Will Home Prices Fall as Mortgage Rates Rise? Mortgage interest rates have increased by more than half of a point since the beginning of the year. They are projected to increase by an
Bellingham Real Estate Market Report May 2016
Bellingham Real Estate Market Report – May 2016
Here's a quick look at the Bellingham Real Estate Market Report for May 2016 for residential home sales.
The number of residential sales is down by 8 from May 2015 and 10 from last month.
The sales price is down 2.5% compared to May 2015 and up by $1,447 from last month’s average sale price of $4407,484
The market is still experiencing a low inventory with only 2 months supply of homes on the market right now.
There are many buyers out there today looking for new homes but a limited amount of homes for them to choose from.
Multiple offers are still common in this market for any desirable home.
For buyers, it is more important than ever to have a pre-approval letter from your lender ready to submit with your offer if you are in a competitive market.
If you don't have it yet, start gathering the documents you will need to get one, which is usually 2 years of tax returns and 2 or 3 months of pay stubs. Check with your preferred lender or let me know if you need a recommendation to a good lender.
Want to learn more about the market let’s talk! If you have any questions or want to see any Bellingham Real Estate feel free to email me at or give me a call at 360-739-6981
Michael was born and raised in Brooklyn NY. He graduated from Brooklyn College with a degree in Mathematics. His first job out of college was as an engineer tracking satellites. His last career before....