This is insane around here lately! We are seeing homes pending and selling left and right in Whatcom Co; people are scrambling to get in before the Fall starts to settle and the amount of action is inspiring!
Just as of today 8/28/12 (as in the last 24 hrs only), we have 20 new pendings and 11 solds. If you are looking to buy, don’t hesitate too long if you find that perfect home, it might be swept out from under you with these conditions. If you are even thinking of selling, you may be surprised how fast your home moves on the market today if priced and shown right.
If you have any questions or want more info, as always call me anytime ?
Come join us at Muljat North tonight at 6pm to participate in this amazing event celebrating life! It is located at the Lynden NW Washington Fairgrounds this year and rain or shine it will be busy. We have a tent again this year, so feel free to stop by and take a break from the rain ? Hope to see you there!
There have never been more positive signs of late that the market is finally picking back up. In Lynden locally, we have seen a total of 18 pendings in just the last 15 days (and that is single family residences only)! Many of these recent pendings are brand new constructions, so if you are out looking for one you better be ready to move on it ? Also, just in the last month, there have been 19 sold SFR’s in Lynden. Interest rates are still record low, and buyers are being brilliant and taking advantage! There’s never a better time to buy or sell than right now in the late Spring, early Summer. This is very good news for our economy!
If you are currently in the process of short selling your home or your home is going to be foreclosed but you are trying to put off as long as possible, there is some very important info you need to know:
There is currently a Mortgage Forgiveness Debt Relief Act of 2007 that Bush started and was extended. As of right now however, it EXPIRES 12/31/12 unless our gov’t renews. What does this mean for you?
Currently the act protects those who sold their home under duress or had their home foreclosed from them from having to pay taxes on the forgiven debt (ie the shorted amount when sold via short sale or the amount still owed bank when foreclosed). Without this Act, the forgiven debt can be counted as taxable income for the year the short sale or foreclosure occured.
As of 1/1/2013, that will be the case if this Act is not renewed. Your National Association of Realtors is working hard to get it renewed, but it may not happen. Just beware that if your short sale or foreclosure does not occur by 12/31/2012, you may be liable for taxes on the forgiven debt amount.
For more info visit