Bellingham Home Buying Update
Bellingham, Washington Home Buying Update July 1st, 2006
Bellingam, Washington homes are now averaging $310,000-$375,000 for the 3 bedroom, 2.5 bath (single family home in the city of Bellingham). Bellingham homes with a water view (Bellingham Bay or Lake Whatcom) average $550,000-$850,000. These are upscale homes with granite counters, upgraded gas appliances and good (not partial) water views.
Loren Adkins, Loan Officer with the Bellingham Branch (Barkley) of Horizon Bank, says ” the past housing market has stabilized and in transition from a seller’s to a buyer’s market. The last two years were very strong compared to this year. The reason for this transition is high demand, and rapid equity increases. Interest rates for a single family home has also increased, making more supply than demand. Current rate as of Friday is 6.5% for a 30 year fixed loan.”