If you’re thinking about selling your house, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. If you’re asking yourself if you’ve missed your chance to sell your house and make a move, the good news is you haven’t – motivated buyers are still out there. But you do need to price your house right for today’s market. Here’s why.

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”

It’s true buyer demand has slowed over the past few months as higher mortgage rates made it more expensive to buy a home. The result is fewer bidding wars and less competition among buyers (see visual below):

But don’t forget – that’s compared to the severely overheated market we saw over the past two years. According to the latest Confidence Index from NAR:

“. . . 39% of homes sold above list price, down from 51% a month ago and 50% a year ago.”

While this is a slower pace than even one month ago, serious buyers are still actively in the market, and they’re buying homes that are priced right. In fact, the Confidence Index also notes the average home is selling in just 14 days.

If you’re aiming to sell your house, be sure you’re working with your agent to price it for today’s housing market. As buyer demand softens, it’s important to understand this isn’t the same market as last year. It’s not even the same market as just a few months ago. But it is still a sellers’ market.

If you’re ready to sell your house, seek the advice of a real estate professional. In some cases, you’ll need to adjust your expectations accordingly to meet the market where it is today. Selma Hepp, Interim Lead, Deputy Chief Economist at CoreLogic, explains what’s happening and what it means when you sell:

“Signs of a broader slowdown in the housing market are evident, . . . This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates. . . . Nevertheless, buyers still remain interested, which is keeping the market competitive — particularly for attractive homes that are properly priced.”

Bottom Line

While the housing market has cooled from its overheated frenzy, it’s still a sellers’ market. Let’s connect so you understand what’s happening with buyer demand and home prices in our local area as you get ready to enter the market.

Question for you! What questions are you asking real estate agents you are considering representing you as a seller?

Selling your home is one of the most important and usually stressful decisions you’ll ever make in your life and it’s important that you choose an agent that checks the boxes that are valuable to you. Here are some potential questions to ask:

“How long have you been a real estate agent?” Though not always the case, a good track record and level of experience usually makes someone a better representative in the selling process.

“Are you full time?” This is a must as you want someone working on your behalf full-time.

“How long have you lived in the area?” This type of knowledge is invaluable when pricing, marketing, and even bringing potential buyers.

“What marketing systems will you use?” Consider everything from the quality of photography to their print marketing campaign, how they let the neighbors know, and online marketing.

We would be happy to share our answers to these questions for you. Put us to the test!

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):

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 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:

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):

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):

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.

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):

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):

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.

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.

•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!

•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.

•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!

FOLLOW US ON INSTAGRAM @BLANKERSREALESTATE AND FACEBOOK JERRY BLANKERS-MULJAT GROUP NORTH

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

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. 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. 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!

FOLLOW US ON INSTAGRAM @BLANKERSREALESTATE AND FACEBOOK JERRY BLANKERS-MULJAT GROUP NORTH

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

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.

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.

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.

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.

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.

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.

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

FOLLOW US ON INSTAGRAM @BLANKERSREALESTATE AND FACEBOOK JERRY BLANKERS-MULJAT GROUP NORTH

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