Bellingham Housing Market
Bellingham real estate currently is down in value 9% from last year and sales are down to just under 25%. Realtors are leaving the business as a result of slower sales. The older realtors (those who have been in the market for say 10 or more years) tell me this is really a more normal sales environment for Bellingham, The rush to buy a home days of 2004-2005 made some newer agents think this was an easy way to earn a living.
Sellers are becoming restless when homes don't sell within 30 days and are now getting re-educated as to the realities of a sluggish housing market. Realtors in the Bellingham area are getting discouraged as well.
Investors now considering flipping (selling a home that is not their residence within 12 months of purchasing) now are required to have a building contractor's license and also to be bonded according to a new state law.
On a positive note, there are good deals to be had if you have a good credit score and some dollars to contribute to a conventional loan. Some seller's have reduced their homes over 10% of current market value just to sell them.