It’s that time again, time to update you on the latest in home loan and mortagage rates. If you are in the market for a home loan below are the mortgage rates as of today November 30th, 2011, courtesy of Sidney Stonecypher at People’s Bank.
Down Payment
Interest Rate
APR
Credit Score
Points
Conventional 30 yr fixed
20%
3.875
3.973
740
1
Conventional 15 yr fixed
20%
3.125
3.357
740
1
Jumbo 30 yr fixed
20%
4.625
4.738
740
1
FHA 30 yr fixed
3.5%
3.750
4.181
660*
1
VA 30 yr fixed
0%
3.750
4.104
640
1
*Score requirement will vary by lender
For more details, or a custom quote, contact Sidney Stonecypher at People’s Bank, 360-676-4597 or sidney.stonecypher@peoplesbank-wa.com. Remember that many variables come into play in determining the rate a lender will give a borrower. If you are getting a rate quote from a lender who does not have all your information, that rate may not be real. What with the low rates, it is still a great time to buy a house!
With a vast array of natural beauty, culture and history it is no wonder that we are noticing that Bellingham, Skagit County and the San Juan Islands seem to be attracting more luxury home buyers. Bellingham and the Pacific Northwest are graced with many luxurious homes and estates. The incredible natural landscape and history help the Northwest boast some of the finest luxury real estate in the nation.
Wherever your real estate price point rests luxury can be at your finger tips. Whether you are looking for incredible snow capped mountain views of Mt. Baker, rolling acreage to enjoy your equestrian members of the family or a private lake dock for you boat, or saltwater front real estate, you can find it all here.
Each week we showcase a home or homes which have just sold and help you get an idea of what the real estate markets in Bellingham and the neighboring areas have to offer. You can also search for active luxury real estate on our website’s Luxury Real Estate Page.
2020 Falcon Ct sold last week for $735,000 and is located in Bellingham, Washington in the prestigious Parkhurst Neighborhood over looking Bellingham, Fairhaven, Bellingham Bay and The San Juan Islands beyond.
The custom buit 3,400 sq ft home is beyond breathtaking with no luxury detail overlooked with Brazilian cherry wood floors, a spacious master suite and high quality appliances. Quality landscaping around the home only adds to the incredible setting with the incredible sunrise and sunset views over the ocean in the distance.
4927 Surfcrest Drive sold last week for $800,000 and is located in Oak Harbor, Washington approximately 45 minute North of Seattle and 45 minutes South of Bellingham.
Situated on just shy of one acre in the desirable Surfcrest Beach Community this home is sure not to disappoint. Often referred to as one of the best beaches on Whidbey Island the home is graced with 100′ of no bank sandy waterfront and incredible Westerly views of sunsets, the Olympic Mountains and The San Juan Islands. The exterior cedar shake siding adds to the Pacific Northwest detailing and design in this 3,196 sq ft custom built home with 3 bedrooms and 3 bathrooms.
Last month I compared our market to ping pong balls, sometimes up, sometimes down, sometimes both…just depends on the area. In October
Bellingham unit sales up from October 2010 (to 75 homes from 65) & almost equal to last month (to 75 homes from 77).
Ferndale unit sales down from October 2010 (to 14 homes from 27) & down further from last month (to14 homes from 37).
Birch Bay/Blaine unit sales down a bit from October 2010 (to 13 homes from 15) & down a lot from last month (to13 homes from 28).
Ferndale unit sales dropped substantially from October 2010 (to 14 homes from 27) & from last month as well (to 14 homes from 37).
Lynden managed to about break even – up 3 homes from 2010 and down 3 from September.
But how about the prices, you say. They were bouncing too, with average sale prices in Bellingham and Birch Bay/Lynden down in the double digits from September while Ferndale, Sudden Valley and Nooksack Valley saw double digit increases. If we compare to October 2010, Ferndale and Mt Baker home sale averages were up by double digits, while Birch Bay/Blaine and Lynden were down by those amounts and Bellingham and Sudden Valley were close to holding their own. Want more specifics?
Bellingham prices October 2011 to 2010: average -3.7%; median -12.1%
Whatcom County prices October 2011 to 2010: average -15.8%; median -18.8%
Bellingham prices October to September 2011: average -12%; median -2.4%
Whatcom County prices October to September 2011: average +.4%; median -1.9%
The Bellingham market moved even more strongly into the lower price points, with 64% of the sales below $300,000. Obviously, as prices have dropped, more homes have moved into this category, but it is interesting to note that 4 of the past 6 months have had over 60% of sales at or below $300,000. This is atypical, even as far back as 2006. It certainly isn’t because it is now easier for buyers in the lower price ranges to get loans! During the frenzy, this part of the market was heavily dependent on sub-prime loans. Now, standards for even FHA loans are higher.
There are several speculative explanations for the shift:
Prices for homes at all price points have fallen, moving more of the inventory below $300,000.
As prices have fallen, fewer owners of lower priced homes have been able to sell and take sufficient equity out of their current home to move into the next bracket.
As prices have fallen in areas traditionally providing our incoming purchasers (California, Seattle), our market has localized so our buyers have local incomes and less equity.
Buyers (and lenders) are more aware of the hazards of “over-buying”, so they are purchasing more conservative homes.
The table below shows the change in market distribution from last October
October 2010 Price Ranges in $1000’s
Total 2010 October $ Sales
Total Units Sold
Average Sales Price
% of Market
Changes in October Year to Year Distribution of Residential Sales in Bellingham
<300
$7,380,000
34
$217,059
50.7%
300 to <500
$8,739,727
24
$364,155
35.8%
>500
$3,508,000
6
$584,667
9.0%
>750
$2,731,000
3
$910,333
4.5%
October 2011 Price Ranges in $1000’s
Total 2011 October $ Sales
Total Units Sold
Average Sales Price
% of Market
Unit Change
Average Price Change
<300
$10,575,540
48
$220,324
64.0%
41.2%
1.5%
300 to <500
$7,895,576
20
$394,779
26.7%
-16.7%
8.4%
>500
$2,828,005
5
$565,601
6.7%
-16.7%
-3.3%
>750
$2,805,000
2
$1,402,500
2.7%
-33.3%
54.1%
To read the complete article visit The Johnson Team Real Estate’s Real Estate Update Page. www.JohnsonTeamRealEstate.com also includes a constantly updated list of newly listed properties and a list of properties being offered as short sales & foreclosures (REOs), as well as the entire listing database of the Northwest Multiple Listing Service, fully searchable to your specifications.
Every week we track the number of homes on the market that have offers on them and those that do not and create a ratio we call Pending Ratios. This weeks numbers were great with all areas either remaining stable or up in pendings.
As of Saturday, September 24th, the pending ratio in Bellingham was 22% . 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.
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
Every week we track the number of homes on the market that have offers on them and those that do not and create a ratio we call Pending Ratios. This weeks numbers were great with all areas either remaining stable or up in pendings.
As of Saturday, September 17th, the pending ratio in Bellingham was 20% . 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.
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
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