Real Estate Weekly: June 24, 2022

INSIDE

This Issue

WANT TO INCREASE YOUR HOME’S SALES PRICE? ADD THESE HOME FEATURES PAGE 5 BE YOUR OWN EXPERT ON WHETHER AN ARM WILL SQUEEZE PAGE 7 CLASSIFIEDS PAGE 7 JUNE 24, 2022

TABLE OF CONTENTS Want to increase your home’s sales price?

Add these home features .........................................P5 Q&A

INSIDE PAGE

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

Be your own expert on whether an ARM will squeeze.....................................................P7 Classfieds.............................................................................P7

RE-Weekly To advertise in RE-Weekly or other Skagit Publishing publications, Call: 360.416.2180 or Email: ads@skagitads.com ©2022 by Skagit Publishing | All rights reserved.

All real estate advertised in Real Estate Weekly is subject to the Federal Fair Housing Act, which makes it illegal to advertise “any preference, limitation, or discrimination because of race, color, religion, sex, handicap, familial status, or national origin, or intention to make any such preference, limitation or discrimination.” We will not knowingly accept any advertising which is in violation of the law. All persons are hereby informed

that all dwellings advertised are available on an equal opportunity basis.

For further information call HUD Toll Free at 1-800-669-9777.

All Houses subject to prior changes without notice. Neither advertisers nor Skagit Publishing are responsible for any errors in the ad copy. Skagit Publishing reserves the right to refuse any advertising, which we deem unsuitable for our publication.

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Skagit Publishing is not responsible for typographical or production errors or the accuracy of information provided by advertisers.

own the local real estate market expand your reach when you combine the power of our digital audience and premium print ads in the re weekly ask your multimedia account executive for details.

ContaCt: 360.424.3251 • ads@skagitads.Com 2

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June 24, 2022

STAT Real Estate Stat

-2.4%

Real Wood Real Quality

Existing-home sales fell for the third straight month in 2022, based on recent data showing that April 2022 there were 2.4% less sales than March 2022.

919 Riverside Dr. | Mt. Vernon www.nwff.com | 360. 424.8455

Source: National Association of REALTORS, 2022.

222414-1

Monday - Saturday 9:30-5:30

Dining | Bedroom | Entertainment | Home Office | Upholstery

NORTH PUGET SOUND ASSOCIATION of REALTORS® 525 East College Way, Suite J

Mount Vernon, WA 98273

(360) 416-4902

www.npsar.realtor

910, 912 AND 914 21ST STREET, ANACORTES

$630,000 EACH

Six Signs You Are Ready To Buy 1. Are familiar with the market. If you've been paying attention to how much houses are listed for in the area you’d like to live, you're in good shape.

2. Have the money for a down payment and closing costs. Generally, buyers will receive an estimate of these costs from your lender after you apply for a mortgage.

3. Know how much you can afford. Your monthly mortgage payment should be less than or equal to a percentage of your income. Also, your income, debt and credit history go into determining how much you can borrow.

4. Know what additional expenses will come with owning a home. Including homeowners insurance, utilities, and maintenance costs.

5. Have your credit in good shape and make sure your credit report is accurate. You should get a report from each of the three credit reporting companies: Equifax, Experian, and Trans Union.

6. You haven't made any recent major purchases, particularly a vehicle. If you do, you may have a harder time getting a loan, or it could potentially lower the amount you'll be approved for.

WINDERMERE RE/ANACORTES PROPERTIES 3018 COMMERCIAL AVE. 360-293-8008 www.AnacortesRealEstate.com

Realtor.com~Michele Dawson Mission Statement: The North Puget Sound Association of Realtors advocates for Realtors and their clients, and promotes the protection of property rights.

June 24, 2022

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KEVIN GOFORTH 360-982-3800

JOHN PROSSER 360-202-3891

Introducing ELEVATION 31, live the lifestyle in one of these 14 luxury townhomes in the heart of Anacortes!

Enjoy walls of windows for light & bright living spaces, modern finishes, flowing floorplan & balcony space perfect to enjoy PNW sunsets & fresh ocean breezes. Enter the single car garage complete with electric vehicle charging station & additional flex space. Main living level comes equipped with gourmet kitchen open to dining & great room, including mini split AC & your own private balcony. Go up the stairs to discover two bedrooms each with their own bathrooms & upstairs laundry room for convenience. Within walking distance to dining, shopping, marinas, parks & all the amenities of downtown Anacortes! These townhomes have it all!

MLS #1952039 / 1952038 / 1952039

235559-1

If you are thinking about buying, you're not alone. So are you ready to make the move? You might be if you:

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

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Record-low interest rates is renewing interest in the housing market for many people.

“When sellers are interviewing real estate agents to market their homes, their primary focus is usually on the advertising that the agent will offer them,” says Jessica Goodbody of Weichert Realtors.

Let us help you meet your marketing goals by advertising your listings in Real Estate Weekly.

Call 360.416.2180 Today!

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RealEstate weekly In print and online goskagit.com ads@skagitads.com

June 24, 2022

n a l t l t f

e a m f s t t t p

Want to increase your home’s sales price?

Add these home features

By Erik J. Martin CTW Features ome sellers have been on autopilot for quite a while now. Simply by staking a “for sale” sign on their lawns, the presumption is that they will fetch top dollar for their listed properties. And that has held true for a long spell.

But with mortgage interest rates rising and home affordability becoming a more significant challenge for prospective buyers, sellers today may want to think about spiffing up their domiciles a bit more to attract shoppers – especially if buyer demand

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June 24, 2022

begins to wane.

A recent study by Angi and Zillow reveals that implementing particular home features in specific rooms may increase your home’s sale price. Case in point: A pot filler could up your home’s value by 3.2%, while a double sink vanity may amp your sales price by 2.35%. Adding an outdoor kitchen could boost your sale by 2.05% versus the 1.97% and 1.41% increases, respectively, that a new fireplace or en suite may bring.

These and other report findings caught Tyler Gaudet, a partner at Sprague & Curtis Real

Estate in Augusta, Maine, by surprise.

“There were several items in the study that were surprising to me. I was taken aback that a garage only adds 1.5% and hardwood flooring 1.31% to a home’s sale price. According to this report, many small ticket items like undercabinet lighting and double vanity sinks seem to add bigger values to a home, while some larger ticket items like garages add relatively smaller value,” he says.

Regardless of how you interpret that report’s results, the takeaway is clear to Tomas Satas, founder/CEO of Windy City HomeBuyer

in Chicago.

“Adding key amenities to a home you intend to sell is important to consider because not only does it add to the sale price, but it also makes your home more desirable and will shorten the time to sale,” Satas says.

Andrew Westphal, a licensed associate real estate broker with Corcoran in New York City, agrees.

“Trends are hard to argue with, and there will be home features that buyers nowadays expect to see – amenities that will be noticed when they are omitted,” Westphal says.

“If undercabinet lighting is found in three of your

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competitor’s listings, why isn’t it found in yours? Buyers have a way of deducting the costs of future work from their offers. So, if you can maximize a room’s use, it might drive up your price considerably if you ease buyers into realizing that they won’t have to complete necessary work after the close.”

Even smaller-priced improvements can give a home a more upscale feel and often make a big difference in impressing home hunters.

“Double vanity sinks are especially popular with couples because they give each person individual

space to get ready and while both people are using the bathroom,” says Gaudet, a fan of this amenity.

Meanwhile, a pot filler can make your kitchen pop and appear more practical.

“As magazine-worthy kitchens with professional accessories and tools become more popular, today’s kitchens emulate industrial ones. Pot fillers are hip and very helpful, making the kitchen look like your favorite restaurant space,” says Westphal.

Ask Gaudet and he’ll tell you that virtually every abode can benefit from a fireplace.

“Fireplaces give a space a cozy, warm feeling. There’s something about a flame that gives a room a certain ambiance that almost all buyers can appreciate, and they serve as a secondary source of heat during power outages in winter,” he explains.

Outdoor kitchens are a no-brainer, too.

“They are ideal for anyone who loves to cook and entertain outside. In my experience, outdoor kitchens are a huge selling point for a home,” Satas notes.

Just be careful not to overimprove a space thinking that you’ll get your money back dollar for dollar, cautions Jodi Dougherty, a real estate agent and director of broker development for Chicago-based Downtown Realty Company.

“Keep in mind that not all buyers will want your pot filler or steam room,” she says. “Although you may see the benefits of making an improvement, others may not and could be unwilling to price that feature into the home’s overall value.”

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Refinancing and Social Security income Question:

My mother and father, who are now 70 and retired, own their home free and clear. They want to refinance the property and then give my sister and I a cash gift, so we have down payment cash to buy our own houses. We love the idea, but can they do this at their age and when a large portion of their income is Social Security?

Answer:

Let’s start with the age question. Simply put, the Equal Credit Opportunity Act prohibits credit discrimination on the basis of several factors, including age. So yes, if financially qualified, a 70-year-old borrower can get a 30year mortgage.

Now, about Social Security.

According to the Social Security Administration, if you retire at the full retirement age in 2022, the maximum benefit is $3,345 per month but not everyone gets so much. According to AARP, “the estimated average Social Security retirement benefit in

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2022 is $1,657 a month.”

There are various tax rules that impact Social Security income. The government estimates that “about 40% of people who get Social Security have to pay income taxes on their benefits.”

That also means about 60% of all recipients do not. Social Security payments are not taxed by most states. At the federal level, according to the Social Security Administration, “some people who get Social Security must pay federal income taxes on their benefits. However, no one pays taxes on more than 85% percent of their Social Security benefits.”

The various tax benefits associated with Social Security payments mean that lenders must look at such income with care. In many cases, they will be able to “gross up” Social Security payments, meaning they will effectively be treated as a larger sum for loan qualification purposes. Social Security income, combined with other qualifying income, will allow lenders to determine how much financing might be available to your parents.

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Q&A

ASK OUR BROKER

By Peter G. Miller

As an alternative to a mortgage that requires monthly mortgage payments, your parents may want to consider a reverse mortgage. Such financing does not require monthly payments for principal and interest; however, they will still have to pay such costs as property taxes and insurance. Be sure to shop around because up-front costs can be significant, and they will want the lowest available interest rate. When your parents leave the property, sell, or pass away, the loan will have to be repaid. This may leave little, if anything, for you and your sister if the property is sold. Alternatively, you might be able to refinance the home with a new mortgage and keep the property.

For details and specifics, your parents should consult with a fee-only financial planner or an elder law attorney. Lenders will need a gift letter to show that repayment of the money is not required.

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

June 24, 2022

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CLASSIFIEDS RENTALS

Rental Wanted

Rental Wanted:

Detached or shared rental.

81 year old male able to care for self. $1,100-$1,200 month with 1-2 bedrooms at or near Mount Vernon/Burlington/ Conway/La Conner areas.

Neat, clean and sociable.

Two vehicles, 19” boat trailer, and two comfort house pets. Able to do some yard work (have riding mower).

RSO Lee @ 360.202.5973.

Hobbies include dancing and trout fishing.

Be your own expert on whether an ARM will squeeze

By Marilyn Kennedy Melia CTW Features More – but still a minority – of mortgage seekers are willing to gamble. The better they assess their personal risk, the less likely that they’ll regret rolling the dice.

In May, some 10% of borrowers opted to trade a lower initial interest rate on an adjustable-rate mortgage (ARM) rather than take a higher rate that stays fixed for the life of the loan.

The lower ARM rate (and monthly payment) only lasts for a specified period, like three, five, or seven years.

Before approving borrowers for an ARM, lenders usually examine whether their current income and credit profile will support a higher rate charge than the initial charge – often about two percent higher, explains Charles Chedester, of Iowa based Midwest Family Lending.

Rate adjustments rise or fall in tandem with an index, which reflects where market rates are, but also are “capped” not to rise June 24, 2022

above a certain limit. Annual hikes come after that first initial period but are typically more limited than the rise allowed at the first adjustment.

Ask the lender to fully explain how, when, and by how much rates can rise over the life of the loan, Chedester suggests. Also ask what rate is being used to qualify you.

By underwriting at a higher rate, lenders are ensuring that borrowers will be able to keep affording their home.

But the numbers a lender sees don’t reveal what borrowers are planning for their future.

For instance, someone planning to buy lots of furniture after moving in, or a buyer who’ll need another car for his new commute should weigh if those payments will crimp their budge once rates tick up.

A healthy fear of how easy it will be to pay should the highest rate scenario happens is protection against being forced to sell due to unmanageable payments.

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Generally in good shape for the shape I’m in. Could use a good fishing partner.

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18849 CaSCaDe riDge COurt, mOunt vernOn

$815,000

4617 beaver pOnD Drive S, mOunt vernOn

Open hOuSe: Sat., June 25th, 11-1pm and Sun., June 26th, 1-3pm Conway schools; extremely well cared for rambler on 2.77 park like acres just ten minutes from I-5. Beautiful country kitchen with adjoining family room plus separate formal dining and living room provide extra options for entertaining. An open floor plan provides a gracious transition from area to area. Primary bedroom offers spacious bath with double sinks and generous sized walk in closet.

Heat pump. 3 bedrooms; 2 baths; separate laundry area with deep sink.

Space leveled and prepared for future work shop. Meticulously designed for outside entertaining with patio and incredible focal points. Wellappointed greenhouse; and fruit trees. 3 car garage (800 square feet) Patricia Box Danya Wolf & RV parking. Visiting wildlife: deer; eagles; and more. Cul de sac street. Buyers (360) 708-8294 Agent (360) 941-9186 MLS#1922531

2301 martin rD, mOunt vernOn

$560,000

$99,000

Lot is surrounded by greenbelt for maximum privacy , great walking neighborhood.

MLS# 1954211

1 mOuntain view rD, mOunt vernOn

$115,000

Great traditional tri-level home in fabulous location; nearby the YMCA, Skagit Valley College, schools, shopping, and parks. Easy commute.

Skagit River is close by for fishing too. Home offers 3 bedrooms on upper level, a full bath and the primary bedroom which has an attached ¾ bath and a private deck. Main level has the living room with gas fireplace insert, kitchen with eating space and dining room at opposite end of kitchen. There are sliding doors to the deck, overlooking the backyard, with a view to the North and to the West for enjoying the sunset. Lower level has Laundry with a ½ bath, a very large hall which could provide an extra seating/office/hobby area and a bonus room with sliding door access to the concrete patio, which could become a 4th bedroom. Interior is freshly painted, roof and gutter system approx. 2 years old, water heater new in Feb 2022, and the north section of the fence is new, white vinyl.

Patricia Box (360) 941-9186 MLS#1951361

Located just outside the Mount Vernon City limits, this wooded 1 acre plus lot could be a building site for a stick built, modular, or manufactured home, with plenty of room. Tract has been surveyed (LeGro and Associates) and wetlands have been delineated (Oscar Graham and Pat Bunting). Power and PUD water are available at the street. Danya Wolf (360) 708-8294 MLS# 1861233

1307, 1309 anD 1311 OLympiC Lane, mOunt vernOn

14903 ruStiC Lane, COnCrete

Each Lot is listed at only $139,000 Ready to build your home in beautiful Eaglemont, lots have all city utilities, you just need to bring your plans and permits. Only a few lots left in Eaglemont! 3 lots side by side, great opportunity for a builder. MLS#1953889, 1307 Olympic Lane; MLS# 1953896, Elva Hunter 1309 Olympic Lane; MLS#1953900, 1311 Olympic Lane (360) 202-3086

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

JoAnn Boudreau (360) 391-0746

Juanita Bunch (360) 941-5530

Carla Fischer (360) 982-0010

for year round residency or weekend /vacation getaways.

Shared well, power available at street.

MLS# 1951005

Elva Hunter (360) 202-3086

$75,000

Two very well maintained, level lots. Bring your camper, fifth wheel, RV or tiny home.

Great location

Patricia Box (360) 941-9186

John Hunter (360) 202-3086

1920 19th pLaCe Se, auburn

$539,000

Mid-century rambler in the great neighborhood of Forest Villa on a larger ¼ + acre lot, near to schools and shopping. This home offers 3 bedrooms, beautiful, updated flooring, and a new roof. Almost an open concept feel to the spacious living /dining areas of this cozy home. Kitchen has plenty of storage, nice countertops, a wall oven, and flat top range/oven, plenty of options for cooking for a crowd. Living room has a brick, wood-burning fireplace for those chilly NW evenings. Moving outside there is an oversize 2 car garage with workspace and room for storage plus plenty of extra driveway parking. The fully fenced backyard already has a playset and is large enough for gatherings and gardening. Welcome home.

Carla Fischer Danya Wolf MLS# 1955203 (360) 708-8294 (360) 982-0100

23644 Lake Drive, CLear Lake $229,900 Open hOuSe Sat., June 25th, 12-2pm and Sun., June 26th, 11-1pm Well placed, older manufactured home with addition, located on shy ¼ acre lot across the street from Clear Lake elementary school. Lot is beautifully maintained with lovingly cared for mature landscape, in both front and backyards. Front of home which features an accessible ramp is so inviting, you’ll feel right at home. Home feels open, in the living room there is a wood stove on a raised brick-faced hearth to keep you cozy. Kitchen is ample and well-appointed, for this size home with plenty of cupboards and a pantry.

Danya Wolf Patricia Box Fenced backyard has a concrete block patio for relaxing or enjoying a bbq.

(360) 708-8294 Buyers Agent There is a detached 2 car garage. MLS# 1955181 (360) 941-9186

Suzanne Jenkins (360) 941-2983

360.424.0300

$790,000

Mondo is a well-established and well-loved Korean and American family restaurant at the foot of the Cascade Mountain Range.

Favorite of locals and travelers. Restaurant is warm and inviting, with incredible fare. Very spacious dining area. Some outside seating available Small gift shop area. Kitchen is beautifully remodeled.

Business only $335,000 MLS#1926484 Business and property $790,000 Danya Wolf MLS#1926413 (360) 708-8294

Elva Hunter (360) 202-3086

Open hOuSe Saturday, June 25th, 2-4pm

$139,000

60102 State rOute 20, marbLemOunt

Great neighborhood to build you home, large lot with all the utilities in the street ready for you permit!

Phil LaMay (360) 840-3086

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 214419-1

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June 24, 2022