Single family homes in Bellingham WA continue to move at a brisk pace, and prices remain up even as there seems to be more inventory of homes for sale than in previous months. The market appears to be poised to take a breather with a seasonal slowdown, but the Bellingham real estate market area is still far from a “balanced” market, showing a supply of only 2.1 months available for single family home sales. It is still considered to be a seller’s market in Bellingham, though there are still great deals for buyers who are attentive to the market and agile in their buying decisions.
With interest rates on a steady climb, buyers who are looking to finance their single family home purchase are advised to make the move before spring, when rates are projected to be up another .25%-.5% from where they are now. Each successive rate increase reduces a buyer’s purchase power, and single family home sales in Bellingham are expected to continue to move higher, with prices continuing up as well. This “double-whammy” can derail purchasing options for would-be homeowners. Many buyers who have waited for the market to cool off have now been priced out of the Bellingham market, forcing them to widen their searches to other parts of Whatcom or Skagit Counties.
Next year’s expectations for the single family home sales market in Bellingham are generally more of the same from this past year – lower inventory of homes for sale, increasing prices and increasing interest rates.
For more information regarding the single family homes for sale in Bellingham WA area, contact me today!