Can you believe 2025 is almost here?! To get you prepared for the New Year we're dropping our end of year update, so get cozy and take a look!

Interest Rate Woes

We’ve all become accustomed to mortgage interest rates over 6%, and it’s looking like 2025 isn’t likely to bring any great relief to homebuyers who have been waiting for rates to adjust back down. Experts are predicting more volatility in the market as we move through the year and expect interest rates to be fluctuating frequently instead of steadily rising or falling. This would cause peaks and valleys in rates that could last only a few days at a time. The best advice if you are looking to buy in 2025 is to be ready with your loan preapproval and stay in close contact with your lender so when the market is favorable you can lock in at the lower rate and shop for homes knowing what your monthly costs will be. If you don’t lock in your rate when it’s low enough that your monthly payment is affordable you may end up finding a home that you thought you were qualified to buy that has suddenly become unaffordable. On a $600,000 loan amount even a small .3% rate increase could increase your monthly payment by more than $120. With high housing costs in our area many people are buying homes that max out their preapproval limit meaning that extra $120 per month (equivalent to over $18,000 in purchasing power if rates were equal) could make that house unaffordable.

Keep Your Eye on Changes Coming in 2025 and Beyond

ADU laws in Washington: New regulations for additional dwelling units (ADUs) could bring big changes to housing density and real estate investment opportunities. 

Nooksack Basin Water Adjudication: A pending lawsuit brought by the Washington Department of Ecology could bring water usage restrictions and changes to development for homeowners on private or shared wells within portions of Whatcom and Skagit counties. Click here to see if your property is affected, and if you are look out for a piece of certified mail starting in March 2025.

More to Come: We’ll be doing some deep dives into these topics in 2025, so keep up to date by subscribing to the Dwellingham Youtube channel and following our Instagram page to learn what the heck is going on and how it affects you.

Thank You!!

The majority of our business in 2024 came from our amazing past clients, and the friends and family they sent our way. We would be honored to help you with your real estate needs in the coming year. And if you know anyone gearing up for a move, drop us a line so we can reach out and make sure they have the best experience! Thank you for your continued trust and support! 

If you have any questions or need assistance, please don't hesitate to reach out. Wishing everyone a very happy New Year!