The year 2022 was a good one for Bellingham real estate! I enjoyed working with home buyers and sellers, across the real estate spectrum: from vacant land, starter homes and historic character homes to new construction and luxury homes.
I love meeting new people, getting to know them and what they’re looking for, and then searching for that perfect fit. And as is typical for me, all of my clients in 2022 came to me as referrals from past clients, their families and referrals from friends. That’s how I like to do business! I’m not here to convince anyone that they should buy or sell property, but to help them achieve their goals. So instead of focusing on mass marketing, I like to focus on the folks I know and care about.
This last year that included: A couple excited to have a home in Bellingham so they could have lots of visits with their first grandchild; an artist thrilled to find a home that already had an art studio set up; an entrepreneur creating a luxury rental property; a long-time neighbor and another long-time friend selling properties.
Bellingham was a hectic real estate market in 2022, with multiple offers, sale prices escalating over the list prices, and frustrated buyers losing out on multiple properties before finally winning in bidding wars.
The market has shifted, though, and interest rates on mortgage loans are now hovering just above 6 percent, up from the 3 percent range at the beginning of 2022. This increased cost of buying has helped slow the pace of home sales, with the time on market for real estate listings lengthening from a few days, to a few weeks or even months now. And prices are settling down – if properties are priced well, they are still selling close to list price, but sellers who are having a hard time adjusting to the new reality are finding they have to reduce the price, sometimes a few times, in order to get an offer.
With all this said, I’m looking forward to 2023, helping buyers and sellers navigate this new and ever-changing real estate reality. It is more important than ever to have a real estate professional to help with the very important details involved in a successful transaction.
Give me a call – I look forward to getting to know you and help you find, or sell, real estate. Happy 2023!