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Lynden Real Estate Market Report for May, 2009

06-13-09

Michael Eisenberg, Bellingham Realtor

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Office: (360) 676-8990

Mobile: (360) 739-6981

The following is a quick analysis of the Lynden real estate market.

Lynden Real Estate Graph

There are currently 137 homes for sale.
Homes are priced from $184,000 - $1,100,000
Average Asking Price; $363,285 Days on Market are 122 days
Median Asking Price: $349,900 Days on Market are 80 days
Homes sold in May: 10
Average Listing Price $280,970
Average Sold Price $268,400 Days on the Market 122
Median Listing Price $297,450
Median Sold Price $285,000 Days on Market 78
Homes Pending last week: 9 Total Homes Pending: 21

Average Sales Price May 2008: $286,741

Median Sales Price May 2008: $257,500

Sold in May 2008: 14

The Average Sales price is down 6.4% compared to May 08 and down 4.8% compared to April 09.

The Median Sales prices is up 10.7% compared to May 08 and down 21.3% compared to April 09.

The number of sales is down by 5 compared to May 08 and is down by 2 compared to last month April 09.

Condo Analysis for Lynden

There are currently 45 condos for sale.
Condos are priced from $141,000 - $419,000
Average List Price $235,363 Days on the Market: 169
Median List Price $229,950 Days on the Market: 105
Condos Sold in May: 2
Average List Price: $219,950
Average Sales Price: $220,200 Days on the Market: 163
Median List Price: $219,950
Median Sales Price: $220,200 Days on the Market: 163 P
Pending Sales Last Week: 1 Total Condos Pending: 2

Average Sales Price May 2008: $167,993

Median Sales Price May 2008: $173,978

Sold in May 2008: 6

The Average Sales price is up 3.1% compared to May 08 and up 6.1% compared to April 09.

The Median Sales prices is up 2.5% compared to May 08 and up 22.3% compared to April 09.

The number of sales is down by 4 compared to May 08 and is down by 1 compared to last month April 09.

Buyers: Interest rates are still low making now is a good time to get in the market. There are still plenty of homes to choose from and lots have been on the market a long time so there are some motivated sellers out there who need to sell their homes.

Sellers: There is still a lot of competition right now and if you don't want your home to sit on the market without an offer here are a few bits of advise:

The most important thing you can do is price your home right, have your real estate agent do a CMA and price your home aggressively, that is in the lower range of similar homes if you want a quick sale
Have a pre-inspection done to your home and fix any problems
Give your home curb appeal
Offer a Home Warranty if it is an older home
Get rid of clutter, start clearing out your things, even if you have to put them in storage.
Think about staging your home, get advise from a staging professional or at least your agent.

If you would like some info about Lynden real estate or living in Lynden visit my website at BellinghamProperty.com or give me a call.

3 Comments

Lynden Real Estate Market Report for April, 2009

05-05-09

Michael Eisenberg, Bellingham Realtor

view my blog
Office: (360) 676-8990

Mobile: (360) 739-6981

The following is a quick analysis of the Lynden real estate market.

Lynden Real Estate Graph

There are currently 138 homes for sale.
Homes are priced from $190,000 - $1,100,000
Average Asking Price; $374,957 Days on Market are 114 days
Median Asking Price: $349,900 Days on Market are 68 days
Homes sold in April: 11
Average Listing Price $298,259
Average Sold Price $281,866 Days on the Market 148
Median Listing Price $238,500
Median Sold Price $235,000 Days on Market 94
Homes Pending last week: 1 Total Homes Pending: 24

Condo Analysis for Lynden

There are currently 40 condos for sale.
Condos are priced from $145,000 - $419,000
Average List Price $239,523 Days on the Market: 161
Median List Price $229,953 Days on the Market: 125
Condos Sold in April: 3
Average List Price: $190,983
Average Sales Price: $175,833 Days on the Market: 98
Median List Price: $189,500
Median Sales Price: $180,000 Days on the Market: 62
Pending Sales Last Week: Total Condos Pending: 3

1 Comment

Take me back, COUNTRY HOME!

04-11-09

Susan Templeton

view my blog
Office: (360) 647-8822

Mobile: (360) 220-2997

HOT RURAL NEWS: New Country Home Loans for Hobby Farms: To date, the upside down value of land to homes in our area (due to high land values) have made funding a small hobby farm or home on acreage prohibitive. The rural, laid back beauty of our region has drawn many folks here for their 'patch of green' to grow a few apples or lavenders or just elbow room and a few horses. We've been hard pressed to find lenders for properties over 5 acres. At last we have some new options for home owners who intend to use their land for appropriate uses in rural zoned areas. The lenders we are dealing with are offering make sense underwriting. Naturally full doc and solid credit. This is very exciting news!

program	highlights
Country Home Loans	Owner occupied homes, mixed use and bare land
Serving	Rural homeowners outside of urban areas
Maximum Mortgage	$ 5,000,000
85 % Loan Terms	15% down with NO Mortgage Insurance required
Documentation	Full documentation of income and assets.
Property Types	Existing & future home sites, manufactured homes
	Includes farming, equine properties, hobby farms
	Properties that have land use potential, not small lots
Features	Rural properties with potential to fund 'unique' homes and homes worth 30% of total property value, includes manufactured homes and mixed uses.
Debt to Income	47.5% allowed-higher than government programs
Qualifications	Portfolio -- underwriting manually, full doc

Terms and rates vary by credit risk, eligibility, location, and property type/use. Very competitive with residential rates. The minimum 15% down is great considering NO Mortgage Insurance is required.

Unlike USDA loans--also popular in our area--there is no ceiling on income or limits to business use as long as it's a legal zoned use for the land. It's very much a case by case underwriting decision.

Pass it on!