Well, it's a beautiful Monday morning on February 9, 2009 in Bellingham's Fairhaven District. At present, the sun is still shining and the bay view is stunning!
Do you KNOW....that a Republican amendment, presently working its way through Congress, will temporarily offer homebuyers a tax credit worth $15,000 or 10 percent of a home's purchase price, whichever is less, with the option to utilize all in one year or spread out over two years. The credit does not have to be paid back. This credit is available to all purchases of any home from date of enactment for one full year-no longer just a first-time homebuyer credit. Buyers must occupy the home for two years as their principle residence because it includes a two-year recapture provision (which means that if they leave the home within the two years, they have lost the credit).
This amendment is NOT FINALIZED yet, but is something you may wish to keep tabs on if you're thinking of buying a new home. It might also be advantageous to check with your CPA for any clarification, further information or details.*
*
Washington Association of Realtors, Washington Economic Stimulus Package Update 2/6/09
Friday morning, February 6, 2009, Bellingham residents drove to work in the rain. However, we now see the clouds separated by patches of blue! Does this mean there's hope for a sunny weekend?
Do you KNOW....Zillow.com's real estate report gave Whatcom County a home value index of $264,262? So while homes prices in Whatcom County continued to fall in 2008, they did not fall as steeply as much of the country. 12.8 percent of Whatcom County homes sold for a loss in 2008 and 10.4 percent of all homeowners in Whatcom County were in negative equity at the end of 2008, meaning they owe more than the house is worth. However, the U.S. average was 17.6 percent. 5.2 percent of the transactions in 2008 were short sales, which means the proceeds of the sale is less than the amount due on the seller's loan; the U.S. average was 10.9 percent.*
*Information gathered/quoted from Bellingham Herald, Business Notebook
By the way, if your looking to buy a home, check our Home Page for the Open Houses being hosted by our office this weekend.
On Thursday, February 5, 2009, the sun is shining in Bellingham and the weather appears to promise continued sunshine throughout the day...no clouds yet! By the way, did any of you see the beautiful sunset last night? We at Fairhaven Realty found it awe inspiring with its magnificent colors.
COMICAL TIDBIT: The following is from a book entitled Disorder in the American Courts and is something a person actually said in court, word for word, taken down and now published by court reporter(s) that had the torment of staying calm while this exchange (and others) actually took place.
ATTORNEY: Can you describe the individual?
WITNESS: He was about medium height and had a beard.
ATTORNEY: Was this a male or a female?
WITNESS: Unless the Circus was in town, I'm going with male.
...more to come
Wednesday, February 4, 2009
Do you KNOW...that a new regulation effective January 31, 2009 (WAC 308-124C-050) requires each designated broker to establish a written office policy that includes a procedure for referring inspectors to buyers or sellers? This policy addresses the consumer's right to freely pick a home inspector of their choice and prevent any collusion between the home inspector and a real estate licensee.
IF a licensee refers a home inspector to a buyer or seller with whom they have or have had a business or familial relationship, full disclosure of the relationship must be provided in writing prior to the consumer using the services of the home inspector. *
*NWMLS Bulletin, 1/26/09
Tuesday, February 3, 2009 A lot is happening at Fairhaven Realty today. The agents are presently touring several new listings and prospects are looking good! So if you need to buy or sell or are just plain interested in market trends, give any one of our experienced agents a call.
Financial institutions are telling us that interest rates are now at 5.125% on 30-year fixed with an APR of 5.349% and 4.875% on 15-year fixed loans with an APR of 5.018%. These rates may vary from institution to institution and depend on their loan fees, so please verify current rates with your lending institution. This could be the ideal time for you to buy your home in Bellingham, WA or any one of the fine cities in Whatcom County!
Well, here's a bit of trivia we at Fairhaven Realty found interesting. You may want to watch what you throw away! A 100-year-old Ellsworth Woodward painting was found in Goodwill's Nashville warehouse and has sold for more than $8,000 ($8,101 to be exact) on their online auction web site.* *Information gathered/quoted from Bellingham Herald 2/28/09
Do you KNOW...? Quiz on latest news tidbits!
What has been the fastest growing neighborhood in Bellingham over the past 5 years?
The Guide Meridian/Cordata neighborhood has been the fastest growing with a 175 percent increase in houses and an 82.4 percent growth in the number of apartments and condominiums. This neighborhood gained 1,139 multifamily units and 238 houses over the past five years.
What trend has the Fairhaven neighborhood experienced in the past 5 years?
Fairhaven has seen an increase in apartments/condos and a decrease in houses. The multi-family housing has grown 83.8 percent making this neighborhood now more than 70 percent multifamily units compared to houses. In 2003 it was 55.6 percent multifamily.
While Bellingham's comprehensive plan calls for multifamily units making up two-thirds of housing and single-family homes making one-third in the year 2022, what has happened in the Silver Beach neighborhood over the past 5 years?
Silver Beach lost 219 multifamily units and gained 98 houses. This neighborhood is now more than 70 percent houses with more than 20 percent multifamily and the rest mobile homes.*
*Information gathered/quoted from Bellingham Herald 1/26/09
Do you KNOW...that The Housing Assistance Act of 2008 passed by Congress to help people who were losing their homes in foreclosure has a few side effects? One of which limits the capital gains exclusion on a property that you have purchased or will be purchasing as a vacation home or possible rental and intend to live in later. You now have to prorate the gain between the periods the property was not your primary residence and the periods that it was. This non-residence period takes effect after January 1, 2009. So, if you are planning on moving into a current rental or vacation home, you may want to do so as soon as possible.
Before purchasing any property with the intention of using it as a vacation /rental home and then moving in, be sure to consult your CPA regarding how the Housing Assistance Act of 2008 will affect any capital gains exemptions.
Statistics from First American Title reveal that total real estate sales for Whatcom County in December were 256. For the entire year of 2008, there were 4,194 real estate transactions-down 1,820 in sales from 2007 equaling a 30.3% total drop.
· Bellingham real estate sales in 2008 were 1, 999, down 849 from 2007, a 29.8% drop from 2007.
· North County (Frn, Lyn, Bln) sales were 1,787 down 787 from 2007, a 30.6% drop from 2007.
· E. County (Dem, Sumas) sales were 408, down 184 from 2007, a 31.1% drop from 2007.
Did you know...that for the 18th year in a row the Labrador Retriever is America's favorite purebred dog as tallied by the American Kennel Club? The top ten dogs for the Pacific Northwest are as follows:
- Labrador Retriever
- Golden Retriever
- Yorkshire Terrier
- Cavalier King Charles Spaniel
- Poodle
- Chihuahuas
- Pug
- Bulldog
- Dachshund
- German Shepherd Dog
Do you KNOW...that about 40 Bellingham REALTORS® and representatives from all the local title companies plus a home inspector received a standing ovation for their attendance and support at the Legislative Day held in Olympia on January 22, 2009? WHY were we there? Economic Stimulus and Legislative Priorities in 2009 were the issues discussed. These issues affect not only our community in Bellingham but the nation as a whole.
Economic Stimulus starts with real estate. Every 1000 home sales equals $126 million in economic activity, creates 935 jobs and accounts for $37.5 million in wages.
The Legislature wants to bolster demand in the housing market by providing down payment assistance for first-time home buyers and increasing the debt limit for the WA State Housing Finance Commission to expand the Down Payment Assistance Program. They also hope to prevent over-supply by helping struggling families prevent foreclosures with refinancing options and home-buyer education.
The Legislature plans to remove the roadblocks to home sales by encouraging professional real estate help when those struggling need it the most. They hope to do this by clarifying the Distressed Property Law that took effect in 2008. This clarification includes an emergency clause so the bill would take effect immediately upon signature by the Governor.
The Legislature can't afford to further harm the real estate market. REALTORS® oppose taxes on homes, businesses and services that would hurt real estate and have a negative impact and further threaten our struggling economy. Taxes on services would add thousands of dollars to the closing costs of buying a home.
Gloria Calderhead, Managing Broker
Did you know...that REALTORS are required to take a Code of Ethics class and make a pledge? I will give you the pledge.
I AM A REALTOR®
I Pledge Myself To strive to be honorable and to abide by the Golden Rule;
To strive to serve well my community, and through it, my country;
To abide by the REALTORS' ® Code of Ethics and to strive to conform my conduct to its aspirational ideals;
To act honestly in all real estate dealings;
To protect the individual right of real estate ownership and to widen the opportunity to enjoy it;
To seek better to represent my clients by building my knowledge and competence.
Check out our new waterfront listing in Glenhaven at $199,500! Listing #29010516.
Nanc McNamar, our Real Estate Fairy, has a role in the play presented by The Bellingham Theater Guild, The Penultimate Problem of Sherlock Holmes, from January 30-February 15, 2009.
Stephanie Johnson, Associate Broker with Fairhaven Realty, was just elected President of The Old Fairhaven Association. The Old Fairhaven Association's purpose as a non-profit organization is to promote Fairhaven as a community while preserving its historical character. Stephanie is also Whatcom County Association of Realtors® and Washington Realtors® State Director and is active both locally and on a statewide level.
Last but not least, our Managing Broker, Gloria Calderhead, just earned the prestigious Certified Real Estate Brokerage Manager (CRB) designation presented by the Council of Real Estate Brokerage Managers. Gloria Calderhead is a member of the Whatcom County Board of REALTORS®, the Washington ASSOCIATION OF REALTORS® and a past state and local WCAR Director.
