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 January 2016
Let’s take a look at Bellingham Real Estate Market Report – January 2016 for residential home sales.
The number of residential sales is down by 4 compared to January 2015 and down by 30 from last month.
The sales price is up 18.1% compared to January 2015 and down by $6,028 from last month’s average sale price of $381,927
The inventory is still incredibly low with only 2 months supply of homes on the market right now.
If you have any thoughts of selling your home this could be a great time to accomplish that goal.
There are still lots of buyers out looking for new homes but not many homes for them to choose from. Yes rumors are true multiple offers are back.
It is more important than ever to have all your "ducks in a row." Have your pre-approval letter from your lender ready to submit with your offer. If you don't have it 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.
When the fed recently raised interest rates for the first time in many years, everyone thought mortgage rates would follow and they did for a short time but came down again. So, interest rates are still low but they will begin to climb soon. Hopefully for you buyers out there they will remain at historic low rates
Hopefully for you buyers out there they will remain at historic low rates until at tleast the end of the year.
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....