There’s no doubt that 2021 is the year of the seller when it comes to the housing market. If you’re a homeowner thinking of moving to better suit your changing needs, now is the perfect time to do so. Low mortgage rates are in your favor when you’re ready to purchase your dream home, and high buyer demand may give you the leverage you need to negotiate the best contract terms on the sale of your house. Here’s a look at what’s driving this sellers’ advantage and why there’s so much opportunity for homeowners who are ready to move this season.

1. Historically Low Inventory

The National Association of Realtors (NAR) explains:

 "Total housing inventory at the end of March amounted to 1.07 million units, up 3.9% from February's inventory... Unsold…

102 Views, 0 Comments

BELLINGHAM, WA, APRIL 29, 2021 - RE/MAX Whatcom County is pleased to welcome Karl Hadland to the Lakeway office in Bellingham. He will focus on residential real estate.

Born and raised right here in the Pacific Northwest, Karl uses his outgoing personality, extensive real estate skills, and marketing background to help people buy and sell homes. Karl started an online advertising company in 1997 at the age of 15. In the olden days of the internet, advertising was built around "banner ads." In only a year, Karl built a successful advertising company with over 30,000 partner websites. At the age of 17, Karl sold his first successful advertising business to a company in California. That same company was eventually bought out by Microsoft's "Link…

65 Views, 0 Comments

BELLINGHAM, WA, APRIL 22, 2021 - RE/MAX Whatcom County is pleased to welcome Sydney Weitzel to the Sudden Valley office. She will be joining the Weitzel Home Team and will focus on residential, investment, first-time home buyers, and new construction.

As a second-generation realtor and Sudden Valley Native, Sydney loves everything that the PNW has to offer. Prior to joining RE/MAX Whatcom County, she spent 4 years working at Zillow, where she acquired a dynamic perspective on the real estate market and a finance-oriented background to deliver quality results. Sydney is proud to help clients unlock the next chapter of their lives and draws on her experience in residential and investment home buying, remodeling, and renovations.

In her free time,…

87 Views, 0 Comments

The financial benefits of buying a home as compared to renting one are always up for debate. However, one element of the equation is often ignored - the ability to build wealth as a homeowner. 

Most experts are calling for home prices to continue appreciating over the next several years. The most recent Home Price Expectation Survey, a survey of over one hundred economists, real estate experts, and investment and market strategiests, expects home appreciation to increase as follows:

  • 2021: 6%
  • 2022: 4.5%
  • 2023: 4%
  • 2024: 3.6%
  • 2025: 3.5%

Using their annual projections, the graph below shows the equity build-up a purchaser could earn, using a $350,000 home as an example:

A homeowner could increase their networth by over $80,000…

62 Views, 0 Comments

There has been a lot of discussion as to what will happen once the 2.3 million households currently in forbearance no longer have the protection of the program. Some assume there could potentially be millions of foreclosures ready to hit the market. However, there are four reasons that won't happen. 

 

1. Almost 50% Leave Forbearance Already Caught Up on Payments

According to Mortgage Bankers Association (MBA), data through March 28 show that 48.9% of owners who have already left the program were current on their mortgage payments when they exited.

  • 26.6% made their monthly payments during the forbearance period
  • 14.7% brought past due payments current
  • 7.6% paid off their loan in full

This doesn't mean that the over 2 million…

42 Views, 0 Comments

A Fannie Mae survey recently revealed on of the most highly-rated benefits of homeownership, which continue to be key drivers in today's power-packed housing market. Here are the top four financial benefits of owning a home according to consumer respondents:

  • 88% - a better chance of saving for retirement
  • 87% - the best investment plan
  • 85% - the chance to be better off financially
  • 85% - the chance to build up wealth

Additional financial advantages of homeownership included in the survey are having the best overall tax situation and being able to live within your budget.

Does homeownership actually give you a better chance to build wealth?

No one can question a person's unique feelings about the importance of homeownership.…

97 Views, 0 Comments

In a sellers' market, some homeowners might be tempted to try to sell their house on their own (known as For Sale by Owner, or FSBO) instead of working with a trusted real estate professional. When the inventory of homes for sale is as low as it is today, buyers are eager to snatch up virtually any house that comes to market. This makes it even more tempting to FSBO. Let's unpack why that's a big mistake and may actually cost you more in the long run. 

According to the Profile of Home Buyers and Sellers published by the National Association of Realtors (NAR), 41% of homeowners who tried to sell their house as FSBO did so to avoid paying a commission or fee. In reality, even in a sellers' market, selling on your own likely means you'll net a lower…

69 Views, 0 Comments

If you've given even a casual thought to selling your house in the near future, this is the time to really think seriously about making a move. Here's why this season is the ultimate sellers' market and the optimal time to make sure your house is available for buyers who are looking for homes to purchase.

The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows the inventory of houses for sale is astonishingly low, sitting at just a 2-month supply at the current sales pace.

Historically, a 6-month supply is necessary for a 'normal' or 'neutral' market in which there are enough homes for active buyers (see graph below): 

When the supply of houses for sale is as low as it is now, it's much harder for…

100 Views, 0 Comments