Late summer sales down in beautiful Bellingham
August was an especicially slow month for Whatcom County home sales. The number of single family home transactions in August was down 40% from August of 2007, according to a recent Bellingham Herald article. Another Herald article tells us that 71 forclosures were filed in Whatcom County in August, up from 54 in July.
On a positive note, the national average interest rate on a 30 year mortgage is at a very attractive 5.73%, according to Bankrate.com.
The slow sales numbers of course are a concern to sellers, but they are great news for buyers. The slow sales and low interest rates make it a great time to buy in Whatcom County. For those willing to look past the doom and gloom hype of the media, this slow market is a great opportunity to find a home or property at a great value. These market slowdowns have happened before and do not last forever. We are just in a natural part of the real estate cycle, and it is a great opportunity to invest in local real estate.
In conclusion, I believe the Bellingham area will continue to outperform most other parts of the nation for reasons that will not change. Our location between the mountains and the islands continues to draw people from every part of the country. Not to mention our easy access to Seattle and Vancouver, without the traffic and noise of a large urban area.
I think this is a bump in the road, and 20-30 years from now everyone will be laughing about how low the prices were in the 2000's, just like we now laugh about $14,000 Bellingham homes in the 1970's.
If you have any more specific questions about how this market affects you as a buyer or seller, please feel free to call or email me any time. Thanks for reading. Dan
Dan O'Donnell, 360-220-7157
RE/MAX Whatcom County, Inc.
