I hope everyone has a great Mother’s Day today! All Mom’s, Grandma’s & mother figures deserve a day to be celebrated!
Love this infographic from Keeping Current Matters. If you want to see the full article click here.
If you look at Washington you will see that we have high buyer demand in & a low seller activity. This is in line with what we’ve been seeing in Whatcom County. Most homes are going pending right away due to low inventory and plenty of buyers shopping for a home. I do think it is fun to look at what states are also following this trend vs what states are doing the opposite. Overall, most states do have a low inventory which is what we’ve been hearing from agents all over.
Anything that surprises you or that you find interesting by looking at this graphic?
Any questions about these numbers? Give me a call!
The overall market in 2021 was a bit nuts! I have posted lots of graphs & charts below for you to see. These include all of Whatcom County. You will notice our active listings are extremely low, about 43.4% lower than 2020, but our overall closed sales by month actually increased by about 5% since last year. Yes, we are living in a seller’s market, but interest rates have remained low all year which is very beneficial for buyers too.
All Stats here are taken from the NWMLS. They include residential and condos in Whatcom County.
We will see what 2022 has in store for us! Currently we are experiencing LOW inventory. The last couple of weeks we have had less than 200 total listings for Whatcom County. I know buyers are are out there & wanting to BUY! It has been predicted that interest rates will go up this year so they are wanting to take advantage while rates are low. So, if you’ve been on the fence about selling, now is the time to take the next step. I would love to chat about your real estate goals & get some of the prep work started!
If you have any questions about the stats above or what is happening in your neighborhood- please reach out!
I’ve been told by a few local lenders & my financial advisor that interest rates WILL rise next year! We have been lucky with historically low rates for a couple of years now and plans for 2022 will still keep interest relatively low compared to 10+ years ago BUT they will increase which can make a huge impact for a buyer’s overall budget in buying a home. Here is a great article from Keeping Matter Current about rising rates.
Mortgage rates are one of several factors that impact how much you can afford if you’re buying a home. When rates are low, they help you get more house for your money. Within the last year, mortgage rates have hit the lowest point ever recorded, and they’ve hovered in the historic-low territory. But even over the past few weeks, rates have started to rise. This past week, the average 30-year fixed rate was 3.14%.
What does this mean if you’re thinking about making a move? Waiting until next year will cost you more in the long run. Here’s a look at what several experts project for mortgage rates going into 2022.
“The average 30-year fixed-rate mortgage (FRM) is expected to be 3.0 percent in 2021 and 3.5 percent in 2022.”
“Right now, we forecast mortgage rates to average 3.3 percent in 2022, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low and supportive of mortgage demand and affordability.”
“Consensus forecasts predict that mortgage rates will hit 3.2 percent by the end of the year, and 3.7 percent by the end of 2022.”
If rates rise even a half-point percentage over the next year, it will impact what you pay each month over the life of your loan – and that can really add up. So, the reality is, as prices and mortgage rates rise, it will cost more to purchase a home.
As you can see from the quotes above, industry experts project rates will rise in the months ahead. Here’s a table that compares other expert views and gives an average of those projections:Whether you’re thinking about buying your first home, moving up to your dream home, or downsizing because your needs have changed, purchasing before mortgage rates rise even higher will help you take advantage of today’s homebuying affordability. That could be just the game-changer you need to achieve your homeownership goals.
If you’re thinking of buying or selling over the next year, it may be wise to make your move sooner rather than later – before mortgage rates climb higher.”
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Beautiful well maintained single story attached home in coveted Cordata Park Place 55+ community! This end unit gets tons of natural light throughout the day. Great layout w/2nd bdrm separate from master suite. Lovely kitchen has tall wood cabinets, stainless steel appliances & granite counters. Hardwood floors throughout living area, vaulted ceilings in living room & cozy gas fireplace. Master suite has 3/4 bath & walk in closet. Private patio just off dining room to enjoy the peace & quiet. Fully finished room above garage perfect for extra storage or den (not counted in square footage). Clubhouse has game room, common area & more. Must see!