at 1471 Seacrest Drive on Lummi Island. Don’t miss out on this amazing, private, one of a kind home!

Peace, quiet, total seclusion & an expansive view of water & mountains could be yours in this unique home & property. This custom designed & built home overlooks a private cove, Haro Strait, Mt Baker & Twin Sisters. The floor plan is open, airy, well lit & inviting with expansive windows keeping you in touch with the beauty around you. A private path provides access to either the beach of Sun-Rise Cove with your boat anchored in front or up secret trails to explore. This is a dream come true.

For more information, view the virtual tour!

The Johnson Team Moving Truck Is Back At It!

The Johnson Team moving truck is back it here in Whatcom County! The kids at Cascades Montessori Middle School were able to collect enough items with it to make over $750 for their school through their fundraiser working with Value Village. Thank you so much Arnie & Kelly Wong for sending in these great photos! We are so happy to be able to help our community out in this way.

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The Johnson Team Moving Truck is available FREE of charge to community organizations, non-profits and our clients. Want to learn more? Visit our website!

Beginning of November Pending Ratios!

Bellingham Real Estate

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 Monday, November 5th, the pending ratio in Bellingham was 38%. 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 27%

The Ferndale pending ratio was 29%

The Lynden pending ratio was 29%

The Sudden Valley pending ratio was 36%

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

2 Myths Holding Back Home Buyers

4 Reasons Why Fall Is A Great Time to Buy A Home! (1)

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,” which revealed that,

“Consumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters believe that more than 20% is needed for a down payment and many renters are unaware of low–down payment programs.”

Myth #1: “I Need a 20% Down Payment”

Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report:

“Most potential homebuyers are largely unaware that there are low-down payment and no-down payment assistance programs available at the local, state, and federal levels to help eligible borrowers secure an affordable down payment.”  

These numbers do not differ much between non-owners and homeowners. For example, “30% of homeowners and 39% of renters believe that you need more than 20 percent for a down payment.”

While many believe that they need at least 20% down to buy their dream homes, they do not realize that there are programs available which allow them to put down as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined with programs that have emerged allowing less cash out of pocket.

4 Reasons Why Fall Is A Great Time to Buy A Home! (2)

Myth #2: “I Need a 780 FICO® Score or Higher to Buy”

Similar to the down payment, many either don’t know or are misinformed about what FICO® score is necessary to qualify.

Many Americans believe a ‘good’ credit score is 780 or higher.

To help debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans.

2 Myths Holding Back Home Buyers | MyKCM

As you can see in the chart above, 51.7% of approved mortgages had a credit score of 600-749.

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach. Give The Johnson Team a call today at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

Open House Today at 226 W King Tut Rd in Lynden!

Open House TODAY 12pm to 2pm at  226 W King Tut Rd!

An iron entry gate, a winding blacktop driveway, a stable in the center of a green pasture with a white-railed fence, beautifully landscaped gardens featuring a delightful tunneled grape arbor walkway, several outdoor patios, a play area to include a life-sized dollhouse, a miniature “Red Barn” potting shed, a glorious Mt Baker & Twin Sister view & finally a completely remodeled Country Home with designer finishes throughout along with a huge wraparound deck & veranda is all waiting to be yours.

Hope to see you today 12pm to 2pm! If you can’t make it, call (360) 303-2734 to schedule a private showing that works for your schedule!

View a full virtual tour and more information by clicking here today.

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View The Latest Mortgage Rates!

Thinking of buying, selling, or refinancing?  The mortgage rates are a must know! Peoples Bank Home Loan Center passed along todays rates to us. Below is a chart of today’s rates!

Weekly Realtor Rate Flyer

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!

How Will Home Sales Measure Up Next Year?

How Will Home Sales Measure Up Next Year? | MyKCM

There are many questions about where home sales are headed next year. We have gathered the most reliable sources to help answer this question. Here are our sources:

Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments.

The National Association of Realtors (NAR) – The largest association of real estate professionals in the world.

Freddie Mac – An organization which provides liquidity, stability, and affordability to the U.S. housing market in all economic conditions extending to all communities from coast to coast.

Fannie Mae – A leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets.

Here are their projections:

How Will Home Sales Measure Up Next Year? | MyKCM

Bottom Line

Every source sees home sales growing next year. Let’s get together to chat about what’s going on in our neighborhood. Give The Johnson Team a call at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

Are You Spending TOO Much on Rent?

Are You Spending TOO Much on Rent? | MyKCM

Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses.

According to new data released from ApartmentList.com49.5 million renters in the United States were cost-burdened in 2017, meaning they spent more than 30% of their monthly incomes on rent. This accounts for nearly half of all renter households in the country and is up 3.1 million from 2007.

When a household is cost-burdened by their monthly housing expense, they are not as easily able to save money for the future. This is a big factor for many renters who dream of owning their own homes someday.

But there is hope for those who are able to save at least a 3% down payment! The percentage of income needed in the US to buy a home is significantly less than renting at 17.1%!

The chart below compares the historic percentage of income needed to rent and buy from 1985-2000 to the first quarter of 2018. As you can see, the cost of renting has climbed above historic numbers while the cost of buying dropped over the same period of time.

Are You Spending TOO Much on Rent? | MyKCM

Bottom Line

If you are one of the many renters who is spending too much of their monthly income on rent, consider saving money by getting a roommate, moving into a less expensive apartment, or even moving in with family. These are all ways to save for a down payment so that you can put your housing costs to work for you! Give The Johnson Team a call today at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.

Take a Look At The Most Current Mortgage Rates!

Thinking of buying, selling or refinancing? The mortgage rates are a must know! People’s Bank Home Loan Center passed along today’s rates to us. Below is a chart showing the rates as of yesterday, October 25th!

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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!

Still Think You Need 15-20% Down to Buy a Home? Think Again!

Still Think You Need 15-20% Down to Buy a Home? Think Again! | MyKCM

According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners, but are able to as well!

Now that the largest generation since baby boomers has aged into prime homebuying age, there will no doubt be an uptick in the national homeownership rate. The study from Urban Institute revealed that nearly a quarter of this generation has the credit and income needed to purchase a home.

Surprisingly, the largest share of mortgage-ready millennials lives in expensive coastal cities. These cities often attract highly skilled workers who demand higher salaries for their expertise.

So, what’s holding these mortgage-ready millennials back from buying?

Myths About Down Payment Requirements! 

Most of the millennials surveyed for the study believe that they need at least a 15% down payment in order to buy a home when, in reality, the median down payment in the US in 2017 was just 5%, and many programs are available for even lower down payments!

The study goes on to point out that:

“Despite limited awareness, every state has programs that provide grants and loans to make homeownership more attainable, with average assistance in various states ranging from $2,436 to $21,171.”

Bottom Line

With so many young families now able to buy a home in today’s market, the demand for housing will continue for years to come. If you are one of the many millennials who have questions about their ability to buy in today’s market, let’s get together so we can assist you along your journey! Contact today at (888) 713-3056 or email us at Info@JohnsonTeamRealEstate.com.