Local Market Update

What’s Going on in the Market?

Good questions! Historically, we see a dip in the market during the 4th quarter due to many factors including the busyness of the holiday season and weather changes. This is a great opportunity for any buyers that are still on the hunt because there’s fewer competition and likely less instances of multiple offer situations. This is also a great time to put your home on the market because the buyers are much more serious and motivated to make a move before the new year! If you’re looking to find a home or get your property sold before 2019, you’ve come to the right place. Give me a call; we’re happy to help you reach those goals.

Stoney Ridge Farm is BACK!

 

What better way to celebrate the fall season than to take a trip to your local pumpkin patch?! After taking a couple years off, Stoney Ridge Farm is opening back up this month and is so excited to welcome the community back to the farm! If you never visited them in past years, you can expect to find fun farm activities, animals to see, their famous cider and pumpkin donuts (YUM). They’ll also have a corn maze, wagon rides, and OF COURSE, the vast pumpkin patch to pick out the perfect Jack O’ Lantern to carve! Mark your calendars people… Starting Friday, Octover 12th, open Fridays from 1pm-5pm and Saturdays from 10am-5pm through the end of October.

It’s Harvest Season!

As the season changes from summer to fall, now is a great time to reflect on the year so far. If you’ve been working on a project and finally seeing it come to fruition, celebrate the time and energy you put in! Maybe you’re finishing up a remodel to get your home ready for the market or have been saving up funds and searching for that first home to purchase. We’re here to help you take that step and reap the benefits of all that hard work…

If you’ve been keeping tabs on the real estate market in our area, you’re aware of the extreme conditions we’ve seen this year with low inventory and record-breaking prices. Home buyers are understandably nervous, but we’d like to offer some advice on how to make the best decisions going forward:

  • Be prepared beforehand. Getting pre-approval for a loan BEFORE making an offer is imperative in order to act quickly when the time comes. Inventory that is priced correctly may have several offers coming in and you won’t want to miss out because of financial questions. That’s just one less variable to worry about when you find that property you love!
  • Find a team of experts that have your best interest in mind. That’s where we come in! It is our priority to make sure our clients trust our advice and always feel like a priority. We understand that buying a home isn’t a small decision and can stir up a range of emotions. Surround yourself with experts that will advocate for you!
  • Have patience. The local market is already showing signs of stabilizing with a drop in median sale prices from $402,500 in July down to $374,900 in August. Over this last month, we’ve also seen inventory sit longer and properties are beginning to drop in price which shows a sense of urgency and attempt to regain buyers’ attention.

We encourage buyers to be prepared, be patient in their search and find trusted experts that will help navigate the market. If you’d like to discuss your situation or have further questions about the current market conditions, we’d love to chat!

Give us a call at 360-410-1297 or email our team at jerry@jerryblankers.com.

UPDATE: Blankers Estates on the Ridge

Exciting progress we’re finally being able to see going on in the development of Blankers Estates on the Ridge. This brand new neighborhood is going up on the south side of Kok Road here in Lynden overlooking the Nooksack River Valley and mountains. If you’ve taken a drive by the site lately, you’ll notice that the asphalt has been laid and the street lights are in and energized. The utilities are in as well including a wet well for the pump station.

There are 34 oversized lots that are very unique to this community. The development is zoned to allow for a personal residence along with a large shop or even an additional dwelling unit for a potential care giver or family member. This is a peaceful location to build the home of your dreams! If you have further questions regarding lot availability, progress on development, or just interested in learning more about this project, just give us a call.

Local Inventory Trends

Is the market starting to stabilize? Since the record lows seen in the beginning of 2018, inventory levels in Whatcom County have consistently increased bringing total inventory back to 821 listings. Although inventory levels are rising, the months of inventory is still hovering around 2 months, and the median sales price continues to increase from $395,500 in July to $407,000 in August. If you’d like to discuss market stability further, give us a call! We’d love to share our knowledge and advise you accordingly.

Great time to sell your home!

Over the past 7 Days in Whatcom County…

118 properties have LISTED

114 properties have PENDED

71 properties have SOLD

Listings remain at an extreme low and have actually decreased 30.5% since this time last year. We’ve ran the numbers, and over the past 10 years in Whatcom County, the median list price vs sold price has slowly grown closer to 100%. If you are looking to sell, there is a great opportunity to capitalize in such a competitive market. See below for further stats on the Lynden market this summer vs last summer!

2018 Northwest Washington Fair

It’s that time of year again… it’s time for the 2018 Northwest Washington Fair! One of Whatcom County’s largest annual events is coming up next week, and we’re excited to see people from all over the state coming out to enjoy the festivities!

This August 13-18th, the Lynden Fairgrounds will be full of people coming to enjoy the entertainment including the annual demo derby and rodeo, performances by Bret Michaels and Jeff Foxworthy, and a brand new carnival!

Don’t forget to stop by The Muljat Group North booth located in the Northeast corner of the Expo Building. Looking forward to seeing you there!

Follow the link to the Northwest Washington Fair website: https://nwwafair.com/

Sandy Point Living!

If you’ve been dreaming of living on the water, but still waiting on the right home to hit the market, this gem might be it! Turn-key vacation or year round home w/ newer private dock at beautiful Sandy Point. Peaceful, low maintenance, private backyard set on the Sandy Point Canal is the entertainer’s dream. Main floor features living/kitchen space with large windows, bedroom, utility room and bath. Upstairs has additional living space, master bedroom, bathroom w/ jetted tub and deck with sweeping views of the bay. Enjoy community golf course, pool and clubhouse. Rare find and a must see!

Tips for home buyers battling buyer fatigue

In areas with limited inventory and many buyers, multiple offers are common. This is a fast and frenzied situation which can be exhausting for all parties. Some buyers who have been working the market with no success can easily get frustrated, tired, and no longer wanting to take part. This is due to the hurriedness of the market, the urgency to see new listings, possibly spending hundreds of dollars for pre-inspections, getting emotionally-committed to a home and making an offer only to find that they didn’t get it…again.

If you are a buyer and are either actively searching now or are a buyer who has stepped out of the market to regroup, I want to assure you there are opportunities, possibly with a slight change in strategy. If your goals are indeed to buy in the next few months to a year, now is still the best time to do so as rising prices and interest rates will erode your buying power the longer you wait.

So how do you battle buyer fatigue and adjust your home-buying strategy? Here are three great ways:

  1. Get competitive – Consider lowering your price point in order to increase your offer competitiveness. If you are currently searching for homes between $350,000-$400,000, consider searching for $300,000-$350,000 homes. This way, if you are competing, you can still offer an amount that you are comfortable with which can be high enough to get the sellers’ attention.
  2. Evaluate your offer –Maybe an adjustment in the amount of earnest money or down payment would be effective. Perhaps going back to your lender and making sure you have not just gotten pre-approved but have gone through the entire underwriting process will make you a stronger buyer. If you are working with me, let’s take a look at the last few offers you made with fresh eyes. I will offer you options which you can implement as you are comfortable. I will also let you know the pros and cons of each so you can have a full picture of what these options can mean for your bottom line.
  3. Look at homes that have been on the market for a while – Although what we are hearing from the media is that homes are flying off the market as soon as they come on, there is actually a large number of homes that have been on the market for weeks. Some sellers are pricing their homes aggressively – too aggressively – and when another home comes on the market that is a good substitution for the overpriced home, buyers are flocking to it, not the overpriced home. Therefore, the overpriced home sits on the market. The price may get reduced, but because it hasn’t sold, buyers assume something is wrong with it. Hint, hint – there may be nothing wrong with it besides it being priced too high at the outset.

When you are ready to get back in the market, let’s look at all the inventory – homes that are priced just above your preferred price range (as these sellers may be anxious to sell and be willing to negotiate) as well as homes that might need some cosmetic updates that have been languishing on the market. It is important to remember that in this market, a great deal doesn’t necessarily mean a low price – it may just mean you don’t have to compete.

In every market there are opportunities that come with strategy. If you are a tired buyer, this is a great time to regroup and take advantage of your opportunities. Let’s talk!