Spring has sprung and along with it is rise in inventory in Whatcom County! Although the number of residential properties newly listed increased 7.5% in April, inventory supply is still hovering around two months according to the Northwest Multiple Listing Service. Typically, a balanced market shows about six months of available inventory, so the currently numbers are indicating Whatcom County will remain a sellers market this spring.
Even though inventory supply is still tight, there is hope for home buyers! The good news is the higher wage growth, slower home price appreciation, and low mortgage rates hovering around 4.375%. Here’s some professional advice to buyers looking to find a home:
- Start the pre-approval process as soon as possible. Get your credit score and debt to income ratio checked; there are great low to no down options available out there and we work with a reputable Caliber Home Loans officer that can sit down with you and discuss your options!
- Get realistic about what it is you are looking for. Knowing your price range before hand can help narrow this down along with nailing down the absolute necessities along with a wish list of added bonuses.
- If you’re in the early stages of discussing home buying, start saving money! This is a large investment and down payment on a mortgage is typically 20%. Planning ahead is key to being prepared when the time comes to move forward.
- Do your research on neighborhoods in the area of interest. We are a local company with expert knowledge in the Lynden community and surrounding counties, so don’t hesitate to ask for more information on a new development or specific area of town.
- And last but not least, find yourself a realtor you can work with! Your realtor should be knowledgeable of the current market conditions and a strong representative when it comes to making an offer. It’s a hot market, so make sure to find someone you can trust to get you where you want to go!
I have been serving the local market for 40 years now; give me and my team a call if you’re looking to buy property in the Whatcom County area!