Bellingham Real Estate Blog » Bellingham real estate http://ryanmartinrealestate.com/blog Real Estate Blog for Bellingham Washington Mon, 29 Mar 2010 23:09:41 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Real Estate Bellingham Washington http://ryanmartinrealestate.com/blog/2009/01/real-estate-bellingham-washington-2/ http://ryanmartinrealestate.com/blog/2009/01/real-estate-bellingham-washington-2/#comments Thu, 29 Jan 2009 23:11:04 +0000 Ryan Martin http://ryanmartinrealestate.com/blog/?p=92 I have been selling real estate in Bellingham Washington for the last 6 years. During this time I have been successful selling homes when the market goes up and when the market goes down. Despite the recent down turn in national real estate, Bellingham Washington has held up fairly strong. I believe that this is largely due to the fact that Bellingham Washington was undervalued prior to the real estate bubble. As prices were inflating, Bellingham’s values were just catching up to where they should have been. Now that prices have come down, so has the inventory. There are currently only 430 homes on the market in Bellingham Washington. That is a relatively low number considering that there are 80,000 people living in Bellingham.

Where will the price of real estate in Bellingham Washington go from here? Just like everything else it depends, but we do know that Bellingham is still a very desirable place to live for many reasons. I believe that Bellingham’s desirability will help fuel the demand for homes. We also need to consider the fact that currently there are no new homes being added to the inventory, as the City of Bellingham has worked hard to eliminate growth in Bellingham. Any city with a strong demand and limited supply is going to face increased prices.

That brings me to the big question that I am asked daily… Is now a good time to buy real estate in Bellingham Washington? My answer to that question is as follows. We know that prices will recover and begin to increase as soon as the economy recovers. As soon as there are signs of recovery in the economy we are going to see a rise in interest rates. As interest rates go up, affordability will go down. I believe that right now we are in a sweet spot, where real estate prices are affordable and interest rates are low. Now is a great time to buy real estate in Bellingham Washington.

Call Ryan Martin for info. about real estate Bellingham Washington

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]]> http://ryanmartinrealestate.com/blog/2009/01/real-estate-bellingham-washington-2/feed/ 0 9 Economic Factors that Support an Upturn in the Washington State Real Estate Market http://ryanmartinrealestate.com/blog/2008/09/washington-state-market-update/ http://ryanmartinrealestate.com/blog/2008/09/washington-state-market-update/#comments Tue, 09 Sep 2008 19:39:58 +0000 admin http://ryanmartinrealestate.com/blog/?p=9 1.    The weak US dollar is positive for WA State because it makes exports cheaper and Washington State is the 3rd largest exporter in the US.
2.    Washington State is a strong business to business provider and will be the last hit and last to come out of a slowdown of the US economy. Microsoft is currently going gangbusters!
3.    Wage inflation is outpacing price inflation 7% to 5%.
4.    The weak US dollar is dramatically slowing employment outsourcing to India.
5.    Washington State has a negative net migration. (Positive population growth)
6.    Seattle has the lowest CAP rates on apartments in the US.
7.    Forbes “Seattle best location for real estate investment”
8.    Negative press in other areas of the country may become a self-fulfilling prophecy in Washington State.
9.    While the economy is really ugly in Miami, Arizona, Las Vegas and parts of South California Bellingham and Seattle are among the top 3.

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]]> http://ryanmartinrealestate.com/blog/2008/09/washington-state-market-update/feed/ 3 Is the Bellingham Real Estate Market Healthy? http://ryanmartinrealestate.com/blog/2008/07/bellingham-market-update-2/ http://ryanmartinrealestate.com/blog/2008/07/bellingham-market-update-2/#comments Wed, 30 Jul 2008 17:37:43 +0000 admin http://ryanmartinrealestate.com/blog/?p=7 What are the signs of a healthy real estate market?

One of the best signs of a healthy real estate market is number of months of inventory. The number of months of inventory will convey whether a real estate market is a buyer’s market, seller’s market, or balanced market. A balanced real estate market in Bellingham should have 3 to 6 months of inventory. If there is less than 3 months of inventory, then there is a clear seller’s market. In a seller’s market the number of available homes are scarce and there is a high demand for homes. If there is more than 6 months inventory, then it is a buyer’s market. In a buyer’s market there is a lower demand for homes and prices begin to fall.

How many months of inventory are currently on the market in Bellingham?

There is currently 6.7 months of inventory on the market in Bellingham. This suggests that Bellingham is in a buyer’s market. However, if we look at the past 13 months we can see that Bellingham’s real estate market was very balanced until last August. During last August the national credit/lending crisis occurred and nearly every real estate market took a spike in inventory as it became increasingly difficult to obtain financing.

Bellingham real estate chart

As we can see by the graph, Bellingham’s real estate market did not spiral out of control and never broke over 10 months of inventory. The market has slowly been working back towards a balanced real estate market of market and I expect the July figures to continue the downward trend from the last couple of months.

I follow the real estate trends in Bellingham very closely and would be happy to discuss the market further with anyone who is interested.

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]]> http://ryanmartinrealestate.com/blog/2008/07/bellingham-market-update-2/feed/ 0 Bellingham ~ a Good Buy or Bad Buy? http://ryanmartinrealestate.com/blog/2008/05/bellingham-market-update/ http://ryanmartinrealestate.com/blog/2008/05/bellingham-market-update/#comments Sat, 10 May 2008 14:59:58 +0000 admin http://ryanmartinrealestate.com/blog/?p=6 I follow the Bellingham real estate market very closely. As I was looking through the new homes that came on the market this morning, I was overwhelmed by the number of new homes priced way too high. The real estate market has begun to pick up, but by no means are things going gangbusters.

Note to Sellers

You need to be very careful when pricing your property in this market. Assuming that you have chosen to work with a knowledgeable real estate agent, you really need to listen to them. When they suggest a listing price, you should strongly consider their advice. The days of putting a steep price on a property to “see what happens” are long gone. I will tell you what will happen. Your house will not be shown by anybody and you will become very frustrated.

Good Deals Bellingham

There are some good deals on the market right now and some of the homes being listed today are great deals. I still feel firmly that the best deals are being offered by the motived sellers in this market. I suggest that you don’t fall into the trap of foreclosures and short sales. You will only end up wasting time and money. You are far better off working with a seller that has the financial capability to give you a good deal.

Subscribe to Find the HOT Deals

I am no longer publishing my Hot Buys blog. If you would like to subscribe to my list of hot buys in Bellingham. Send an e-mail to Ryan (at) RyanMartinRealEstate.com with HOT BUYS in the subject line and I will get you on the list.

That is it for now. Over and out.

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]]> http://ryanmartinrealestate.com/blog/2008/05/bellingham-market-update/feed/ 0 Deal or No Deal ~ a Look at Bellingham Foreclosures & Short Sales http://ryanmartinrealestate.com/blog/2008/04/bellingham-foreclosures/ http://ryanmartinrealestate.com/blog/2008/04/bellingham-foreclosures/#comments Thu, 24 Apr 2008 20:45:04 +0000 admin http://ryanmartinrealestate.com/blog/?p=4 Bellingham Foreclosures & Short Sales

There is a common misperception about foreclosures and short sales that has been spreading like wildfire. It is a fact that short sales and foreclosures have been increasing at a national and local level. It is NOT a fact that short sales and foreclosures are the best deals in real estate.

Why are short sales and foreclosures not the best deals in real estate?

Understanding the cause of most short sales and foreclosures reveals the reason why they are not the best deals. Currently in Whatcom County and Bellingham, approximately 50% of the foreclosures and nearly all of the short sales are the result of recently refinanced loans. Homeowners simply borrowed more than their homes are worth.

In the case of short sales, it is true that banks are now settling for less than the full value of the loan, but the full value of the loan is more than the home is worth.

Case Example A: Home was purchased for $350,000 in 2005. The market value was $400,000 in 2007, so homeowner refinanced a new loan of $380,000. Homeowner can no longer afford the payments on a loan of $380,000, so they want a short sale to get out. They decided to list their home for $360,000 (which is the current fair market value of the home) and hope that the bank will take it.

The example of the foreclosure is exactly the same as the short sale, except for the fact that the bank already owns the property. In both cases the banks and sellers are selling homes at fair market value.

Where are the best deals on foreclosures in Bellingham?

The answer is that the best deals are actually the homes in the same neighborhood as the foreclosures. They just happen to be located next door. The neighbors that were fiscally responsible are the ones who can afford to sell their homes for less money. Consider the house located next door to the short sale in Case Example A.

Case Example B: The homeowner next door is in trouble and attempting to sell their house in a short sale for $360,000. The neighboring homeowner bought their house in 1999 for $200,000. They initially borrowed $175,000 and have been making their payments. Something happens (death, divorce or…) and they really need to sell their home right away. Their home is exactly the same as next door, with the exception that their home is very well kept. Because their real estate agent informed them that only 1 out of every 10 homes in Bellingham and Whatcom are selling every month, they choose to list their house for $350,000 because they just want to get it sold. They get an offer right away for full price. They clean the house move out.

So the question is….. are foreclosures and short sales really the best deals?

Call Ryan Martin at 360-319-0040 if you would like to know what the best deals in Bellingham really are.

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]]> http://ryanmartinrealestate.com/blog/2008/04/bellingham-foreclosures/feed/ 2 Real Estate Bellingham Washington http://ryanmartinrealestate.com/blog/2008/04/real-estate-bellingham-washington/ http://ryanmartinrealestate.com/blog/2008/04/real-estate-bellingham-washington/#comments Wed, 23 Apr 2008 21:09:52 +0000 Ryan Martin http://ryanmartinrealestate.com/blog/?p=3 I am Ryan Martin and I have been selling real estate in Bellingham Washington for the last 6 years. During this time I have been successful selling homes when the market goes up and when the market goes down. Despite the recent down turn in national real estate, Bellingham Washington has held up fairly strong. I believe that this is largely due to the fact that Bellingham Washington was undervauled prior to the real estate bubble. As prices were inflating, Bellingham’s values were just catching up to where they should have been. Now that prices have come down, so has the inventory. There are currently only 430 homes on the market in Bellingham Washington. That is a relatively low number considering that there are 80,000 people living in Bellingham.

Where will the price of real estate in Bellingham Washington go from here? Just like everything else it depends, but we do know that Bellingham is still a very desirable place to live for many reasons. I believe that Bellingham’s desirability will help fuel the demand for homes. We also need to consider the fact that currently there are no new homes being added to the inventory, as the City of Bellingham has worked hard to eliminate growth in Bellingham. Any city with a strong demand and limited supply is going to face increased prices.

That brings me to the big question that I am asked daily… Is now a good time to buy real estate in Bellingham Washington? My answer to that question is as follows. We know that prices will recover and begin to increase as soon as the economy recovers. As soon as there are signs of recovery in the economy we are going to see a rise in interest rates. As interest rates go up, afforability will go down. I believe that right now we are in a sweet spot, where real estate prices are affordable and interest rates are low. Now is a great time to buy real estate in Bellingham Washington.

Call Ryan Martin for info. about real estate Bellingham Washington

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