Wednesday, March 26, 2008

Bellingham WA Housing Market

Bellingham, WA Real Estate Pendings tell the story!

By tracking the pended sales each week, one can see how many buyers are really out there. How many transactions are really taking place.

Since February 1 of this year, the average number of pended homes has only been 2 to 3 per week for the price ranges I have been tracking. However that is up from January! The percentage of homes pending, in relation to the number of homes on the market is roughly 19% Bellingham Real Estate is slow, but steadily increasing.

The average days on market has increased significantly over the last year. On average we are up to 99 days on market. However, some price ranges are up to 150 days on market. This requires planning ahead, and an aggressive REALTOR to get your property sold.

Recent Open House activity has increased, sunshine helps!!!

Known to be optimists...because we really don't have a choice not to be...Realtors around town mostly agree that this spring will bring an increase in sales, however our Booming market of yesteryear won't be back for a while.

As I tell everyone, the market has to correct itself every few years. Imagine if your home appreciated year after year and there was never a correction in the market....who would be able to afford your home when you went to sell it???? Ask the folks in San Francisco, San Diego and other areas where they have run "unchecked" for years. Now only a few can afford to own a home, which makes that equity you built up meaningless!

Real Estate is still the best investment for the money. And Bellingham is still a great place to invest. We do not have the problems other areas of the nation have. We are unique, and will remain so...Lucky Us!!!!

Elaine A. Cook
Bellingham, WA

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