INSIDE
This Issue
DO YOU HAVE A HIGH HOMEBUYER IQ? HOW TO IMPROVE YOUR HOMEBUYING LITERACY PAGE 5 HONEST INFORMATION SELLS HOMES IN FLOOD ZONES PAGE 7 CLASSIFIEDS PAGE 7
JUNE 17, 2022
TABLE OF CONTENTS Do you have a high homebuyer IQ? How to improve your homebuying literacy ...................................................P5 Q&A
INSIDE PAGE
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Ask Our Broker.......................................................................P6
Honest information sells homes in flood zones...................................................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
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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 17, 2022
STAT Real Estate Stat
4,990,000
Real Wood Real Quality 919 Riverside Dr. | Mt. Vernon www.nwff.com | 360. 424.8455
In April 2022, 4,990,000 single-family homes sold in the US.
Monday - Saturday 9:30-5:30 222414-1
Source: National Association of REALTORS, 2022. Dining | Bedroom | Entertainment | Home Office | Upholstery
NORTH PUGET SOUND ASSOCIATION of REALTORS® 525 East College Way, Suite J
Mount Vernon, WA 98273
Tel. (360) 416-4902
www.npsar.realtor
FEATuREd PRoPERTY: 2301 MARTin Rd, MounT VERnon Skagit Tradition Realty LLC 3780 E. College Way Mount Vernon, WA 360-424-0300 www.skagittraditionrealty.com
$560,000
Patricia Box (360) 941-9186
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.
MLS#1951361 Mission Statement: The Nor th Puget Sound Association of Realtor s advocates for Realtors and their clients, and promotes the protection of property rights.
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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.
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h d u m W t p s d
s c w i h l a June 17, 2022
terms and definitions, the pluses and minuses of loan programs, and the overall purchasing and financing process can make costly mistakes, according to Courtney Poulos, a broker/ CEO with ACME Real Estate in Los Angeles and author of the book “Break Up with Your Rental.” “Google isn’t always your friend here,” Poulos says. Her advice? “Talk to an agent who is very familiar with the market in which you are buying.” After all, this is one of the most important transactions of your life, “so you want someone you can trust to give you the best advice throughout the process,” advises Kelly. After choosing a trusted real estate agent, you’ll want to shop for a mortgage lender and ask plenty of questions of the bank, broker, or direct lender you select. “The best lenders are the ones who take the time to discuss the entire process with you and present you “But purchasing a home with all the financing opwithout the adequate tions they can offer,” Kelly financial knowledge and adds. guidance can be a deathTo further boost your trap to your personal or homebuying smarts, family finances.” consider taking a first-time Posey concurs. buyer education course, “The risks involved are which may be offered by very high, especially with an average mortgage loan a local real estate agency, of hundreds of thousands lender, or bank. “Also, try to get informaof dollars,” he cautions. tion from multiple levels of “Do you really want to the industry. You can start gamble with more than by reading national news you make in a year, more than you have in any other articles, then dig deeper into industry specifics from debts, or more than you hold in your checking ac- the Consumer Financial Protection Bureau, HUD. count?” Indeed, prospective buy- gov, and Fannie Mae’s and Freddie Mac’s websites,” ers who have not been properly educated on recommends Posey.
Do you have a high homebuyer IQ?
How to improve your homebuying literacy
By Erik J. Martin CTW Features espite increasingly higher mortgage interest rates and home prices lately, buyer demand for homes continues to be robust in many markets across the country. With so many dollars on the line, it’s crucial for purchasers to know their stuff before signing on the dotted line. Americans pride themselves on being well-educated consumers, especially when it comes to purchasing what will likely be the highest-priced item of your life – a home. But here’s a sobering thought: More
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than 56% of people polled by MoneyWise didn’t pass a quiz of common home buying terms, such as “down payment” and “mortgage rate.” Tate Kelly, a real estate broker with Compass in New York City, wasn’t fazed by these findings. “I think in general, people are not well-informed enough as home buyers. Sixty-one percent of participants in the MoneyWise survey said they relied on their friends and family as a source of information. I often see this with firsttime buyers, who tell me that their friend or aunt, for example, gave them
advice on the homebuying process – and of course it was not all true.” Matthew Posey, a residential mortgage loan originator with Axia Home Loans in Austin, Texas, says our collective preference toward “quick and easy” has replaced a need to completely understand the details in major transactions. “The mindset today is ‘just tell me yes’ instead of ‘tell me what I need to know.’ That speaks to many aspects of our culture, and mortgage financing is no exception,” says Posey. “Younger generations want quick
gratification, even if the advice is not accurate or vetted. This gets especially dangerous when you consider the magnitude of the housing market and what’s at stake.” Emilio DiSpirito IV, a real estate agent, private office advisor, and license partner with Engel & Volkers East Greenwich in Rhode Island, attributes this homebuyer illiteracy trend to the fact that financial and life skills are not taught in schools to children and teens. “Many people watch their parents scrape by week to week and assume that is how bills get paid,” he says.
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Preparing for a potential recession Question:
There are many stories in the news which suggest that we may soon have a recession, either this year or next. Because of rising prices, we now have a huge amount of real estate equity. Does it make sense to increase our mortgage balance in the face of a possible recession?
Answer:
A lot of economists believe that we will see a recession in the next six to eighteen months. For example, Fannie Mae said in April that it expects “a modest recession in the latter half of 2023” as a result of Federal Reserve efforts to control inflation. A “recession” has traditionally been defined as two consecutive quarters during which real gross domestic production (GDP) declines. However, in 2021 the National Bureau of Economic Research (NBER) revised its definition because of Covid. It said the powerful and quick decline that took place in early 2020 was, in fact, a two-month recession because of “the unprecedented magnitude of the decline in employment and production, and its broad
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reach across the entire economy.” The reality is that most of us don’t care how a recession is defined, we care about how it might impact our personal finances. We worry that jobs will be lost, and incomes will decline. We understand that much of the economy will be impacted, directly or indirectly, including perhaps our household budgets. Given the huge price run-up seen during the past few years, many homeowners have large amounts of equity. According to the Federal Reserve, homeowner equity grew from $19.5 trillion in 2019 to $25.3 trillion in the third quarter of 2021. That’s an additional $5.8 trillion in residential equity. So much equity creates a temptation to grab equity, buy a car or boat, and increase mortgage balances. However, with a possible recession ahead, homeowners are largely choosing to be frugal and hold tight. The Federal Reserve Bank of New York reports that home equity lines of credit (HELOCs) in the 4th quarter were reduced nearly 10% from a year earlier and that the delinquency rate was cut in half, down to a
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Q&A
ASK OUR BROKER By Peter G. Miller
minuscule 0.3%. What about refinancing existing mortgages to extract equity? Interest rates have risen substantially during the past year, and the combination of more debt and a higher rate will mean larger monthly payments for most property owners, something many will want to avoid. Relatively few people are refinancing. The Refinance Index maintained by the Mortgage Bankers Association was 68% lower for the week of April 20th when compared with a year earlier. According to History.com, since World War II the typical recession lasted 10 months. The good news is that many households have set aside strong reserves for tough times. American bank deposits topped $18 trillion at the start of 2022, up from $12.5 trillion just three years ago. With any luck, their financial stability will help ease any troubled waters that lie ahead. Email your real estate questions to Mr. Miller at peter@ctwfeatures.com.
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CLASSIFIEDS RENTALS Rental Wanted
NEW TODAY 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.
Honest information sells homes in flood zones By Marilyn Melia CTW Features Sellers aim to present their home in its best light. So, it’s only natural that if a home is in a flood zone, sellers hope that fact escapes notice. Counter-intuitively, real estate agents say buyers are reassured with information about the risks. For one thing, if an unsuspecting buyer does fall in love with the home, he’ll soon hear about its flood zone status when he seeks a mortgage. Lenders routinely consult federal flood maps and require flood insurance homes in hazard zones. Still, sellers and agents sometimes don’t disclose flood hazard status. That can derail a sale, “because of the cost of the insurance,” says Joshua Jarvis, of Jarvis Team Realty, Duluth, GA. Rather than lead an unsuspecting buyer on, sellers should “provide as much information as they can,” says Jason Gelios, Community Choice Realty in southeast Michigan. Consult an insurance agent for quotes on flood insurance on the property to give buyers an early view into costs, suggests Scott Johnson of MarindeJune 17, 2022
pendent Insurance Services, CA. Buyers expect waterfront homes to carry higher flood risks, and “consider that flood insurance is just one other expense of owning,” says John Kilpatrick, a real estate author and owner of a Key West, Fla. home. While the lake or ocean proximity can outweigh insurance and flood worries, buyers in other floodprone areas ultimately weigh the risks against the home’s appeal. “It took us doing three weeks of research to even feel comfortable putting an offer in,” shares Sheila Catalin, who recently purchased a home in Northfield, IL with her husband. “We contacted the village and asked about infrastructure improvements and plans to prevent flooding. We also spoke to five neighbors.” The sellers had also installed an emergency generator that would keep a sump pump running in a power failure, and a drain in the backyard. All that reassurance, plus the great parks, schools, and neighborhood gave them confidence to buy, concludes Catalin.
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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. Generally in good shape for the shape I’m in. Could use a good fishing partner.
Rooms for Rent
NEW TODAY Seeking long-term renter for furnished
room, country living. Includes electric, WIFI, laundry, fishing/boating ponds, large deck and patio,gazebo with grill, hiking/biking trails, and close to amenities. *Temporary free rent to someone who could provide backhoe service and operate chainsaw. Special consideration to veterans. $780 a month, $20 for additional person. *Current FBI background check and references required. Sound character, no anger or substance abuse issues. Sorry, no pets. Contact Alger.
360.724.5716,
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18849 CaSCade ridge Court, Mount Vernon
$835,000
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. Well-appointed greenhouse; and fruit trees. 3 car garage (800 square feet) & RV parking. Visiting wildlife: deer; eagles; and more. Cul de sac street. Danya Wolf (360) 708-8294 MLS#1922531
20787 bulSon rd, StanWood
$350,000
1 Mountain VieW rd, Mount Vernon
$115,000
$600,000
Prime commercial property with utilities in street, including P.U.D. water, Puget Sound Energy electricity; Cascade Natural Gas, fiber optics; cable; and sewer. SubjectTo survey and short plat. Property is located between ChicagoTitle Company easterly parking lot and Max Dale Restaurant’s south easterly parking Danya Wolf area. MLS# 1649968 (360) 708-8294
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
$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
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. MLS# 1861233 Danya Wolf (360) 708-8294
21290 lafayette rd, Sedro-Woolley
$575,000
Possible seller financing with large down payment. 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). Pole barn/garage w/ attached carport and separate 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 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 (360) 982-0100
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 Danya Wolf commuting. MLS# 1841822 (360) 708-8294
2XXX urban aVenue, Mount Vernon
60102 State route 20, MarbleMount
Carla Fischer
WHalen driVe, Point robertS
$250,000
1564 H Street rd, blaine
Magnificent views of Boundary Bay and the mountains! Enjoy the lights of Vancouver BC, only 45 minutes away! Less than 20 miles toVancouver 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 RobertsWater District). Danya Wolf (360) 708-8294 MLS# 1863417
Elva Hunter (360) 202-3086
John Hunter (360) 202-3086
Suzanne Jenkins (360) 941-2983
360.424.0300
Phil LaMay (360) 840-3086
$1,150,000
Eighty (80) acres with development potential of multiple building tracts. Mostly woods including Western Red Cedar and Douglas Fir, Cottonwood; Alder; and Birch; with one large pond great for duck hunting toward the northerly portion of the 80 acres, some meadows, one small beaver pond, plenty of walking trails or bring your ATV; and an old dug well near the old home site by the southerly edge of the property to the east of the gate. Future home site/pasture land along the southwesterly edge of the property. Danya Wolf Shown by appointment. MLS#1925565 (360) 708-8294
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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