INSIDE
This Issue THE RIGHT TIME TO REFI, BASED ON YOUR LIFE STAGE PAGE 5
EXAMINING HOME PRICE DIRECTION IN CHANGEABLE YEAR PAGE 7
APRIL 29, 2022
INSIDE
TABLE OF CONTENTS
PAGE
5
The right time to refi, based on your life stage............................................................P5 Q&A
Ask Our Broker.......................................................................P6
Examining Home Price Direction In Changeable Year.......................P7
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STAT Real Estate Stat
-1.2%
Real Wood Real Quality 919 Riverside Dr. | Mt. Vernon www.nwff.com | 360. 424.8455
All regions reported decreases in year-over-year contract activity.
Monday - Saturday 9:30-5:30 222414-1
Source: National Association of Realtors Dining | Bedroom | Entertainment | Home Office | Upholstery
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Tel. 360-416-4902
www.npsar.realtor
4912 HEATHER DRIVE, ANACORTES
$1,175,000
SPEAK UP - STOP DISCRIMINATION Washington Law Against Discrimination protects people from negative housing actions that occur because of their protected class. In the Sale and Rental of Housing: No one may take any of the following actions based on a protected class: •
Refuse to engage in a real estate transaction
•
Refuse to negotiate for housing
•
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•
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•
Make housing unavailable or otherwise deny a dwelling
•
For profit, persuade owners to sell or rent advertise or make any statement that indicates a limitation or preference based on a protected class
WINDERMERE RE/ANACORTES PROPERTIES 3018 COMMERCIAL AVE. 360-293-8008 www.AnacortesRealEstate.com
Read more at: https://www.hum.wa.gov/fair-housing Mission Statement: The North Puget Sound Association of Realtors advocates for Realtors and their clients, and promotes the protection of property rights.
GINA DAVIS 360-708-7794
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213644-1
April 29, 2022
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The right time to refi, based on your life stage
for a refinance,” says Jeremy Luke, senior lending manager for Chase Home LendIf you seek to refinance ing, based in Houston. “The your mortgage loan, there first step is to determine are more opportune periboth your short-and longods than others to pull the trigger. Often, the best time term goals to gauge which mortgage product meets is when interest rates have your needs. For instance, if dropped and you can lock in a significantly lower rate, your objective is to reduce your monthly payments as thereby saving thousands much as possible, you will in interest. Or, when you need to tap into your home’s want a refinance loan with the lowest interest rate for equity in the form of a cash-out refinance, that extra the longest term. If you want to pay less interest over the money can help pay for a home improvement project, length of the loan, look for the lowest interest rate at the consolidate your debt, or fund a significant purchase. shortest term.” “There are various strategies But there are other scehomeowners can implement narios where it can also pay to ensure the timing is right to pursue a refi, the experts
by Erik J. Martin
April 29, 2022
suggest. One life stage that can warrant a refi is getting married. “If you owned a home before marriage, you could refinance your loan to add your new spouse to the mortgage and title to share the responsibility of the property,” Luke says. “This is particularly beneficial if the new spouse has good credit and a stable income, as adding their name to the refinance loan may help you get approved at a lower interest rate.” However, the couple may be better off with a singleholder mortgage if the new spouse doesn’t qualify for the loan, cautions Lyle Solomon,
a financial expert and attorney at Oak View Law Group in Rocklin, California. Another timely event that can trigger a refinance is a divorce. Consider that, even when a divorce is finalized, your lender may view both you and your spouse as responsible for the loan until one party has been removed or the property has been sold. “To resolve this, you and your spouse can consider refinancing to remove one party from the mortgage and title,” adds Luke. But to refinance the mortgage following a divorce, “one spouse typically has to buy out the other spouse’s
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equity. This means that they have to pay the amount the other spouse has invested in the mortgage,” notes Solomon. Retirement can also be an ideal time for a refinance, especially if you seek to lower your interest rate, reduce your loan term, or cash out for home improvements. “A cash-out refi is a great option for retirees who have a lot of equity built up in their home. The funds can help boost retirement income, increase monthly cash flow, or fund living expenses post-retirement,” Luke notes. Refinancing is often a better option than getting a reverse mortgage, too.
“With higher interest rates, reverse mortgages typically have higher upfront loan closing costs,” Solomon continues. If you are considering a refi, try to do it before you actually stop working. “That’s because it can get complicated to refinance after retirement, as mortgage companies want to see income rather than simply assets,” cautions Mark Streich, co-founder of SquareFairy in Burlingame, California. A refinance can also come in handy if a spouse or partner passes away and you plan to hold onto your property. This can lower your interest rate and, if you pursue a cash-out refi, provide extra funds to afford new expenses that may arise following the death of your loved one. However, “with a single income, paying a mortgage can become a taxing expense. You might want to consider selling the home and moving somewhere cheaper instead,” Solomon points out. Additionally, the graduation of your high school student could be another turning point when a refinance can help achieve life goals. “Some parents will refinance their home to help pay for college rather than burden the child with additional student debt,” Streich continues. Luke echoes those thoughts. “It can be a good idea to consider refinancing whenever there is a change in your family or household or if there has been a meaningful change in your family’s income or credit scores,” he says. 5
First Mortgage Question:
We want to get a first mortgage with as little time and hassle as possible. We already have a good idea of rates because of what we see in the paper and online. Doesn’t it make sense for us to select just one lender and go from there?
Answer:
The odds are that you are likely to overpay for financing by speaking with just one lender, according to a 2018 report from the Consumer Financial Protection Bureau (CFPB). “Mortgage interest rates and loan terms can vary considerably across lenders,” said the report. “Despite this fact, many homebuyers do not comparison shop for their mortgages. In recent studies, more than 30 percent of borrowers reported not comparison shopping for their mortgage, and more than 75 percent of borrowers reported applying for a mortgage with only one lender. “Research suggests that failing to comparison shop for a mortgage costs the average homebuyer approximately $300 per year and many thousands of dollars over the life of the loan.” Now, four years later, houses are more expensive so the risk of not shopping around is likely to be more
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costly. The great oddity is that rules developed under Dodd-Frank make comparison shopping very easy. Here are some steps to take. First, as much in advance as possible before speaking with a mortgage lender, review your credit reports. These are available at AnnualCreditReport. com. You can get reports from the three leading credit reporting agencies, Equifax, Experian, and TransUnion. Credit reports are used to create credit scores. You want accurate credit reports to get the best score. Check each report for factual errors such as name (“John A. Smith” versus “John J. Smith”), addresses, or a credit item that does not belong to you, is too much, has been fully repaid, etc. Also, look for items that should not be on the report, generally information more than seven years old. If you find an error or outdated item, contact the credit reporting agency. Second, ask friends, family, real estate brokers, and tax professionals for lender recommendations. Third, start a file with the paperwork you’ll likely need. Here’s good news: with your permission, lenders can get tax transcripts from the IRS and statements from your banks. That means there’s less
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Q&A
ASK OUR BROKER By Peter G. Miller
for you to find. Fourth, get pre-approved for financing. Allow loan officers to check your credit, review taxes, etc. Different lenders, and different mortgage programs, have distinct qualifying standards. The more the loan officer knows, the more likely it is that the lender can match you with a loan program. Fifth, look for grants and other forms of financial assistance at DownPaymentResource.com. There are thousands of programs nationwide to help homebuyers. Sixth, you will receive a Loan Estimate (LE) form after meeting with a loan officer. This is a standard form that not only tells you about the lender’s financing offer, but it can also be used to compare offers from other lenders. Read the LE form with care. Does a loan with a low interest rate also require big fees and charges? How do the APRs (annual percentage rates) compare? What are your total costs after five years? So yes, get out there and shop for financing. You’ll learn a lot and the process will make your wallet happy. Email your real estate questions to Mr. Miller at peter@ctwfeatures.com.
April 29, 2022
Examining Home Price Direction In Changeable Year
By Marilyn Kennedy Melia
It’s a different housing market from 2021, when prices nationwide jumped a spectacular 19 percent. According to many forecasts, price growth will slow to the single digits this year. Selma Hepp, deputy chief economist at CoreLogic, a housing analytics firm, predicts that next February, 2023, average nationwide prices will be five percent higher than in February 2022. But that forecast could change, Hepp notes, “as we see what happens with unemployment, wage growth, and interest rates,” with five percent matching the long-term average prediction. April 29, 2022
Still, it’s a significant slowdown, leaving many practical home shoppers wondering whether they’re buying at the top of the market. Some buyers could see a slight drop – less than five percent, Hepp says. But she sees only 13 markets experiencing a decline, out of the 385 in the U.S. tracked by CoreLogic. Growth in wages in these markets isn’t keeping pace with home prices. Prudent buyers, suggests Hepp, can ask agents for statistics in their area, like the number of days the average home is on the market before going under contract, whether homes are seeing as many multiple offers as in months past, to gauge any possible slowdown to name a few. Another big factor that holds down prices is
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whether an area loses its major employer, or the predominant industry slows. For instance, Hepp says, prices in Gulf Coast areas “were relatively weak” in the past couple of years because so many oil rigs shut down in the pandemic. For sale inventory is still limited, because sellers can’t afford a new home, now crimped further with rising rates, leaving actual price declines minimal and relatively rate, explains Hepp. First-time buyers leaving a rental can take comfort in that while prices are slowing, rental charges are likely to rise. “The reason that real estate is considered an inflation hedge,” says Hepp, “is because landlords can usually increase (rent) every year.” 7
20787 Bulson rd, stanWood
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D PEN
$939,000
ING
Incredible luxury living in this beautiful home in Eaglemont Golf Course Community, a dream for indoor and outdoor living. Open design with elegant architectural flair. 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 ensuite 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. Elva Hunter MLS#1915404 (360) 202-3086
2890 slatEr road, oak HarBor
D PEN
$749,000
2202 MoniCa driVE, Mount VErnon
ING
19+ acres of mostly levelel land with pasture, pastur fencing encing, several smaller outbuildings and a lovely home Featuring turing a bonus rroom, hardwood floors, ceiling ely 3-bedroom home. arm and inviting living room fan. Warm in oom has kknotty pine ceiling, stone fireplace with insert and bay window.. Built-in wwooden desk and storage upstairs. Primary insert, ttached ba bath has linen storage and dual sink vanity. Kitchen has bedroom with attached garden den windo window, plenty of cabinets, double oven gas ange. Laundry/Mud room with attached half bath. range Covered patio to enjoy the outdoors and your various fruit trees: apple, cherry, plum, and hazelnut; also thornless blackberry and blueberry bushes. New metal roof in 2020. Property offers plenty of space for your gardening and landscaping imagination. Carla Fischer MLS# 1916580 (360) 982-0100
1413 E CollEgE Way, Mount VErnon
D PEN
JoAnn Boudreau (360) 391-0746
Juanita Bunch (360) 941-5530
$650,000
Cherry kitchen chen ccabinets, quartz tz countertops, coun hardwood floors throughout; ee bedrooms; 2 3/4 baths; natural na gas forced air furnace; air conditioning; three natural gas fireplac eplace both upstairs and in separate living area downstairs. Windows ar airport glass to enhance quietness. ws are Dayligh basement completely finished with kitchen, Daylight second natural gas fireplace and separate entrance. Enjoy the beautiful sunsets from the main level deck. Sprinkler system; storage shed. Double garage and generous sized lot with parking for 8 vehicles. Danya Wolf MLS#1905955 (360) 708-8294
$5,200/Mo Still time to choose your interior colors. We use Behr brand paint, please visit behr.com/onecoatneutrals, to select your color. 3200 sq. feet, 9 offices/conference rooms, work area; lunch room; reception/waiting area; natural gas forced air heating; air conditioning; 3 restrooms; new flooring. Plus bonus stand alone building w/3 additional offices. Landlord pays property taxes and building insurance. Danya Wolf
(360) 708-8294
Carla Fischer (360) 982-0010
Elva Hunter (360) 202-3086
511 sHady lanE #40, Mount VErnon
ING
ExtErior paint CoMplEtE
Patricia Box Office Manager O: (360) 424-0300 C: (360) 941-9186
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Beautiful wooded 4.98 acres situated on south side of Snohomish County/Skagit County line. Power is in street. Solar power is also possible. Adjacent property to the east of Subject Property is fenced, open field. Zoning allows for one building site. Stanwood-Camano School District; and just ten minutes to I-5. Great country living yet convenient for commuting. Danya Wolf MLS# 1841822 (360) 708-8294
“It’s about the Kids!” 4811 s BEaVEr pond driVE, Mount VErnon
$350,000
John Hunter (360) 202-3086
D PEN
ING
Lovely ely 2 bedroom bedr & 2 bath in Stonebridge tonebridge AActive Adult Community. Condo with vaulted ceiling,, living rroom with gas fireplace almost new hardwood v floors,, sliding door tto covered patio. Kitchen with walk-in pantry/storage. er suite with w walk-in closet and bath with easy Master step ep in sho 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. MLS#1912351
21290 lafayEttE rd, sEdro-WoollEy
$595,000
ING D N Shy 20 acres es of farmland with deluxe triple 2150 sq.ft. manufactured PEtriple-wide
home. Portion tion of acreage is leased year to t year to local farmer (about $4500 per year). ole barn/garage ear). AAcreage offers Pole barn/gar w/attached carport and separate large spac and fruit trees, several smaller outbuildings, lar shop. Theree is garden space ter greenhouse and deck. The home offers a large kitchen with including starter gr island,, pantry, pan and nook with bay window overlooking farmland 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. Carla Fischer (360) 982-0100 MLS#1905659
i’m a seniors real Estate specialist
Every transition is an opportunity, regardless of your stage of life. By partnering with an SRES like one of us, you gain the help and experience of a Realtor® specializing in meeting the needs of home buyers and sellers 50+. We offer you the opportunity to complete your transaction with patience, professionalism and the expertise you deserve. We are pleased to be YOUR SRES®
Suzanne Jenkins (360) 941-2983
360.424.0300
$449,000
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Russ Lanker (360) 708-1117
Brett Tacker (360) 840-7931
Carla Fischer
(360) 982-0010
Elva Hunter
(360) 202-3086
Danya Wolf Designated Broker/ Owner (360) 708-8294
3780 E. College Way, Mount Vernon www.skagittraditionrealty.com 214419-1
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