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Weekly Market Update
weren’t you all supposed to be channeling tons of new listings this week… we didn’t do so hot.
this week there will be more!
Weekly Market Update
Goal Setting with Self-Compassion
We all know that there is no magic in the first day or month of the year, and yet we are all drawn to the idea of new beginnings. A fresh start. And so with 2020 finally put to bed, many of us are setting goals for this fresh, new year.
The topic of new year’s resolutions or goals can be a polarizing one. The fact that most people give up on or forget about their resolutions within a month or two is a widely known fact. So is it better to avoid setting goals entirely? Should we make broad, unrealistic resolutions knowing they won’t last, just to feel like we’re doing something?
If we set goals simply because we feel like we should, or because we are wishing for change in our lives, there is little chance they will be accomplished. There must be a deep-rooted reason for setting a goal so that there is lasting motivation to achieve it. They must be attainable. And we must have grace for ourselves for when we inevitably fall off the wagon.
I have put together a few thoughts to consider during this first month of 2021:
Give Yourself Grace
Arguably the most important aspect of goal setting, and for many, the most difficult. We are all going to mess up at some point. Forget to do the thing we decided to do. Skip a day. Sleep in.
The big question is – do we let our guilt paralyze us from getting back on track? Do we slip into self-pity and frustration, losing sight of our desired outcome? Enter grace. Self-compassion.
There are three important aspects to self-compassion:
- Be mindful (instead of identifying with the problem). For example, be mindful of the fact that you are struggling with exercising regularly, instead of seeing yourself as a failure at exercise.
- Connect with other people (instead of isolating yourself). For example, realize that you are probably not the only one who struggles with exercise. Talk about your struggle with people who love and support you.
- Be kind to yourself (instead of being judgmental). For example, try saying to yourself “I forgive myself for my shortcomings, and I will try again.”
Self-compassion means applying the same understanding and kindness we have for other people to ourselves. Because everyone is worthy of compassion.
Goals > Resolutions
Words matter. A resolution is a firm decision to do or not do something. A goal is the object of a person’s effort.
Setting a goal provide us with a direction to follow. Goals require intention, planning and action, but they are less rigid than all-or-nothing resolutions. Often when we are shooting for a goal, even if we do not achieve exactly what we aimed for, we will still end up closer to it than when we started. Progress in the right direction is every bit as important as hitting that goal.
Is it Necessary?
When everyone around us is making changes and launching new things, it is easy to get swept up in the feeling of needing to do something. Before making any decisions or setting goals, ask yourself if it really needs to change. Or do you just want to feel like you’re doing something?
Often, change is needed. Other times, we would be better off sticking to what we are already doing. Part of the goal-setting process should always include serious thought and research on the things in your life or business that genuinely require change or movement.
Consider the Impact
Once we have decided that something does, indeed need to change, it is important to spend some time thinking about the impact that this change will have. How will it make you feel? What will it bring to your life?
This gives us something to hold on to when we are wavering down the road. Hold tight to the feeling or the outcome this change will make in your life and keep coming back to that when things are hard.
Break it Down
Everyone’s heard this advice before, but it’s incredibly important to break our goals down into manageable bite-size pieces. Setting broad goals will inspire frustration and discouragement when they aren’t achieved. Small, specific goals are more doable, keeps us from getting overwhelmed, and each little “win” provides motivation to keep going.
If you’ve already set your 2021 goals, I invite you to reflect on what you have set, why you have set them, and how you can show self-compassion in 2021. Remember that it isn’t about changing things to fit the perfect “mold”, but figuring out what it is we really want to do. Let’s make changes in a sustainable way that allows us space to be kind to ourselves along the way.
A new year is a great opportunity to set goals and work towards change. But really, any day is an opportunity. What are you working towards today?
Weekly Market Update
Bellingham- 5 
offers acceptedFerndale- 5 acceptedLynden- 5 
acceptedBlaine- 5 accepted
Weekly Market Update
Fellow Agent Collaboration
2020, the year of isolation, has made me more thankful than ever for my relationships with fellow brokers. Being independent contractors we are essentially in this alone. It can feel lonely even though we talk to all our clients and contractors and agents on the other side of transactions. I thrive in collaborative environments and was thrilled to work together to show an incredible property with Ben Tucker this weekend.
I’m looking forward to continuing foster collaboration in this industry in 2021- GREAT THINGS ARE COMING!
Weekly Market Update Copy
2021 Housing Forecast
I’ve been waiting for this for weeks. The final episode of Monday with Matthew where Matthew gives his 2021 Housing Forecast. What will interest rates look like? Will existing home sales increase? Prices? How about New Construction? AND… Is this actually a bubble, will our market crash?!
ALL of these questions and more will be answered in the video below! As always, if you have further questions, or want to discuss any of these statistics or ideas, please do not hesitate to reach out!
The Windermere Bridge Loan
Homeowners across our region are enjoying very healthy equity levels due to an amazing upswing in the real estate market over the last five years. In fact, the median price in Whatcom County is up 59% over the last five years. This growth in equity has given homeowners the exciting option to sell their homes for a price that will bear a sizable down payment or the ability to “buy all-cash” on their next home. This has many people exploring their next chapters, such as moving up to a larger home or downsizing for retirement. The strong price appreciation is great news and provides many opportunities; however, we have also faced some challenges in how to make these transitions work without moving twice.
Our biggest challenge for homebuyers in the marketplace right now is inventory levels. It is also the reason so many home sellers are doing so well. Currently, Whatcom County sits at 1 month of inventory based on pending sales. Historically, buyers that are also sellers would commonly secure a new home with a home sale contingency on the sale of their current home. Meaning the seller of the new home they are buying would give them a month or so to get their current house sold in order to be able to buy theirs.
Well in this market, utilizing a home sale contingency is only rarely an option, especially on desirable homes. So, the million-dollar question is this: how does one who has gained so much equity, now itching to get that bigger house, different location, or perfect rambler for settling into retirement, make this transition without having to move twice? We need to get creative and have a strategy. The Windermere Bridge Loan program has been a powerful tool to help homebuyers transition their equity without having to sell their house first.
This is an amazing tool for homeowners that own their homes free-and-clear or have gained a large amount of equity over time. This is also a low-cost and faster alternative to a cash-out re-fi or securing a HELOC which enables one to pull the equity out of their current house prior to selling it in order to make a non-contingent offer.
The way it works is we take the market value of the house the homeowner current lives in, established by a comparative market analysis (CMA) that I complete and is approved by my Broker. We then take 75% of the CMA value and subtract any debt owed, and that is the maximum amount the homeowner can borrow for their next down payment. For example, if the market value is $700,000: 75% of $700,000 is $525,000. Say the homeowner owes a remaining $225,000 on their mortgage; the max amount they could borrow would be $525,000 – $225,000 = $300,000. If that same homeowner didn’t have a mortgage then they could borrow up to $525,000 as that is 75% of the CMA value.
This tool enables people to make transitions without having to sell their home first, attempt a home-sale-contingent offer, or go through the lengthy and expensive process of a cash-out re-fi or securing a HELOC. What makes this tool so efficient, is that it doesn’t require an appraisal (like a re-fi or HELOC does), and these can easily be turned around in 5-7 business days. This tool provides the opportunity to quickly and inexpensively pull your equity out, be competitive, and eliminates the double move.
The fees associated with this program are a 1% loan fee on the loan amount (minimum fee of $1,000), a title report, credit report, recording fees for the deed, and interest that is incurred between the loan funding and being paid off once the subject home is sold. That interest is conveniently wrapped up in the closing costs when the client closes the sale of the collateral home, eliminating the need to make monthly interest payments. Clients who use this program are also required to list the home 30 days after the loan has funded. This allows time for the client to prepare their home for sale after they have moved out. Lastly, only homes in Washington state are eligible to be the collateral property, but note this can be a tool for relocating out-of-state which we are seeing a lot of.
In a strategy that is somewhat mind-blowing, we can sometimes use these bridge loans and never have to actually fund them. For example, if we secure a property non-contingent with the bridge loan and immediately get the subject home on the market, we can often secure a sale with a simultaneous closing, and never have to fund the loan. This eliminates the loan fee, interest, and the need to carry two mortgages. All this requires is getting pre-approved for the bridge loan and preparing the home for sale prior to shopping, so one is prepared to act quickly and line up both closings.
If you are excited about equity levels and today’s low interest rates and have thought about making that move you’ve been waiting for, but have been fearful of how to do it all – I can help. The Windermere Bridge Loan, along with great attention to detail, hand-holding, and careful planning have helped many people make these exciting transitions. It is my goal to help keep my clients informed and empower strong decisions. Please contact me if you would like further information on how this might work for you or someone you know.
We Are the Human Algorithm
What’s the Windermere difference? It’s what we call The Human Algorithm, and that difference is the edge you need to realize your dreams. We won’t stop until we find you your perfect home no matter what that means!
