So, we have all heard the buzz that the real estate market has "burst its' bubble". While this may be true in some areas of our nation, the market is still strong in Western Washington State. In fact, home sales in Bellingham are slightly up this year over last year. The major effect on our market has been that homes are staying on the market slightly longer than they have in years past. Additionally, home value increases of 20%+ that we experienced in 2004 and 2005 are no more. House prices are up SLIGHTLY this year (about 2%). So, we are no longer a sellers market, but not quite a buyers market either. Many people have expressed to me that they are waiting to buy a home in Bellingham when prices start dropping. I don't think that this will ever happen. At best we may hold steady on prices going in to 2008. Photo credit toreofteness.com.
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