What’s going in with Real Estate?
We decided to post some new tidbits in relation to real estate and the market at whole.
Whatcom County home sales are on an upward rise. Could it slow down? If we look at national trends, home sale prices have continuously increased the last few years. 2014 they were up by 6.7% and 2015 followed with a 3.4% price growth. Economists conclude 2016 home prices will increase an additional 3-4% nationally.
What does this mean for Whatcom County? Let’s take a peak at Bellingham’s market. The number of homes sold, along with the average home sale, have both increased steadily. It sits low with inventory, and the ones available, have increased in price. The inventory is down by 40% and pending sales are up. The median home price is up 7.4% from the first quarter of 2014. Market trends have increased.
This does make it quite less affordable for first time home buyers. With the supply of homes being low, homes under the 300K mark are far and few in between.
Mortgage rates are expected to increase some as well. This will add additional expense to the already increased price of a home.
Should you buy now?
The question of the day. Markets will always cycle. So when to buy can be hard, especially since most people think back to housing slide in 2007. The answer is yes, it can be. It depends on the property you seek, is it an investment property? A fix-nFlip? Or a first time residence? What do you qualify for? What are your terms?
If you are a first time home buyer, there still may be the right home out there for you. Maybe you will have to put a little bit of sweat equity into the property for the price to seem right for you. Are you able and willing to do that? If your a first time home buyer that plans to stay in your home for 5-10 years, then yes the opportunity may still be great. It’s how you look at real estate and what you want to do with it.
We encourage you to do some more research. Read about trends, research the area you seek, whether in Whatcom County or Orange County.