So here are the numbers for Bellingham Whatcom County Foreclosures.
Approximately 40% of home sold in Whatcom County are a short sale or foreclosure..aka distressed property.
There are 91 homes involved in a bankruptcy proceeding.
Currrent Bellingham and Whatcom County foreclosures total 166, with 66 homes in pre-foreclosure.
Between now, March 20th and April 10th there are 13 homes up for auction on the county steps.
While these numbers are low compared to the national statistics, they are high for Whatcom County.
However, on the bright side. Buyers are buying. Investors are investing. Why? Because the market values will go back up. Will we see the crazy appreciation increases of yesteryear? Probably not. Will we see real estate continue to out preform the stock market...absolutely.
Will interest rates go up. Yes, I am sure of it. When? I don't know. But they will go up.
So what does all of this mean if you are trying to sell your home? The majority of buyers who jump into the market to buy are buying for themselves. They have motivaion and timelines. They often start out looking for a bank owned, foreclosure, shortsale...something they "think" they can get a great deal on. However, the process for purchasing those types of homes is very, very long and complicated. After a month or two we start showing them other properties. So if you want/need to sell price your home right, and get it out there for the buyers to view. Make it a viable option.
If you are looking to buy, there isn't a better time. Period. $8,000 cash back, 100% financing programs, Rural Housing Programs, low rates, high inventory, and lower prices. It is really a no-brainer! Just plan on owning the property for 3-5 years. It is the highly exceptional property that will appreciate any sooner.