Bellingham Real Estate Blog

Bring Google Fiber to Bellingham

admin — Mon, 29 Mar 2010 23:08:51 +0000

It is has been far too long since I have posted on my blog. I have been incredibly busy with all of my clients and vast projects. I wanted to share this video for people that are interested in knowing what kind of people call Bellingham WA their home. This video speaks volumes to why people love and cherish Bellingham Washington.

Glacier Springs 2009 Market Review

admin — Fri, 15 Jan 2010 18:40:42 +0000

Glacier Springs is an organized community located near the foothills of Mt Baker. Glacier Springs is the least expensive community in the Glacier – Mt Baker area (Snowline and the Mt Baker Rim are the other two communities). The average price of cabins sold in Glacier Springs in 2009 was $202,250 compared with $239,313 in the Mt Baker Rim and $288,300 in Snowline.

In 2009 there were a total of 4 cabins sold in Glacier Springs. The sales ranged in price from $160,000 up to $245,000 with an average of $202,250. At the end of 2009 there were a total of 7 cabins available. The available cabins range in price from $158,900 up to $519,900. One of the reasons for the diversity in prices in Glacier Springs is due to the riverfront properties located along Canyon View Drive.

Search the inventory of Glacier Springs Cabins for Sale

Bellingham’s Museum of Radio and Electricity Video

admin — Thu, 07 Jan 2010 19:26:41 +0000

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Mt Baker Rim Market Report 2009

admin — Thu, 17 Dec 2009 18:43:29 +0000

The vacation cabin market in the Mt Baker Rim held up fairly strong during 2009. For the most part, second home markets tanked across the nation during the rescission of 2008 – 2009. However, there are a couple of reasons why I feel the Mt Baker vacation market has survived. 1) Vacation cabins near Mt Baker are relatively affordable. The average cabin in the Mt Baker Rim sold for $239,313 this year. 2) Mt Baker is a great ski/snowboarding mountain and people love the fact that there isn’t a resort located at the ski area.

A closer look at the numbers for 2009

There were 8 cabins that sold in the Mt Baker Rim over 2009. The average selling price was $239,313 with an average days on market of 183. In addition to the 8 cabins, there were also a couple of manufactured/mobile homes that sold. (I don’t like to use these in my statistics as I feel that they skew the true prices of the cabins. The Mt Baker Rim used to allow manufactured and mobile homes, but do not allow them any more)

Moving to the present time, there are currently 12 cabins for sale in the Mt Baker Rim. The average price for these cabins is $336,608 with an average day on market of 152. What I find most staggering about these statistics is that the average listing price of cabins currently on the market is almost $100,000 more than the average sold price for the year. In fact, even the least expensive cabin listed for sale is $10,000 more than the average price of sold cabins for the year. This tells me that a lot of the sellers are asking far too much money for their cabins.

My advice to sellers

I hate to say it, but you might need to strongly consider a new strategy to sell your cabin. I personally sold over 20% of the cabins in Snowline and the Mt Baker Rim during 2009 and I have good feel for the market and what buyers are looking for. The buyers are not looking to spend over $300,000 for a cabin unless it is absolutely spectacular. Buyers are buying cabins in the $250,000 to $275,000 range.

My Advice to buyers

The average cabin that has sold this year was $239,313. We can work together and get you great cabin at a fair price. The market in the Mt Baker Rim is not weak, however the seller’s expectations are too high. There are not short sales or foreclosures affecting this market. You should expect to pay between $250,000 to $275,000 for a decent vacation get-a-way in this market.

Search Mt Baker Rim Cabins for sale

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Snowline Market Report for 2009

admin — Tue, 15 Dec 2009 19:05:31 +0000

Snowline Market Report for 2009

The National real estate market has taken some strong hits over the last two years, while the gated community of Snowline near Mt Baker has done fairly well. Earlier this year a past client of mine told me that he had lost a great deal of wealth in the stock market, but the vacation cabin that he had purchased from me was going to save him. While he recognized that he was not selling at the peak of the market, the equity that he had gained over just 5 years was the best investment that he had made since 2004.

Snowline Market Snapshot and Review

Before reviewing 2009, let’s look at the current market. At this time there are 9 cabins for sale in Snowline with an average days on market of 186 and average price of $337,857. There is a strong diversity in price among that available properties as there are some entry level cabin currently available as low as $175,000 ranging up to $499,000 for larger chalets. Realistically, 9 cabins is a very low inventory for Snowline. There are a total of 319 cabins and undeveloped lots in Snowline, so an inventory of 9 (plus 3 lots) is a very small percentage. This low inventory is a good sign for the overall real estate market in Snowline.

Looking back at 2009 in review, 6 cabins sold over the course of the year. The average days on market for sold cabins was 76 with an average sales price of $288,300. Looking at the days on market for cabins sold vs. available it becomes apparent that many of the cabins that are currently on the market are overpriced. With an average days on market of 186, there is technically an 18 month supply of inventory in Snowline, which is a very negative health indicator of a market, however I feel that these numbers are skewed because both number are so small in relation to the overall supply. In case example, I listed a cabin in February at a very reasonable price there was a bidding war and the cabin actually sold for over the asking price. This means that there are certainly buyers in the market, but they are only buying for the right price.

My Advice to Buyers and Sellers Right Now

For buyers, don’t be afraid to do a little negotiating on some of these cabins that have been on the market for several months. I have represented several buyers in the Mt Baker area this year and some of the sellers have taken strong discounts on cabins, while others have been stubborn. With 9 cabins currently on the market, there is enough inventory for you to find the right Mt Baker get-a-way.

Search the inventory of Mt Baker Cabins for sale

For sellers, selling a cabin in Snowline comes down to pricing it correctly and marketing the property with professional photos. The well priced cabins are selling and the overpriced cabins are not. If you are thinking about putting your Snowline cabin on the market, I strongly advise you to contact me first for a fair evaluation of your property. I will not only give you a realistic price, but I will help you prepare your property for sale.

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Video Explanation of the $8,000 1st Time Home Buyer Tax Credit

admin — Tue, 20 Oct 2009 22:53:39 +0000

Treating and Testing a Well for Coliform Bacteria

Ryan Martin — Thu, 14 May 2009 18:12:54 +0000

There are a lot of homes in Whatcom County that rely on private wells as their primary source of drinking water. While Whatcom County boast some of the cleanest drinking water in country, it is important that you test your well for E. coli and coliform bacteria. Coliform bacteria will not likely cause illness, but it is a sign that there might be disease causing organisms within the drinking water system.

Whenever you purchase a home on a private well, you should test the water quality by performing an E. coli and coliform water test. If your test comes back positive for coliform bacteria, you should watch this video to learn how to correct the problem.

Coliform bacteria can be eliminated by “shocking the well.” To shock the well you will need a hose, some bleach, and a ratchet set. First, locate the well head and remove the cap with the ratchet. Next, pour bleach into the well. Now, run the hose into the well and turn the water on. Cycle the water between the hose and the well for 10 minutes. After 10 minutes, go into the house and run all of the faucets and showers. This will run the diluted bleach solution throughout the house. Run the water through all of the facets for 1 hour.

The coliform bacteria should no longer be present. To retest the water quality, get a test kit from Avocet Lab in Bellingham and fill the bottle up to the line from the kitchen sink. Bring the bottle back to Avocet within 24 hours and wait for conformation. That is it. The process is actually pretty simple.

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$8000 Tax Credit for Down Payment Assistance

Ryan Martin — Wed, 06 May 2009 22:17:23 +0000

Most first time home buyers are aware that the Federal Government is providing an $8,000 tax incentive to qualifying first time home buyers. Currently the IRS is allowing the $8,000 tax credit to be claimed on 2008 taxes is a purchaser has not owned a home in the last 3 years and meets certain income requirements. Home buyers are even allowed to file an amendment to their 2008 tax filing if they purchase a home in the 2009 tax year. This is a wonderful opportunity for first time home buyers, however, it is about to get even better as the Washington State Association of Realtors® have been working on a down payment assistance plan that would work in conjunction with the tax credit.

The Washington State Association of Realtors® have been working on getting a new bill signed where the same qualifying first time buyers will be able to use this $8,000 credit towards their down payment. This will have an immediate impact on the first time home buyer market. An $8,000 down payment would give a first time home buyer more than 3.5% equity in a $200,000 home. One has to assume that FHA would allow the $8,000 to be used as a down payment, which would mean that a first time home buyer could purchase a home on an FHA loan without a down payment and have instant equity in a home.

This new down payment assistance plan was created by the Washington State Association of Realtors® and has already been passed by the State. At this point the bill just needs to be signed off by the IRS to be put into motion. It is likely that this will be passed within the next 30 days or less.

If you are a first time home buyer, this is absolutely great news. You will soon have the option to take the $8,000 credit on your taxes and spent the money on home improvements, or use the credit as a down payment on your first home. What an exciting time to be a first time home buyer!

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Bellingham Roller Betties ~ Flash vs Hellbound Homewreckers

Ryan Martin — Sun, 03 May 2009 20:37:08 +0000

A guilty pleasure, or just plain fun? I’m not exactly sure, but I do know that I love watching the Bellingham Roller Betties. The Roller Betties aren’t for everyone and there is certainly an alternative crowd, but there is just nothing else like it Bellingham.

Last year was the first full season for the Bellingham Roller Betties. As they were just getting started, the Betties lacked organization and opponents. They only held a handful of inner squad bouts, but the potential for something big was there. This season the Betties are back and stronger than ever. They now have three teams and play out of town opponents from different cities.

Last night the Bellingham Roller Betties team Flash took on the Hellbound Homewreckers from the Dockyard Derby Dames (Tacoma). At the beginning of the bout it looked like the Hellbound Homewreckers were going to rout the home team Betties as they jumped out to an early lead. About fifteen minutes into the first half, the Flash finally got into a groove while the Homewreckers found themselves spending a lot of time in the penalty box. At the end of the half the Betties had taken the lead 66 – 58 over the Dames of Tacoma.

After a short break the other two Bellingham Roller Bettie teams came out to battle, Tough Love vs The Cog Blockers . While the Cog Blockers put up a fight, this wasn’t much of a match as Tough Love ran away with an early lead and never let up.

As for the second half of Flash vs the Hellbound Homewrecks, this one got ugly. The Betties and Dames came out swinging. While there were no major injuries observed, there were definitely a lot of bruises. The Hellbound Homewreckers seemed to be getting caught more than the hometown Betties as they again found themselves getting some serious seat time in the penalty box. In the end, Flash came out well on top with a final score of 156 – 100. It was a great victory for Flash and the Bellingham Roller Betties.

All of the girls battled hard throughout the night and a good time was had by all (except for maybe the Homewreckers). I’m looking forward to watching Bout 4 on March 30th and hopefully I will see you there as well.

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Understanding Micro Real Estate Markets in Bellingham

Ryan Martin — Wed, 29 Apr 2009 17:58:14 +0000

It is important to understand that there are many micro markets in real estate. When someone says that home prices are down 10% are they talking about homes across the US, within the state, in the city of Bellingham, or in your neighborhood? While real estate is affected at a broad level, it is also highly sensitive to the neighborhood.

It is not necessarily a bad time to sell your home. It really depends on your micro market. Let’s look at Bellingham as an example. There are currently 512 homes on the market within the city. Over the last 6 months the average days on market for homes in Bellingham that have sold is 105 days. Based on these figures you might think that your home in Bellingham will take 4 months to sell, but that is not necessarily the case. Let’s look a couple of niche markets within the Bellingham real estate market.

Cornwall Park is a pretty established and popular neighborhood. Most of the homes were built in the 1920’s. The average price point in the Cornwall Park Neighborhood is under $300k and lower than the average in Bellingham. This makes the Cornwall Park Neighborhood an ideal location for first time home buyers. Over the last 6 months the average days on the market for the neighborhood was only 39 days. If you currently own a home in the Cornwall Park Neighborhood and wanted to upgrade to a larger, now is a perfect time. Where would be a good place to buy a home in Bellingham right now?

The Barkley Neighborhood might be a good place to target. Most of the homes in the Barkley Neighborhood are priced over $300k. On average, the homes in the Barkley Neighborhood are larger and newer than homes in the Cornwall Park Neighborhood. Over the last 6 months the average days on the market for the Barkley Neighborhood was 134 days. While it looks like it might not be a good time to sell a house in Barkley, it does look like a good time to buy one.

It is important to know your mirco market when making decisions about buying and selling your house. Don’t rely on national media or your local newspaper to sway decision to buy or sell. You should be contacting a real estate professional that knows your micro market.