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Happy Mother’s Day!
I hope everyone has a great Mother’s Day today! All Mom’s, Grandma’s & mother figures deserve a day to be celebrated!
Mortgage Tips While in a Pending Transaction.
I’ve been working on updating my Buyer Packet and one thing I decided to add this time was some Mortgage Tips that are important while you are in a pending transaction.
While these might some obvious for some, they might be brand new for others so I wanted to share!
Let’s take a look at 2021!
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!
Will Mortgage Rates Rise in 2022?
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.
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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.
Freddie Mac:
“The average 30-year fixed-rate mortgage (FRM) is expected to be 3.0 percent in 2021 and 3.5 percent in 2022.”
Doug Duncan, Senior VP & Chief Economist, Fannie Mae:
“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.”
First American:
“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.
Bottom Line
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.
5488 Blue Sky Way, Ferndale
Introducing 5488 Blue Sky Way, Ferndale, Wa 98248
$599,900
Beautiful craftsman rambler with breath taking unobstructed Mt. Baker views on quiet cul-de-sac! Great floor plan in this one level home has great room feel with vaulted living room, kitchen, & dining open. Enjoy spectacular views of Baker from the living room, dining, kitchen, & master bedroom. Kitchen has custom cream cabinets w/stainless steel apps & granite counters. Hardwood floors throughout living/dining. Vaulted master suite has walk in closet & large ensuite bathroom w/separate tub & shower. Spare rooms separate from master & office/den just off entry. Well maintained landscaping, covered back patio & backing to open fields, this home is truly one of a kind! All minutes from amenities while feeling like you are out in the country.
Introducing DG Homes!
With much thought, prayer, & contemplation I have made the leap to hang my license with eXp Realty! I am so excited for the new opportunities & freedom this offers me as I continue to grow my business. I now have at my fingertips access to other fellow company realtor’s perspectives, advice, & information across the nation as well as limitless tools at my disposal. My favorite part of my new venture however is branding as myself. As the realtor who put her heart & soul into her business for the last nearly 13 years, as DG Homes! I am still located in the same office on Third St in Lynden- just with my branded logo on the door. I can’t wait to use the new technology & nation wide experience I now have access to with eXp to help my clients with their future real estate needs.
I also wanted to give a huge Thank You to all the amazing people at Bellwether. I would not be where I am today without them! I hope you will come alongside me in celebrating this change, and thank you as always for your continued support!
Looking into Multigenerational Housing?
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!
Keeping Current Matters put together a great graphic with a few Quick Facts about Multigenerational Housing.
For the full article click here.
![Multigenerational Housing Is Gaining Momentum [INFOGRAPHIC] | Keeping Current Matters](https://files.keepingcurrentmatters.com/wp-content/uploads/2021/04/08110201/20210319-NM.png)
What are your most frequently asked Real Estate Questions?
I’m working on updating a lot of my information packets, service providers, relocation packets, etc.
It’s been a few years since I’ve spent the time to go through them and update the information as needed. I would love to hear about some of your main questions, concerns, or other items you tend to research before making a real estate transaction. I’m planning to completely revamp them and would love to include items that add value & help make the process smoother for most.
Would you be interested in learning about:
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- Life of an escrow file? I could go into details on what an escrow officer does throughout the transaction, what title insurance is for, what the usual fees are, etc.
- A detailed outline of each city in Whatcom County. Including local eateries, things to do, parks, local businesses & service providers. Would also include current information on stats, schools & other town specific details.
- What are the fees throughout a transaction? What comes out at closing and what are due during the transaction?
- Realtor Code of Ethics?
- What would you like to know about your real estate agent?
What other items would you find helpful & I can add to my list?
Thank you!!
President’s Day Trivia
Anyone else a history buff? I thought it might be fun to do a little bit of presidential trivia with President’s Day right around the corner.
Here are just a few of the questions that Reader’s Digest asks in its article, ” U.S. Presidential Trivia Questions Everyone Gets Wrong” by Morgan Cutolo.
To read the full article click here.
What does the “S” in Harry S. Truman’s name stand for?
Hmmm, what are names that start with the letter S?
Answer: No
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.
Who were the four presidents that were assassinated?
You know Abraham Lincoln and John F. Kennedy, but can you guess the other two?
Answer: Lincoln, Garfield, McKinley, and Kennedy
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.
What state produced the most U.S. presidents?
Hint: It is either Ohio or Virginia.
Answer: Virginia
Eight U.S. presidents were born in Virginia, and Ohio was close behind, having produced seven presidents.