As of Saturday, Nov. 7th the pending ratio in Bellingham was 26%. . Pending is the time frame between when an offer has been mutual accepted between the buyer’s and the seller’s of the home and when the title actually transfers hands. This give the buyer’s time to get the financing, do inspection, review the title reports and more.

Birch Bay had a pending ratio of 19%.

Ferndale has a pending ratio of 18%.

The Lynden area in East Whatcom County has a pending ratio of 19%.

The Sudden Valley pending ratio was 24%.

To view a complete history of Whatcom County Pending Ratios or for other real estate statistics don’t hesitate to contact The Johnson Team at (360) 303-2734 or by email at Info@JohnsonTeamRealEstate.com

Classes are canceled for all middle school students today, we will post updates for parents and students on the blog as they become available.

Bellingham average sales were up because of an increase in the number of higher end sales.  The drop in the median was reflective of the much higher % of sales below $300,000.  The $300,000 to $500,000 range took a beating, with unit sales down almost 41%, although the average sold price for the sector was up 4.3% 

The Nooksack Valley numbers increased from 5 sales last year to 12 this year.  The 18% increase in average price was due to a $1.5 million sale of a 100+ acre parcel.

Overall Whatcom County home sale prices dropped from an average of $301,847 and median of $275,495 in 2008 to an average of $289,925 and median of $257,000 in 2009.

 Inventory levels continue to fall relative to both last month and last year, although the decline from last year is not as great as it has been for the past few months.  Pending sales are up at least 30% in all areas from last year, which is very good, although in Bellingham over 28% of those are short sales, which may or may not close.  The higher pending sales and strong closed numbers bode well for a winter less grim than last year’s (as shown on the chart below), although the $8000 tax credit is a wild card that wasn’t around last year.  If it is extended, it could continue to support the market, although we may pay for it later if there is no one to step in and buy in the place of those who were saving, but bought early because of the tax credit.

For the complete run down on the Bellingham and Whatcom County Real Estate Markets, additional charts and graphs visit the October Real Estate Report  or the Real Estate Market News section of The Johnson Team Real Estate website.

This question raises the spector of a practice that was illegal, but all too common, in the wild days of the real estate market.  To pull it off required collusion between a number of the parties involved in the real estate transaction, and it was mortgage fraud.  The tightening of lending requirements has, hopefully, eliminated this particular possibility, but remember:  if it sounds like an incredibly easy way to get money, it could probably land you in jail.

“I am looking at an REO (bank owned) home that I think is priced ‘way below the market.  I have heard about a way to establish a purchase price for the purpose of the loan at more than the actual purchase price and end up with the difference in my pocket at closing.  Can you tell me how that works?” 

Sorry, we are back in the world of “reality based lending”.  That means a lender will loan against the value of the agreed upon sales price or the appraised value, whichever is less.  An appraisal higher than the sales price will not increase the amount of the loan, and  in no case can the buyer walk away with cash. 

 Several years ago the concept you describe was often done, but even then it involved loan fraud because the purchase price reported to the lender was a lie.   At this point in time, the only way you are going to get money back out of this purchase (other than the first time homebuyer tax credit) is to buy it and do a refinance. This is assuming that an appraiser  for the refi will actually appraise it for more than 20% above the amount of your original loan and new loan costs, since most lenders require that you have 20% equity in the property for a cash back refinance.  There may also be restrictions on your original loan as to how quickly you can pay it off. 

If you would buy this house only if you could pull more money out, you need to have an in-depth discussion with a very good loan officer about your ultimate intent and the odds of your plan succeeding, or you could be in for a nasty surprise.

Cherry trees at my house

Sometimes it takes leaving somewhere for a while to really appreciate how beautiful and magnificant something is.  Earlier this week I returned from a trip, and flying over the midwest and the south I noticed the lack of fall color- no brillant reds, bright oranges and yellows that we are used to here in Whatcom County. Upon approaching the Seattle Tacoma Airport for landing I overheard something that hit the point home even more. A passenger seated behind me said, “Harold, look at those colors! Have you ever seen anything like that? I have only heard about fall’s colors and seen pictures, but never imagined it being so beautiful in real life.”  My husband and I looked at each other and smiled; it truly is great to call this area home!

Even aside from Stoneyridge Farms, fall colors and leaves are everywhere. This is our first fall season at our new home and it’s fair to say we have not been disappointed.

Below are some more fall pictures I took a couple of weeks ago of my favorite fall location, Stoneyridge Farms in Everson.

Happy Fall to everyone and have a safe Halloween this weekend!

September sales in Bellingham’s York Neighborhood doubled from August, from 2 to 4.  The median sale price was $229,000, up 3.9% from the prior month, but down from September of 2008.  There are currently 13 homes for sale in the York neighborhood, 6 of which were listed during September.  3 homes were under contract to sell as of the end of the month.  The number of homes sold and under contract in September relative to the number of homes for sale indicates a 4 month supply is available for sale as of the end of the month.  This is generally considered to be a balanced to slightly seller advantaged market.

The chart below shows changes in price and inventory in the York Neighborhood over the past 18 months.

Historic Median Price of Sold and Active Inventory in the York Neighborhoood

 The following chart shows changes in the number of homes for sale and sold in the York Neighborhood over the past 18 months.

Historic Active Listings Compared to # of Homes Sold in the York Neighborhood

Women’s Cancer Support Group- Open to all womem, regardless of age or cancer diagnosis. Held Mondays 10 to 11:30am at the SJCC.

Cancer Survivor’s Group- Open to all cancer survivors. Meet fellow survivors, share stories, concerns and victories. Held the third Saturday of each month 10am to noon.

Prostate Cancer Support Group, “Us Too”- A wonderful educational forum and discussion group for men who are diagnosed with prostate cancer, their partners and family are welcome as well. Held the second Tuesday of each month 7 to 8:30pm.

Kids Konnected- A support group for kids aged 4 to 18 who have had a parent diagnosed with cancer or are enduring cancer treatment. Held the third Monday of each month from 7 to 8pm at SJCC.

For more information on St. Joseph Hospital’s Cancer Center or to sign up for any of the classes listed above call (360) 788-6701

October 23, 2009

Dear Rich,

We would like to express our gratitude for all the extraordinary effort you have put in to the sale of our home in Bellingham. As I cleaned out old emails, I saw that we began correspondence back in early March. From our first inquiry regarding property values, and how to proceed, we felt guided and supported. The process of relinquishing what you know will be your last independent home, is not an easy process. It was made much easier by the sense of trust we felt in you, and our observation of your ethics at each juncture along the way. I recall you talking about your own parents, and those of your wife, and allowing them the dignity their years deserved. Your dealings with our dad were so considerate and respectful. He never felt pushed. He never felt “railroaded.” He never felt he represented just a financial gain for his realtor.

The seven hour distance from Bellingham and health issues, made clearing out the house an overwhelming prospect. You offered not only good resources, but considerable extra help in providing access to those who carried out the estate sale, etc. Final touches, such as having someone in to vacuum were an added kindness that we truly appreciated.

In the complexities of the three offers that were presented within the first week of the listing, you were diligent in guiding us through. The final sale went through without a hitch, and removed an enormous stress load on all of us.

In a time when true service and customer relations seems rare, we feel so fortunate to have had this experience with you.

Thank you,

Rick and Marilyn Cady

Sunday Open House Oct 25th from 2:00 to 4:00 at 2368 Northshore Rd

Join Rich Johnson this Sunday from 2:00 to 4:00 during his Open House at 2368 Northshopre Rd, Bellingham WA. Sun – View – Private – Large Level Lot – Custom Home – If that’s what you are looking for then 2368 Northshore could be just the home for you. The home is a beautiful custom rambler with a kitchen meant for entertaining, a deck designed to take advantage sweeping Lake views. The large private lot will be the delight of any gardening enthusiast & if you have an RV or boat, there is plenty of room for parking. Within a short walk there is no bank beach access with a picnic area & changing room.

2368 Northshore Rd a Peaceful Place

Lake Whatcom Access with Changing Room & Canoe Storage

If you would like to preview this home give Johnson Team Real Estate in Bellingham Washington a call at 1-888-713-3056

If you are interested in Bellingham Open Houses this week-end but don’t have the time, The Johnson Team’s 24 7/s On Line Open House Search makes house hunting a breeze. Rather than running yourself ragged this next Sunday, relax at home and use The Johnson Team’s Open House Search Engine to review every listing that is currently on the market. Once you have accessed the listing, school, community, assessor, mapping or market information information is just a click away. If you have any additional questions, call our Listing Hot line at 1-888-713-3056 – it’s the Bellingham Wikipedia of Real Estate.

If there is additonal information we could provide for you, either on-line or at our Open Houses, feel free to leave your comments here. We’d be delighted to help you anyway that we can.