How is this possible you ask?

Well in fact, many economists were expecting interest rates to shoot up when the Federal Reserve stopped buying mortgage backed assets in March.

However, when  investors saw the European market start diving ..ahem (Greece, we’re looking at you buddy!), they got scared of putting their money there and thus retreated to the safety of U.S treasury Securities, which consequently act as a barometer for long term mortgage rates.  It’s simple supply and demand.  When the demand for the securities goes up, the price goes up and this in turn drives down the interest rates.

What does this mean?

For buyers, it means you’re in the sweet spot for purchasing a home.  Not only are getting to choose from a surplus of homes on the market at incredibly low prices, the interest rates are right there to match.  Unfortunately, this little window of opportunity isn’t going to last forever.  Many economists suggest mortgage rates to stay below 5% over the summer and possibly move up to 6% by the end of the year.   With the expectation of the E.U reconciling their financial mess within the next year ( or at least start to), unemployment rates dropping, we can also expect the interest rates to rise even more. Additionally,when the unemployment rates drop (which hopefully will be in the next 6 months), folks will have more money to buy homes, increasing the demand and ultimately price.

So whether you’re aiming to purchase a new home, purchase a Bellingham wa home loans mortgage or  simply refinance the home you’re in now, you could save yourself some major doe by taking advantage of this market.

For all your real estate related needs, I’m only 10 digits away (7 if you exclude the area code) 360-920-1218!  I can also be contacted through email @ briddick.webb@exprealty.com, facebook at facebook.com/briddick or by smoke signal!

• Currently Active Listings: 563
• Price range of active listings - $69,500 – $3,600,000
• Average List Price $473,460 Days on the Market: 111
• Median List Price: $365,000 Days on the Market: 66
• Sold in April: 71
• Average List Price: $315,046
• Average Sales Price: $306,758 Days on the Market: 71
• Ratio of List to Price 97.3%
• Median List Price: $294,900
• Median Sales Price: $282,000 Days on the Market: 52
• Ratio of List to Price: 95.6%
• Pending Sales Last Week: 39 Total pending sales: 177

• Average Sales Price  April, 2009: $354,483
• Median Sales Price  April, 2009: $275,500
• Sold in  April, 2009: 71

The following is a quick analysis of the Residential Bellingham real estate market.

• Currently Active Listings: 549
• Price range of active listings - $94,500 – $3,600,000
• Average List Price $474,123 Days on the Market: 107
• Median List Price: $369,000 Days on the Market: 61
• Sold in March: 70
• Average List Price: $290,267
• Average Sales Price: $282,052 Days on the Market: 75
• Ratio of List to Price 97.1%
• Median List Price: $249,900
• Median Sales Price: $249,500 Days on the Market: 31
• Ratio of List to Price: 99.8%
• Pending Sales Last Week: 34 Total pending sales: 139

• Average Sales Price March, 2009: $357,671
• Median Sales Price March, 2009: $319,900
• Sold in March, 2009: 55

There are currently 98 homes for sale. Homes are priced from $135,000 – $789,000

• Average Asking Price is $303,747 Average Days on Market is 105
• Median Asking Price is $277,0000 Median Days on Market is 66
• Sold in March: 11
• Average Listing Price $227,855
• Average Sold Price $223,091 Average Days on Market  60
• Median Listing Price $205,000
• Median Sold Price $210,500 Median Days on Market 56
• Pending Sales Last Week: 4 Total pending sales: 30
• Average Sales Price March, 2009: $281,771
• Median Sales Price March, 2009: $299.000
• Sold in March, 2009: 7

The Average Sales price is down 20.8% compared to March, 09 and down 9.3% compared to last month -February, 2010.

The Median Sales prices is down 29.5% compared to March, 09 and down 11.9% compared to last month – February, 2010.

The number of sales up 4 compared to March, 09 and is up 2 units compared to last month – February, 2010.

Condo Analysis for Sudden Valley

There are currently 17 condos for sale. Condos are priced from $49,000 – $325,000

• Average List Price $177,229 Average Days on the Market: 106
• Median List Price $179,900 Median Days on the Market: 61
• Sold in March: 1
• Average Listing Price $164,900
• Average Sold Price $145,000 Average Days on Market 103
• Median Listing Price $164,900
• Median Sold Price $145,000 Median Days on Market 103
• Pending Sales Last Week: 0 Total pending sales: 2

• There are currently 1385 homes for sale
• Homes are priced from $15,000 – $4,500,000
• Average Asking Price $403,201 Days on Market: 139 days
• Median Asking Price $323,000 Days on Market: 93 days
• Homes sold in January: 97
• Average Listing Price $287,275
• Average Sold Price $277,881 Days on Market 99
  
• Median Listing Price $249,956
• Median Sold Price $245,000 Days on Market: 64
• Homes Pending this week: 71 Total Homes Pending: 340

• Average Sales Price January, 2009: $275,239
• Median Sales Price January, 2009: $249,898
• Sold in January. 2009: 91

The Average Sales price is up 1.0% compared to January, 09 and down 3.2% compared to the previous month December, 09.

The Median Sales prices is down 2.0% compared to January, 09 and down 1.1% compared to the previous month December, 09.

The number of sales is up by 6 compared to January, 09 and down by 71 compared to the previous month December, 09.

Condo Analysis for Whatcom County

• Currently Active Listings: 398
• Price range of active listings - $22,000 – $1,565,000
• Average List Price $237,510 Days on Market: 158
• Median List Price $184,900 Days on Market: 141
• Sold in January: 13
  
• Average Listing Price $242,392
• Average Sold Price $230,346 Days on Market: 118
• Median Listing Price $225,000
• Median Sold Price $194,000 Days on Market: 89
• Condos Pending (went under contract) last week: 12 Total Condos Pending: 58

• Average Sales Price January, 2009: $199,243
• Median Sales Price  January, 2009: $201.975
• Sold in January, 2009: 14

The Average Sales price is up 15.6% compared to January, 09, and up 24.8% compared to the previous month December, 09.

The Median Sales prices is down by 3.9% compared to January, 09 and down by 28.7% compared to the previous month December, 09.

The number of sales is down by 1 compared to January, 09 and down by 15 compared to the previous month December, 09.

The good news this month is the number of pending sales is up.

The  First Time Home Buyer’s Tax Credit of $8,000 available to anyone who hasn’t owned a home in the past 3 years has been extended until April 2010.  The new program has also expanded the tax credit to include existing home owners who have owned a home for at least five of the last 8 years. You will be able to apply for tax credits of up to $6,500 when you purchase your next home. You might want to talk to your banker to see what you can afford. Meanwhile interest rates are still extremely low and there are some great values in the Bellingham market right now. You might want to take a look at what it would cost you to purchase one of these homes at today’s rates. You might be surprised at what your monthly payments would be, maybe less than your paying for rent right now if you are renting a comparable sized house.

If you have any questions or want to see any Bellingham Property feel free to email me at or give me a call at 360-739-6981

• There are currently 1325 homes for sale
• Homes are priced from $15,000 – $4,500,000
• Average Asking Price $409,206 Days on Market: 144 days
• Median Asking Price $325,000 Days on Market: 107 days
• Homes sold in November: 189
• Average Listing Price $317,989
• Average Sold Price $318,141 Days on Market 106
• Median Listing Price $259,000
• Median Sold Price $252,490 Days on Market: 78
• Homes Pending this week: 45 Total Homes Pending: 431

• Average Sales Price November 2008: $289,803
• Median Sales Price November 2008: $267,000
• Sold in November 2008: 100

The Average Sales price is up 9.8% compared to November 08 and up 9.8% compared to last month.

The Median Sales prices is down 5.4% compared to November 08 and down 2.1% compared to last month.

The number of sales is up by 89 compared to November 08 and down by 16 compared to last month.

Condo Analysis for Whatcom County

• Currently Active Listings: 380
• Price range of active listings – $22,000 – $1,565,000
• Average List Price $231,534 Days on Market: 170
• Median List Price $189,900 Days on Market: 125
• Sold in November: 25
• Average Listing Price $194,618
• Average Sold Price $184,092 Days on Market: 143
• Median Listing Price $189,500
• Median Sold Price $175,000 Days on Market: 65
• Condos Pending (went under contract) last week: 5 Total Condos Pending: 79

• Average Sales Price November 2008: $214,434
• Median Sales Price November 2008: $199,000
• Sold in November 2008: 11

The Average Sales price is down 14.1% compared to November 08, and down by 10.0% compared to last month.

The Median Sales prices is down by 13.7% compared to November 08 and down by 7.9% compared to last month.

The number of sales is up by 14 compared to November 08 and down by 22 compared to last month.

Depending where you currently reside, your real estate market is driven by consumer demand and inventory.  What drives this consumer demand is: area, economy (employment), waterfront, view, climate, etc.  The list goes on.  If you live in a small community with few resources and negative economy, bad climate ( harsh winters and hot summers) and zero aesthetic attractions, chances are housing is going to be cheap, but then you probably have to go outside of your area to get resources or pay to bring them in.  Yes, you can still by real estate under $100K if you want to live in…….Kalamazoo,MI  and that’s with a +2.4 % increase in sales price.!!

But if it is beauty, milder climate, culture, better economy and thus a better chance at finding employment and happiness, then you are probably searching on- line at places like: San Francisco, CA ( median  home sale price is $600,000),  or Bellingham, WA.  Bellingham’s median home sale price is $260,000, a 2.0% increase in sales prices.   Consider this, situated right between two major metropolis’ with everything you can imagine, no traffic congestion, WWU university, two of the top 1500 high schools (Bellingham and Blaine) in the nation, a multitude of outdoor driven activities( kayaking, hiking, bike-riding, sailing, photographer’s dream, skiing, snow-boarding, just to name a few), eco-friendly and environmentally conscientious, family-oriented, and most important, pet-friendly/animal conscientious.  ALso, within a 30 minute drive to Mt. Baker Ski Resort,  or a ferry trip to the San Juan Islands.  Oh,  did I mention Bellingham Bay and Birch Bay ?

Bellingham also offers these major employers: St. Joseph Hospital, WW University, BP Refinery, U.S. Border Patrol and Customs in Sumas, 2 Community Colleges (Bellingham Tech and Whatcom Community), as well as Boeing and Microsoft in King County.

With a 2.0% increase in sales bringing Bellingham home sales to a median $260,000, I’d say this is a fair price to pay for all that Bellingham has to offer, not to mention, public water, public sewer, power, local grocery chains, locally farmed foods and dairies, with abundant greenery and water surrounding you.

So keep in mind that different locales do have different markets depending on what each has to offer and Bellingham has much to offer.

If you are considering relocating to Bellingham to experience paradise or looking to sell or buy locally, feel free to contact me : Roberta Soares at 360-303-3898 or Roberta@buyertours.com .

As far as the real estate market in the neighborhood goes, there are 10 homes for sale, and 5 under contract. 11 homes sold in the past six months.

If you’re looking for a home in the neighborhood an entry-level home is priced at $249,500 for a 3 bedroom, 1 bath, 1406 square foot home. For those wanting a fabulously view from the Hill with a little more room there is a 4 bedroom, 4 bath, 3085 square foot home on the market for $595,950.

One of the smallest  and least expensive homes that sold within the past 6 months was $124,500 and the highest priced home to sell in the neighborhood in the past six months was $435,000. Average price of sold homes was $285,045 and median price was $261,000.

If you would like any more information please give me a call at 360-739-6981 or send me an email.

• There are currently 1393 homes for sale.
• Homes are priced from $12,000 – $6,995,000
• Average Asking Price $433,613 Days on Market: 135 days
• Median Asking Price $337,000 Days on Market: 83 days
• Homes sold in March: 128
• Average Listing Price $316,340
• Average Sold Price $304,016 Days on Market 112
• Median Listing Price $279,450
• Median Sold Price $266,800 Days on Market: 84
• Homes Pending this week: 62 Total Homes Pending: 317