Bellingham Homes & Real Estate

Here are five reasons listing your home for sale this winter makes sense. 1. Demand Is Strong The latest  Buyer Traffic Report  from the  National Association of Realtors  (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home. Take advantage of the buyer activity currently in the market. 2. There Is Less Competition Now Housing  inventory  is still under the 6-month supply that is needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon. Historically, the averag...

Just like our clocks this weekend in the majority of the country, the housing market will soon  “spring forward!”  Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market. Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right. Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions. That hasn’t happened this year. Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with the recent increase in rates, buyers are still able to lock in an affordable monthly payment. Many more buyers are jumping off the fence and into the market to secure a lower rate. The  National Association of Realtors (NAR) recently reported ...

It is common knowledge that a great number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year. The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring as compared to the rest of the year? The  National Association of Realtors  (NAR) recently revealed the months in which most people listed their homes for sale in 2017. Here is a graphic showing the results: The three months in the second quarter of the year  (represented in red)  are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,680,000. That number spiked to 1,970,000 by Ma...

7 Reasons to List Your Home This Holiday Season Every year at this time, many homeowners decide to wait until after the holidays to put their homes on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays. Here are seven great reasons not to wait: Relocation buyers are out there. Many companies are still hiring throughout the holidays and need their employees in their new positions as soon as possible. Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now . You can restrict the showings on your home to the times you want it shown. You will remain in control. Homes show better when decorated for the holidays. There is less competition for you as a seller right now. Let’s take a look at listing inventory as compared to the same time last year: The desire to own a home doesn’t stop when the holidays...

Top Real Estate Social Media Accounts To Follow by Surge Realty Solutions Want to know how the best real estate agents use social media? Below, we have compiled a list of the best social media accounts in the real estate industry from around the web. Whether you’re looking for industry data, home-buying tips, or lead-generation strategies, these real estate accounts have got you covered. It doesn’t matter if you’re just starting out, or have decades of experience - there’s something for everyone here. Be sure to check out each featured post to really get a feel for their writing style. Our list is always expanding, so check back frequently! Jack Otto |  LinkedIn  |  Twitter  |  Google+ Jack Otto knows the value of utilizing social media for real estate firsthand.  As the most popular real estate agent in Washington ranked by social media activity (according to Mondinion), he makes extensive use of Facebook, Twitter, YouTube, Goog...

Some Highlights: The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time. Freddie Mac predicts interest rates to rise to 4.4% by next year. CoreLogic predicts home prices to appreciate by 5.0% over the next 12 months. If you are ready and willing to buy your dream home, find out if you are able to!

         The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market. One such study by the  Wharton School of Business  at the  University of Pennsylvania revealed that many millennials have not yet considered purchasing homes simply because they don’t believe they can qualify for a mortgage. A recent article about millennials by Realtor.com explained that: “ About 72% of aspiring millennial buyers said they’re waiting because they can’t afford to buy… ” The article also explained that 29% of millennials believe their credit scores are too low to buy .The problem here is the fact that they think they will be denied a mortgage is keeping them from even attempting to apply. Ellie Mae’s Vice President Jonas Moe encouraged buyers to know their options before assuming...

One of the main reasons why For Sale By Owners (FSBOs) don’t use a real estate agent is because they believe they will save the commission an agent charges for getting their house on the market and selling it. A new study by Collateral Analytics , however, reveals that FSBOs don’t actually save anything, and in some cases may be costing themselves more, by not listing with an agent. In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that: “FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate .” (emphasis added) Why would FSBOs net less money than if they used an agent? The study makes several suggestions: “There could be systematic bias on the buyer side as well. FSBO sales might attract more strategic buyers than MLS sales, particularly buyers who rationalize lower-priced bids on with th...

The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys  “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions”  for their monthly  REALTORS Confidence Index . Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand). Buyer Demand The map below was created after asking the question:  “How would you rate buyer traffic in your area?” The darker the blue, the stronger the demand for homes in that area. Only three states had a ‘stable’ demand level. Seller Supply The index also asked:  “How would you rate seller traffic in your area?” As you can see from the map below, 21 states report a ‘ weak ’ sellers traffic, 25 states report a ‘ stable ’ sellers traffic, only 4 states ...

75% of Homeowners Think Now is a Good Time to Sell! The National Association of Realtors (NAR) recently released the findings of their Q2 Homeownership Opportunities and Market Experience (HOME) Survey . The report covers core topics like, “if now is a good time to buy or sell a home, the perception of home price changes, perceived ability to qualify for a mortgage, and [an] outlook on the U.S. economy.” The survey revealed that 75% of homeowners think now is a good time to sell, compared to 70% last quarter. This is a considerable increase from more than a year ago when 66% agreed. Even though homeowners believe that now is a good time to sell, many have not taken the step to list their homes, as inventory shortages still exist across the country. Lawrence Yun, NAR’s  Chief Economist , had this to say: "There are just not enough homeowners deciding to sell because they’re either content where they are, holding off until ...

1. Prices Will Continue to Rise CoreLogic’s latest Home Price Index reports that home prices have appreciated by 7.1% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.9% over the next year. The bottom in home prices has come and gone. 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 mortgage have remained around 4%. Most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that 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 ...

If you are debating listing your house for sale this year, here is the #1 reason not to wait! Buyer Demand Continues to Outpace the Supply of Homes for Sale   The National Association of REALTORS’ (NAR)   Chief Economist Lawrence Yun recently commented on the inventory: “ Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market . Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase ”. The latest  Existing Home Sales Report shows that there is currently a 4.2-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and  4.6% lower than a year ago. The chart below details the year-over-year inventory shortages experienced over the last 12 mon...

                 So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true! Freddie Mac  covered  “4 Tips for Making an Offer” in their latest  Executive Perspective. Here are the 4 tips they covered along with some additional information for your consideration: 1. Understand How Much You Can Afford “While it's not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.” This ‘tip’ or ‘step’ should really take place before you start your home search process. As we’ve mentioned  before , getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confide...

Do You Know the Cost of Waiting? [INFOGRAPHIC]  

Buying a Home? Do You Know the Lingo? Buying a home can be intimidating if you are not familiar with the terms used during the process. To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home. Freddie Mac has compiled a more exhaustive glossary of terms in their “ My Home ” section of their website. Annual Percentage Rate (APR) – This is a broader measure of your cost for borrowing money. The APR includes the interest rate, points, broker fees and certain other credit charges a borrower is required to pay. Because these costs are rolled in, the APR is usually higher than your interest rate. Appraisal – A professional analysis used to estimate the value of the property . This includes examples of sales of similar properties. This is a necessary step in getting your financing secured as it validates the home’s worth to you and your lender. Clos...

In some markets like Bellingham and Whatcom county, homes are selling in a matter of days. Are you thinking of selling? Call me to learn how I leverage social media to get you maximum exposure!! Jack Otto eXp Realty Bellingham, WA 206-388-6102 #1 Agent in Social Media in Washington (ranked weekly by Mondinion.com)

Some Highlights: Interest rates are still below historic numbers. 88% of property managers raised their rent in the last 12 months! The credit score requirements for mortgage approval continue to fall.