I hope everyone has a great Mother’s Day today! All Mom’s, Grandma’s & mother figures deserve a day to be celebrated!
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.”
To get more info/ read similar articles click here.
Have you looking into Multigenerational Housing? I have had a few clients reach out looking for either a large home with split living spaces or an ADU on the property. The median home purchase price for Whatcom County is over $500,000 which makes buying a home a lot more affordable if you’re able to purchase it with family not to mention the other added benefits!
For the full article click here.
Would you be interested in learning about:
Hmmm, what are names that start with the letter S?
The S in President Truman’s name is actually a compromise his parents made between both of his grandfather’s names, Anderson Shipp Truman and Solomon Young. There is still controversy today about whether there should be a period after the S.
Not every U.S. president lived in the White House. Our first president, George Washington, oversaw the construction of the building when it began in 1792 but never got to live there. The first president who got to call White House “home” was John Adams, who moved in with his wife, Abigail, in 1800.
You know Abraham Lincoln and John F. Kennedy, but can you guess the other two?
All four of these presidents were assassinated while in office. Assassination attempts were made on six other presidents—Andrew Jackson, Theodore Roosevelt (who was done with his term), Franklin Roosevelt (president-elect at the time), Harry Truman, Gerald Ford (twice in one year!), and Ronald Reagan—but they were lucky enough to survive.
Hint: It is either Ohio or Virginia.
Eight U.S. presidents were born in Virginia, and Ohio was close behind, having produced seven presidents.
Anyone else think very analytically and love looking at stats? I also like looking over a time period (especially an entire year) to get a good grasp of the market & trends. The Northwest Multiple put together a series of different graphs and charts that compares 2020 to 2019. I am only showing the graphs for Whatcom County that include residential and condos.
Let me know if you have any questions!