My Homebuying Story

It was October of 2018 when I submitted my first loan application. This was before the Cohen Group, before I had an iPhone, before I’d ever produced a single podcast or made a single Instagram reel.

I was three years post-WWU graduation, and was living with multiple roommates while saving up for a small down payment. In 2018, the median home price in Whatcom County was $380,000 and the median condo price was $250,000. Oh how times have changed…

I toured a darling townhome in Everson but I didn’t write an offer on it. Other personal life factors were in play, and while I sometimes look back at the appreciation gain of that specific property of the years in moderate regret, it turned out for the better. Because I didn’t have a mortgage payment I was able to quit my job in 2019, take two full months off of work, and then land with a scrappy, up-and-coming crew called the Cohen Group NW in August of 2019. 

25 year-old Tiffany went into these decisions fully aware that my homebuying goals would be delayed by at least two full years.

What I didn’t know was that a global pandemic would land just a few months later, and send the world - and my industry - into a tailspin. Real estate was dead in the water for a few weeks, and then back to only ‘essential’ activities for the next couple of months. Here again, I was thankful for the financial cushion of 5 years’ worth of saving up, but was also very cautious about dipping into those reserves. 

When we went back to our office in June 2020, median home prices for Q2 2020 were hovering around $425,000. It was at this time that Cooper and I launched the Local Market Update series, explaining housing data for our city and county.

Prices rose quickly - Whatcom County’s median price of $441,000 in 2020 rose to 545,000 in 2021, an astronomical 23.5%. I eagerly awaited filing my 2021 tax return, previewed a couple of listings in Everson, and, armed with allllll the documents, turned to the wonderful Ian Mullen (now branch manager of RWM Home Loans) for my second loan preapproval.  This was a season of over-ask, multiple offer situations, and so I pounced on the first great opportunity - a small two-bedroom condo off of Sunset Drive in Bellingham. I befriended the HOA president, wrote an all-out offer, connected with the listing agent, and submitted my offer that Friday. 

And waited.

The home hadn’t had an offer with more than a week on the market, but two other people ended up writing at the same time as I did, and I didn’t win this one. 

By Tuesday the following week, interest rates had increased so much that even if that winning offer had backed out, I wouldn’t have been able to afford the condo anymore. 

This was April 2022, and on the professional side, we felt the shift in the market begin around this time, with two listings we had in core Bellingham neighborhoods. On June 13, 2022, Mortgage News Daily reported a national average of around 6.11% for that week. 

This was an emotionally rough time for me. I’d been so purposeful with my finances and was advancing in my career, and seven years after graduating university, my primary milestone goal was still out of reach. I’ve cried in the studio more than once after reporting year-over-year price growth, feeling that my turn might never come. 

Ian received multiple hypothetical inquiries, asking about payment scenarios for homes that came on the market - “what about this house, with 5% down and at 6% and at 7% rates?” While the waiting game from May to December 2022 was hardly fun, it was incredibly educational to review these scenarios and get a regular sense of the if-thens in the complex algorithm that makes a loan approval.

Rates peaked at 7.24% for a 30-year fixed in November 2022 (same caveats about national averages, etc) and finally the new year hit. Which meant a new but shorter waiting game, as I watched out for the W2s and deduction documents and compiled my 2022 tax file. 

And then, everything kicked into gear. 

This time, it was fast. Reminded me of the whole iceberg cliche - I’d prepared 7 years to finally be really ready.  And so when I had the green light and third preapproval letter on a Friday, I booked two showings for Sunday, wrote a strong offer Monday, and was under contract Tuesday. 

The sellers preferred a quick close, so we fast-tracked the appraisal and closed 16 days after mutual acceptance. I’ve now been a homeowner just shy of 3 weeks, and this is the most magical time of my life thus far. The first week was all about painting and packing, with plenty of 10-12 hour ‘work’ days up and down a stepladder and reeking of Behr Whisper White. (Thank you to my amazing family for giving so much of your time to make this happen all in a week).

Monday, February 13 - Ian Mullen sends me a checklist for my mortgage preapproval.

Friday, February 17 - PREAPPROVED!

Sunday, February 19 - I tour two homes with my dad and sister. The one I fall in love with has been on the market a couple of weeks. 

Monday, February 20 - I write my offer and connect with the listing agent. Two other showings have been scheduled so the seller wants to wait on responding to me. 

Tuesday, February 21 - I’m under contract.

Monday, February 27 - It’s snowing at my home inspection.

Wednesday, March 1 - The appraisal is completed and comes in a couple days later - it’s clear. 

Wednesday, March 8 - Signing appointment at Whatcom Land Title. 

Thursday, March 9 - CLOSING DAY: I become a homeowner twenty days after my third preapproval - and a full 1600 days since my very first preapproval oh so long ago.