A Lending Update w/ Lena

In light of the massive increase of unemployment due to COVID-19, the guidelines for obtaining a home loan are changing regularly.  If you are back-to-work and are looking to get pre-approved for a home loan, check in with your lender well ahead of time to be sure you can provide the proper income documentation.  Lenders may be asking for a certain number of pay stubs showing back-to-work income before being able to pre-approve the buyer.  Another area of concern for lenders is mortgage deferment. If you are looking to buy a home in the near future and your mortgage is in forbearance, there are specific requirements to meet before being able to buy.  The bottom line is to check in with your lender today to be sure you understand the current guidelines that apply to you. If you don’t have a trusted lender, I would be honored to help you!


Posted on June 2, 2020 at 11:32 pm
Tracie Gulit | Posted in Buying a Home, Market Updates, Selling a Home |

Current Numbers that Matter – Week 11

Getting Things Rolling Again

After being cooped up for so long, no doubt you have noticed things around your home that you would like to fix or upgrade. Many contractors are slowly getting back to work after weeks of not being able to, and I have had clients asking for referrals of those I trust for the work. My Vendors page on my website has a list to all my trusted contractors.

BACK TO THE DATA

While the number of New Listings in 2019 remained the same over the last 2 weeks at 115, the number of New Listings over the last week this year increase by 13.

UNDER CONTRACT

Below is an accounting of all of the active listings on the market in our three major markets along with all of the sales that went under contract from 5/23 to 5/29/20 (pulled around Noon PST) and the percentage relationship between those numbers.

Minor fluctuations again. The biggest to note this week is Bellingham, which saw an increase of 10 new Active Listings, and dropped from 40 to 25 homes Under Contract.

ADOM

The second chart represents the Average Days on Market (ADOM) for the homes that are currently active and that went under contract between 5/23/20 and 5/29/20. “Days on Market” is how long the home was active on the market before the seller accepted an offer.

AGAIN- Actives in all 3 areas continue to stay at a pretty steady DOM number over the weeks. As in a normal market there’s some fluctuation week-to-week in the DOM for the under contract sales.

% PRICE DIFFERENCE

The last set of data below is the average prices of the active listings and the average prices of the homes that went under contract last week. What we are mostly paying attention to here is how the % difference is changing from week to week to see how COVID-19 might be affecting the offer price that homes receive.

Lynden made a come back this week with higher than average price homes going pending.


Posted on June 2, 2020 at 12:05 am
Tracie Gulit | Posted in Market Updates, Trends |

Current Numbers that Matter – Week 10

Staying Put a Little Longer

This week, officials announced that the closure for non-essential travel over the border crossing to Canada has been extended until the end of June. So, we will have to wait a little longer for any fun rendezvous up north. I am curious to pay attention to how many of our Canadian buyers and sellers are unable to participate in our market right now as well. Also new this week, Skagit County Community College is providing drive-thru testing for COVID-19.

BACK TO THE DATA

Comparing this last week to the same week last year, we are again just under half the amount of New Listings for Whatcom County.  The market continues to fluctuate normally week to week- the numbers for both years went down since my update last week; reported last week was 137 in 2019, and 65 in 2020.

UNDER CONTRACT

Below is an accounting of all of the active listings on the market in our three major markets along with all of the sales that went under contract from 5/9 to 5/15/20 (pulled around Noon PST) and the percentage relationship between those numbers.

The biggest changes here are that in Bellingham, the homes under contract DOUBLED (BIG WEEK BELLINGHAM!!!), and in Lynden, only 1 house went under contract in the last week.

ADOM

The second chart represents the Average Days on Market (ADOM) for the homes that are currently active and that went under contract between 5/9/20 and 5/15/20. “Days on Market” is how long the home was active on the market before the seller accepted an offer.

Actives in all 3 areas continue to stay at a pretty steady DOM number over the weeks. As in a normal market there’s some fluctuation week-to-week in the DOM for the under contract sales.

% PRICE DIFFERENCE

The last set of data below is the average prices of the active listings and the average prices of the homes that went under contract last week. What we are mostly paying attention to here is how the % difference is changing from week to week to see how COVID-19 might be affecting the offer price that homes receive.

WOW= that 1 house that went under contract in Lynden this last week brought the average down, and the % difference up substantially!


Posted on May 27, 2020 at 12:03 am
Tracie Gulit | Posted in Market Updates, Trends |

Current Numbers that Matter – Week 9

 

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Beginning & Ending on High Notes

Our new normal seems to be becoming less new and more normal, just in time for our Phase 1 to be coming to an end- maybe one more week (at the earliest), and then we move on to Phase 2!

It’s still not business as usual – no open houses, only serious homebuyers touring, all showings by appointment only regardless of occupancy (vacant or occupied), showings limited to two people on a property (broker and client) with proper social distancing, and most everyone is sporting a mask.

*All of the agents at Windermere continue to protect our community through taking extra precautions to safely do business with us! We are wearing masks, gloves, and making sure to wipe down every surface we come in contact with!* 

BACK TO THE DATA

Comparing this last week to the same week last year, we are just under half the amount of New Listings for Whatcom County.  Considering everything going on this year, 65 in a week is not terrible.

UNDER CONTRACT

Below is an accounting of all of the active listings on the market in our three major markets along with all of the sales that went under contract from 5/9 to 5/15/20 (pulled around Noon PST) and the percentage relationship between those numbers.

The numbers for New Listings in all areas have only fluctuated a little bit since last week. How many weeks in a row have I been saying that? Small fluctuations are normal, and even though our total number of listings are less that what they would normally be, the market is fairly STEADY (in this the new normal?).

ADOM

The second chart represents the Average Days on Market (ADOM) for the homes that are currently active and that went under contract between 5/9/20 and 5/15/20. “Days on Market” is how long the home was active on the market before the seller accepted an offer.

If we look at the 3rd column, the higher the difference in days there is shows us that the homes that are under contract, have been on the market for a shorter time than the homes that haven’t accepted an offer. They might be priced too high, or not going pending for any number of reasons.

% PRICE DIFFERENCE

The last set of data below is the average prices of the active listings and the average prices of the homes that went under contract last week. What we are mostly paying attention to here is how the % difference is changing from week to week to see how COVID-19 might be affecting the offer price that homes receive.

Bellingham’s Under Contract Average price sure did change this week- a $1.9 million home pended!  That sure changes the numbers!  Lynden finally had homes go under contract that are priced less than the average for actives.


Posted on May 19, 2020 at 9:36 pm
Tracie Gulit | Posted in Market Updates, Tracie's Thoughts, Trends |

Mondays with Matthew: Let’s Discuss Mortgage Forbearance

 

On this week’s episode of “Monday’s with Matthew,” Matthew Gardner discusses mortgage forbearance and whether it will help or hurt the US housing market and what you should take into consideration if you are deciding whether or not it is an option for you!


Posted on May 12, 2020 at 7:49 pm
Tracie Gulit | Posted in Market Updates, Trends |

Current Numbers that Matter – Week 8

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I hosted my very first Virtual Open House this weekend- what a fun way to show potential buyers and home lovers a home without spreading germs!  I hope you were able to join me live on Facebook from the comfort of your own home! If not, the recorded video is posted on my feed in facebook and on IG TV!  But don’t worry- that was the first, but it won’t be the last!

It’s still not business as usual – no open houses, only serious homebuyers touring, all showings by appointment only regardless of occupancy (vacant or occupied), showings limited to two people on a property (broker and client) with proper social distancing, and most everyone is sporting a mask.

*All of the agents at Windermere continue to protect our community through taking extra precautions to safely do business with us! We are wearing masks, gloves, and making sure to wipe down every surface we come in contact with!* 

BACK TO THE DATA

Last week the number we reported was 57 New Listings for 2020 on the Market in Whatcom county. As you can see, the spring Market here is still coming along with 72 New Listings this week! Compared to 102 last year, we are still not up to our regular numbers, but we are not far behind.

UNDER CONTRACT

Below is an accounting of all of the active listings on the market in our three major markets along with all of the sales that went under contract from 5/2 to 5/8/20 (pulled around Noon PST) and the percentage relationship between those numbers.

The numbers for New Listings in all areas have only fluctuated a little bit since last week. Under Contract listings went up by a few in Bellingham and down just a few in Ferndale and Lynden.  All normal fluctuations from week to week.

ADOM

The second chart represents the Average Days on Market (ADOM) for the homes that are currently active and that went under contract between 5/2/20 and 5/8/20. “Days on Market” is how long the home was active on the market before the seller accepted an offer.

Homes are continuing to sell fast, as all the numbers have dropped here from last week in almost every section! In Ferndale, the difference in days last week was 47, and the in Lynden, the difference was -36!

% PRICE DIFFERENCE

The last set of data below is the average prices of the active listings and the average prices of the homes that went under contract last week. What we are mostly paying attention to here is how the % difference is changing from week to week to see how COVID-19 might be affecting the offer price that homes receive.

Lynden is still having homes go under contract that are priced higher than the average Active Listing in that area and Bellingham and Ferndale are still hovering right about the same Price for pendings.


Posted on May 11, 2020 at 9:56 pm
Tracie Gulit | Posted in Market Updates, Tracie's Thoughts, Trends |

Are we Headed Towards a Repeat of the 2008 Housing Meltdown?

At Windermere, we have continued to rely on the expertise of Matthew Gardner, Windermere’s Chief Economist. This week Matthew addressed the growing concern that housing market is heading towards a repeat of the 2008 meltdown.  He uses data to explains how we are in a very different place than when the housing bubble burst. Here is a chart he shared from Black Knight Financial comparing the housing market as we headed into this global health crisis versus the start of the Great Recession in 2007.  Matthew predicted the Great Recession, so I think he knows a thing or two!

 

 

 

 

Bottom line, we are heading into this economic challenge with a much stronger foundation based on more stringent lending practices and higher equity levels. In fact, we have seen pending sales rise over the last three consecutive weeks, some even with multiple offers. Every neighborhood and every price-point has its own story.

 

 

As your trusted Real Estate advisor, I take great pride when it comes to your investment in the housing market and protecting the value of your home. Please reach out with any questions or concerns. It is my goal to help keep you informed and empower strong decisions.


Posted on May 7, 2020 at 6:19 pm
Tracie Gulit | Posted in Market Updates |

Current Numbers that Matter – Week 7

A PLAN TO MOVE FORWARD

It’s already May! It almost seemed like April would never end, but we made it! Good job, team!

Friday, May 1st, Governor Inslee announced that the Stay Home Order would now be extended past the previous deadline of May 4th to May 31st. The state will be opened back up slowly in a 4 phase series. As part of Phase 1, Governor has eased up some restrictions on outdoor recreationconstruction and elective surgeries. If you’re wanting to get out to enjoy nature and get some fresh air, here’s a great article from The Mountaineers about how to recreate responsibly.

On that note, it’s still not business as usual – no open houses, only serious homebuyers touring, all showings by appointment only regardless of occupancy (vacant or occupied), showings limited to two people on a property (broker and client) with proper social distancing, and most everyone is sporting a mask.

BACK TO THE DATA

April 25-May 1, 2019 had a big jump in homes on the market! 30 more homes last year, while this year is still staying pretty steady right around 60. As I said last week, with an exceptions of this year, it’s pretty typical to see Active homes increase on a weekly basis in the spring.

UNDER CONTRACT

Below is an accounting of all of the active listings on the market in our three major markets along with all of the sales that went under contract from 4/18/20 to 4/24/20 (pulled around Noon PST) and the percentage relationship between those numbers.

The number for Under Contract homes in Lynden dropped by half over the last week!

ADOM

The second chart represents the Average Days on Market (ADOM) for the homes that are currently active and that went under contract between 4/18/20 and 4/24/20. “Days on Market” is how long the home was active on the market before the seller accepted an offer.

Lynden again is the note-able one: pended some homes this week that have been on the market for a while- 134, 242, and 314 days, to be exact!  That’s why the number for is almost 4 times higher than last week for ADOM in Lynden!

% PRICE DIFFERENCE

The last set of data below is the average prices of the active listings and the average prices of the homes that went under contract last week. What we are mostly paying attention to here is how the % difference is changing from week to week to see how COVID-19 might be affecting the offer price that homes receive.

Bellingham and Ferndale in each category are not far off from the week before, but we’re looking at you, Lynden. With two houses pending over $700k, your percent difference is up 59%!


Posted on May 6, 2020 at 10:41 pm
Tracie Gulit | Posted in Market Updates, Tracie's Thoughts, Trends |

Current Numbers that Matter – Week 6

A Plan to Move Forward

Hard to believe we’ve been paying attention to the numbers for 6 weeks already.  I’m thankful the number of COVID-19 cases in Washington State continues to decrease and we are starting to see a light at the end of the tunnel!  Below You’ll find:

  • Updated Numbers
  • Washington’s Recovery Plan
  • Matthew’s New Construction Update
  • Love to the Alcoa Families
  • Another Chance to WIN!

BACK TO THE DATA

This last week of 2020 compared to the same week of 2019 only saw a New Listings difference of 34 homes. The bigger difference from last week to this week was actually in 2019 (87 -> 94), It is typical to see the number of listings increase week by week as we go through spring- NOT this year. We are staying pretty steady around 60 new listings a week.  I don’t have a crystal ball, but I expect these numbers to go up as our State begins to open back up!

 

UNDER CONTRACT

Below is an accounting of all of the active listings on the market in our three major markets along with all of the sales that went under contract from 4/18/20 to 4/24/20 (pulled around Noon PST) and the percentage relationship between those numbers.

The % is hovering right about the same for all areas, but there were more pendings in each area this week than since week 1!

ADOM

The second chart represents the Average Days on Market (ADOM) for the homes that are currently active and that went under contract between 4/18/20 and 4/24/20. “Days on Market” is how long the home was active on the market before the seller accepted an offer.

For the second week in a row, the Under Contract numbers for Ferndale dropped again from 45 to 28 (they were at 65 two weeks ago). It appears there are buyers waiting for homes to come on the market in Ferndale- many homes are pending very quickly after they are listed.

% PRICE DIFFERENCE

The last set of data below is the average prices of the active listings and the average prices of the homes that went under contract last week. What we are mostly paying attention to here is how the % difference is changing from week to week to see how COVID-19 might be affecting the offer price that homes receive.

More lower than higher-priced homes seem to be pending in the Bellingham and Ferndale areas. Lynden, on the other hand, is still seeing higher-than-average priced homes pend.


Posted on April 28, 2020 at 12:59 am
Tracie Gulit | Posted in Market Updates, Tracie's Thoughts, Trends |

Current Numbers that Matter – Week 5

There wasn’t really anything noteworthy this week in the news. We are all still in the trenches of this new temporary reality.
This is week 5 of analyzing data in Whatcom County to observe the affects of COVID-19 on our housing market.

BACK TO THE DATA

This last week of 2020 compared to the same week of 2019 only saw a New Listings difference of 23 homes. The numbers dwindled a little bit since the spike of 95 last week, but there is still Market action happening!

 

UNDER CONTRACT

Below is an accounting of all of the active listings on the market in our three major markets along with all of the sales that went under contract from 4/11/20 to 4/17/20 (pulled around Noon PST) and the percentage relationship between those numbers.

We are looking at a pretty steady but increasing normal right now. 4 additional Actives this week for Bellingham and 7 for Lynden compared to last week. Ferndale went down in Actives but jumped from 6 to 10 Under Contract!

ADOM

The second chart represents the Average Days on Market (ADOM) for the homes that are currently active and that went under contract between 4/11/20 and 4/17/20. “Days on Market” is how long the home was active on the market before the seller accepted an offer. Similar numbers to last week except the Under Contract numbers for Ferndale dropped from 65 to 45. Some newer-to-the-market homes pended in Ferndale this week!

% PRICE DIFFERENCE

The last set of data below is the average prices of the active listings and the average prices of the homes that went under contract last week. What we are mostly paying attention to here is how the % difference is changing from week to week to see how COVID-19 might be affecting the offer price that homes receive. Bellingham Under Contract prices are slowly increasing over the weeks, finding their place back to the “normal” averages. Look at Lynden! A $1.7 million home went under contract this week, giving us a 79% increase!

Posted on April 21, 2020 at 12:42 am
Tracie Gulit | Posted in Market Updates, Trends |