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You are here: Home / Buying a Home / Rates, inventory going up – the spring housing market could be interesting

Rates, inventory going up – the spring housing market could be interesting

February 8, 2018 By Andi Leave a Comment

Rates, inventory going up – the spring housing market could be interesting

February 07, 2018 05:00 AM

The beginning of 2018 started quietly for Whatcom home sales, but it could be leading to a busy spring season.

Local real estate agents sold 217 houses and condominiums last month, slightly off the pace of 224 sold in January 2017, according to data from the Northwest Multiple Listing Service. While the number of homes sold decreased, the January median price soared 20 percent to $345,000. January is typically the slowest month for home sales, so the median price of those homes sold can vary more widely compared to later in the year.

Inventory is expected to increase and interest rates are expected to rise which will make things interesting this spring. The 30-year mortgage rate has steadily risen in recent weeks to around 4.5 percent, the highest level in four years.

When you are in a rising rate environment, historically you do get a frenzy of sales. it’s been more than 10 years since the area last saw steadily rising rates.
If interest rates keep rising it will have an impact, but it hasn’t happened yet. At some offices, more than half of the recent local home sales have been all-cash transactions from buyers who are not concerned about a mortgage interest rate. All-cash buyers tend to be people who have sold homes and are making purchases with the proceeds. Rising interest rates will hurt the buying power of first-time homebuyers, who typically need a mortgage loan.

 

Brokers expects it to be a busy home-buying spring and summer in Whatcom County, despite the rising interest rates. The high rents, particularly in Bellingham, will continue to motivate people to buy before interest rates go up – some expect interest rates to be 4.75 percent by the end of summer.

Inventory remains an issue for Whatcom County real estate – it had 485 active listings last month, down 6 percent compared to January 2017, according to the data.

More people are preparing to list homes between March and June.

A combination of increased home construction and demographics should translate to more inventory this spring. The average amount of time someone owns a home is around seven years, so people who bought at the last real estate peak in 2007 but saw the bubble burst may be ready to put their homes on the market.

Inventory is also a problem across the state, according to the NWMLS. Across the 23 Washington counties it serves, home sales in January were down 9.3 percent while the median price of the homes sold rose 11 percent to $363,500.

The decline in sales last month can’t be blamed on the holidays, weather or football. It’s simply due to the ongoing shortage of housing that continues to plague markets throughout Western Washington.

Dave Gallagher: 360-715-2269, @BhamHeraldBiz

BY DAVE GALLAGHER

dgallagher@bhamherald.com

February 07, 2018 05:00 AM

Updated February 07, 2018 10:06 AM

Filed Under: Buying a Home Tagged With: Bellingham, Interest Rates, Inventory, real estate, Whatcom

About Andi

World-wide traveler. Excellent shot. Lover of Cairn Terriers (specifically Shaymus). Vegetarian. Enthusiastic, yet amateur beer brewer. Licensed, independent Real Estate Broker and Designated Broker for Sterling Real Estate. I have the inside knowledge of the 'diamonds in the rough' hiding throughout Whatcom County. Want to learn more? Contact me at AndiDyer@gmail.com

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About Andi

World-wide traveler. Excellent shot. Lover of Cairn Terriers (specifically Shaymus). Vegetarian. Enthusiastic, yet amateur beer brewer. Licensed, independent Real Estate Broker and Designated Broker for Sterling Real Estate. I have the inside knowledge of the 'diamonds in the rough' hiding throughout Whatcom County. Want to learn more? Contact me at AndiDyer@gmail.com Read More…

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