Several factors are combining to make the real estate market in Whatcom County a “perfect storm” of opportunity for buyers, The Bellingham Herald reported this week.

In an article on housing affordability, the paper indicated that with housing prices dropping and interest rates remaining at the lowest levels in 50 years, now may present the best time for real estate buyers to step into the market.  In fact, the article noted the Whatcom County Housing Affordability Index reached its highest level since 1994, when the index was created.

What Does That Mean?

In a nutshell, the index measures the ability of the typical family to make payments on a median price home in Whatcom County.  The higher the number, the more likely a larger number of people would qualify to purchase a home.  Definitely good news for those considering a purchase in Bellingham, Lynden, Ferndale and Blaine.

To read more about the affordability index and how the real estate market in Whatcom County is doing, click here to access the full article from The Bellingham Herald.

The Bellingham Business Journal reported today that the Bellingham City Council will meet January 10th at 12:00 p.m. in a special meeting to hear a proposed rezone presentation from Caitec USA Corporation. The rezones were approved by the Whatcom County Council in December, and involve rezoning 571 acres to R5A (1 DU/5 acres) from R10A (1 Du/10 acres), and approximately nine acres to be rezoned as Tourist Commercial.

The meeting will be held in the City Council Chambers, 210 Lottie Street. To read the complete BBJ article, click here.

Have you fallen behind on your mortgage payments, and don’t know what to do? Watch this brief video, and find out what a Short Sale is, and why it may be the solution you have been searching for.

Then contact me at 360.966.6726 or brad@bradhanks.com for a FREE consultation to find out if a Short Sale is right for you.

A recent post in The Lighthouse Blog reported that 231 undeveloped acres near Birch Bay was successfully closed just recently for a sale price of $2.6 million.  The property, located in the central Birch Point area, was purchased by land development company Jun Yu Development II, LLC.  The same company recently completed the purchase of the Birch Bay Water Slides in September for $3.2 million.

Mike Kent, a local Birch Bay real estate broker, noted that this sale is a recent example of “broad interest in Birch Bay area properties” once owned by the Trillium Corporation.  To many real estate brokers in the area, the activity and interest expressed in Whatcom County land points to a potential improvement in the market.

Read the complete blog post by Jeremy Schwartz here.

Kulshan Community Land Trust recently received $462,500 in state and federal grants to assist lower-income households in purchasing homes. Land trust Executive Director Dean Fearing said the money will help at least seven households with a home purchase, but added that it could help eight or nine. Read the complete post by Alex Ferreras of www.loansafe.org here.