Are you wondering why investors and other savvy buyers are taking advantage of this market?  It's Summertime, 2009 and Bellingham and Whatcom County prices have stabilized, interest rates are low and there are great programs out there to assist with down payments. If you are still sitting on the fence waiting for a good reason to buy, how about this one? The purchase of a home has a huge beneficial impact on the local economy.  Let's face it, every local economy can use more tax revenue, jobs and general infusions of cash. The purchase of a home impacts all three and if you keep your choice of services focused on locally owned business, the impact is even greater.  You can make a difference, and it's as easy as falling off a log (or hopping off a fence.)

 

According to the National Association of Realtors, the average home sale generates, $62,000 in additional economic activity for every house sold.  Every home sale triggers other purchases and payments. Furnishings, appliances, remodeling and repairs and moving expenses, are expenses that are incurred on both the buying and selling side of the transaction.  Other payments and fees include the necessary inspections, escrow and title services, County excise taxes, loan fees, etc. all contribute positively into the local coffers.

 

$62,000 may seem like a lot, so let's look at a Real Estate Transaction here in Whatcom County.  Althought it varies greatly from Bellingham, to Lynden to Ferndal, as of the end of June the median price for a home sold in Whatcom County, to date, was $265,000.  Out of that came commissions, which are further injected into the local economy by the activity of each agent, closing costs, which include loan, escrow and title fees as well as the excise tax, etc. 

 

Total                                   $43,900 

 

So you can see that even with this modest home sale and conservative numbers assigned to our remodeling and furnishing budget, this sale had a BIG impact.  Keeping that money close to home by utilizing locally owned business (like Coldwell Banker Miller-Arnason of course!) can make really make a difference in keeping the money in our community, which means more jobs, which means more goods sold, and on and on.

 

Thanks for indulging me. Give me a call if you have any questions about this blog or with any real estate question you may have.

 

Sally Farrell

393-7339