Northwest Living | Bellingham Real Estate Market

Bellingham WA - In the busy real estate markets between 2003 to 2005 the number of homes on the market was only a two-to-three month supply. In 2008 and 2009 the supply increased by more than three times to a 10 month supply of homes for sale. That means it’s currently going to take much longer to sell your Bellingham home. However, there are some ideas to help increase your chances in this tough Whatcom County real estate market.

In tough markets like this home sellers will sometimes request their real estate agent to perform marketing tasks that have proven to be very ineffective over time, but makes the seller feel better. I’d rather show them effective marketing tools and concentrate on the ones that bring the highest results instead of throwing money in a hole with very low return.

The internet is of course the number one marketing vehicle today. The real estate yard sign along with fliers are still very effective. Using today’s social media along with communicating with local Realtors is very effective as well. Holding a couple open houses is also a great tool to market your home.

I don’t do much advertising at all in the local newspaper, real estate books or magazines because of the shelf life. The internet is 24/7, much more effective and the cost is so much more affordable than the print media. The print media has more to do with satisfying a sellers emotional need than with the real world of marketing real estate today.

I have friends of mine in the Tacoma, WA real estate market that have had an open house every weekend for the last 4 months and every weekend they’re hoping this time will be the charm for their 4-bedroom house.

They remodeled the kitchen, painted the house, built a new deck and put on a new roof. But after more than six months on the market, they still don’t have a buyer.

Not to get their price or as much interest in their house was disheartening to them.

That’s a feeling shared by many homeowners these days - who not only find themselves in a buyer’s market - but a buyer’s market short on buyers, thanks to the credit crunch.

Lenders have really tightened up their lending requirements and this is where sellers have to become more imaginative and creative. Some new homes builders are offering appliance upgrades, fences, paying for closing costs, or a free vacation with the purchase of one of their homes.

As a professional Realtor, my advice is to skip the gimmicks. To really get a house sold today the most important thing is to make sure the price is right … right away. 

In a down market like this it’s very important to price at or just below the market as soon as the house goes up for sale. As a home seller, you don’t want to price above a market that is moving down, you’ll end up getting much less in the end. 

Prices are changing quite rapidly and sellers think that their house is still worth what it was 3-4 years ago.

Beside price, the best way to sell your home in a down market is to:

Jerry Campbell - Muljat Group - Bellingham WA - Bellingham Homes For Sale

Bellingham WA - For home sellers looking to sell in this tough real estate market, the exterior of your home could make or break a sale. Whether it’s just doing a thorough clean up, exterior painting or an exterior remodeling project, that’s where home owners today will see their highest return when it comes to time and money spent prior to marketing their Bellingham home.

On a national level, wood deck additions and all types of siding replacements - Hardiplank fiber cement, mid range vinyl, and upscale foam-backed vinyl - returned more than 80% of project costs upon resale. Of these, the most profitable project was the Hardiplank fiber cement siding, which recouped 86.7% of costs, followed by wood decks at 81.8%, mid range vinyl siding at 80.7%, and upscale foam-backed vinyl siding at 80.4%.

Because today’s home buyers have much more to choose from in the way of housing inventory, any Bellingham home for sale must make a positive first impression. If you can wow a potential home buyer on the exterior, they will usually want to see the inside for a closer detail look, and increase your chances of making an offer. The curb appeal of a home today is very important in the eye’s of today’s home buyer’s. Most exterior clean ups can be performed quickly and easily, but for what ever reason they are not always being done. This is a missed opportunity by many Bellingham area home sellers.

If your marketing your home in the fall or winter you can do simple things like cleaning up your flower beds, rake up the fallen leaves, empty out the gutters, clean windows, and add some holiday decorations. In the spring and summer make sure the grass is cut, weed the flower beds, add some hanging or potted plants, and clean the sidewalks, driveways and porches. Always start at the front of the home working towards the sides and then eventually the back of the home. The staging of a home is not just for the interiors, the outside might be even more important to attract potential home buyers.

In addition to wood decks and siding, window replacements and kitchen remodels also returned a relatively high percentage of remodeling costs on a national basis. All types of window replacements - upscale and mid range wood and upscale and mid scale vinyl - returned more than 76% of costs. A major mid range kitchen remodel returned 76.0% of project costs, while a minor mid range kitchen remodel returned 79.5% of costs.

A home’s overall condition, appearance, location, and the areas economic climate are all factors that will influence the value of any remodeling project. That’s why it’s important to consult with a professional Realtor in your area when you want to enhance the value of your home. As Realtors we see hundreds, if not thousands, of homes every year with home buyers and we can provide valuable insight into what projects and improvements will make a difference with local home buyers. Give us a call and we would be happy to answer questions or view your Bellingham property in person to consult you on the local Bellingham real estate market.

Jerry Campbell - The Muljat Group - Bellingham WA - Bellingham WA Real Estate

Bellingham, WA - Some home sellers share the belief that when fall arrives and the leaves start to come down, so should their For Sale signs. But that could actually be a mistake for a home seller to remove their home from the market.

Buyers don’t have a month when they say they’re going to buy. They buy when they need to buy, and that need happens 12 months out of the year. Fall often brings out the more serious lookers who need to find a home right away. There is most definitely less competition because many sellers aren’t willing to stick it out through fall and winter.

The other thing to think about is the fact that as home values slip in our area, sellers run the risk of actually selling their home at a lower price for their home if they take it off the market now and re-list it in the spring instead.

However, the fall is a great time for home sellers to regroup and think about things like the selling price of their home and whether it is competitive. Take a good hard, honest look at what’s on the market right now. You want your house to be the best value. You have to price things realistically because of this buyers market that we are stuck in.

Sellers should also use the off season to their advantage. Putting up fall decorations — like a wreath on the door. Setting a few mums on the porch can bolster a home’s curb appeal.

Fall is also an ideal time to get rid of clutter and embark on home-improvement projects neglected during spring and summer. Home sellers may want to update the carpet, paint some interior rooms and do a thorough cleaning. In pricier homes, sellers should consider higher-end upgrades like adding granite counter tops, wood floors and ceramic tiles.

Think about hiring a professional home stager to help decorate your home, eliminate some clutter, and  rearranging furniture is also a good idea. Home stager are in my opinion one of the best investments a home owner can pay for to make sure they get the most value out of their home. Since it is the fall consider adding seasonal flowers, decorations, and maybe even select a new wall color and improve lighting throughout the house.

A stager is more important than in the past to rise to the top of the competition. You might as well keep the house looking new, even while living in it. And besides, you’ll get to enjoy the new life your stage home puts out until it sells.

Jerry Campbell - The Muljat Group - Bellingham WA - Bellingham homes for sale

If you’re planning on putting your home on the market consider fixing it up first. Simple cosmetic changes don’t cost very much and they can make a real difference to a buyer. The following are a couple of ways home owners can spruce up a home for sale:

1) Take out the stuff. You should throw out, or at least hide, the clutter. Pick up old newspapers and magazines from the coffee table and put the shoes away in the closet. Don’t let potential buyers be distracted by all your stuff. Homes look better without clutter. They also look more appealing with furniture, so fill any empty rooms you may have.

2) Polish and clean. You don’t want to show a dirty house. Mop the floors and scrub the counter tops. Clean kitchen appliances as well. If it’s an older model appliance, a little shine will make it seem newer. If a room needs a fresh coat of paint, then paint it. Try to stay away from bright colors, which might not appeal to every buyer.

3) Arrange your furniture. A good furniture layout can change the way a room looks. Try setting up chairs and couches around a focal point such as a fireplace.

4) Bring in a professional. Professionals in this arena are called stagers. Their fees can range from $200 for a two-hour consultation up to a couple thousand for a full house staging. Stagers can also provide any furniture and accessories that may be needed. A good resource to find a stager is the International Association of Home Staging Professionals.

Jerry Campbell - Muljat Group Realtors - Bellingham WA Real Estate 

Bellingham, WA -  With a strong local economy and favorable home buying conditions this  will prove to be a good time to buy or sell a home. There’s just too many economic conditions in place for home buyers, that are positioned to purchase a home, to ignore any longer.

Now is a good time to buy and sell real estate in Whatcom County, no matter what people may be hearing about the national market. The national media has focused too much on negative things that they only contribute to housing and economic problems instead of help. Thats the news cycle in general though, they tend to focus on negatives and rarely talk about the positive things in life. It’s unfortunate but very much true.

The Puget Sound economy is strong, unemployment rates are low, interest rates are low, local housing inventory is good and the return to good safe mortgage loans are back. It’s not a bad time to sell, especially if sellers will be turning around and buying, but sellers need to be flexible at the negotiating table in this type of market. With rental prices climbing over the last two years with less buyers in the market, It makes more sense to buy then rent currently. Coupled with the fact that home prices have plateaued or declined bodes well for home buyers.

I would have to agree with so many that a lot of the housing problems could be pointed firmly at the media, who are confusing the public by publishing headlines designed to appeal to emotions and reports that use local and national information to distort the truth at times. For them to report about the high number of subprime loans in the south and some how use that for the Northwest is confusing. The Northwest never got into the subprime loans on the scale of a lot of southern states, so no wonder we are doing so much better. But unfortunately that news is not getting out as much as the bad news from other parts of the country.

Limits on Federal Housing Administration loans were recently raised, which should give buyers more homes to choose from at favorable mortgage rates. Hopefully a bill that would lower the down payment requirement for FHA loans from 3 percent to 1.5 percent, making the loans more accessible to first-time buyers gets passed.

This past week both Fannie Mae and Freddie Mac were allowed to lower the amount of funds they kept in security from 30% down to 20%, freeing up two hundred billion for mortgages as well.

The subprime mortgage mess has made lenders return to “old school” restrictions and requirements. Buyers may have to get help from family rather than use a riskier loan. I think in the end it will be much better for buyers who use discipline in budgeting and learn to save for a down payment instead of securing no down payment loans of the past which teaches buyers nothing.

This “normalizing” of the market gives people a chance to take a few months and get their finances in order before purchasing a home.  I think if buyers put more of their own hard earned money in to a home, they will become less likely to fall behind in payments and go into foreclosure.

Jerry Campbell - Muljat Group - Bellingham WA - Bellingham Homes For Sale

Bellingham, WA - March is traditionally when homeowners thinking of selling their homes prepare their property for listing in the local Whatcom County real estate market. The winter holidays are usually the slowest time of the year because of the cold weather and holiday events. As soon as buds start to appear on trees it seems to be the real beginning of the listing season and for sale signs pop up in yards.

The last two years there have been a few more for sale signs than usual and they have stayed longer than the boom years from a few years ago. To stay competitive in this ever changing market most homeowners thinking of selling need an edge to get noticed. The best thing a homeowner can do is make sure their home is in show condition. I’ve posted about the importance of staging a home for sale before, so I won’t go into to much today. Our viewers might want to visit an article we posted called selling your home in a buyer’s market to get an edge in selling their home. There are also some good articles under our Seller Tips category that should help as well.

Bellingham and Whatcom County home owners have it a lot better than many real estate markets in southern states across the nation. According to the statistics, Whatcom County only had 19% of all loans in the sub-prime market, with 81% in prime lending. That number most definitely has dropped even more, now that the mortgage industry has returned to more normal loans. Just because Whatcom County has 19% of mortgages in the sub-prime market does not mean all of these will fail. It’s estimated that only about 5% of these will go into some form of foreclosure. By checking out the following national subprime mortgage map, county by county, home owners can get a better feel for where the real problems are across the nation.

If one were to look at the subprime map, you can see that the Northwest really doesn’t have the same problem that the many areas of the country are experiencing. I mention this because It’s really the negative chatter and consumer sentiment that is making our real estate markets tough in the Northwest. Because we are a national economy it does effect us locally, but certainly not like those in parts of California, Arizona, Texas, Mississippi, Florida, and many more states.

The thing most home owners should take to heart is that if your selling in a buyers market and planning to buy right away, then on the buying side you will gain that advantage. Actually no matter what market your in, as long as your selling and turning around and buying again…you’ll do fine. Happy Saint Patrick’s day everyone and may you find good luck in all your housing needs this year.

Jerry Campbell - Muljat Group - Bellingham WA - Bellingham WA Real Estate

 The real estate industry launched last week it’s version of an online encyclopedia called the Real Estate Wiki. A collection of real estate professionals got together and created the brand new wiki to provide a information on the real estate business in one place.

The new real estate wiki includes real estate definitions, frequently asked questions about home selling, home buying, finance process, home inspections and a whole lot more. The wiki will also provide interesting bio information on leaders in the real estate industry, real estate books, leading real estate brokerage companies, real estate associations, and real estate blogs. They go even further and tell the public about all the designations Realtors earn, courses they take, publications of the industry, our social networks and institutes as well.

With the reputation of the the larger Wikipedia as the world’s largest free encyclopedia on the Internet, this will allow a more targeted drill down to a specific profession like the real estate industry. Since Wikipedia has a reputation for being non-biased and independent the hope is that the consumers will be able to gather tons of useful information at one reliable source.

It’s estimated that at least ten million people work in the industry related to real estate including real estate agents, brokerages, mortgage, financial, construction, and appraisers. With so many consumers now searching the Internet for real estate related information this should be a big plus for buyers, sellers, and renters alike.

This will be very exciting to see how this all evolves and how the public in general takes to the new real estate wiki. This should be a great source for my local Bellingham WA and Whatcom County real estate markets.

Jerry Campbell - Muljat Group - Bellingham Real Estate -  360-739-7779

 As the cyclical real estate market takes a turn, and conditions in most parts of the country now favor the buyer. Often referred to as a “buyer’s market,” this means that the inventory of homes for sale exceeds the consumer demand. As a result, buyers can be more selective, and more conservative, with their offers. If you are trying to sell a property in a slower market sector, you might want to try some of the following advice to help your home go from “For Sale” to “Sold.”

Price your Home Right - The number one thing you can do to help your home sell in a buyer’s market is to price it right. A knowledgeable buyer, and an experienced real estate agent, will know value when they see it. If you price the property too high, you are unlikely to receive offers, since buyers know there are plenty of properties to choose from. Also, if you are forced to reduce the price bit by bit, buyers will not always revisit an old listing, especially if new offerings are continually being added to the MLS. If you are priced right, you can expect an offer within 10-15 showings from qualified buyers. Real estate agents that are just previewing your property don’t count.

Make it Show Ready - Make your property stand out from the rest. Do the required prep work, both inside and out, to give it the curb appeal, and charm, that will pique buyer interest. Follow the advice of your real estate agent, to help the home “show well.” Clean the clutter, shampoo the carpets, refinish the floors, paint the walls, etc. You, or your Realtor, should stage your home before each showing by turning on lights, opening blinds, clearing sidewalks of snow, and having heat on at a comfortable temperature. In a buyer’s market, you have to do everything you can to make your property rise above the rest.

Choose Wisely - Hire a real estate professional who has the experience, and network, to get your home sold. In a buyer’s market it is critical to have a professional who is working non-stop to set your home apart, and bring in potential buyers. A good Realtor will help you set the right price, tell you how to stage the home, market your property aggressively, and guide you through negotiations.

Marketing - Many Realtors you interview will tell you they have a real estate website. What you need to ask as a consumer is “How do you rank in Google, MSN and Yahoo”? If the real estate agents website your considering is not organically ranked in the first couple of pages, only consider one who does. Paid placement here today and gone tomorrow. Those sites may appear in the sponsored link section of your search results but can disappear latter that same day once the Realtor’s daily marketing budget has been met. 80% of the public uses the Internet to research and locate potential homes to buy. You need a top full time on-line marketing program not a part time one. People generally search by geographical location and the terms real estate, homes or homes for sale. 

BellinghamWAHomes.com is ranked consistently in organic search term results for Bellingham Real Estate, Bellingham WA Homes, Bellingham homes for sale, and Bellingham WA neighborhoods on Google. They also hold over 3 dozen top 5 positions in similar search terms in Google, MSN and Yahoo. Over an estimated 83% of the public uses Google as their search solution of choice. BellinghamWAHomes.com out ranks Realtor.com, trulia.com, Craigslist, and even most brokerage company’s in the Bellingham WA Market.

Bellingham Real Estate Agent

If you would like more information about the Bellingham Real Estate market as well as anywhere else in the Whatcom County Area contact us at 360-739-7779 today.

Jerry Campbell, is a full time real estate agent in Bellingham WA and prides himself on providing clients with professional guidance in all phases of residential sales, and especially in residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions.

Jerry Campbell - Muljat Group - Bellingham, WA 98225 - Bellingham Real Estate

 The days of marketing your home for sale in newspapers, magazines, radio and TV are slowly going by the way side. Sure you can still open up the Local Bellingham Sunday paper and one of the real estate magazines and find homes for sale, but that’s not where most buyers today spend their time looking for a home.  The old ways of advertising your home with the media giants are slowly losing its appeal and advertising dollars instead to the speed, ease and comfort of the Internet.

When the market takes a down turn like were experiencing now in the local Bellingham WA housing market the natural tendencies are for sellers to expect more advertising dollars spent selling their home.  So what usually happens, even today, is for sellers to look for their homes to be marketed in the Sunday newspaper, real estate magazines and do lots of open houses.

This might suffice the seller by seeing their home in a magazine, but to be honest, marketing dollars would be better spent if instead they went to marketing online.  One month’s worth of advertising in a real estate magazine can easily cost from about $200 to $500 plus for one page.  The sellers home is usually mixed in with 4-8 other homes on a single page where the real estate agent is showcasing the sellers property and of course that page competes for attention with 100 other pages easily. 

As a seller, your far better off having your home on line where according to the National Association of Realtors, 78% of all buyers search for their next home.  With the likes of of so many quality Realtor search engines on line, for searching real estate, it makes total sense to market your home on the medium of choice for most buyers today. 

Think about the home search in the mind of today’s buyer.  If you took two buyers and told one they could only use the Sunday paper, local real estate magazines and drive the neighborhoods where they wanted to live.  The second buyer had total use of the Internet to surf anytime of the day, and had to forget about the print media.  If I was a betting man, id say buyer two would have a clear advantage just because they would be right there when a brand new fresh listing hit the market.  In many cases a listing will be marketed in print media and by the time it hits the news stands it’s already pending.  

According to Mike Simonton, Senior Director at Fitch ratings he says, “it seems newspapers aren’t the vehicle of choice anymore. Instead, just as more buyers are doing their homework and researching for their next home online, sellers also are turning to the World Wide Web to get their home noticed.”  

“There are some obvious benefits to some of the online search tools that are unavailable in a print product,” explains Simonton.

He says things such as being able to target geographic locations, target price range and the features they want make searching online for a home easier and faster. Ultimately, consumers can filter out homes they don’t want and search specifically for what they do want “in a much more sophisticated way than you’re able to do in a print product,” says Simonton.

Today your Realtor can put your home on their websites and feature the property with unlimited photos, detailed information, virtual tours, PDF files, and so much more.  What an experienced Realtor can to today by utilizing the tools on line is really the way our market is moving. 

When I first got into the real estate business back in the early 90’s, before the Internet, I remember all of our listings were in a thick MLS book and we always looked forward to that new copy once a week.  I don’t think you can even find those big thick clunky books anymore at any of the state wide MLS boards.

This is the same slow death that the print media is experiencing today.  Trust me, there are still some old timers out there, that would like to go back to the mls books, not this guy….smiling.  Simonton has made some very interesting comments to think about when selling one’s home in today’s market and here are a few more:

The ink isn’t running dry in just the newspaper advertising world, “We’ve definitely seen an acceleration of advertising dollars toward the Internet and that’s going on across different mediums. The mediums that have been hurt the most are newspapers for sure, and then radio, broadcast television, Yellow Pages. Anything that’s traditional advertising has been hurt,” says Simonton.

However, real estate advertising in newspapers in some smaller local markets has not yet been affected but Simonton says the clock is ticking there as well.

“I think that as more people in these local markets use broadband some of the trends that we’re seeing in the larger markets will show up in the smaller markets in the future and it’s not so much that the smaller local markets are immune to these changes but these changes haven’t reached them yet,”

There is actually some lead time for newspapers and other mediums in the small markets. If they address the declining advertising revenues and start to move their content online they can help offset the loss in revenue by replacing it with a more real-time approach to advertising.

“Overtime they will need to have a very established online position in order to deal with the fact that most of the consumers in the market are using the Internet to get their information about what’s available in the local market,” explains Simonton.

For the price that’s currently being paid for print media in one month, a better solution is to build an on line presence instead where a sellers home could be on the Internet and virtually marketed 24/7 at much more affordable prices.  It’s just my opinion and my two cents…

Market your home today with Bellingham Real Estate - Jerry Campbell - Muljat Group.

 Relocation Assistance

Moving can often be a traumatic experience - especially if your moving to a new community in a new environment.  Let a professional Realtor assist you in making your move as easy as possible for you and your family.

Moving to Northwest Washington?  Rely on a local Realtor with experience, professionalism & integrity in assisting you in the housing part of your relocation move to Washington State.  A local Realtor should be knowledgeable of all the neighborhoods, schools, parks, and shopping in the area your considering your move to.

In your initial contact with your real estate agent, they should talk to you about your family needs and requirements, your new employment location, acceptable commute times, the time frame for your purchase and other important details.  Ask your Realtor for a relocation packet of information on the local communities of interest to you.

You might want to ask them for a couple referrals on mortgage loan councelors.  As the market in the Bellingham, Whatcom County area is so different than many other areas of the country, a qualified loan councelor can explain to you the various loan programs that are available.

Your Realtor should be able to assisst you with referrals to temporary housing providers, van line companies and other service providers.  Let them know what you need and in most cases they will be able to help you with all the details.

Moving from Northwest Washington?  Your Realtor can also assist you if your relocating from the Bellingham area by referring you to a real estate company and agent in your destination town.  Contact your Realtor and let them know where you will be moving to, the type of property you desire, your housing needs and requirements, and they will locate a Realtor in your destination area.  You will then be contacted by a Realtor with relocation experience in your new location and receive a relocation packet on the new area.  In most cases there is no cost or obligation for this service, but hopefully your pleased with the referral and you decide to purchase through that agent and company.

Your local agent should keep in contact with you to make certain your happy with your referral.  A Realtors goal is to provide a high degree of professionalism in assisting you and to make sure your transition to or from the Bellingham, Whatcom County area goes smoothly.  If there is a service you need in the housing part of your relocation, rely on your local Realtor.  Most Realtors really enjoy helping clients with the relocation process and consider it as part of their job titles, so do indeed ask for this important assistance from your local Realtor professional.

If you don’t have a Realtor in the Bellingham, Whatcom County area or in your move to Northwest Washington, feel free to contact me at anytime.  My name is Jerry Campbell, I’m a fulltime Realtor with The Muljat Group in Bellingham, WA.  Goto my local website for all your Bellingham WA real estate and relocation needs.