Elaine A. Cook-Bellingham Real Estate

So here are the numbers for Bellingham Whatcom County Foreclosures.

Approximately 40% of home sold in Whatcom County are a short sale or foreclosure..aka distressed property.

There are 91 homes involved in a bankruptcy proceeding.
Currrent Bellingham and Whatcom County foreclosures total 166, with 66 homes in pre-foreclosure.

Between now, March 20th and April 10th there are 13 homes up for auction on the county steps.

While these numbers are low compared to the national statistics, they are high for Whatcom County.

However, on the bright side. Buyers are buying. Investors are investing. Why? Because the market values will go back up. Will we see the crazy appreciation increases of yesteryear? Probably not. Will we see real estate continue to out preform the stock market...absolutely.

Will interest rates go up. Yes, I am sure of it. When? I don't know. But they will go up.

So what does all of this mean if you are trying to sell your home? The majority of buyers who jump into the market to buy are buying for themselves. They have motivaion and timelines. They often start out looking for a bank owned, foreclosure, shortsale...something they "think" they can get a great deal on. However, the process for purchasing those types of homes is very, very long and complicated. After a month or two we start showing them other properties. So if you want/need to sell price your home right, and get it out there for the buyers to view. Make it a viable option.

If you are looking to buy, there isn't a better time. Period. $8,000 cash back, 100% financing programs, Rural Housing Programs, low rates, high inventory, and lower prices. It is really a no-brainer! Just plan on owning the property for 3-5 years. It is the highly exceptional property that will appreciate any sooner.

When meeting with clients who are looking to sell their property, I have always taken comps, to help determine pricing; just like all the other agents. But I also break down the ratios of price to days on market. Price it right, and your days on market go waaayyy down. Period the end.

Price it too high, get a price reduction, get another price reduction...and you are just chasing the market; and losing the race. Buyers spend many hours on the Internet searching for homes; prior to working with an agent. They know if a home is priced to high. So sellers listen to your agent! (Make sure you have a good one!)

Now, the flip side to this is that some buyers think ALL property is priced to high. Agents are having to write low ball offers on several properties; once the buyer loses out a couple of times, they will get the fact that not all homes are priced poorly...listen to your REALTOR! (Make sure you have a good one!)

But the final word in all of this is "A property is only worth what someone is willing to pay for it." So if you have been sitting on the market for 100+ days...the price is not right. Sometimes that means you need to do a short-sale, or lease option, or rent it for a couple of years. There are options.

But sitting on the market with an overpriced piece of real estate is not an option. It is false hope that you are going to be able to move on to the next chapter of your life!

The year ended on the down side...no surprise there!

Our local sales volume is still down. No question about it! On average about 30% down from this time last year.

Barkley area has a historically low inventory right now. With 109 homes sold in the last 6 months and only 69 homes on the market, one would think it was a sellers market in the Barkley area!

However, already this month things are picking up! Buyers are coming off the fences. Low rates, tax incentives, great prices...the perfect storm for buying real estate!

If you are thinking about selling, and your home value is under $300,000 now is the time to get out there. $275-$300,000 is the magic range for rural housing and 1st time home buyer funding. The only sources left for 100% financing! Buyers who qualify but don't have the 20% down are looking to these programs to help them get into a home of their own.

If you would like more in depth information, stats specific to your neighborhood, or 100% financing information just send us an email. These stats are for residential only, provided by the NWMLS

Scotty Browns, which has already been shortened to Scotty B's by the locals, is the newest dining choice in the Barkley area.

There have been reviews ranging from "fabulous" to "okay." I do know that one of the day time cooks is absolutely fantastic! Ty Cook. Yes, one of my many sons! And with a last name like that you have to be good!

Scotty Browns is a Canadian chain. Our Barkley location is their first venture across the border. Brilliant move I predict. With big screen TVs, a bar and bar tenders johnny on the spot, you can only imagine the fun you can have there!

The menu is some what of a mix...something for everyone!

You will find this great addition to Barkley, at 3101 Newmarket St - North side of Barkley Blvd, on the corner!

What is really going in our market?
What is the "new" process for buying a home?
Is there still 100% financing? (Yes)
What are my options as a home buyer?
Does buying a home still make sense? (Usually, but not always!)
What things do I need to consider?

These and many other questions will be answered at our Home Buyer Seminar:

When: Wednesday, March 18th, 2009 6:00 - 7:30 PM
Where: Neighborhood Mortgage
432 Bakerview Rd
Bellingham, WA 98226
To register, complete the form below.
Refreshments will be served!

Guest Speakers:

Leena Kirschman LO# 510-LO-34735	Elaine A. Cook	Nancy Leavitt

Space is limited. Register here: