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June Real Local Feature
Welcome to a new series where each month I will feature a friend or client’s local business or service AND a friend’s Vacation Rental!
These will be mostly “stay-cation” locations, but sometimes we might venture outside of a LOCAL location and feature a LOCAL person’s vacation rental somewhere else! If you have a business, service or AIRBNB you’d like to see featured, please reach out!
THE HERONS NEST – Blaine, WA
CLICK HERE FOR RESERVATIONS AND INFORMATION
One of my bestest Real Estate buddies is the proud owner of this cutie- hyper- local cottage! How fun would it be to have a stay-cation in Birch Bay?!
The sea breeze hits you the moment you step out of your car at The Heron’s Nest. Centrally located, this cozy cottage is just one block East of the beach. After a day of exploring, prepare your meals in the fully equipped kitchen. The table is ideal for connection and conversation. Pull out a board game or puzzle, stream Netflix or Disney + and finally, crawl into the luxurious bedding. We encourage all of our guests to unwind, relax and enjoy each others company, we will take care of the rest.
BEACH CAT PRINTING – Birch Bay, WA
beachcatprints@gmail.com
360.393.3062
www.beachcatprints.com
Beach Cat Prints was established in partnership with Beach Cat Brewing in 2023. We recognized a need for locally sourced, high quality, on demand merchandise and were built to do just that. We pride ourselves on being locally owned, woman operated and are committed to providing honest, transparent, quick service for all of our customers. We’ve invested in the latest technology and are ecstatic to offer the highest level of quality custom goods. Whether it be labels, design help, ready to press prints or gear for your entire business, we are here to help.
Matthew Gardner Mid-Year Update
In the video recap below, he covers the trajectory of home prices, interest rates, inventory levels, the shift of the work-from-home trend, zoning changes, and affordability. All of these factors play into people making informed decisions about their real estate. He is certainly an asset that I can rely upon to help me guide my clients.
Overall, it is important to note that prices are heading in a positive direction, interest rates may take a bit longer to settle and inventory remains tight. I am seeing buyer demand return to the market and prices have grown since the first of the year. In fact, the median price in Whatcom County peaked in June 2022 at $559,000 and hit bottom in October 2022 at $556,000. Since October 2022, the median price has grown by 5% to $586,000 according to May 2023 numbers. In Skagit County, the median price peaked in April 2022 at $595,000, bottomed out in January 2023 $484,000, and in May 2023 returned to peak levels at $600,000.
He also mentions that real estate is local and that trends can vary by location. That is where I can help you. I am deeply invested in understanding the market in the communities and neighborhoods that surround us. If you are curious about how the trends relate to your real estate goals, please reach out. It is always my goal to help keep my clients informed and empower strong decisions.
Exploring Bellingham – Parks Guide
Bellingham features a collection of parks that truly embody the essence of the Pacific Northwest. These parks serve as havens for outdoor enthusiasts and nature lovers alike. They offer a variety of spaces for family, friends, and neighbors to come together and share experiences and time together. There are full sport courts, miles of hiking trails, and beautiful lakes to swim. Check the list below and find a park to visit this weekend!
BOULEVARD PARK
Boulevard Park is located on Bellingham Bay along South State Street and Bay View Drive in the South Hill Neighborhood. The park is a favorite among locals for sunsets (and sunrises!), walks, and beautiful pictures. Its facilities include a boardwalk, playground, picnic tables, barbecues, a performance stage, trails, pocket beaches, and a Woods Coffee right on the water!
LAKE PADDEN
In the Samish Neighborhood at 4882 Samish Way, this 745-acre picturesque park provides a wide variety of recreational opportunities, including hiking, biking, running, paddling, swimming, horseback riding, and even golfing. Experience the sights and sounds of nature while hiking through an established urban forest. Meander along the lakeside trail and take in the local wildlife.
CORDATA PARK
This 25-acre park, located at 4510 Cordata Parkway is filled with activities and adventure for everyone. From accessible playgrounds to the state’s first outdoor parkour course and a paved pump track. The park also includes bridges and trails that meander through the meadows for almost a mile and 14,000+ trees, shrubs and ground that support the areas wetlands and provide wildlife habitat.
WHATCOM FALLS PARK
Whatcom Falls Park is located at 1401 Electric Avenue in the Whatcom Falls Neighborhood. Best known for its namesake waterfall, there is so much to see here. Spend an hour or two exploring more than five miles of trail spread across 241 acres. With playgrounds, bike-friendly paths, and an off-leash dog area, Whatcom Falls Park is a great place for the whole family.
BLOEDEL DONOVAN PARK
Bloedel Donovan Park is located at 2214 Electric Avenue in the Silver Beach Neighborhood. The park features grilling stations, roped off swim area, playground and open lawn areas. There is also a 4 lane boat launch so bring your boat to explore the lake or enjoy it on a paddle board or kayak! The new swim docks are also watched over by a lifeguard during the summer months.
FAIRHAVEN PARK
Entering the park from Chuckanut Drive on the hillside is a large grassy field with plenty of room to run, roll and kick a ball and a playground. During the warm summer months, there is a splash park for the kids to enjoy and once you are done there you can jump on the trails to explore along the creek and waterfalls all the way down to historic downtown Fairhaven!
More Bellingham Parks: CLICK HERE
10 State Bills Affecting Housing
On April 23rd the Washington State Legislature adjourned after passing 10 new bills that will affect housing. Some of the bills are geared toward creating more transparency around brokerage transactions, some are intended to institute more opportunities for building density to provide more affordable housing, and some are more regulatory to help guide and ease the permitting process for building and development. The bills that will improve real estate brokerage services are centered in transparency and cleaning up some laws that do not trend with market conditions. As of January 1, 2024, all real estate brokers will be required to engage in a buyer service agreement with the buyers they work with, similar to the requirement of having a listing agreement with a seller (SB 5191). These service agreements, better known as Buyer Agency Agreements (BAA) will address compensation, exclusivity, the duration of the relationship, and establish written consent for dual agency. This will create clearly defined broker representation for buyers from the onset of the relationship.Short-term seller rent-backs after closing are now carved out of the landlord-tenant act if the rent-back is less than 90 days (SHB 1070). This will ease the angst involved with tenant rights, as the goal of a rent-back is to create a convenient transitionary period that intends for the seller to vacate, minimizing their tenant rights. This change aligns with the trends in the marketplace and makes this solution-based approach less tenuous. Lifetime listing agreements were also shortened (SSB 5399).Washington State ranks last in the number of housing units per family nationally and officials project that the state will need roughly one million new homes by 2044. Many of the bills that passed last month will create policies to help provide more housing units and affordability. Matthew Gardener, Windermere’s Chief Economist has been speaking about our state’s lack of affordability for years and shares his thoughts here on the HB 1110 which will allow for the development of middle housing.HB 1110, SB 5258, HB 1042, and HB 1337 were all created to create more housing units. HB110 addresses middle housing, SB 5258 modifies several laws relating to the construction of condos and townhomes, HB 1042 enables the creation of housing in existing, underutilized buildings, and HB 1337 will make it easier to build Accessory Dwelling Units (ADUs) in urban growth areas.SB 5412, SB 5290, and HB 1293 are intended to ease the permitting and design review processes when applying for a building permit. These should help streamline and accelerate getting from point A to point B on a building project. With the goal of providing more housing units, the backend systems needed to be reevaluated to meet these goals in a timely fashion while adhering to important guidelines and procedures.Lastly, HB 1474 will increase the document recording fees by $100 to fund a new state program to provide down payment and closing cost assistance to people, or heirs, impacted by racially restrictive covenants. This program is set to raise $75 million per year to improve housing affordability. The State also committed over $1.1 billion in budget funds to work towards investing in housing supply and homelessness prevention.Click here for a detailed review of each new bill and the budget changes. It is always my goal to help keep my clients well-informed about the real estate market and in this case, knowing the direction our state is headed with the laws surrounding real estate and housing. If you have additional questions or want to discuss how these changes may affect your housing goals, please reach out.
2023 Windermere Community Service Day
Every year – every Windermere office closes for a Friday and descends on an organization in their local community to make a big impact. Windermere North has about 50 brokers and I’m always SHOCKED at how much 50 hardworking people can accomplish in 3 hours!
This year, we had the pleasure of helping The Snohomish Community Garden get their gardens going for the year. They operate on donated land and grows 1000’s of pounds of produce for local food banks each year. I love how my office shows up for community!
Exploring Bellingham – Activities & Events
Summertime in Bellingham is an absolute delight, filled with a vibrant array of events that bring the community together in the most joyful and festive ways. From the moment the sun graces the city, Bellingham becomes a hub of excitement, and residents and visitors alike can’t help but be swept up in the contagious enthusiasm that fills the air.
Here are a few events to checkout this summer!
4/1-12/16 – Bellingham Farmers Market
Saturdays | 10am-2 pm | 110 Railroad Ave
The Bellingham Farmers Market boasts 100 stalls for our vendors at Depot Market Square in the heart of downtown Bellingham. They offer fresh grown produce, locally produced artisan goods, and one of a kind crafts.
3/6 – 12/18 – Monday Night Jazz
Mondays|8PM|202 E Holly St
Begin your week with a little dose of jazz at The Blue Room! Enjoy the musical explorations from a wide variety of both local and regional musicians and talented WWU jazz students!
4/3-12/1 – First Fridays
First Friday of Month | 6-10PM | Bellingham
First Fridays is a monthly celebration that showcases local artists and galleries, places to dine and sip, late night shopping, events, live music, and more!
May – Sept – Kayak Cove Tours
Every Mon, Thurs, Sat | 10am-1pm | Larrabee State Park
Enjoy a Guided Kayaking Adventure at Wildcat Cove in Larrabee State Park! Get an excellent introduction to sea kayaking in the San Juans only 20 minutes away from Bellingham, WA.
7/14-7/16 – Northwest Tune-Up Festival
10am-11pm | 1145 Granary Avenue
The Northwest Tune-Up is a bike, beer and music festival held in celebration of Pacific Northwest culture. This three-day event showcases the beauty of the Cascadia region and everything it has to offer.
7/18 – Bellingham Festival of Music
7pm | 516 High St
Conner Gray Covington conducts the Bellingham Festival of Music Orchestra, closing out the 2023 season. This Season of Discovery will showcase a fascinating variety of interpretive styles, wide-ranging repertoire, and stimulating new soloists.
Secret Tips for Buyers
When writing an offer, it is important to understand how to structure your offer when competing with others and I am here to help!
Here are 3 important numbers to understand for an ESCALATION ADDENDUM.
1) Starting Price: I always advice my clients to start over asking price. Even if it’s just throwing the seller a little bone, it makes your offer stand out from the very first term of the contract.
2) Escalation Increment: This is amount you are willing to pay over another offer. The average buyer thinks in numbers that end with 5 or 0… so I always advise my clients to go with whatever their favorite number is between 3 and 4 or 6 and 8. Almost always that few thousand over the 0 or 5 is what WINS!
3) Your CAP. This is the price you aren’t willing to go above. Your offer will only go this high if another offer is within your escalation increment below yours… OR your other terms are so good the seller chooses to work with your offer even though it’s less than others!
This is all confusing, so it’s ok to not understand the first time. Keep asking questions and I’ll find a way to explain it that makes sense for you!
Understanding Interest Rates
It is very important that consumers understand the difference between long-term interest rates and short-term interest rates. Long-term rates involve home mortgages such a conventional 30-year fixed, Jumbo, FHA, and VA loans. Short-term rates involve car loans, credit cards, and Home Equity Lines of Credit (HELOCs). While both types of rates have gone up over the course of the last year, they have not had the same trajectory.
In an effort to combat inflation and slow spending, the Fed has made consistent increases to the short-term rate over the last year. I am sure you are running out of fingers on your hands to count the number of times you have heard this as a top story on the news: “The Fed Raises Rates!”. A huge misconception has been that the rates the Fed are referring to are mortgage rates.
As you can see from the chart above, the short-term rate has had a consistent upward trend and the long-term rate has had a more volatile journey. In some cases, when the Fed has increased the short-term rate, the long-term rate has gone down! My point in all of this is to illustrate that what the media reports is not always about mortgage rates and that it is important to stay connected to accurate data.Matthew Gardner, Windermere’s Chief Economist recently recorded a video update featured below that speaks to some of the misconceptions about interest rates, specifically mortgage rates. Many consumers are confused and misinformed which is dangerous. Investing in real estate is the single largest wealth-building opportunity and to not be accurately connected to the latest trends could get in the way of a successful financial picture.Prices in many markets have already bottomed out from the 2022 correction and mortgage rates have come down off the peak. In some areas, we are already seeing appreciation again! This quote from Matthew sums up where we are headed. “Myself, and every economist I know, believe that rates will slowly pull back as we move through 2023, and I haven’t seen a single forecast suggesting that mortgage rates will rise to a level this country hasn’t seen in decades”.With inflation slowing and year-over-year CPI (Consumer Price Index) numbers becoming less extreme, mortgage rates will start to soften. In fact, there are some important reports coming up in May that will tell this story. Real estate is a long-term hold investment that has been the cornerstone of wealth in our country. The wave we have had to ride post-pandemic related to supply chain issues and consumer demand is coming to the shore and real estate will remain an investment safe haven.Another point to consider is while real estate is an investment is it also where you live. Life changes, good or bad, lead to moves. All this to say, remain nimble by being well-informed. Knowledge empowers strong decisions and accuracy matters. You can count on me to provide you with the information you need to successfully navigate your real estate decisions. Please reach out if you’d like to discuss how the current trends relate to your goals.
Millennials and the Housing Market
Did you know that 53% of Millennials are still renting because they’re waiting for home prices to come down. This figure is about the same percentage of renter households in Bellingham! But here’s the thing: the most recent data shows that home prices appear to have bottomed out and are now on the rise again.
As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy. U.S. home prices rose by 0.8% in February… indicating that prices in most markets have already bottomed out.
Bottom Line
If you’re waiting to buy a home until prices come down, you may want to reconsider. Make sure you are working with a broker to help you understand what’s happening in your local housing market!!!
Bellingham Farmers Market
One of my favorite markets is back for the season! Established in 1992, the Bellingham Farmers Saturday Market is more than just a place to buy fresh produce and hand-crafted products. It fosters a sense of community and acts as a gathering place for friends and family. The 100 stall market is a favorite among locals and tourists alike. The market brings many people to downtown Bellingham that might not come otherwise. Year after year, the market remains a vibrant gathering place for the community and continues to create a culture of outdoor shopping. I look forward to seeing you all enjoying the market on social media and hope to see your faces there!
