Real Estate Weekly: April 15, 2022

INSIDE

This Issue BUST A MOVE HOW TO PREPARE FOR MOVING TO A NEW HOME PAGE 5

UPHILL BATTLE: BUYING A HOME AMID RISING RATES PAGE 7 CLASSIFIEDS PAGE 7

APRIL 15, 2022

INSIDE

TABLE OF CONTENTS

PAGE

5

Bust a Move. How to prepare for moving to a new home...............................................P5 Q&A

Ask Our Broker.......................................................................P6

Uphill Battle: Buying a Home Amid Rising Rates..........................................................P7 Classifieds............................................................................P7

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April 15, 2022

STAT Real Estate Stat

6.02 million

Real Wood Real Quality

The rough number of units sold in the United States in the month of February 2022

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April 15, 2022

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Large 2,787 sq. ft., 6 bedroom 3-1/2 bath home with Mother-inLaw suite - Currently rented with the county as a duplex with 1 unit as one bed, one bath with a garage, and the 2nd unit is rented as a rooming home with six rooms rented out, total rent $4,630 monthly. The landlord pays most of the utilities. There are separate gas and electric meters for both units—new roof in 2020. Great investment opportunity!

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Now could be the time to sell a new home and earn a slice of the real estate pie.

B

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a c t f f s

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April 15, 2022

t y y t M f r m t A i l

your items into categories, such as paper, electronics, furniture, kitchen appliances, dishware, toiletries, etcetera. “By decluttering early, you’ll save money in the form of lower transportation costs and save time with less to pack. And you’ll also have more space in your new home,” suggests Lauren Saltman, a Newfields, New Hampshire-based professional organizer.

• Begin the packing process early. “Buy packing supplies early and be very thoughtful about what you want to take with you to your new home,” Saltman adds. “Additionally, use a marker and stickers to label everything that you will be bringing to your new home. If you have the time, create a spreadsheet, number each box, label the box with the room they are going into, and keep a list of what’s inside each box.”

• Contact other vendors well in advance. “Call the Realtor, the cleaning company, the plumber, the yard care specialists, and others the moment you know you are putting your house on “There is usually a deadline Woods, co-founder and need a map to follow or you the market. Work with your to complete a move, and the CEO of SOLD.com. “If will get lost in this process. agent to create a to-do list Also, leaving too many tasks number of tasks required can you procrastinate, you may of any home improvements seem overwhelming. In this find yourself working with until later, plus not having a less-than-desirable moving that need to be accomplished environment, people often a plan for the items you are for you to sell your home, as fall apart,” says Khari Wash- company that is forced to not taking and need to sell well,” says Saltman. “Also, rush through the job.” ington, a real estate agent or donate, can result in bad make sure the utilities at • Make decisions about with 1st United Realty & outcomes.” your old home will be turned Mortgage, Inc. in Riverside, your belongings well before Moving can be financially off on time and turned on in you intend to move. “Start California. taxing, too. time at your new address.”

Here are tips from the pros at least six months before “Depending on whether • Create an essentials box you list your home. Choose that will travel with you and on planning and executyou are moving locally or across the country, it can cost ing a successful move with whether to sell, donate, or not with the movers. “Inside, discard possessions so that between $2,000 and $10,000 minimal anxiety: pack all the essentials for you when the move creeps up • Book the moving comto move – that’s a lot of cash and your family for your first you won’t be forced to make night in your new home – pany ASAP. “With the real required all at once,” Jill black-and-white decisions Yesko, owner of Discover Or- estate market as hot as it is from medications to toilet under pressure,” Yesko adganizing in Pittsburgh, says. right now, it’s no surprise paper as well as paperwork there is a shortage of movers. vises. “The regret train can be and keys to your new home Plus, moving rarely goes a long or short ride – shorten and a change of clothes, not That’s why it’s best to plan quite as planned, and the the ride by taking this step.” to mention some snacks ahead and schedule your worries it causes can trigger • Properly declutter. Sort movers early,” says Matt emotional volatility. and bottled water,” Saltman

Bust a Move

How to prepare for moving to a new home

By Erik J. Martin

Packing up and moving to a new home and location can be an exciting prospect that brings with it the hopes for fresh experiences, new friends, and happy memories soon to be created.

But it can also be one of the most dreaded events you will ever undertake in your lifetime. At least that’s the takeaway from a recent Move.org report, which found that nearly two in five recent movers indicated that moving was more stressful than a relationship breakup.

Among other surprising findings, 55% of respondents believed their moving company April 15, 2022

scammed them, and more than three in five suffered from a moving truck shortage during their relocation.

Consider that as many as 61% of Americans are expecting to move this year; if the survey findings hold true, the majority of these folks will likely come away with negative moving experiences.

“Moving is stressful because it forces you to make choices about what to keep and what to toss. And you have to relive your life while sorting your stuff,” remarks Jamie Novak, a moving coach and professional organizer in Scotch Plains, New Jersey. “A lack of planning can often lead to poor results. You

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Why Are Builders Returning to Old Neighborhoods?

Question:

We live in an area that’s close to downtown but still has individual homes. Several vacant lots were recently sold and houses are now being built on them. Why are builders suddenly back in old neighborhoods?

Answer:

So-called “infill” development is entirely common, an idea that can make a lot of sense in today’s hot markets.

Research by the National Association of Home Builders (NAHB) shows that “one in four new singlefamily detached homes were built in established neighborhoods in 2020. This includes 19% of new homes that were built on infill lots and 6% that involved tearing down an old building before building a brand new single-family detached home.”

However, infill development is not even. The NAHB study found that infill is more common in high-cost areas such as along the Pacific Coast and the Northeast, but less frequent in areas with large amounts of available land and lower home values.

Infill construction is popular for several reasons.

First, there’s a substantial lack of real estate

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inventory that can create a need for new construction. Infill development is one way to get those additional housing units. Research done for the National Association of Realtors (NAR) estimates that between 1968 and 2000 new home construction averaged 1.5 million units annually. That number fell substantially during the past 20 years, with the result that we now have an “underbuilding” gap of some 5.5 million units.

Second, the underbuilding gap contributes significantly to the soaring prices we are now seeing.

Little supply and lots of demand have pushed prices up in virtually all major metropolitan areas. The result is that bidding wars are entirely common.

Redfin, for example, reported in January that 70% of the offers made through its brokers faced multiple bids.

Third, infill lots in older neighborhoods can be highly desirable because they tend to be closer to well-established downtown areas. That can mean less commuting time and easier access to local attractions.

Fourth, local governments largely support infill projects. New development means additional housing units as well as higher local home values and

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Q&A

ASK OUR BROKER

By Peter G. Miller

thus bigger property tax collections.

Lastly, builders may have little choice. In October, the NAHB reported the “worst lot shortage ever.” If there’s an available infill lot, no doubt builders will give it serious consideration.

Infill development, however, is not always desirable.

The construction of a home that’s not compatible with the neighborhood can be a big issue, say a home that’s far larger than nearby houses or has a different architecture. A teardown that involves a popular local home can also lead to neighborhood divisions.

A big problem with infill development is that rising home values can force some long-time residents to move.

For homeowners with a fixed or limited income, rising values can mean higher and maybe unaffordable property taxes. Such taxes can sometimes be offset with homestead deductions, annual increase caps, and various exclusions but still, as values rise in established neighborhoods, gentrification can become a burden for many longtime residents.

Email your real estate questions to Mr. Miller at peter@ctwfeatures.com.

April 15, 2022

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CLASSIFIEDS Houses for Rent -Unfurnished RENTALS SEDRO-WOOLLEY Newer 3 bedroom, 2 bath, available May, $1700 month. Background/credit.

Reply by text message to 360-630-4183

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Uphill Battle: Buying a Home Amid Rising Rates

By Marilyn Kennedy Melia

A

“pre-approval letter” is like a license to buy a home; without it, a seller won’t take a buyer seri-

ously.

A pre-approval is a statement from a specific lender on how big a mortgage loan they’ll extend. Keep in mind though that pre-approval letters have a short shelf life.

After a couple of years of flat and declining rates, mortgage interest levels have gone up by more than a full percentage point since the end of 2021.

And if a pre-approval was issued for the maximum amount a borrower could April 15, 2022

qualify for given interest rate levels at the time, a buyer can have a false sense of his purchasing power.

Jennifer Beeson, SVP of Guaranteed Rate, suggests that buyers ask if a pre-approval is for the maximum amount and if there’s any wiggle room if rates rise.

Then, check back in with a lender during regular intervals – especially if you hear news reports of rate hikes – to get preapproval at current rates, Beeson adds.

Besides allowing a buyer to make a realistic offer, an updated letter allows buyers to “show sellers that their financial stability is current,” notes BQ Tranthien, senior mortgage officer, GI Home Loans.

When a pre-approval is written, it

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typically doesn’t provide a “lock” on the rate—meaning that won’t hold for a specific period, like 15 to 60 days. But when a buyer formally applies for his loan on a specific home, rates are locked.

For some buyers, paying for an extended lock is practical, says Ken Pozek of Keller Williams, Orlando, FL. For example, buyers who apply for a mortgage on a newly constructed home that may not be available for a few months.

Pozek also advises that he is now seeing buyers who contracted for new construction months ago finding their payment is several hundred dollars more monthly than they had expected.

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4811 S BEaVEr PonD DriVE, Mount VErnon

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$500,000

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OPEN HOUSE, Saturday, April 16th, 11am-1pm

a dream for indoor and outdoor living. Open design with elegant architectural flair.

Three bedroom plus den and loft space on this corner lot in the Skagit Highlands. Open concept main floor, kitchen has eating bar with pendant lighting, and matching black appliances. Laundry conveniently located at upstairs loft area. Single car garage access thru alley. Community features trails, playground areas, basketball court, & parks. Easy access to local amenities and I-5.

MLS#1906699

gleaming floors greet you upon entry, the living & dining blend effortlessly with the Chef’s kitchen and large island w/granite, stainless steel, wine cooler, dual dishwasher. Perfect home for entertaining and enjoying the outdoor decks. Main floor office & primary bedroom en-suite w/walk-in shower & bath large walk-in closet.

Lower living provides room for large gatherings bar & kitchenet, 3 guest rooms, full bath & sauna, lots of storage. Downstairs opens to a fantastic outside with numerous decks & hot tub, for summer entertaining, beautiful yard. 3 car garage.

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511 ShaDy lanE #40, Mount VErnon

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Shy 20 acres of farmland with deluxe triple-wide 2150 sq.ft. manufactured home. Portion of acreage is leased year to year to local farmer (about $4500 per year). Acreage offers Pole barn/garage w/attached carport and separate large shop. There is garden space and fruit trees, several smaller outbuildings, including starter greenhouse and deck. The home offers a large kitchen with island, pantry, and nook with bay window overlooking farmland. High ceilings and open feel to this floor plan. Free standing wood stove supplements forced air heat. Primary bedroom has walk-in closet and private bath.

There are two more bedrooms, a den, and another full bath to complete this home.

Lots of parking for you and your guests.

MLS#1905659

Carla Fischer

(360) 982-0100

Elva Hunter (360) 202-3086

MLS#1915404

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(360) 982-0100

LaConner Rotary Tulip Sales Available daily through the month of April, only $6.00 per bunch In LaConner and at Shawn O’Donnell’s Farmhouse Restaurant

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$449,000

Lovely 2 bedroom & 2 bath in Stonebridge Active Adult Community. Condo with vaulted ceiling, living room with gas fireplace almost new hardwood floors, sliding door to covered patio. Kitchen with walk-in pantry/storage. Master suite with walk-in closet and bath with easy step in shower; guest room and full bath. Full size utility room with a deep sink, and no steps to large garage. Stonebridge offers RV storage, clubhouse and walking trails. Live maintenance free, HOA including siding, paint, roof, lawn care & irrigations. Located in quiet cul-de-sac, close to medical and shopping.

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$4,700/Mo

Please visit the Kiwanis Salmon BBQ at Hillcrest Park, Fridays, Saturdays and Sundays, 11:30 am to

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Patricia Box Office Manager O: (360) 424-0300 C: (360) 941-9186

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7:00 pm, now thru May 1st.

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Russ Lanker (360) 708-1117

Brett Tacker (360) 840-7931

Danya Wolf Designated Broker/ Owner (360) 708-8294

3780 E. College Way, Mount Vernon www.skagittraditionrealty.com 214417-1

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April 15, 2022