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 October 2017Nov 10 2017 8751 1
Here's a quick look at the Bellingham Real Estate Market Report for October 2017 for residential home sales.
The number of residential sales for the month was 86 that is 3 more than October 2016 and the 17 more than last month.
The Average sales price of $469,126 is up by 20 % compared to October 2016 and up 7% from last month.
The number of homes for sales went down last month, there are now 2.1 months of inventory on the market, (if no new homes came on the market and sales rate was same as it is today, they would all be sold in 2.1 months). There is still not much new construction in single-family homes.
Inventory is down again and is still extremely low at 179 homes for sale the day I write this. Any home priced right is still snapped up quickly often with multiple offers. There are only 16 homes on the market under $300,00 and as of today the least expensive home on the market is $220,000. This is making it extremely difficult for first-time buyers.
There are still buyers out there today looking for new homes but there is still a limited amount of homes for them to choose from.
Multiple offers are still very common in this market for any desirable home.
Interest rates are slightly on the rise again, and my guess is they will continue to rise.
Buyer's, get a pre-approval letter from your lender ready to submit along with your offer if you are in a competitive market that may change soon.
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 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....