Real Estate Weekly: February 25, 2022

INSIDE

This Issue

GETTING TO THE POINT SHOULD YOU PURCHASE MORTGAGE DISCOUNT POINTS TO LOWER YOUR INTEREST RATE? PAGE 5 “SELL, RETIRE, RENT… COULD THAT WORK?” PAGE 7

FEB. 25-MAR. 3, 2022

INSIDE

TABLE OF CONTENTS

PAGE

5

Getting to the Point.

Should you purchase mortgage discount points to lower your interest rate?.....................P5 Q&A

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

“Sell, Retire, Rent… Could That Work?” .........P7

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February 25, 2022

STAT Real Estate Stat

1,638,000 The rough number of housing starts in the United States in the month of January 2022.

Source: National Association of Realtors

NORTH PUGET SOUND ASSOCIATION of REALTORS® 525 East College Way, Ste J, Mount Vernon, WA 98273

Tel. 360-416-4902

FEATuRED REALToR:

MEET SuzAnnE JEnkinS

www.npsar.realtor

Skagit Tradition Realty LLC 3780 E. College Way Mount Vernon, WA 360-424-0300

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

•

Set different terms, conditions or privileges for sale or rental of a dwelling

•

Provide different housing services or facilities

•

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 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.

February 25, 2022

www.skagittraditionrealty.com

Suzanne Jenkins (360) 941-2983

I grew up in Bellingham and moved to Sedro Woolley in 1977, where my husband Milton and I raised two beautiful daughters, cattle and chickens (ask me about farm fresh eggs!). My years living here have made me very familiar with and knowledgeable about the Real Estate market in Skagit and Whatcom counties.

Real Estate has afforded me the opportunity to travel (cruises are my favorite) and I have been fortunate to visit many countries and even took a fascinating trip to Antarctica where I met some amazing penguins. Although I love to travel, Real Estate is my real passion! I am always striving to improve in my field, continuing my education and achieving higher certifications. I am a Certified Residential Specialist, I am a GREEN Realtor, a Graduate of the Real Estate Institute and am now studying to become a Senior Real Estate Specialist, to better assist those age 50+. I look forward to helping you with all your Real Estate needs. Call, text or e-mail me anytime!

(360) 941-2983 suzanne@sjenkins.com

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

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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i i fi t d c m y

a t B o i February 25, 2022

mortgage payment, it will take 60 months or five years to recoup that initial investment,” he explains.

Before committing to purchasing discount points, forecast your long-term goals for your home purchase.

Then, examine your budget to determine if you can afford the discount points while still having enough of a cushion saved up for unexpected expenses.

“You may want to avoid spending money on discount points if it means you will have less of a down payment,” cautions Knag. “Having a smaller down payment will mean a larger loan balance, which in turn increases your monthly payment. And having less than 20% down may also mean that you have to pay for private mortgage insurance.”

Also, consider alternatives to buying mortgage discount points. If mortgage rates are lower than you had expected, ponder paying for a rate lock, particularly if rates are likely to go up soon.

“A rate lock will lock your interest rate at a set number for a period of time or until you close your loan. You can even pay for a rate lock as well as mortgage discount points at closing, lowering your rate and therefore your monthly Koss says.

Homebuyers who have form of accrued equity. But if even further,” Knag continues.

By Erik J. Martin Or, “if you are looking payment,” says Paul Knag, a That initial upfront cost may enough savings salted away you are likely to move in unortgage interest rates have been licensed mortgage broker and sound like a lot, but reducing and who are anticipating der five years, you’re probably for a cheaper rate and don’t trending upward founder of Ratezip.com. “This your interest rate can save you remaining in their home for at not a good candidate,” he says. care about how much your in recent months. That makes is sometimes referred to as more money in the long run least a few years are good canThat includes borrowers who monthly payment costs, I would suggest looking at a it a bit more expensive to ‘buying down.’” over the life of your loan. didates for paying mortgage purchase a home for a shortshorter-term loan instead,” finance a home purchase. But According to Brian Koss, “For example, say you want discount points. term investment or to flip it, recommends Cook. there’s a way you can tick executive vice president of a $200,000 loan would “However, for those who per Jason Cook, Eastern shore Alternatively, Koss suggests down your interest rate if you Mortgage Network in Danqualify for a 4.5% interest plan to sell before they reach manager for Embrace Home considering a five-or sevenchoose: Purchase one or more vers, Massachusetts, each point rate. If you spend $2,000 and their breakeven point, the cost Loans, headquartered in year adjustable-rate mortgage mortgage discount points from you purchase typically lowers purchase one discount point, for discount points often aren’t Middletown, Rhode Island.

(ARM), “which usually have your lender. your interest rate by 0.25%, you could reduce your rate worth it,” Knag adds.

“It’s important to do a costlower introductory rates that “Mortgage discount points and each point costs 1% of to 4.25%. This would lower Koss concurs. benefit analysis and calcuwould be similar to a fixedare fees you can pay at closing your total loan amount. your payment from approxi“If you plan to be in your late your breakeven point,” rate loan with points.” Then, to lower your mortgage rate.

“So, if you have a $300,000 mately $1,013 to $984 and, home and not refinance for recommends Eric Kucharik, before your introductory rate By paying a certain percentage loan at a fixed rate of 4%, buy- throughout your 30-year loan, five years or more, you will at a Realtor in Philadelphia. “If expires and increases, consider of your mortgage at closing two points will cost $6,000 you would save $10,616 in least earn your discount point a point costs $3,000 and it refinancing to a fixed-rate ing, you can lower your rate but lower the rate to 3.5%,” interest,” explains Knag. purchase money back in the saves you $50 a month in your mortgage.

Getting to the Point

Should you purchase mortgage discount points to lower your interest rate?

M

February 25, 2022

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5

How Can We Secure a Home Loan with Unpaid Debt?

Question:

We would very much like to purchase our first home but have credit issues. Generally, our credit is good. But in the particular case of one debt, we are behind and the collection company is harassing us almost daily. What can we do to straighten out this one glitch?

Answer:

You can guess that lenders will not be thrilled with a situation where you want to borrow money from them but are in a battle over unpaid debt.

As a place to start, go to AnnualCreditReport. com and get copies of your credit reports from Equifax, Experian, and TransUnion. Such reports can be obtained weekly and without cost until April 20, 2022. Look for factual errors and items that are out-of-date, typically more than seven years old.

However, if the bill is a legitimate expense, it needs to be resolved. Instead of the creditor

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calling you, call them and ask how the debt can be repaid. Maybe you can get an alternative payment schedule to pay off the debt—or even settle for less. And, if you think the bill is a mistake, that’s surely something to discuss.

Alternatively, if there is debt, is it possible to get rid of it entirely? Can you get a loan from a bank, family member, or friend to pay off the debt, maybe with a lower interest rate or smaller monthly payments? If you have a retirement account, ask your plan advisor about the costs of an early withdrawal.

Be aware that debt collection rules are changing. The Consumer Financial Protection Bureau (CFPB) has scheduled new standards as of November 30th that are likely to be very helpful to those with debts. According to the National Consumer Law Center (NCLC), the changes include: Debt collector calls to consumers are limited to seven per week per debt.

“A debt collector,” said the NCLC, “must speak

RE-Weekly

Q&A

ASK OUR BROKER

By Peter G. Miller

to a consumer or send a letter or electronic message about an alleged debt before reporting the account to a credit bureau.”

Increase the information a consumer must receive at the start of the debt collection process.

Also, according to the NCLC, the new rules “may make it easier for the consumer to identify the alleged debt or exercise their debt collection rights.”

Mortgage lenders will surely want a legitimate debt resolved, either through a full pay-off or a payment plan. If it’s on your credit report, it will impact your credit score, but it will have less and less importance once resolved.

For details, sit down with a local mortgage loan officer and get pre-qualified for financing. Ask about your credit score and what steps you can take to improve your credit standing.

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

February 25, 2022

“Sell, Retire, Rent… Could That Work?”

By Marilyn Kennedy Melia

H

igh home prices are a gift to aging homeowners whose retirement nest egg is skimpy.

Except that when retired owners sell and pivot to the buy-side, high prices on even much smaller homes can erode much of their sale profit.

The other choice is to invest sale proceeds and rent instead of buy.

“Especially with today’s hot housing prices, it’s likely that some older homeowners are indeed selling their homes and then pocketing the profits before transitioning to a less expensive rental unit,” observes Jacob Channel, senior economic analyst at Lend-

February 25, 2022

ingTree.

But deciding to rent after owning is a difficult calculation. Here, experts outline some considerations: Temporary plans A retiree may ultimately plan to move to assisted living, and rent for a stint until they’re ready, notes Amy Ford, of Silvernest, an online roommate matching service. The risk here is that rental expenses can whittle too far into the sum needed later to afford assisted living, she adds.

If a retiree is moving to be near an adult child, but that child may move somewhere else in the future, renting is practical since it’s “easier to not renew a lease than it is to sell a home,” says Channel.

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Rental realities Retirees who don’t want to bother with the expense and hassle of maintenance will like leaving chores to a landlord. But rental charges can rise over time, while monthly costs in mortgage and property taxes are more predictable.

Nest egg economics It’s probably not practical to rely heavily on income generated from the proceeds of a home sale to pay rental charges for the rest of your life Any financial advisor who projects a certain rate of return on investments should also detail the risks that you won’t see the return you’re hoping for, explains Dan Moisand, Melbourne, FL financial planner.

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wHalen dRiVe, Point RoBeRts

$250,000

2121 MaRket stReet. Mount VeRnon

$158,800

4619 & 4621 s BeaVeR Pond dRiVe, eagleMont

Each Lot is listed at only $99,000 Start your new home on one or both of these private lots in Eaglemont with all utilities in the street, surrounded by greenbelt and wooded area for maximum privacy, wonderful neighborhood with beautiful homes , walking trials. Eaglemont is an 18 hole Championship Public Golf Course! Spend your time relaxing and enjoying life in beautiful Eaglemont nestled in the foothills of the Cascade mountains with awesome views of Mount Baker and an abundance of wildlife! Once you’re here you’ll know you have found a hidden treasure!

MLS#1880617 4619 S Beaver Pond Dr Elva Hunter (360) 202-3086 MLS#1880578 4621 S Beaver Pond Dr

Magnificent views of Boundary Bay and the mountains! Enjoy the lights of Vancouver BC, only 45 minutes away! Less than 20 miles to Vancouver international Airport. Point Roberts is a quaint community with forests, beaches (close to Maple Beach), and the ocean yet near to all that the big city has to offer. This lot is ready for your dream home; power at the street, water at the street (Point Roberts Water District).

MLS# 1863417

Danya Wolf

(360) 708-8294

Custom build your commercial enterprise: 13,361 square foot commercial tract (two lots) zoned C-2. `Preliminary sketch for 5,280 square foot retail building plus 24 parking spots. Great location near recreation center; major grocery store; hotel; restaurants; offices; health club; house and farm supply stores; gas stations; banks; and I-5. New price reflects Skagit County tax assessment Danya Wolf value. MLS# 1848626 (360) 708-8294

1 Mountain View Rd, Mount VeRnon $115,000 17180 MeMoRial Hwy Mount VeRnon $415,000 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 6.98 acre tract zoned Rural Intermediate. Level wetlands have been delineated (Oscar acreage with great road access both from Memorial Highway and from Avon Allen Road. Stop light and curbs at the intersection.

Graham and Pat Bunting).

Special Use Permit potential. The Power and PUD water are Animal Hospital and an espresso stand is across the road to the west. available at the street.

980 feet along Memorial Highway (SR-536);620feetalongAvonAllenRoad. Danya Wolf Danya Wolf MLS# 1861233 (360) 708-8294

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®

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

Carla Fischer (360) 982-0010

MLS# 1572330

Elva Hunter

(360) 202-3086

20787 Bulson Rd, stanwood

(360) 708-8294

2XXX uRBan aVenue, Mount VeRnon

$600,000

John Hunter (360) 202-3086

Suzanne Jenkins (360) 941-2983

360.424.0300

$350,000 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. StanwoodCamano School District; and just ten minutes to I-5. Great country living yet convenient for commuting.

Danya Wolf MLS# 1841822 (360) 708-8294

$850,000

24094 n. west View Rd, Mount VeRnon

After 60+ yrs this Big Lake prime property on the sunny side of the lake can now be yours. Approx. 80 ft of no-bank water front just minutes away from a nine-hole golf course. Property features a pier connected to a floating dock perfect for mooring your boat & watercraft. The approx. 4,500 SF of property bisected by N. West View Rd has an access road and additional possibilities for your needs.

Besides the 2 bed 1 bath manuf. home the lot has a detached 750 SF garage/shop, out buildings and RV parking. And the large covered deck is perfect for watching eagles, seasonal waterfowl & spectacular sunsets!

Russ Lanker MLS# 1848508 (360) 708-1117

Prime commercial property with utilities in street, including P.U.D. water, Puget Sound Energy electricity; Cascade Natural Gas, fiber optics; cable; and sewer.

Subject To survey and short plat. Property is located between ChicagoTitle Company easterly parking lot and Max Dale Restaurant’s south Danya Wolf (360) 708-8294 easterly parking area. MLS# 1649968

Elva Hunter (360) 202-3086

$99,000

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 178153-1

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February 25, 2022