April 2020 Market Update
It's almost the end of April, and we are over a month in from our initial stay at home order. I have kids at home, and the schooling at home is going......ok. I give major credit to the teachers, that's all I'm going to say. I have made a dent into my home projects, and made huge progress in my yard, but I am DYING to get out and do more business in person with all of you. I know that staying home is where we need to be, and it definitely is helping, but I miss in person human contact and connection. In my humble opinion, working from home is over-rated, but I am lucky that I have that ability. I hope you all are staying safe and well, and I can't wait to see your smiling faces!
Here is an update for what Realtors can and can't do, if you weren't on last month's email. We are considered essential, but in person contact must be limited.
* We can show homes, but can only show homes to one person at a time
* Showings and in person meetings in general must be by appointment only, even vacant homes
* Buyers MUST be pre-approved to see a home
* Buyers must be ready to write an offer now (this is not the time to be causally browsing, this is for serious buyers who need to. or are ready to buy now)
* We must take the most extreme precautions. Gloves, masks, shoe booties, no unnecessary touching of items in home, etc.
* We can do listing presentations, while practicing social distancing, or we can do them over a video phone call, like Zoom!
* UPDATE regarding staging and professional photographers. We can now hire professional home stagers and photographers, we just have to follow the guidelines above. There are also virtual staging options if you don't feel comfortable having extra people in your home.
PLEASE CLICK HERE TO SEE GUIDELINES WE ARE FOLLOWING FOR BUYERS AND SELLERS.
This leniency in our industry is ultimately designed to take care of our clients that are most in need. It is best for all of us to stay home as much as possible, but we will be able to help those that need to buy or sell now. I am taking the ultimate precautions while showing homes, gloves, masks, Clorox wipes, hand sanitizer, and washing hands when entering, and exiting homes. We are still not able to do open houses.
The biggest question seems to be, how is the market in Bellingham?
The market in Bellingham is moving right along, maybe not quite as fast as it would be, but it sure is moving. Less listings, but homes are still pending extremely fast. Still seeing multiple offers, and homes selling for over asking price. Here is a snapshot of the last seven days in Whatcom County as as whole (see image below). In the last 7 days we've seen 56 new listings, and 85 homes have pended, and 51 homes have sold. We will keep watching and reporting these numbers.
I want to wish each and every one of you wellness and health as we all continue to navigate through these scary times together. If there is anything I can do for you, whether it's an update on what's going on in the market, or dropping by some groceries or essential items (for my local friends), I am more than happy to help anyone who needs it. I am healthy, and social distancing as much as possible, and want to be available to help. Please contact me directly if I can help you in any way.
The March RE/MAX Housing Report shows that home prices are generally increasing across the county. The inventory of homes on the market has increased substantially from February, but we are still showing an overall decrease compared to the same time last year. The average home price in Whatcom County this month is $421,000 which is about a 5% decrease from the average seen in February 2020. However, this is still a 10% increase from March 2019 when the average home price was $377,000.
As we end the month of April there are still lots of variables that will come into play. We are still seeing low inventory, which continues to drive prices up. We will be closely monitoring the changes as COVID-19 runs its course.
If you have questions about the market, please reach out. I would love to hear from you. Have comments or want to chat? Contact me.
Dig into the details of the March 2020 Market Reports below!
Are you thinking about making a move? It's never too early to start planning, and I would love to be a part of your plan. If you have questions on where to begin, please reach out to me anytime. I would love to help!
I've attached links to a Free Buyer and Seller Guide that can help get the process started.
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