Whatcom County Real Estate Buzz, January 2009

Ok, so the buzz is positive around my office (RE/MAX Whatcom County), the phone calls are picking up and the pending transactions are increasing. Realtors are starting to seem more optomistic and hopeful for the near future. Could this be the boost in confidence that the industry needs to turn the corner?

Interest rates are very good right now (around 5% interest on a 30 yr mortgage if you have good credit) and refinances are booming. If you haven't called your mortgage broker lately, it's time to check in with him/her. If you don't know who to call, let me know and I'll point you in the right direction.

Bellingham had 49 residential transactions close in December, actually up from 37 in November. These numbers include all sales in the Multiple Listing System (not "for sale by owner" sales).

So, we're a far cry from where we were 3 years ago, but this is a natural part of the real estate cycle. It is a correction from overvalued properties and frenzied buyers, which we all knew couldn't last forever, or at least most of us knew that ;)

If you are thinking of buying in the next 3-5 years, I would urge you to get off your behind and get into action, we may not see rates this low and sellers this motivated again for some time. Like Warren Buffett says "When others are greedy, be fearful, when others are fearful BE GREEDY". Do you think maybe Mr. Buffett knows what he's talking about, or is he just the second richest man in the world because he's lucky?

If you'd like some more information about properties in Whatcom County, or help locating a good agent in another area, please give me a call any time, I'm here to help.

Bellingham Home Sales through 12/2008