Rich & Lylene's Blog

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Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Thu, 12 Mar 2009 13:55:47 -0700

I'm curious how / if you are using google maps to your advantage?

Spring is Just Around the Corner in Whatcom County / Bellingham

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Thu, 26 Feb 2009 21:01:52 -0800

Despite what you might think from last night's snow storm, the icy roads & your frozen car locks this morning, Spring is really just around the corner. The reason I can say that without reservation is this:

Every year about this time, Lylene starts to drop comments to me about how nice it would be if the windows were washed. It's just a subtle nudge at first but after 41 years of married the nudges become not subtle . It's when I find the squeegee, bucket & extension handle on my chair at the breakfast table that I know she really is serious about it & that if I don't want her putting the milk on my dry cereal the night before I actually eat it, I'd better get with it. Anyway, she has not put the window washing paraphernalia on my breakfast chair yet, but all signs point to that shortly.

Joe's Garden's Spring Opening
The next indication of Spring is the sign at Joe's Gardens ( I actually took the photo a few days ago & at that time they were scheduling a March 1st opening. It has now changed to March 2nd). All winter it stands there in silent witness to one of the Pillars of Free Enterprise in Bellingham. Anyway. I drove by the sign just a few days ago & saw that on the sign they had included their opening information. I just talked to Jason Weston, one of the owners, to find out what they would have available on Opening Day, the 2nd. Jason told me to expect a full complement of flower & vegetable starts. Joe's Garden holds a special spot in my heart for a variety of reasons beginning with the Weston family themselves. This is truly a family business, with Carl & Carol Weston purchasing the Garden from Joe Bertero in 1983 & in recent years being joined in the business by their 2 sons, Jason & Nathan. They have a work & family ethic that is a joy to see. I'm honored to call them my friends. Another reason Joe's Gardens is important to me is that it is this farm where my Mom's family lived before they moved to their home at 16th & Donovan. Just one more piece of historical trivia & then I'll move on. Jason told me that in 1922 Joe Bertero bought a farm from his uncle located on Iowa St & then purchased the farm at 31st & Taylor in 1933. Joe operated them both for awhile but because the Iowa St property continually flooded, he ultimately sold it. It would have been hard for him to imagine them that his Iowa St location would later become Auto Row.

Another tell tale Spring indicator for me are the robins. It seems as though there are always a few around but in the last couple of days I have noticed them in droves. In fact, our neighbor's cat practically had a seizure the other morning when a group of robins flew in their back yard. I thought for sure Felix was going to throw his jaw out he was chattering so hard.

If you don't put any stock in any of the above, this is the clincher. The newspaper coverage lately of the Seattle Mariners is the talk of many breakfast tables. Of course the addition of Ken Griffey Jr to their roster certainly added fuel to the fire. I understand that when the news broke, Seattle fans reached down in their pockets & in one day bought 17,000 season tickets. Hard to imagine that in the middle of the worst economy this country has known since the Great Depression of my parents generation that a single news story could have that much impact. Anyway, hope springs eternal but there are apparently a bunch of Seattle fans who are betting on their Team.

So with that said, I don't exactly recommend you rush out to sell snow shovels on Craig's List anytime soon, but you might want to start getting in the spirit of Spring because it's just around the corner. If you don't have confidence in my forecast methods, you can always check out the local weather forecast but I'll bet that my method is just as accurate.

By the way, if you or your friends and family have any questions about Whatcom County Real Estate, we'd be delighted to talk to you. You might be interested in our monthly "Whatcom County State of the Neighborhood Report".

When Things Get Back to Normal / What will Normal Look Like.

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Sat, 14 Feb 2009 20:54:13 -0800

"Boy, I'll be glad when things get back to normal!"
"When will we get back to normal?"
"When things get back to normal, I'll........

How often are you hearing these comments? Whether it's in everyday conversation or the news media, everyone is talking, wondering & speculating "When will we hit bottom?" and when we do hit bottom, "How long will it take to get back to normal?" It's funny that no one seems to be asking, "When we get back to Normal what will Normal look like?"

Lylene & I attended a business meeting a few weeks ago. The subject was the economy on both the local & national levels. The program was put on by a highly respected educator from Western Washington University. He opened the session asking for the audience to put aside ideology completely & instead provide dialogue regarding the "State of the Economy" in Whatcom County. There was no such thing as a right or wrong answer, no pre-judgments, no-judgmental comments - just dialogue, just ideas. Just open it up and let it all pour out.

Unfortunately, that is easier said that done - but not impossible.

I was part of such a group 5 ½ years ago when I was treated at Loma Linda University for prostate cancer. Being treated at the same time were 350 other guys, all with the same ailment. The thing that was interesting was that whether they drove a Cadillac or Chevy Nova, whether they had a PhD or a high school education or whether they vacationed in the Caribbean or their local camp grounds, when this group was together, the conversation always very open & sincere. "How long have you been here, How's it going, Are you feeling okay, Can you pee, or Can you...?" Believe me, the truth was laid bare with no reservation. Dialogue? You bet. Judgmental? Not a chance. Supportive? I have not seen anything like it since I was in the Marine Corps. Ideology? No such thing - just honest dialogue, plain & simple. It's amazing what happens when the only common denominator is 350 guys in hospital gowns with their rear ends exposed - pretty hard to be judgmental in that sort of environment. Things got to the basics real quick.

It's too bad that the sense of urgency & openness that existed among this diverse group of guys can't be replicated in meetings such as Lylene and I attended in Bellingham a few weeks ago. I guess a pre-requisite to attending the meeting could be a dress code requiring only white hospital gowns, but probably no one would show up but the Bellingham Herald reporter - and then only for a photo op.

Anyway, the call of the speaker for dialogue instead produced one liners, hard and fast opinions and accusations, leaving little room for open ended discussion. Interestingly enough, the overriding theme was how long will this last (the recession), when will we hit bottom & how fast will the recovery be so that things can get back to normal. The thing that was especially interesting was that in the Q & A session of the meeting, no one talked about what the "New Normal" will look like. That, to me, is the question that would or could result in some interesting discussion and needs to be reckoned with.

The reason for the "New Normal" is that just as the world changed after Sept 11, 2001, I think the financial tsunami that has hit the world economy will change us in ways we can't yet imagine.

My "Financial Normal" has evolved over time:

1) Early 1950's: I opened up a saving account to save for college
2) Late 1950's: I bought a guitar from Deye's Music Studio & paid for it $5.00 at a time until it was paid in full & then was able to take it home.
3) 1940's through 1965: Customers charged their merchandise at my Mom & Dad's drug store. No interest was paid on past due accounts. I'm sure that Mom & Dad suffered some loses but at that time a man's word was pretty much his bond.
4) 1965: I was discharged from the US Marine Corps & used the GI Bill to help finance my college education
5) 1970: Lylene & I were turned down when we tried to rent a TV for a few months because we didn't have a credit card
6) 1960's through 1970's: Major department stores had layaway programs. If you couldn't afford to buy things, the merchant simply put it away for you. You paid them monthly for the item until it was paid for & then you'd take it home.
7) 1972: I graduated from college and went to work for the largest retailer in the world. They didn't have a credit card option but instead had a "layaway program".
8) 1972: Lylene & I bought our 1st house in Tacoma. We bought it as a veteran with 0 down & a low interest rate. The price of the home was $16,000.00 & the payment was less than $100.00 per month
9) 1975: My 1st credit card was a Union gas card
10) 1980's: I always felt bad when I saw someone using their credit card at the grocery store because in our family it meant that you were on hard times
11) 1991: Lylene & I re-financed that house in Tacoma to buy some real estate in Bellingham
12) 1990's: We started to use a VISA card for the majority of our purchases to include groceries - Wow, had we changed!

So that was our "Normal."

Obviously, not only did we change but so did lending practices.

Up through the early 1990's, if you wanted to buy a house & had only a minimal down payment, the options were usually either FHA or VA financing. There were limiters on the use of VA loans which limited the veteran to only 1 active VA loan & thereby eliminated the use of this product for the accumulation of real estate. FHA had similar restrictions ie: you could have only 1 outstanding FHA loan with a loan to value higher than 75%. At the same time, a borrower could usually only have a maximum of 4 home loans outstanding that were backed by Fannie Mae or Freddie. So if you wanted to get creative with financing, you usually had to work with the seller, because there were no programs available though conventional lenders. Throughout the 1980's & 1990's Republicans and Democrats agreed that while on the one hand, home ownership was one of the keystones of a solid economy, on the other hand it was getting more difficult for Americans to buy. From 1980 to 1995 the number of Americans who owned their own homes stayed pretty much at 64%. The goal of the US government was to increase that percentage and therein lay the seeds to the crisis we are facing today.

Until 1995, if a bank loaned money for a conventional home loan, the buyer typically had to come up with a down payment of 20%. It's not hard to imagine how difficult this was for the average home buyer as prices increased. The Community Reinvestment Act, passed by the US Congress in 1977 to make it easier for banks to loan to people with low incomes, was revised in 1995 to allow banks to "securitize" these loans. They could bundle their loans & sell them at a profit to large investment companies, who then sold them to individual investors in the form of stocks & bonds. This took the loans off the banks' books, making it possible for them to make more home loans. This they did repeatedly & effectively. To make loans more attractive to the consumer, new loan products were developed: adjustable rates, shorter terms, interest only, 80/20 loans, lower down payments...and so on. As a result, many people were put in homes that they could afford only if values continued to increase so they could re-finance them at their inflated value. Home prices were rising so quickly in many areas that buyers felt little risk. Even if they still couldn't afford the payment after the run up in value, they could sell the house and make a handsome profit.

Running side by side with this investment frenzy was the stock market bubble with "Tech" stocks in the late 1990's. As investors in these stocks took their money out of the stock market they invested into the real estate market, which only added to the price run up.

In 1999, Congress repealed the "Glass-Steagull Act" which until then had prevented commercial banks from owning stocks & other securities. This allowed Banks to actually own mortgage backed securities, which, as real estate pricing continued to heat up, looked like a great investment for the banks.

President Bush wanted to increase the number of home owners, and, in particular, the number of minority home owners. In June of 2002, he announced "America's Home Ownership Challenge" which called on the lending industry to increase the number of minority owned homes by 5.5 million units. Congress then passed the "American Dream Down Payment Act" allowing minorities with poor credit & no savings to get a mortgage with the US government picking up the down payment. About the same time, the government encouraged Fannie Mae & Freddie Mac to increase the number of home loans to minorities.

The stage was set for a real "Wild West Show" in lending practices. Banks were falling over themselves to create the greatest number of loans. Standards for income levels, credit scores and down payments were all thrown out the window in the enthusiasm of making the deal. The "Perfect Storm" was set for the greatest financial catastrophe since the Great Depression. In 2007 it all started to unravel, and the entire economy was impacted. The hope today is that the Stimulus Package that President Obama will be signing this next week will bring to the economy enough shock & awe to break the back of the recession & get things back to "Normal".

And what will that look like?

Will normal be easy access to credit card purchasing?
Will normal be easy access to lines of credit?
Will normal be easy access to car loans?
Will normal be home ownership for everyone?
Will normal be a college education for those who choose to go?
Will normal be a standard of living that has been unattainable for the rest of the world, but that we have all become accustomed to?
Or...will normal become more of what Lylene & I experienced through the 50's, 60's, 70's and 80's?

I think whatever normal will be and how soon it can be achieved will be determined not by those who wear their opinions & ideology on their sleeves but by those who leave their egos at home & bring dialogue to the table. Our history suggests that it is possible. The Colonists did it in the Constitutional Convention in the 1780's, American citizens did it when they worked their way out of the Great Depression of the 1930's, those who lived through the 2nd World War did it with the Marshall Plan & those who wondered if all citizens of the US would ever be truly equal proved it with the election of the 1st black American to the White House.

How quickly we can establish the "New Normal" that we want to live in will depend in large part on whether we can mentally approach the problem in hospital gowns with our rear-ends exposed & not get hung up on ideology and positions. Without true dialogue, where all parties are considering all options and focusing on the needs of the country, the "New Normal" & when we arrive there may be a long ways off..

Bellingham/Whatcom County Real Estate Statistics – January 2009

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Fri, 06 Feb 2009 11:38:21 -0800

After the arctic weather Whatcom County experienced in December, it was not surprising that January 2009 residential sales were down from January 2008 real estate sales numbers. The number of homes sold in Bellingham dropped 38%, while Whatcom County residential sales were down just 33%, since Sudden Valley and Lynden actually posted small increases. Average sales prices of Bellingham homes dropped 38% from January of 2008, although the median sales price was nearly identical to a year ago. Whatcom County as a whole was a bit more consistent with last year, as the average sales price dropped 13% and the median fell 7%.
The smaller the sample (number of homes sold), the less meaningful a % change is. What can be meaningful, however, is the trend shown by the monthly numbers. This chart shows the number of residential real estate sales in Bellingham by month over the past two years, together with the average and median sales prices (shown in $1000's of dollars) in each of those months

Charts are wonderful because they provide a clear picture of what has happened in a market, which can give us some clues as to what may happen in the future. Let's look at what is important in this one.

Note the shape of the Residential Units Sold line from January of 2007 through to January of 2008. There was a distinct rise beginning in March 2008 that topped out in August and dropped off sharply in September, ending the year at approximately the same level where it started. This is a fairly typical seasonal sales curve. In 2008, however, the upward curve was relatively shallow, actually peaked in June, and ended the year lower than it began. The trend appears to be flat, with nothing to suggest that we are going to see a spike anytime soon.
When looking at the Average & Median Sold Price lines, it immediately becomes obvious that average prices have remained relatively level throughout the past 2 years - until October of 2008. In October, average prices didn't pop back up as they had been doing, and it looks as though the Average Price Line has found a new level.
On the other hand, look at what happened to the Median Price Line in October of 2008 and January of 2009. It was almost the same as the average. What caused the two lines to converge? It is actually a continuation of a gradual trend that began in December of 2007. More of the homes that sold were in the lower price ranges. As the number of sales decline, the presence or absence of just a few upper end sales has a pronounced impact on the average sale price, but a minimal impact on the median. Foreclosures and short sales may continue to pull the median and average prices down as the year progresses. The primary impact of these types of sales will be in the price ranges where they are most prevalent, which at this point still seems to be in the lower end.

What does this mean for buyers and sellers? For a seller, this is a good time to get your house on the market. Even with the shallow sales curve we had in 2008, sales began to increase in February. For a buyer, this is also the time of year when inventory starts to increase, which means you should have more choices over the next few months than you have had.

Regardless of whether you are buying or selling, it is critical that you get to know your segment of the market very well. Sellers need to price in the market or expect to still be showing their home in the fall, when sales begin to decline. Buyers need to be able to recognize good value when they see it or risk losing the house they want to someone else. For each of us, this can be the best of times or the worst of times - it all depends on what we make of it.

For ongoing real estate numbers, go to http://johnsonteamrealestate.com/. We update the site weekly with everything from interest rates to market conditions to information from Fannie Mae, the FED and the FDIC. Also, feel free to call us at (360) 527-8766 or e-mail The Johnson Team if you want to know more about a specific portion of the market - we track a lot more than we have space to report.
www.JohnsonTeamRealEstate.com also includes a constantly updated list of newly listed properties and a list of properties being offered as short sales, as well as the entire listing database of the Northwest Multiple Listing Service, fully searchable to your specifications.

Fannie Mae Updates Condo Financing Requirements

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Tue, 06 Jan 2009 20:39:53 -0800

In its attempt to stabilize the housing market by increasing investor confidence, Fannie Mae has tightened up a bit on its requirements for loans that it will buy. Since most lenders sell the loans they generate, and since Fannie Mae buys the majority of housing loans, they set the "gold standard". If a loan can be found with less stringent requirements, it will typically cost more in terms of loan fees and interest rate. So, changes made by Fannie Mae are extremely important to the markets and have a huge impact on an individual's ability to get a loan on a specific home

Condos have been hit very hard in the current downturn, so it makes sense for Fannie Mae to review its requirements in an attempt to make new condo loans safer investments. Why does a buyer need to know anything about the requirements? It's simple. It is very disappointing to find a home you love and then find out that you can't get a loan on it. Standards are different for "established" and "new" projects, but the guidelines that follow are the basics, and apply to both condo classes unless noted otherwise.

New projects require 70% to be presold - established projects require 70% owner occupancy.
All projects require fidelity insurance - this covers the value of the association's reserve and active funds.
No more than 10% of the project can be owned by a single entity.
No more than 20% of the project can consist of non-residential space.
Dues delinquency rates can be no more than 15%.
Borrowers must have individual insurance on their specific portion of the project.
The condo association must have at least 10% of its budgeted income designated for replacement reserves and adequate funds budgeted for the insurance deductible.
Payment abatements (HOA dues paid by seller or other concessions) are not allowed
The minimum down payment required for a primary residence in an established condo project is 10%. Credit score, purchase as an investment or second home or other factors could increase this requirement.
Some of these can be modified on a case by case basis

Ultimately, these requirements are to the benefit of a buyer. They lower the odds of problems in a complex, whether of the association or multiple foreclosures, that could negatively impact the value of an owner's investment. Many of them are disclosed in the resale certificate or public offering statement which a seller is required to provide to a buyer. As a preview of what may be in store, your lender can go to the Fannie Mae website to see if a particular complex is approved. From there it is just up to you.

You can meet the Johnson Team Real Estate on the web. Bellingham Real Estate Blog at Johnson Team Real Estate Bellingham Blog

Bellingham WA “State of the Union Real Estate Report” Dec 2008

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Sat, 03 Jan 2009 17:44:19 -0800

A client who has wandered the world once told us, after a particularly good travel story, "The most uncomfortable experiences always make the most interesting stories." As we look back on the current economic times, I'm sure that will be the case. What makes it uncomfortable today is that we don't know the story's ending. In the case of the real estate market, we want to know, "Will prices drop? Will sales fall? When should I buy or sell?"

None of the experts have those answers. Most of them admit that they didn't see the current situation coming and that we have no good historical examples to show us what to expect. But as humans, we want answers for the future, so the experts give us their best guesses, which range from a pickup in the 1st quarter 2009 due to excellent interest rates to softness through 2010 due to job losses and lack of consumer confidence.

The reality is that nothing in life is guaranteed and that each of us needs to make our own financial decisions based on our individual circumstances. Some people have to move regardless of the market, but more move by choice, and in today's market it still makes sense for some people to move up or downsize. The current actual value of your property really doesn't matter - what matters is whether that value will allow you to make the change you want to make in your lifestyle.

Statistics can show us what has happened in the past, don't help a lot in predicting the future, but give us some indication as to where we are currently, so let's look at some of the numbers:

Single family home sales in Whatcom County peaked in 2003 at 3052 units sold
Single family home average sale price in Whatcom County peaked in 2007 at $334,698
Condo sales in Whatcom County peaked in 2007 at 685 units sold
Condo average sale price in Whatcom County peaked in 2007 at $225,146

2007 to 2008 comparisons of single family homes in Whatcom County show the following:

26.4% fewer sold (2693 to 1981)
4.4% drop in average sale price ($334,698 to $317,740)
4.5% drop in median sale price ($290,000 to $276,900)

2007 to 2008 comparisons of single family homes in Bellingham show the following:

28% fewer sold (1219 to 881)
4% drop in average sale price ($375,161 to $359,151)
5% drop in median sale price ($315,000 to $299,000)

To summarize the numbers, the odds of a house selling at this time are lower than they were a year ago and the price may be a bit lower than it was, but there has been no dramatic drop. List prices are being negotiated down about ½ % further than they were a year ago.

To summarize the reality behind the numbers, the basics of buying and selling have not changed. There are people looking for property. When something comes up that fits their needs and is good value, they buy quickly and pay the listed price. Some areas and price ranges are more desirable and in shorter supply than others so pricing is stronger and sell times are shorter. With less new construction available, newer homes and nicely renovated homes have an advantage. To view this post in it's entirety access the Bellingham Real Estate Blog

For ongoing real estate numbers, go to www.JohnsonTeamRealEstate.com. We update the site weekly with everything from interest rates to market conditions to information from Fannie Mae, the FED and the FDIC. Also, feel free to call us at (360) 527-8766 or e-mail Info@JohnsonTeamRealEstate.com if you want to know more about a specific portion of the market - we track a lot more than we have space to report.

The Johnson Team also includes a constantly updated list of newly listed properties and a list of properties being offered as short sales, as well as the entire listing database of the Northwest Multiple Listing Service, fully searchable to your specifications.

Fannie Mae Stops Foreclosures - Temporarily

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Fri, 21 Nov 2008 11:19:36 -0800

In all the discussion and dissension over the $700 billion government bailout intended to stop the downward slide of the economy, it is encouraging to finally hear of some plans to help the "Main Street" we keep hearing about. Since this is where the problems started, it seems reasonable that it may have a place in the recovery.

On November 11, Fannie Mae and Freddie Mac announced a program to help homeowners in default on a loan held by the two entities modify the terms of their loan to possibly forestall a foreclosure. Today, November 20, Fannie Mae went one step further and announced a halt to foreclosures scheduled for November 26, 2008 through January 9, 2009. There are some limitations. It applies to

· All portfolio and MBS pool mortgages owned or guaranteed by Fannie Mae that are currently scheduled for foreclosure

· Foreclosures scheduled for sale from November 26, 2008 through January 9, 2009

· Single family properties only

• Occupied properties only

The purpose of this temporary halt is to allow time to institute the loan modification program announced November 11, which will begin on December 15. That program provides for the following potential options for those mortgages currently in default:

· Repayment Plan: paying off the delinquent amount over time to bring the loan current

· Fannie Mae's HomeSaver Advance: paying off the delinquent amount with an unsecured loan

· Modifying the Existing Loan: changing the terms of the loan to pay off the delinquent amount and/or lower the monthly payments

· Pre-foreclosure sale: agreeing to sell the property for less than the loan amount (typically a short sale)

• Deed in Lieu of Foreclosure: lender accepting a deed to the property from the borrower and cancelling the debt

Borrowers covered under this procedure should be receiving a letter from the foreclosure attorney or trustee handling their file. That letter will tell the borrower to contact their loan servicer (the company to whom they make their payments), to discuss alternatives to foreclosure.

While Fannie Mae & Freddie Mac hold or guarantee the majority of the home loans in the US, that leaves a lot that are held by individual lenders. This program does not apply to them, but you may find that they are actually more flexible. To qualify for the Fannie Mae/Freddie Mac program, the borrower must be in default. Chase and Washington Mutual (www.wamu.com/wamucares) are working with borrowers who are still current on their payments but can provide evidence of hardship, and there may well be other lender/servicers who are doing so.

The bottom line is that anyone who is behind on their mortgage payments or thinks they are going to get behind on their mortgage payments should get on the phone to their servicer (the place they make their payment) sooner rather than later. While Congress and the federal Administration are trying to figure out where to spend that $700 billion, some lenders are trying to solve the problem where it started.

For additional articles about the real estate market or the economy, click on our blog or our web site.

My House is Worth How Much?!?! / Changes in Bellingham and Whatcom County Real Estate Assessments

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Wed, 19 Nov 2008 17:47:35 -0800

If you own real estate on Lummi Island, Lake Whatcom, SuddenValley, Geneva or south of Lakeway Drive in Bellingham, you recently received a notice from the Whatcom County Assessor that your property is worth more than it used to be. Since real estate in these areas was last assessed prior to 4 years of rising real estate prices, it's not surprising that the Assessor says it is worth more today than it was in 2004. On the other hand, for the last few months you have been reading that real estate values in Bellingham and Whatcom County are falling, so why has your taxable value gone up 50%, 60%, 70% or more? The next big question is - does that mean your taxes will go up by the same percentage? And the last question is - what can you do about it?

Let's start with the Why. The law requires counties to determine the "market value" of real estate on a regular basis for the purpose of levying taxes. In Whatcom County, ¼ of the county is assessed every year. This system means that if there have been major market shifts, the changes can be huge over a 4 year period. But values have gone down over the past year, right? Perhaps. Generally speaking, homes in the upper ranges and raw land have dropped over the past year. Have they dropped to 2005 levels? In some cases, yes. On the other hand, homes in the lower price ranges, particularly in some areas, may have maintained their gains. The number of homes sold has also dropped over the past year, giving assessors fewer choices of comparable sales for real estate that is somewhat atypical.

Next Question: How much will your taxes increase? At this point, no one knows. Taxes for things like bond issues, which are for specific amounts, will not increase as assessed value rises. The percentage collected will change so that the same amount is collected based on the new total assessed value of all real estate in Whatcom County. The general fund taxes are a bit more complicated. Counties are limited as to how much additional property tax they can collect in any year over the year before, not counting the additional taxes gathered from new construction and development. Theoretically, actual taxes should go up considerably less than assessed valuse, but my experience is that a jump in one typically brings a jump in the other.

Last Question: What can you do about it? You can appeal, and if you can show that comparable property sales do not support the new assessed value, it can be reduced. The first step is to call the Whatcom County Assessor's office at 360-676-6790. If the assessor's analysis of your property is incorrect, they may be able to resolve it immediately. If they can't help, you need to file an appeal petition with the Board of Equalization. Appeals must be filed on forms available at either the Whatcom County Council office or the County Assessor's office, both in the courthouse at 311 Grand Ave in Bellingham. Appeals must be filed no later than July 1 of this year or within 30 days of the date on the change of assessment notice. They must be returned to the County Council office - a phone call or letter does not constitute filing an appeal. You will be notified when your hearing date is set.

I have successfully argued before the Board and been granted a roll back in assessed value of a property. The key is to provide the Board with the tools they need to make the decision you want. They do not have the power to reduce the assessment for any reason other than evidence of real estate values which would support the value you are claiming. Comparable sales are the best because value was established by the sale. Evidence of real estate comparable to yours that is currently listed at a lower price than your assessed value could also be of help. Comparable properties need to be as close to yours geographically and in basic characteristics as possible. Your evidence needs to be in writing and to the Board at least 5 days before your hearing so that they have a chance to review it (it can be submitted separately from your appeal petition). This will be much more effective than just showing up and telling them all about it.

The Whatcom County Assessor's office has an excellent website at http://www.co.whatcom.wa.us/assessor/. It has complete instructions on how to go through the appeal process as well as explanations of how assessment values are established and taxes are determined. If you need information on properties currently for sale or sold, go to our website at www.JohnsonTeamRealEstate.com, choose Recent Home Sales, and map your neighborhood. There is even a calculator that will estimate the value of your property if you enter the address. If you still need some help in deciding whether to appeal or in putting it together, don't hesitate to contact us at info@JohnsonTeamRealEstate.com or 360-527-8766. We'll do anything we can to help.

Bellingham / Whatcom County Housing Climate / An Opportunity or Crisis

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Sat, 15 Nov 2008 13:24:24 -0800

The current Bellingham/Whatcom County housing climate has created crisis for some homeowners and opportunity for some home buyers. As in any time of instability, there is the potential for risk on both sides. The first step to managing risk is to know the terms; the second step is to have some knowledge of the process; the third step is to have some knowledge of the potential pitfalls.

Short sale and foreclosure are terms we are hearing a lot recently in discussions of the Bellingham and Whatcom County real estate market, and many people use them incorrectly, which gets everybody mixed up. Let's try to make some sense of all this...but to do that we need to add a few additional terms. We'll talk about equity, default, distressed properties, bank-owned, REO and foreclosed. Don't worry, it really isn't all that hard once you know the vocabulary.

Let's start by defining the basic terms:

•· Equity - The amount left over after you sell your house and pay off all the liens (think mortgage, taxes, etc) and costs of sale (think real estate commission, repairs to sell, Washington State and Whatcom County excise taxes, title insurance for the buyer, escrow or attorney fees, etc). Many sellers forget about the costs of sale when calculating their potential equity, which is why you should always get a "net sheet" from your real estate agent. Note: an appraisal, a listing price, an estimate of value allow you to calculate only "potential" equity - you don't know how much you really have until the check is in the bank.

•· Short Sale - A sale in which there is negative equity. In other words, the sale price does not cover all the liens and costs of sale, so the seller must bring money to the table to close. If the seller can't or won't add money to close the transaction, (s)he may ask the lender to take less than is owed. The seller cannot sell under this circumstance unless the lender agrees, because the seller cannot provide clear title to the buyer. Note: whether the seller is or is not current on the loan payments has nothing to do with whether a sale is "short".

•· Default - A borrower (property owner) is in default when they have violated the terms under which they agreed to pay back their loan. Typically, this means they are at least 30 days past due on a payment. At this point they will most likely get a call from their lender or a written Notice of Default. It is very foolish to ignore these. Note: a seller in default can have a huge potential equity or none at all.

•· Distressed Property - An owner's primary residence which is in the foreclosure process or in danger of foreclosure because the owner 1) has defaulted on the mortgage; 2) is at least 30 days delinquent on the mortgage; 3) believes that they are likely to default on the mortgage within 4 months or 4) at risk of loss due to nonpayment of taxes. This is fully defined under RCW 61.34 and holds pitfalls and additional responsibilities for buyers who offer to help a seller avoid foreclosure. This is a Washington State consumer protection law and penalties are steep.

•· Foreclosure - The process between the Notice of Default and the auction on the steps of the courthouse. After default, fees & penalties are assessed and the interest rate jumps to the "default rate" as specified in the promissory note that the seller signed when they borrowed the money. During the early part of this process the seller can "bring the loan current" by making all past due payments plus extra interest, penalties, etc. The time comes, however, when a seller's only option is to pay off the amount owed (which at that point has grown substantially due to the extra fees). This can be done by refinancing the loan (but by this time they probably can't qualify) or selling the house. The seller does not need permission from the lender to sell, so long as there is sufficient equity to pay all liens and costs. Remember, a seller can be in the foreclosure process but still have equity in the house.

•· Foreclosure Sale - The final step in the foreclosure process, when the house is put up for auction on the steps of the courthouse and is purchased, usually by the lender, but potentially by anyone. The details of foreclosure sales are an article in themselves (there a number of books available on the subject), so we won't go into them here. Suffice it to say that when it is over, the borrower no longer owns the house and has a period of time to vacate.

•· Bank Owned, REO (real-estate owned), Foreclosed - These 3 terms all mean the same thing: the foreclosure process is over and the bank (or whoever bought it at the auction) owns the house.

As you can probably tell by now, the primary confusion arises because people often refer to a home at any point in this process as "a foreclosure". What we have just seen is that the conditions which govern what can happen to that home at various times in the process are very different, which means that the impacts on a homeowner and a buyer are very different.

Let's Look First at the Homeowner

The steps and time frames through the foreclosure process are defined by Washington State law, with a typical time frame between default and foreclosure sale of around 6 months. It is to a homeowner's advantage to renegotiate their loan or sell the house rather than have the bank foreclose, and they have a considerable amount of time to explore their options. For the purposes of this article, suffice it to say that getting into any of the positions described above has a negative impact on a homeowner's credit score, but the earlier in the above list that one acts, the less the impact on both credit score and overall financial situation. The absolute worst thing a homeowner can do is to pretend that they don't have a problem. The absolute best is to take action when they think they see a problem coming.

Homeowners sometimes have the attitude that they are going to lose the house and will never be able to buy another one anyway, so what difference does it make if their credit score is bad? Tragically, they are failing to think about how many aspects of their lives are influenced by their credit score, from renting an apartment to the amount of utility deposit required to the amount they pay for insurance - not to mention what happens when they need to buy a new car.

Losing one's home, or being forced to sell it is a tragedy, but a homeowner does have some control over the amount of the damage. Particularly in recent weeks, the possibility has increased that a bank will work with a borrower who is in trouble. The key is to contact them early.

How Does All this Affect a Buyer?

The impact on a buyer depends on what point in the process (s)he enters the picture. Note that the scenarios described below make the assumption that the terms of an agreement include those in forms provided by the Northwest Multiple Listing Service.

In a short sale situation, whether prior to the seller going into default or after, the buyer will be negotiating with the homeowner. However, the homeowner will be able to perform only if the lender agrees to the terms of the sale, meaning any agreement will be conditioned upon the lender's approval. This means there could be as much as a 4 month wait between agreement between buyer and seller and confirmation from the lender. This means that often a buyer must spend money on inspections and loan fees without knowing that they will be able to buy the house or what the ultimate interest rate will be on their loan.

If a house is in default and is therefore in the foreclosure process, but the seller has equity at the purchase price, there is no impact on the buyer. All liens will be paid from the seller's proceeds at closing and clear title will transfer to the buyer. The one exception to this is if the closing date falls within 20 days of a scheduled foreclosure sale. In that case, in the State of Washington, the buyer has a legal responsibility to consider the seller's interests above their own. It is critical that they talk with an attorney prior to entering into such an agreement.

If a house has been foreclosed upon, the lender (or other person who bought it at the foreclosure sale) is the owner. There are a couple of oddities in buying a foreclosed home:

•· Typically, a foreclosed home being sold by someone other than the lender is not eligible for a conventional loan within 90 days of the foreclosure sale.

•· Lender owners often have special addenda which they require to be included in any purchase and sale agreement.

•· Owners of foreclosed properties are required to provide the Washington State mandated disclosure form.

•· The deed given by a lender will not usually be a Warranty Deed, but title insurance will be provided for a buyer.

For the most part there is little impact on the buyer.

Summary

Hopefully we have given you a better understanding of the terms, the process and the potential pitfalls involved in buying and selling Bellingham & Whatcom County properties impacted by current problems in the credit markets. If you have more specific questions or need additional resources, don't hesitate to contact us at www.JohnsonTeamRealEstate.com for help.

Thanks to Gary Tice of Fairhaven Mortgage for reviewing this information for accuracy. Any errors, of course, are ours. If you would like to discuss financing or refinancing options, you can reach Gary at 360-224-1492 or gary@fairhavenmortgage.com.

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Downtown Bellingham Washington / Bellingham Central Business District

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Sat, 15 Nov 2008 13:14:27 -0800

The Central Business District in Bellingham, Washington is probably the most diverse neighborhood in Bellingham. The area includes a smorgasboard of businesses, services, activities and living choices. It includes the well known landmark of the Mt Baker Theatre For those interested in housing available in the Bellingham Central Business District or Downtown Bellingham, you can access the downtown Bellingham real estate opportunities offered by the Johnson Team by clicking here. There is a photo gallery & a virtual tour of the Bellingham Central Business District & Downtown Bellingham on The Johnson Team web site.

For those of you who own real estate in the Bellingham Central Business District & would like a quick on-line evaluation of value for your property, click here.

Bellingham's Central Business District includes:

Squalicum Marina, Zuanich Park with its Fisherman's Memorial, a variety of marine related services such as Bellingham Marine and Lummi Fish & some of Bellingham's finest restaurants.
Whatcom Creek, the former home of the Roeder Family lumber mill in the 1850's & Maritime Heritage Park
The home of the City & County offices, Post Office & Bellingham Museum
The downtown business core including local favorites such as The Green House, The Horse Shoe Cafe, Hohl Feed & Seed & a variety of others.
A trip downtown would not be complete without walking down Railroad Ave & perhaps stopping for a roll at Avenue Bread or a bagel at The Bagelry
On the week-end, the Farmers Market is a must
The Interurban Trail takes you through what will become one of Bellingham's most cherished spots ie: the redesign of the former Georgia Pacific site.
Through this entire area there are a variety of housing choices which range from a boat slip for the live aboards at Squalicum Marina, to a variety of apartment & condo choices in the downtown & waterfront areas.

This is the former site of the Roeder & Peabody saw mill built in the early 1850's. A slice of Bellingham's history that comes from the Central Business District's past would include the following chain of events that resulted in Henry Roeder & Russell Peabody building a saw mill. The site of the mill was on the east side of Whatcom Creek where the creek spilled over a water fall into Bellingham Bay. You might think it strange that these two entrepreneurs would choose an undeveloped site in a spot primarily known only by the local Indian tribes, but it just so happened that at this time the sailing fleet needed the perfectly formed fir trees found in Whatcom County. The fleet that supplying the California gold fields with everything from gold pans to bacon was being battered as it rounded the Horn of Africa & as a result needed a local supply of timber to re-fit the masts, spars & planking that was damaged during the trip. Roeder & Peabody supplied that need with their saw mill at Whatcom Creek, which is now the home of the Maritime Heritage Park. For those of you who would care to contribute to the section of our blog "Whatcom County Remembered", by including your memories of the area, I'd encourage you to contact us. Too many of the stories of Whatcom County history are being lost. It would be nice to create an informal forum for those past thoughts & memories to be recorded for all to share. We'd love to include your articles & photos.

From the City of Bellingham's web site you can access the Central Business Neighborhood Base map, the Bellingham Central Business District Neighborhood Circulation map, the Bellingham Central Business District Neighborhood Land Use map, the Bellingham Central Business District Current Use map & finally the Bellingham Downtown Neighborhood Zoning map.

Marketing E-Newsletter form The Johnson Team

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Tue, 09 Jan 2007 16:36:00 -0800

This is a newsletter that we e-mail out to our past clients on a monthly basis. I'd be interested in hearing what others are doing with e-news or postcards.

Team Talk

Can you believe that we are already over a month into the new year? It's amazing where the time goes.

The new year brings new changes at the Johnson Team. We are happy to announce the addition of Lenea Booher, as courier and administrative assistant to the team. Lenea is a Sehome High School and Whatcom Community College student. She is in the office twice weekly and handles the task of keep all our listings stocked with the latest flyers and marketing materials, as well as reception work around the office. She is a great addition to the team and we are happy to have her!

Mike and Kim are enjoying being the parents of a 3-year-old and all that it brings. Lauren's preschool activities keep everyone on their toes. Mike is anxious for the weather to get calm and get out on his boat. The new boat this year means that Kim and Lauren are much more likely to come along on trips as the new cabin is quite "plush." Mike did get to slip away and attend the annual Roche Harbor Fishing Derby, which he looks forward to every year!

Graham has been having a lovely winter with all kinds of new things going on in his life. The biggest event is the addition to his household: Mia, his new dog. She is a husky/shepherd mix and so loving and kind. Graham has also decided to put his condo on the market with the intent of moving into a small home in Bellingham. Something with a yard for his new best friend!

Fawn's getting pretty anxious since the end of the month brings the start of the World of Outlaws Sprint Car season and an end to the raceless winter. She was been busy the past month with all kinds of activities, including snow tubing up at Cypress Mountain in British Columbia and attending the monster truck races in Tacoma. She and Austin have also attended some indoor rodeos -- another of her favorite past times!

Nickie and Phil have been busy in the new year. They are looking at soon moving out of Sumas and into Bellingham. With Nickie now attending school at both Skagit Valley College and Whatcom Community College, the thought of a shorter commute just sounds great! School and homework have kept Nickie very busy this month. She finds herself really looking forward to the weekends when she is actually able to see her husband Phil and enjoy a little down time around the house.

Rich and Lylene have been staying busy as always. Lylene has really been enjoying being able to spend time with Graham and her new "grand puppy" as she likes to call Mia. Without a dog around their house, both she and Rich enjoy having one around from time to time. Rich has been working on his routine for his summer dance recital and wants to let everyone know to get their tickets early, as it will be a premier event. Rich also got a new car during the past month: a Jaguar, quite the upgrade from his Dodge pickup. Believe me, we get to hear about it. You will have to give him a wave if he passes you on the road.

Well, that's our month review. Happy Valentine's Day!

The Johnson Team

You can meet us on the web @ www.JohnsonTeamRealEstate.com

2006 in Review & a 2007 Prediction for Whatcom County Washington

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Tue, 09 Jan 2007 16:31:16 -0800

Real estate sales statistics in Whatcom County have provided an excellent example of why one must look into the numbers to see what is actually happening in a market. Let's use Bellingham as an example. 6% fewer homes sold in 2006 than in 2005. At the end of the year the number of homes with sales pending was down 5% and the number of homes for sale was up 35%. Those numbers are straightforward - now we get to the interesting one.

Despite these indicators of decreased demand, the average price of a Bellingham home that sold in 2006 was up 12% over 2005. Anyone who has been watching the sales of homes in Bellingham over the past year knows that this makes no sense. But numbers don't lie, so what is happening out there?

If we break the numbers down, the answer becomes clear: more homes are selling in higher price ranges, fewer homes are selling in lower price ranges, and this is not happening because homes are appreciating into higher price ranges - they aren't. Average prices for 85% of the homes sold in Bellingham have been stagnant between 2005 and 2006. On the other hand, the average price for the top 15% has increased substantially - and this is the important part - because substantially more of them have sold. What price range are we talking about? Over $500,000.

What does this mean to sellers in 2007? Get your price right when you first come on the market or you will probably get less in the long run (and it may be a long run). If your price is right, you can still generate competitive buyers, which will get you more money and get you moved.

What does this mean to buyers in 2007? Get yourself educated so that you know a good value when you see it and be prepared to move quickly with a strong offer. In this market everyone is looking for a "good deal", and they are like bees to honey when one shows up. Don't ignore a property just because it has been on the market for a while - the price may now be realistic. Don't wait too long to make that decision or someone else will beat you to it.

You can meet us on the web @ www.JohnsonTeamRealEstate.com

I didn't know my blog was being published here!

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Mon, 18 Dec 2006 18:56:17 -0800

That may sound like a stupid title, but unfortunately, it's the truth! I am the Communications and Marketing manager for the Johnson Team in Bellingham, WA and about a month ago our team owner, Rich Johnson, forwarded me an email saying that he had signed us up for Active Rain. I was extremely busy trying to get everything done before I went on vacation so I only just checked it out today. And when I did, I found out that the blog which I publish at www.johnsonteamrealestate.com/blog was also being published here!

Now, a few things to note:

1. I didn't know anybody was commenting because the comments were not appearing on our blog and I didn't not get any notification of them. So sorry to anyone that I have not responded to.

2. Time delay. I noticed that 1 of the posts was published on 12/12/06. I know this was not the time that it was published because I was in Mexico on the beach that day, not working on a real estate sales statistics post.

2.b) Futhermore, we have done 4 posts since and none of them are appearing here.

3. One of my posts was published twice, for which I was chastized in the comments. I fully agree with being chastized for this as it is very faux pas to double publish, except for one thing - I only published the post once on my blog.

So, that is where I am at. If anyone knows how to get the comments that are left on my active rain blog to appear on my Word Press blog, I would love to hear it.

In the meantime, thanks for reading and I will try to pay better attention to this!

Sales Statistics for Whatcom County / Bellingham Washington

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Tue, 12 Dec 2006 19:34:26 -0800

Here are this weeks real estate sales statistics for Bellingham, Blaine/Birch Bay, Ferndale, Lynden and Sudden Valley. These numbers show the percentage of homes listed that have a pending sales contract.

Bellingham: 23%
Blaine/Birch Bay: 17%
Ferndale: 15%
Lynden: 16%
Sudden Valley: 17%

To view graphs of the sales trends over the past 18 months and for a further explanation of the data go to http://www.johnsonteamrealestate.com & click on "Market News"

Sales Statistics for Whatcom County / Bellingham Washington

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Tue, 12 Dec 2006 19:34:26 -0800

Bellingham: 23%
Blaine/Birch Bay: 17%
Ferndale: 15%
Lynden: 16%
Sudden Valley: 17%

To view graphs of the sales trends over the past 18 months and for a further explanation of the data go to http://www.johnsonteamrealestate.com & click on "Market News"

Our Retrospect for Real Estate in Whatcom County / Bellingham Washington

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Wed, 29 Nov 2006 21:12:53 -0800

2006 Real Estate Predictions - Updated

Last December we looked at the Whatcom County real estate market and saw rising inventories, strong pending sales and slight declines in interest rates. Looking ahead through our crystal ball we saw a "strong, rising market, particularly in those areas where average prices are currently lower. Price appreciation closer to 15%, most of it coming in the lower ranges. Interest rates rising, but less than in 2005." Well, we can't always be right.

Looking back from the vantage of sales activity in residential and condominiums across the County through the 3^rd quarter, we see an increase in inventory of 72%, a decline of pending sales by 15% and increases in both median and average sold prices by 4% and 3% respectively. When we look at the year to year change from October 1 to date, we are seeing an average price increase of 1.6%. Not quite the 15% we expected at the end of 2005, but certainly not a burst bubble.

We're not ready to do an estimate for 2007 as yet - we're feeling a bit of a quickening in the market over the past few weeks and want to see how that develops. However, what we are definitely seeing is that the quickening is directly related to price. We are still selling houses within a week, even though the most current average is 52 days, but it is all about price. The best sell and the rest sit.

One of the indicators we will be watching is the number of vacant homes on the market. Owners of vacant houses usually have some pressure to get them off the market one way or another - they need to either sell them or rent them. At this point 47% of the houses and condos available for sale in Whatcom County are vacant. Many are new construction, but many are not.

So what is our prediction for Whatcom County real estate in 2006? Prices stable, interest rates still very good, inventory stable, pending sales stable but down from last summer. It sounds like a good market for both buyers and sellers: low pressure on the buyer looking for the right home and a guaranteed sale for a seller smart enough to price their home at the level of the market.

If you'd care to look at the "Market Report" section of our web site you can do so by accessing www.JohnsonTeamRealEstate.com scroll down to the bottom of the page. We have several reports that deal with the "State of the Market".

By the way, if you are interested in exchanging links with us, let me know.

"Fun Stuff" from Whatcom County Washington

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Tue, 28 Nov 2006 00:36:24 -0800

We are in the middle of a snow storm here in Western Washington. For you folks back East this is probably a walk in the park to you but for us out West, 15" of snow, blow'n northeast with temperatures in the low 20's is more than enough to get our attention.

We have posted a virtual tour of "Snow Photos", have e-mailed the link to our data base & asked them to share any photos they have taken of the storm with us so that we can post them to the virual tour. You can see the tour at www.HomeDebut.com/317901

By the way, if any of you would like to exchange links with us, let me know.

Follow-Up to "A Great Marketing Idea"

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Tue, 28 Nov 2006 00:25:44 -0800

I'm new to this so I probably didn't understand who to reply to but someone e-mailed me & wondered how much the moving truck cost. Since I'm not sure to whom to reply, I'll broadcast it to the world.......................

We have leased the truck from "On the Move". With insurance it costs us $876.00 / month. "On the Move" has a web site @ http://www.onthemovetrucks.com/.

If you access our web site @ www.JohnsonTeamRealEstate.com you'll see that we advertize the truck throughout the site.

If you have any questions, I'll do my best to help you any way that I can.

By the way if there are any of you who would like to exchange links, let me know.

A Great Marketing Idea

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Mon, 27 Nov 2006 16:59:27 -0800

We have recently purchased a moving truck that we make available to our clients & to non-profit organizations. It's on the road constantly. We ask the people using it to provide us with "Fun Photos" of them using it - warning them of course that we use the photos in our marketing & that it may show up where / when they least expect it. Fawn & Nickie put these photos into a hat each month & have a drawing - the winner gets a free lunch.

You can access photos of the truck at http://www.bellinghammovingtruck.com/

I'd be curious to know of any marketing ideas that anyone in the "Active Rain Network" has for their moving trucks.

New Section to our Web Site - "Market News"

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Sun, 26 Nov 2006 23:05:07 -0800

We have just added a section to our web site called "Market News". In it, we have included statistical information about the real estate market in Whatcom County Washington. We specifically cover the communities of Bellingham, Ferndale, Sudden Valley, Lynden, Birch Bay, Blaine, Sumas & Nooksack. It has been well received by our clients. You can access it at http://www.johnsonteamrealestate.com scrolling down to the bottom of the page & clicking on "Market News". Let me know what you think.

Real Estate Sales Statistics for Whatcom County Washington

Rich & Lylene Johnson (The JohnsonTeam @ The Muljat Group South) — Sun, 26 Nov 2006 22:25:17 -0800

Here are this week's real estate sales statistics for Whatcom County, specifically Bellingham, Blaine/Birch Bay, Ferndale, Lynden and Sudden Valley. The pending ratio (percentage of homes for sale that have a sale pending) in each city are as follows:
Bellingham: 23%
Blaine/Birch Bay: 17%
Ferndale: 18%
Lynden: 19%
Sudden Valley: 17%

To view charts of the real estate sales trends over the past 18 months and for a further explanation of the data, please access www.johnsonteamrealestate.com scroll down to the bottom of the main page & click on "Market News". You can then access a page that will explain our listing / pending ratios by clicking on "How is the Market". I hope you find it interesting.