The Accordion Effect.
Yes, interest rates are low, so buyers are excited. Yes, inventory is low, so sellers are excited. Those two reasons alone make for an explosive market. But here’s our theory of two more contributing factors. You don’t have to play an accordion to understand!
Like an accordion, Bellingham is getting squeezed from the north AND the south.
To the north, over 37,000 millionaires have moved to British Columbia from mainland China in the last decade. Over the last several years, they have been buying into places such as Birch Bay, Bellingham, and Lake Samish while also driving B.C. housing prices beyond average Canadian budgets.
Then, to the south, there are cities such as Bellevue, where there is only one week of inventory. One week! Can you say multiple offers, pre-inspections for sellers, and dropping addenda such as inspection for buyers?
So, Bellingham home prices are being pushed north, and inventory is being squeezed south. You heard this tune here first, folks. It’s only going to get worse…or better, depending on your perspective.