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 July 2016
Bellingham Real Estate Market Report – July 2016
Here's a quick look at the Bellingham Real Estate Market Report for July 2016 for residential home sales.
The number of residential sales is down 22 from July 2015 down 4 from last month.
The sales price is down a slight $180 compared to July 2015. It is down $11,747 from last month’s average sale price of $428,403
The market is still sizzling hot, and we are still experiencing a low inventory market. There is only a 2 months supply of homes on the market right now. Any home priced right is snapped up quickly often with multiple offers. There are only 25 homes on the market under $300,00 and only 3 under $200,000.
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 very common in this market for any desirable home.
With all the talk we have been hearing in the media about interest rates about to rise, it still hasn't happened at interest rates are still at all-time lows.
Buyer's, get 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
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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....