Here’s a quick look at the Bellingham Real Estate Market Report for October 2016 for residential home sales.
The number of residential sales is down 11 from October 2015 down 46 from last month.
The sales price is up by a slight $270 compared to October 2015. It is down 5% from last month’s average sale price of $413,881
Inventory is still low keeping the market really hot for this time of year. There is only a 2 months supply of homes on the market right now. Any home priced right is still snapped up quickly often with multiple offers. There are only 20 homes on the market under $300,00 and only 3 under $200,000.
There are still buyers out there today looking for new homes but there is still a limited amount of homes for them to choose from.
Multiple offers are still very common in this market for any desirable home.
With all the talk we have been hearing in the media about interest rates about to rise, it still hasn’t happened at interest rates are still at all-time lows.
Buyer’s, get a pre-approval letter from your lender ready to submit with your offer if you are in a competitive market that may change soon.
If you don’t have it yet, start gathering the documents you will need to get one, which is usually 2 years of tax returns and 2 or 3 months of pay stubs. Check with your preferred lender or let me know if you need a recommendation to a good lender.
Want to learn more about the market let’s talk! If you have any questions or want to see any Bellingham Real Estate feel free to to email me or give me a call at 360-739-6981
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