Experts Increase 2022 Home Price Projections

Experts Increase 2022 Home Price Projections | MyKCM

If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know. Not only are experts forecasting home prices will continue to appreciate nationwide this year, but most of them also actually increased their projections for home price appreciation from their original 2022 forecasts (shown in green in the chart below):

Experts Increase 2022 Home Price Projections | MyKCM

As the chart shows, most sources adjusted up, and now call for more appreciation in 2022 than they originally projected this January. But why are experts so confident the housing market will see ongoing appreciation? It’s because of supply and demand in most markets. As Bankrate says:

“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.”

Knowing that experts forecast home prices will continue to appreciate in most markets and that they’ve actually increased their original projections for this year should help you answer the question: will home prices fall? According to the latest forecasts, experts are confident prices will continue to appreciate this year, although at a more moderate rate than they did in 2021.

Bottom Line

If you’re worried home prices are going to decline, rest assured many experts raised their forecasts to say they’ll continue to appreciate in most markets this year. If you have questions about what’s happening with home prices in our local area, let’s connect.

The Market is Shifting – What Does That Mean For You?

The housing market over the past couple years has been fast paced and extremely competitive, but we are finally seeing a shift as residential inventory grows. For the first time since January 2019, residential listings in the Northwest Multiple Listing Service have reached 2.01 months supply. Sellers are now starting to realize that pricing above market just isn’t in the cards right now and it feels like things are starting to normalize.

According to the NWMLS, active listings have nearly doubled from a year ago, jumping 93.5%. Pending sales on the other hand have retreated about 24% from a year ago and nearly 30% decrease in closed sales. Despite fewer sales, prices are still rising but at a slower rate.

The market balancing is favoring buyers which is a relief after competing with multiple offers, little to no inventory, and leaving out inspection or financing contingencies just to get noticed. Buyers now have some breathing room a some power back in getting a home under contract.

Most sellers are still receiving offers within 15 days, although that is also expected to increase as inventory grows. The rise in inventory will also encourage sellers who may have been on the fence about putting their home on the market to go for in since there are more options of new places to go.

Local July Activity for Single Family Homes and Condos:

Single Family + CondosNew ListingsTotal ActivePending SalesClosed SalesAverage PriceMedian PriceAverage Days on MarketMonths of Inventory
Whatcom County568733361286$636,468$582,50018$636,468

A Window of Opportunity for Homebuyers

A Window of Opportunity for Homebuyers | MyKCM

Mortgage rates are much higher today than they were at the beginning of the year, and that’s had a clear impact on the housing market. As a result, the market is seeing a shift back toward the range of pre-pandemic levels for buyer demand and home sales.

But the transition back toward pre-pandemic levels isn’t a bad thing. In fact, the years leading up to the pandemic were some of the best the housing market has seen. That’s why, as the market undergoes this shift, it’s important to compare today not to the abnormal pandemic years, but to the most recent normal years to show how the current housing market is still strong.

Higher Mortgage Rates Are Moderating the Housing Market 

The ShowingTime Showing Index tracks the traffic of home showings according to agents and brokers. It’s also a good indication of buyer demand over time. Here’s a look at their data going back to 2017 (see graph below):

A Window of Opportunity for Homebuyers | MyKCM

Here’s a breakdown of the story this data tells:

  • The 2017 through early 2020 numbers (shown in gray) give a good baseline of pre-pandemic demand. The steady up and down trends seen in each of these years show typical seasonality in the market.
  • The blue on the graph represents the pandemic years. The height of those blue bars indicates home showings skyrocketed during the pandemic.
  • The most recent data (shown in green), indicates buyer demand is moderating back toward more pre-pandemic levels.

This shows that buyer demand is coming down from levels seen over the past two years, and the frenzy in real estate is easing because of higher mortgage rates. For you, that means buying your next home should be less challenging than it would’ve been during the pandemic because there is more inventory available.

Higher Mortgage Rates Slow the Once Frenzied Pace of Home Sales

As mortgage rates started to rise this year, other shifts began to occur too. One additional example is the slowing pace of home sales. Using data from the National Association of Realtors (NAR), here’s a look at existing home sales going all the way back to 2017. Much like the previous graph, a similar trend emerges (see graph below):

A Window of Opportunity for Homebuyers | MyKCM

Again, the data paints a picture of the shift:

  • The pre-pandemic years (shown in gray) establish a baseline of the number of existing home sales in more typical years.
  • The pandemic years (shown in blue) exceeded the level of sales seen in previous years. That’s largely because low mortgage rates during that time spurred buyer demand and home sales to new heights.
  • This year (shown in green), the market is feeling the impact of higher mortgage rates and that’s moderating buyer demand (and by extension home sales). That’s why the expectation for home sales this year is closer to what the market saw in 2018-2019.

Why Is All of This Good News for You?

Both of those factors have opened up a window of opportunity for homeowners looking to move and for buyers looking to purchase a home. As demand moderates and the pace of home sales slows, housing inventory is able to grow – and that gives you more options for your home search.

So don’t let the headlines about the market cooling or moderating scare you. The housing market is still strong; it’s just easing off from the unsustainable frenzy it saw during the height of the pandemic – and that’s a good thing. It opens up new opportunities for you to find a home that meets your needs.

Bottom Line

The housing market is undergoing a shift because of higher mortgage rates, but the market is still strong. If you’ve been looking to buy a home over the last couple of years and it felt impossible to do, now may be your opportunity. Buying a home right now isn’t easy, but there is more opportunity for those who are looking.

Should I Buy a Home Right Now?

Should I Buy a Home Right Now? | MyKCM

If you’ve been thinking about buying a home, you likely have one question on the top of your mind: should I buy right now, or should I wait? While no one can answer that question for you, here’s some information that could help you make your decision.

The Future of Home Price Appreciation

Each quarter, Pulsenomics surveys a national panel of over 100 economists, real estate experts, and investment and market strategists to compile projections for the future of home price appreciation. The output is the Home Price Expectation Survey. In the latest release, it forecasts home prices will continue appreciating over the next five years (see graph below):

Should I Buy a Home Right Now? | MyKCM

As the graph shows, the rate of appreciation will moderate over the next few years as the market shifts away from the unsustainable pace it saw during the pandemic. After this year, experts project home price appreciation will continue, but at levels that are more typical for the market. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: 

“People should not anticipate another double-digit price appreciation. Those days are over. . . . We may return to more normal price appreciation of 4%, 5% a year.”

For you, that ongoing appreciation should give you peace of mind your investment in homeownership is worthwhile because you’re buying an asset that’s projected to grow in value in the years ahead.

What Does That Mean for You?

To give you an idea of how this could impact your net worth, here’s how a typical home could grow in value over the next few years using the expert price appreciation projections from the Pulsenomics survey mentioned above (see graph below):

Should I Buy a Home Right Now? | MyKCM

As the graph conveys, even at a more typical pace of appreciation, you still stand to make significant equity gains as your home grows in value. That’s what’s at stake if you delay your plans.

Bottom Line

If you’re ready to become a homeowner, know that buying today can set you up for long-term success as your asset’s value (and your own net worth) is projected to grow with the ongoing home price appreciation. Let’s connect to begin your homebuying process today.

All About Lynden, Washington

Are you considering a trip or a move to Lynden, Washington? Then this post is for you! We will be touching on the charm and unique aspects of Lynden as well as notable events and things to do nearby.

Lynden is located in northwest Washington. With British Columbia, Canada, a few minutes drive north and Seattle a 2 hour drive south. Lynden is known for it’s beautiful yards and landscaping, excellence in sports, and Dutch heritage. In 2016, Lynden’s Front Street even won Best Main Street in America. With it’s colossal hanging baskets, murals and charming storefronts it’s easy to see why.

A farming community, berry, dairy and potato are currently the top agricultural industries in town. Lynden happens to be the world’s largest producer of raspberries,

Events In Lynden

•The Farmers Day parade takes place on Front Street and is always the first Saturday in June. You’ll see tractors, animals, decorated floats, marching bands and more!

•The Northwest Raspberry Festival takes place downtown in the middle of July and is centered around the Razz Fest 3-on-3 basketball tournament, sponsored and organized by The Muljat Group North. The festival also includes a car show, tons of food vendors, dozens of kids’ activities, a car show and even a beer garden!

•The Northwest Washington Fair takes place every August. The Fair brings rides, grandstand entertainment, animals, shopping, and more! Buildings at the fairgrounds are available to rent for weddings and other private events plus there are often craft shows, home shows, and other events open to the public hosted there throughout the year.

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•The Christmas Parade goes down Front Street on the first Saturday in December and showcases floats decked out in Christmas lights and decorations; it’s always a hit!

**Visit the Chamber of Commerce website to stay up to date on the latest happenings! ➡️ www.lynden.org

Things to See & Do Nearby

•Skagit Valley Tulip Festival – dates change based on the growing season that year, but typically in April!

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•Short cruises are available out of The Ferry Terminal in Bellingham, WA including a whale watching cruise, a dinner cruise, a brewers cruise, a wine cruise and more!

•Take the Washington State Ferry from Anacortes, WA to the San Juan Islands and stay for however long you like! The ferry runs frequently, be sure to a check their current schedule prior to departure. You can walk or drive on (though it is definitely nice to have a car with you once you get there)!

•Lake Whatcom Park in Bellingham, WA offers hiking and other recreational activities.

•Mt Baker Ski Area – one of Washington’s top ski resorts and a beautiful area to explore.

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•The Seattle Premium Outlets located in Tulalip, WA offer a fun outdoor shopping and dining experience.

Have you lived in the area or visited Lynden before? Add your favorite thing to do in the comments!

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POST COMPILED BY HALEY PARKER // HALEYPARKERSTYLE.COM@HALEYPARKERSTYLE

10 Things to Consider Investing in Once You Purchase Your First Home

Purchasing your first home is a wild mix of emotions. It’s exciting, fun, and a little scary. Once you are finally pending on your new place it seems like getting to the closing date takes forever. After that day finally comes and the chaos of moving and unpacking commence you may realize that you are missing a few homeowner essentials and begin wondering what else you may come across needing throughout the course of the year. Whether your home is quaint or enormous, small yard or acres of land, new or old, there are a handful of commonly used items within a home that are handy, if not incredibly necessary, to add to your home as time and budget allows. I do find it to be immediately necessary to obtain a vacuum as well as a lawnmower (unless you do not have grass or have hired out yard maintenance, so kept them off of the top 10 considerations as they are a must. Picture 1. Tool Kit
A basic tool kit can help you out in a wide variety of situations. I recommend it at least include a hammer, nails, tape measure, screwdriver and wrench.
2. First Aid Kit
A first aid kit filled with supplies and tools to handle minor injuries is a must around the house. Having the supplies packed conveniently in a kit saves you time and money, plus you have the option to take it on the go if needed.
3. Fire Extinguisher 
Being able to quickly put out or suppress a small fire before it grows or the fire department is able to arrive, can save lives and property. It’s a good idea to keep one on every floor of your home.
4. Plunger
Though rarely used, it’s something you don’t want to be caught without!
5. Flashlight
It’s so important to have a good flashlight readily available. Handy in times of power outages, when you need to check on an outdoor issue at night, when going into a crawl space or attic, etc.
6. Extension Cord
The ability to power your devices, both indoor and outdoor, from farther away and/or multiple devices at a time is so convenient. Extension cords come in various lengths and colors as well if you are looking to match your flooring for indoor use.
7. Ladder/Step Stool
Will you be replacing lightbulbs or changing out fans/light fixtures? Getting a ball off of the roof? Trimming your trees? Painting? Putting up Christmas lights? A ladder or step stool serves multiple purposes around the home.
8. Hose
A necessity for yard and plant up keep, car washing, and driveway cleanup.
9. Shovel
An essential when moving dirt, gravel, snow, or bark. It can also be used to edge your yard, dig trenches, dig holes for fence posts, lifting sod and more.
10. Tarp
This can be used for a wide variety of reasons. To cover a grill or a car, lay down prior to painting, spread out across a vehicle bed or interior prior to loading rocks, plants or bark, to cover and protect plants during a cold front, etc.

Shop Our List HERE.

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Additional items that can be incredibly useful around the home but are typically used less frequently include a wheelbarrow, rake, leaf blower, string trimmer, edger, drill, saw, and shop vacuum.

Any additional items you’d recommend?? Share in the comments!

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Spring Cleaning: Products We Love

Now that we all have Spring Cleaning on our minds I thought it would be the perfect time to go over some of our favorite household cleaning products! I love picking out fresh scents and new products for the season; it really helps me get excited about cleaning. 

Mrs. Meyer’s Clean Day

From the sleek, colorful packaging to the simple, garden inspired scents, Mrs. Meyer’s Clean Day has been a household favorite of mine for years. We regularly use their dish soap, hand soap and room freshener though their product list is much more extensive than that. Mrs. Meyer’s products are made with cruelty-free formulas containing essential oils and other thoughtfully chosen ingredients. They are formulated for use in a home with children and pets. I love that the range of products all come in every scent so that you can choose a singular scent for your home or for each bathroom, kitchen, etc. Our favorite scents are Honeysuckle, Pear Tree (Limited Edition), Lavender and Lemon Verbena. Shop Mrs. Meyers by clicking HERE.

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Cordless Vacuum

A powerful vacuum is a household essential and I find a cordless, lightweight vacuum to be incredibly helpful. Being able to move around the house as you please without having to unplug the vacuum or worry about tripping over the cord is so convenient. This particular one is available on Amazon and comes with multiple attachments which make cleaning sofas, mattresses, cars, cribs, mattresses, etc. much easier. Shop this cordless vacuum on Amazon HERE.

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Multi-Surface Spray Mop

For quick, easy mopping I love to use my spray mop after vacuuming up the crumbs and dirt. I’ve had this one for years and it does a great job of cleaning hard surface floors without having to get down on your hands and knees or use a bucket of water. The residue-free cleaner it comes with has a light, pleasant scent and the microfiber cleaning pad can be tossed right into the washing machine. Shop this spray mop HERE.

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Bathroom Cleaner

When it comes to bathroom cleaner, I don’t mess around. I look for products that get the job done quickly and efficiently. I love these Oxi Clean multi-purpose disinfectants. They can be found at most major retailers/grocery stores which also makes it an easy, convenient purchase. Not only do I feel good knowing it kills 99.9% of bacteria but I also enjoy both the citrus and fresh scents. They make my bathrooms smell so clean without being too overpowering. Shop Oxi Clean on Amazon HERE.

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Microfiber Cleaning Cloths

These are a must if your desire streak-free, lint-free results when cleaning. Microfiber cloths are great on household surfaces as well as in vehicles and boats. They are very absorbent, dry quickly, are durable and are machine washable so you’re able to use them hundreds of times. They come in multiple color options too! Shop microfiber cleaning cloths HERE.

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Mr. Clean Magic Eraser

Magic Erasers have been trending the last few years and for good reason: they do wonders on a wide range of surfaces! They provide a powerful clean with no harsh chemicals added. Simply wet, squeeze and get to cleaning. They can be used to clean anything kitchen messes and bathtubs to car wheels, shoes and outdoor furniture. Shop Magic Erasers HERE.

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What household products and cleaners do you use and love? Any of these? We’d love to hear about it in the comments!

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Spring Cleaning Tasks You Won’t Want to Skip

It’s that time of year again! Birds are chirping, sun is shining (at least sometimes!) and we are getting eager to organize, declutter and refresh. Spring cleaning can be daunting but when you break it down into smaller tasks and go at it one at a time it’s far more manageable. Whether you are looking to list your house soon to sell or just looking to start fresh, the rewards of spending some time now to spring clean and declutter can make a big difference in your daily life going forward. Many tasks can be easily missed with routine weekly cleaning and organizing so we’ve created a round up of spring cleaning tasks to check off this year. Picture Picture Interior Tasks
•change decor
​•clean baseboards
•wipe down furniture
•vacuum under and between couch cushions
​•clean out refrigerator
•clean out freezer
•dust ceiling fans
•dust skylights
​•dust vents
​•clean out pantry and organize
​•vacuum curtains
•replace air filters
•toss old and expired makeup
​•toss old and expired pantry items
•toss expired medicine
​•clean out nightstands
•replace burnt out lightbulbs
​•touch up any scuffs on the walls
​•fix anything that’s broken  Picture Picture Exterior Tasks
•wipe patio furniture
•wash patio furniture cushions
•wipe window panes
•wipe down decor (outdoor lanterns, candles, tables, etc)
•repair any damaged fencing, deck/patio, etc
•replenish bark
​•pull weeds
•pull and replace dead flowers, bushes, etc
​•replace burnt out lightbulbs
•pressure wash or spray off driveway, sidewalks, patio(s)
•fix anything that’s broken Picture Items to Declutter
•winter clothing and shoes that did not get worn/too small
•kid’s bikes, scooters, roller blades, etc that they’ve outgrown
•old towels
•excess kitchenware **Bonus Task** Clean out your car! Get rid of any garbage, duplicates and unnecessary items. If you keep diapers, change or clothes or toys in the car for your kids make sure they are the current size/age appropriate items and swap if necessary. Vacuum and wipe down the interior for exceptional results that will keep your smiling every time your hop in! Picture Picture

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What You Need in a Home Office

Our last post went over top questions to ask yourself when setting up your home office and how to make it a productive, organized and comfortable space suited to your needs. Now we will touch on the top items to consider adding to your office to help with this. From the big things like a desk and chair to the small things like paper clips and pens, taking care of the details right away will set you up for success.

Here are helpful items we recommend adding to your home office:

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Office Items to Enhance Comfort & Efficiency

•ergonomic chair
​•surge protector power strip
​•noise canceling headphones
​•laptop stand
•ergonomic keyboard
•ergonomic mouse
​•good lighting (new light fixture, lamp, etc)
•standing desk with anti fatigue floor mat
​•coffee mug warmer
​•password book (only recommended in home offices where you aren’t at risk of others having access to it)
•mousepad with wrist support
•ergonomic foot rest
​•lumbar support pillow
•cell phone stand

Standard Office Supplies

•pens
•Sharpie
​•highlighter pen
•notebook/notepad
•sticky notes
•printer
•printer paper
•backup printer ink
​•paperclips
•envelopes
​•blank cards
•stamps
​•laptop/computer
•stapler and staples
•desktop organizer
​•binder clips
•scissors
•tape
•bookshelf
​•paper shredder
•dry erase board and markers
•file folders and desk drawer/cabinet/container to keep them in
•trash can

Is there anything else that you can think of or that you use personally that has made a difference in your office space? We’d love to hear about it in the comments!

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How to Set Up the Perfect Home Office

Whether you work from home or not, having an organized, well functioning office space can help eliminate stress and frustration.

Having a dedicated office space, whether it be a room, a closet, a desk or a nook somewhere in your home can be key to keeping your life in order. This can be a place you work from daily or simply where your store your important documents and stationary.

If you will be using your office space frequently, say for your full-time job, it is important to set up and create your space in a way that will boost your productivity. You don’t want to be able to see household tasks lingering beyond your computer screen that may cause you to lose focus and get off track. 

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When designing your office space here are the main questions you’ll want to ask yourself:

1. Is it comfortable?

Comfort is key to allowing you to focus and stay on track. This may vary based on your line of work. If you are on the phone a lot, this may mean you need to find a comfortable headset that allows you to talk without having to hold the phone up to your ear. If you are sitting a lot, this may mean finding the perfect chair for you. Standing desks as well as desks with a stationary bike or treadmill have become popular in recent years too. 

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2. Is it free of distractions?

I recommend keeping decor simple and extras at a minimum. It is ideal to have a desk with drawers that you’re able to dedicate to filling with items such as a stapler, envelopes, paper clips, etc. so that those items are within reach without having to sit out in the open. The more open and clear space you have by the computer, the better. 

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3. Does it inspire me?

This can vary so much dependent on your job, personality, and the purpose of your office space. If you worked hard for a degree that lead to your profession, this may mean hanging your degree(s) on the wall to remind and inspire you. If you are a creative you may want to showcase your favorite quote, piece of art, or something that you created and are proud of.

Do you have a dedicated office space? In my next post I will be going over the top items you need in your office space to allow you to be the most productive, organized and comfortable.

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POST COMPILED BY HALEY PARKER // HALEYPARKERSTYLE.COM @HALEYPARKERSTYLE