Real Estate Weekly March 31, 2023

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.

Unless otherwise noted, all photographs, artwork and ad designs printed are the sole property of Skagit Publishing and may not be duplicated or reprinted without express written permission.

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

.02%

The median existing-home sales price decreased 0.2% from the previous year to $363,000 in February 2023.

Creating a Home's First Impression

Curb appeal is a home’s first impressio n, and the first chance to impress potential buyers. Whether buyers are amazed by a beautiful and immaculate yard or turned off by dirty exterior walls and an overgrown lawn can meaningfully affect the speed and price at which a home sells. Improv ing a home’s curb appeal can be as simple as repainting a front door and getting rid of weeds in the front yard, or as involved as creating an outdoor lighting design and replacing all of a home’s windows.

Before placing a home on the market, it is important to make sure that the home is prepared - inside and out - so it sells quickly and for top dollar.

Source: https://www.nar.realtor

7.5 acres of rich farmland with 200 fruit trees, ¾ acre blueberr y, 3 acres strawberries, ¾ acre blackberr y, ¾ acre raspberr y, 60x30 paver patio in place, incredible view, fully fenced with beautiful rolling gate, some farm implements and a trac tor included. MLS#2050192

Why advertising matters

No matter the size of your business, good and thoughtful promotion will always help you grow awareness about your brand, get in front of more serious prospective clients, and ultimately boost your revenue. Advertising has been shown to be worth the investment, and we’re taking a deeper dive into why it really matters and what you can do to spread the word about your business.

• It creates brand awareness.

• It provides credibility.

• It helps you reach potential clients.

• It drives lead generation.

• It produces more continuous business.

• It improves your digital presence.

• It encourages customer engagement.

• It keeps your consumers up to date.

• It leads to repeat business.

The bottom line? Advertising really works. It’s a key component to building your brand, growing your earnings, and maintaining a successful real estate business. Our marketing solutions can help you get lots more eyes on your business with targeted online advertising.

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

Understanding what escrow is and how it works in real estate

by Erik J. Martin

You want to purchase a home, but you’re concerned about how the money required will be safely held and transferred when the time is right. Fortunately, there’s a process called escrow that can protect your dollars and ensure a smoother transaction with the help of a third party.

“In your typical real estate purchase and sale transaction or refinance, escrow refers to a neutral third party who helps make sure the exchange of money for property interests occurs as an actual safe exchange,” says Zachary Schorr, a real estate attorney for Schorr Law in Los Angeles. “Escrow eliminates the need for the buyer and seller to directly trust each other

by providing a neutral agent to handle the transaction and make sure the agreed-upon exchange occurs based on the terms of the parties’ agreement. Almost all arms-length real estate transactions involve the use of escrow to facilitate the closing of the home purchase.”

The escrow process typically begins when an offer is accepted, at which point the buyer will make a deposit, which is held in a trust account by the escrow holder. An escrow account holds all funds associated with the purchase, including the down payment, and closing costs.

“These funds are held by the escrow agent for disbursement at closing once all conditions of sale have been satisfied,” says Alex Shekhtman, founder and CEO of

LBC Mortgage.

But escrow can have more than one meaning for a home buyer/homeowner.

“Escrow after you purchase a home refers to funds held by a third party for the purpose of paying property taxes and homeowners insurance on behalf of the homeowner,” says Tiffany Stevens, founder of Forward Real Estate. “This is commonly conducted by a mortgage lender, who will collect a portion of the homeowner’s monthly mortgage payment and place it in an escrow account. The lender will then use these funds to pay the property taxes and insurance premiums when they are due. This allows the homeowner to avoid the burden of having to pay these bills out of pocket every year.”

There are several advantages associated with using either type of escrow arrangement.

“Escrow provides security for both parties involved since all monies held in escrow must be released only once agreed-upon criteria have been met,” continues Shekhtman. “It provides assurance that no money can change hands until all parties have satisfied their respective responsibilities, and it enables buyers and sellers alike to rest assured knowing that any dispute involving finances can be easily resolved through contractual means rather than legal action.”

Furthermore, using escrow reduces risk.

“An escrow arrangement can help protect both parties from potential fraud or nonpayment,” Stevens notes.

“Escrow arrangements also provide a convenient way for two parties to exchange funds and assets and an easy way to track payments and make sure all terms of the agreement are met.”

Post-purchase escrow through your lender allows tax payments to be spread out over time, making them more manageable and reducing the risk of tax debt. And it can help avoid penalties from missed or late payments, adds Stevens.

But Schorr cautions that with a lender escrow account, you may end up paying property taxes before they are due, which means you may have less cash on hand when you need it.

“In addition, there may be additional fees associated with setting up and maintaining

an escrow account. And if the amount of taxes due is higher than expected or if the homeowner does not make their payments on time, the lender could potentially be responsible for the difference,” Stevens cautions. “Also, if the property is sold before the taxes are due, the escrowed funds may not be available to pay the taxes, and the new owner may be responsible for paying them.”

Before committing to any kind of lender escrow agreement, ask plenty of questions, Shekhtman advises.

“What types of fees might I incur? Is my current income sufficient to cover monthly expenses along with my housing payments plus other related expenses? Will I need extra cash reserves if anything unexpected arises?”

Ways to lower your insurance premiums

Question:

The real estate market has slowed in our area. We have fewer sales, but prices are holding up fairly well. We want to sell our home because of a job transfer. What steps can brokers take to speed our sale?

Answer:

It’s certainly true that sales have slowed in many markets, and one reason is surely the substantial rise in mortgage rates, going from 3.22% at the start of January 2022 to 6.13% in late January 2023, according to Freddie Mac. Higher rates raise monthly costs and make homes less affordable. There is another aspect to affordability. When owners consider the sale of their property, they naturally look at what will happen after the sale. Maybe they can buy a replacement property for cash and not have to worry about mortgage rates. But, if they need a mortgage, possibly it’s best to stay put, not sell and not face higher monthly costs. This view means fewer homes are available

for sale, inventory is low and sale volume falls. In other words, much of the sales decline is because sellers have locked-in historically low rates during the past few years and do not want to give up such financing. It also means those who want to sell may find a ready market for their properties. For example, in December, properties were typically on the market for 26 days, up from 19 days in December 2021, according to the National Association of Realtors. So yes, it takes longer to sell homes, but 2021 was a great year for real estate with mortgage rates at or near record lows. What 26 days on the market means is that in most markets – but not all – sellers still have leverage. Don’t panic because unit sales have slowed. And don’t panic because prices are not soaring – they went up an average of 42% after increases in 2019, 2020, and 2021. In 2022, home prices nationwide rose another 2.3%. As an owner, you have likely locked in substantial equity that you did not have before the pandemic.

Owners, for their part, need to hear broker

ASK OUR BROKER

By Peter G. Miller

marketing plans based on local sales. For instance, how long are homes on the market in your neighborhood? What is the difference between listing and sale prices? What seller concessions, if any, are hidden in published prices? How has the shift to work-from-home options (WFH) impacted your neighborhood market? What are the features that buyers want most in your area?

Also, visit local open houses. How do they compare with your property? Are there improvements you need to make before placing your home on the market? What about donating excess furniture and other items you don’t want to move to charity? This is both a good thing to do and a way to have a home seem more spacious.

Speak with several local real estate brokers and get their take on the local market.

Then list with the broker who is likely to best represent your property.

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

“Anchors Away: Home Sellers Shouldn’t Look Back”

Marilyn Kennedy Melia

The previous two years were exceptionally good to home sellers. ATTOM Data Solutions, a real estate analytics firm, reports that in 2022, home sellers nationwide realized a profit of $112,000 on the typical sale, up 21 percent from $92,500 in 2021.

But the good fortune enjoyed by past sellers could lead today’s sellers into a costly trap of “anchoring bias”. This mind-trick is a quirk of human nature, whereby we fixate on a past information, like a sales price, and doggedly maintain it as a reference for value today.

Since rising interest rates in past months have pushed home prices some-

what lower, the price a similar home in the neighborhood sold for may not be a reliable predictor of current value.

“What you feel your home is worth is not relevant to what it will sell for. The market dictates what it is worth. You can hold out for more, but it can cost you time and money,” explains Scott Bishop, executive director of Avidian Wealth in Houston.

Bishop outlines a typical scenario of a client who is reluctant to lower his sales price eight percent. If you sell quicker, you will decrease your cost of maintenance, utilities and property taxes,” Bishop advised. And, putting a portion of sale proceeds – after reserving funds for a less expensive retirement home –into investments, can soon replace the

money his client believes was “lost” on his sale.

Michael Meier, a New York City broker with Compass, agrees that objective look at options – holding tight, reducing the price or renting the home in lieu of selling now –usually frees sellers from anchoring bias.

Some owners, for example, believe that in a couple of years they will get their desired price. Meier asks them to consult with their financial advisor and calculate their annual ownership costs against their expected future price gain.

The non-financial opportunity costs are also part of the mix, says Meier.

“Does waiting mean you can’t move? How will that impact your life?

20, MaRbleMount $675,000

2121 MaRKet StReet, Mount VeRnon $279,000

24017 tRinit y lane, SedRo-woolle y $895,000

Danya Wolf (360) 708-8294

Mondo is a well- established and wellloved family-style restaurant at the foot of the Cascade Mountain Range. Locals and travelers make this par t of their Hw y 20 and Nor th Cascade National Park trip. Major ar terial choice to Newhalem and continue on to Winthrop; or cross the Skagit River bridge and continue up to Cascade Pass and hiking to Stehekin. The restaurant is warm and inviting, with incredible fare Ver y spacious dining area. Some outside seating available. Small gift shop area. The kitchen is beautifully remodeled. New flooring and ex terior lighting. MLS#2038466

Great visibilit y commercial proper t y: plent y of parking; small storage building/garage (20’ x 24’) in back. Proper t y is set up for offices on main level with 1.5 baths; and basement *access (with washer dr yer hook up plus t wo additional rooms) *from both inside and outside. Second stor y offers t wo additional rooms, one with a sink. Just over 1/2 acre: .547 acre.

MLS#2038424

COMMER CIAL

Custom build your commercial enterprise: 13,361 square foot commercial trac t (two lots) zoned C-2. Great location near recreation center; major grocer y store; hotel; restaurants; offices; health club; house and farm supply stores; gas stations; banks; and I-5. Water, Cascade Natural Gas, Puget Sound Energy, City sewer, and Comcast are all in the street MLS#2009122

There are so many investment possibilities with this home and proper ty Classic 4 bed/2.5 bath farmhouse style 2560 sq.ft home with east facing deck on 1.7 acres

Home offers kitchen w/island and ceramic tile floors, office, bonus room, mud/laundr y room, living room with propane fireplace, built-in bookshelves, and beautiful laminate over hardwood floors Studio cottage has own kitchen and bath. Proper ty also features a 16,000+ sq.ft. pole building/barn with office space, shop, and room for RV storage. Potentially 5K in rental income each month from the cottage, barn, and RV storage. MLS#2028784

Kato lane, Mount VeRnon $149,000

nhn S. 15th StReet, Mount VeRnon $199,000

Ver y private 5 acres just off Mountain View Road.

Come check it out, a great neighborhood.

20787 bulSon Rd, Stanwood

$339,000

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 proper ty to the east of Subjec t Proper ty is fenced, open field. Zoning allows for one building site.

Stanwood-Camano School

Distric t; and just ten minutes to I-5. Great countr y living yet convenient for commuting.

MLS# 1841822

Danya Wolf (360) 708-8294

MLS#1861233

nooKaChaMP hillS dRiVe lot 36, Mount VeRnon $210,000 Ready to Build with power, water, sewer and natural gas in the street Build your dream home in Nookachamp Hills, a desirable community in the foothills near Big Lake Enjoy walking/biking the trails and swimming/fishing in the community ’s small private lake/pond. Trail leading to pond/lake nex t to proper ty.

MLS#1970452

MLS#1880968

Elva Hunter (360) 202-3086

24443 wiCKeR Rd SP#49, SedRo woolley $58,000

Great oppor tunity

to buy an affordable three bedroom, 1 3/4 bath home with a freestanding wood stove in a 55+ park with reasonable space rent Space rent includes water septic (maintained by the Park), and garbage.

Ramps at both front and rear entrances for ease of access. MLS#2015218

Conveniently located corner building lot with available utilities Build your dream home in this neighborhood that is close to schools Hillcrest Park and the 18th Street Water Park

Easy access to I-5, shopping, and medical facilities

MLS#2029949

whalen dRiVe, Point RobeRtS $250,000

Magnificent views of Boundar y Bay and the mountains! Enjoy the lights of Vancouver BC, only 45 minutes away! Less than 20 miles o Vancouver in ernational Airpor t Point Rober ts is a quain community with forests, beaches (close to Maple Beach), and the ocean yet near o all that the big city has to offer This lot is ready for your dream home; power at the street water a the street (Point Rober ts Water District).

MLS# 1863417

Danya Wolf (360) 708-8294

708-8294 CRS/CBA/GREEN

1 Mountain View Rd, Mount VeRnon $115,000 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 manufac tured home, with plenty of room. Trac t has been sur veyed and wetlands have been delineated. Power and PUD water are available at the street. Perc test per formed/3 bed septic possible, permit#SW22-0073

Danya Wolf (360) 708-8294

1760 S buRlington blVd., buRlington $3500/Month

Danya Wolf (360) 708-8294

COMMERCIAL BUILDING FOR LEASE

Suzanne Jenkins (360) 941-2983 Carla Fischer (360) 982-0010

Suzanne Jenkins (360) 941-2983

Carla Fischer (360) 982-0010

Danya Wolf (360) 708-8294

Danya Wolf (360) 708-8294