Real Estate Weekly: May 27, 2022

INSIDE

This Issue

WHY SINGLE FIRSTTIME BUYERS ARE BECOMING AN ENDANGERED SPECIES PAGE 5 FINDING YOUR (LESS THAN PERFECT) DREAM HOME PAGE 7 CLASSIFIEDS PAGE 7

MAY 27, 2022

INSIDE

TABLE OF CONTENTS

PAGE

5

Why single first-time buyers are becoming an endangered species......................P5 Q&A

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

Finding Your (Less Than Perfect) Dream Home.....................................................................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.

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.

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

RE-Weekly

May 27, 2022

STAT Real Estate Stat

52.5%

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

The average monthly mortgage payment on a typical home is up 52.5% compared to this time last year.

Monday - Saturday 9:30-5:30 222414-1

Source: Zillow, 2022.

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

1903 9TH STREET, ANACORTES

$1,500,000

The Term REALTOR®

To find a REALTOR® member in your area, www.npsar.realtor to view our member and affiliates lists.

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

visit

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

May 27, 2022

RE-Weekly

JACKIE STONE 369-661-2247

Prime ‘Old Town’ location on quiet treelined street, looking out over water! Classic old-world charm but newly built in 2006 for more light & functionality. The rock front porch & rock landscape wall are from original 1905 bungalow. Richness of character & quality throughout home - living room features 9’ ceiling with box beams & adjoins cozy sitting room with gas stove FP with handsome stone surround & built-in bookcases. Well-designed kitchen is open to LR & DR. Dining space has ample open cabinets & leads to side deck & garden. Two primary suites-1 main level & 1 upstairs. Upstairs family room has vaulted ceiling & water views. Efficient radiant heat. Lower-level apartment perfect for extended family; or rental (legal duplex).

MLS #1935667

224037-1

The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® (NAR) and subscribes to its strict Realtor Code of Ethics.

Local associations are required to enforce the code of ethics through a Professional Standards Council or Committee.

The REALTOR® Political Action Committee (RPAC) fights for Homeowner and property rights in Washington DC, Washington state and right here in your community.

Using a designated REALTOR® assures that your transaction in handled ethically, and that your rights will be protected now, and in your future as a homeowner.

3

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

B

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!

4

RE-Weekly

i s i a o s

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

May 27, 2022

F t m y p i a c d i a m I 1

Why single first-time buyers are becoming an endangered species

By Erik J. Martin CTW Features uying a home today is challenging for nearly everyone involved. But those flying solo seem to be experiencing the most roadblocks along the path to homeownership, new research suggests.

The results of a recent Self Financial report indicate that it takes the average male renter just under four years to save for a down payment and closing costs in a total of 21 states. The average single female, by contrast, is unable to afford down payment savings in any state, requiring an additional $664.58 every month to even start saving.

It takes couples more than 12.2 months to gather

B

May 27, 2022

enough savings for a home purchase. But faring worst of all are single first-time purchasers, who appear to be priced entirely out of the market in 44 states, this study concludes.

“What stands out in this research is that nearly the entire country has priced out single first-time buyers.

This cohort comprised approximately one-third of homebuyers in 2021. It’s stunning to learn that they are iced out of the market,” says K.C. Cleary, chief strategy officer for Pathway Homes.

The latest numbers indicate that first-time buyers overall are shrinking as a key homebuying demographic. Zillow reports that first-timers commanded 37% of the market in

2021; but as of January 2022, first-time purchasers represent merely 27% of the market, per the National Association of Realtors.

“Consider that nearly 50% of US adults, totaling 126.9 million unmarried and unacknowledged people, are single, according to the US Census Bureau,” says Yatin Karnik, CEO/ founder of San Franciscoheadquartered Confer Inc. “US Census Bureau data also show that the average age when people got married for the first time in 2020 was 30 for men and 28 for women – up markedly from 2000, when men typically married at the age of 27 and women at 25.

The takeaway here is that single first-time buyers are

finding it increasingly difficult to purchase a home today, as evidenced by a 37 percent drop in mortgage transactions representing first-time buyers between 2020 and 2022.”

The reasons behind the decrease in single firsttime buyer purchases are multifold.

“There is a once-in-acentury boom of demand for real estate paired with a lack of housing supply and rising mortgage rates,” Court Cunningham, cofounder/CEO of Orchard, explains. “Also, since the financial crisis several years back, builders have underbuilt and focused on mostly high price developments, many of which price single people out of the market. Then, there are

RE-Weekly

supply chain issues and a labor shortage, which have also continued to drive up prices of new builds and renovations. The result is that, for the few affordable homes on the market, single first-time buyers are competing with equity-rich two-income couples, and they are losing out.”

Furthermore, saving for a down payment requires commitment and sacrifice, Kurt Grosse, a Realtor with Realty One Group in Las Vegas, points out.

“Many single people have student loans and aren’t willing to give up the time and fun required to save that much money,” he says.

“I also think some singles are hesitant to commit to a housing style and location until they meet their life

partner.”

To improve their chances of affording and beating out competitors for an available home, single firsttime purchasers will need to work extra hard and do their homework, the experts agree.

“First, get a fully underwritten pre-approval on a mortgage loan. Ask your mortgage officer to have all of your documentation reviewed by an underwriter ahead of time, and make sure your preapproval says ‘fully underwritten,’” says JoAnn Echtler, a Realtor with Berkshire Hathaway HomeServices in Cranberry Township, Pennsylvania.

“Also, work with a seasoned Realtor who knows the tips and tricks for making your offer stand out. This is not the time to work with your cousin’s friend’s neighbor who sells two houses a year.”

Additionally, consider a low-down-payment mortgage, such as an FHA loan that can be had for as little as 3.5 percent down, or a USDA loan available for 0 percent down (if you choose to live in a rural area that qualifies for a USDA loan), if you are eligible.

“The most impactful strategy for first-time buyers is to make a cash offer, if possible,” suggests Cunningham. This tactic can give you a leg up on most home shoppers who have to pursue financing, but it can be tough to have that much money saved.

Also, “check your credit reports and make sure there are no errors, and work to improve your credit score by paying your bills on time,” advises Karnik.

5

Correcting Credit Report Errors

ASK OUR BROKER

By Peter G. Miller

Question:

September 2021 for the three largest CRAs. Most involved six common items.

Answer:

1. Information on the account for someone else.

2. Incorrect account status.

3. Inaccurate personal information.

4. Reported errors not fixed.

5. Consumers were not notified about dispute results.

6. Investigations took more than 30 days.

We recently had to dispute a credit report error before formally applying for a mortgage. How common are credit issues and is there a speedy way to make corrections?

The credit reporting system is both huge and complex. According to the Consumer Financial Protection Bureau (CFPB), the three major credit reporting agencies (CRAs) – Equifax, Experian, and TransUnion – “cover about 1.6 billion credit accounts per month on more than 200 million adults.”

Given so many accounts and a massive volume of credit items, it follows that 100 percent accuracy is impossible. There are mistakes, there are complaints about mistakes, and there are complaints about the complaint response process itself. The big question is what can be done to find errors before they damage your credit standing?

A dispute system is in place that allows consumers to contact CRAs when a consumer finds credit report errors. The system also allows individuals to contact the CFPB with complaints when dissatisfied with CRA responses. There were more than 700,000 consumer complaints between January 2020 to

6

Q&A

From a mortgage perspective, inaccurate credit report information can lead to lower scores, and lower credit scores can mean higher mortgage rates if not outright rejections. One consumer told the CFPB their score fell by nearly 100 points because of a credit report error. Such extensive damage is rare, but errors can hurt credit scores. Marginal borrowers – those who might or might not get financing – can be especially hurt by credit report mistakes.

There are several steps to take to rid credit reports of inaccurate information.

Check your credit reports for inaccurate information and out-of-date items, items that are generally more than seven years old. Chapter 7 bankruptcies can stay for as long as 10 years, while judgments can sometimes remain on reports for

RE-Weekly

more than seven years. For a free credit report from each of the three major credit reporting agencies, go to AnnualCreditReport.com.

If you want to dispute an item, contact the CRA. The CFPB has contact information for the CRAs. (https://www.consumerfinance.gov/ask-cfpb/ how-do-i-dispute-an-error-on-my-credit-reporten-314/).

If the dispute is with a business, then contact them using a model form from the Federal Trade Commission (https://www.consumer.ftc.gov/articles/ sample-letter-disputing-errors-credit-reportsbusiness-supplied-information).

If you’re in the middle of a mortgage application, ask the lender if a “rapid rescore” to quickly update credit reports and scores will make sense in your situation.

Act now. It can take weeks if not months to straighten out credit report issues. It pays to regularly check credit reports so that when a need for credit arises – say the purchase or refinancing of a home, buying a car, opening a credit card account, etc. – the information best representing your situation is immediately available.

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

May 27, 2022

Finding Your (Less Than Perfect) Dream Home

By Marilyn Kennedy Melia CTW Features Hoping to buy a home you’ll love living in? Be prepared to sacrifice what you can live without.

“I’ve seen more buyers making compromises since about February of 2021,” says Maggie Lee Wells, of Keller Williams in Franklin, TN. Now, with interest rates ticking up, but the supply of homes remaining low, real estate professionals say buyers will be scratching more features off their wish lists.

A report from HomeLight, a real estate referral company, finds that in the past year, eighty percent of buyers had to compromise on certain home features.

The single biggest compromise, voted by 48 percent of the survey respondents, was paying a higher price than originally anticipated. Following that, 31 percent indicated they purchased an older home than they initially wanted, 24 percent settled on a smaller home, and 23 percent bought a home in worse condition than they expected. A smaller lot, fewer bathrooms, and a May 27, 2022

worse location were the next most common sacrifices.

Yes, there will be compromises, says Tyler Forte, CEO of Felix Homes, Lexington, KY, but buyers should be careful that they’re forgoing only wishes, not priorities. “For instance, [a buyer] who prioritizes a great school district might have to choose an older or outdated home. Someone who priorities new construction may have to start looking in cities or neighborhoods that are less expensive.”

A clear line between priority and nice but not necessary is key, agrees Doug McCoy, director of the Center on Real Estate Studies, Indiana University. “I think it is possible homebuyers may act out of fear, desperation, or impulsiveness in the current market.”

One concession McCoy cautions against is purchasing property in an undesirable location, like a home on a busy highway.

“Buyers must stay disciplined in making a strong location choice. Location is the primary driver of sales. If the home’s location is undesirable, it will hurt its appreciation and liquidity, the ability to sell the home down the road,” McCoy says.

RE-Weekly

7

18949 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 23952 nortH WeSt VieW rd, Mount Vernon

55’ Waterfront

$1,100,000

View, view, view!This spacious 2260 sq.ft home on the sunny side of Big Lake has spectacular views from almost every room. Features include a multi-level deck, aggregate patio and private dock. So many opportunities for just relaxing or entertaining guests. Home offers 2 beds/ 2 baths, kitchen with pantry, SS appliances, lots of cabinetry, a peninsula, just add a couple stools to enjoy a little chit chat while preparing a meal. Laundry room has multiple cupboards and a sink. Unfinished 936 sq.ft basement affords more room for storage. From the kitchen step down to the living room with large windows to take in the view, then out the French Danya Wolf doors to the partially covered deck, yours to enjoy rain or shine. MLS#1927143 (360) 708-8294

511 SHady lane #40, Mount Vernon

$449,000

Lovely 2 bedroom & 2 bath in Stonebridge tonebridge Active A e Adult CCommunity.

Condo with vaulted ceiling, almost eiling, living room with gas fireplace fir new hardwood patio. Kitchen with ood floors, sliding door to covered c walk-in pantr . Master suite -in pantry/storage. suit with walk-in closet and bath with easy step in shower; sho guest room and full bath. Full size oom with a deep sink sink, and no steps to utility room ge gar garage. Stonebridge offers RV storage, large walking trails. Live maintenance clubhouse and w free, HOA including siding, paint, roof, lawn care & irrigations. Located in quiet cul-de-sac, close to medical and shopping.

MLS#1912351

SOL

D

4811 S beaVer Pond driVe, Mount Vernon

$939,000

Incredible luxuryy living in this beautiful home in Eaglemont E Golf olf Course CCommunity, a dream for indoor and outdoor living Open pen design with elegan elegant architectural flair. door living.

Gleaming floors greet en , the living & dining blend eff effortlessly with the eet you upon entry, Chef’s kitchen lar island w/granite anite, stainless steel, wine cooler, dual dishwasher. chen and large Perfectt home for f entertaining taining and enjo enjoying the outdoor decks Main floor officece & primar primary bedroom en-suite w/ decks. bath large walk-in closet. Lower living walk-in showerer & ba vides rroom for large gatherings bar & kitchenet, 3 guest provides rrooms, 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.

MLS#1915404

SOL

D

HoMebuyer eduCation SeMinar

60102 State route 20, MarbleMount $790,000 Mondo is a well established and well loved Korean and American family restaurant at the foot of the Cascade Mountain Range. Locals and travelers make this part of their Hwy 20 and North Cascade National Park trip. Major arterial choice to Newhalem and continue on to Winthrop; or cross Skagit River bridge and continue up to Cascade Pass and hiking to Stehekin.

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

Danya Wolf (360) 708-8294 MLS#1926413 21290 lafayette rd, Sedro-Woolley

1564 H Street rd, blaine

Valuable information for Home buyers • Loan programs available • Buying with Zero Down • Credit and Budgeting • Down payment assistance DATE: Saturday, May 28th, 2022 WHEN: 9:00 Coffee, snacks, introductions.

Learning 9:30 a.m. to 3:30p.m. Lunch will be provided 12:30 to 1:30p.m.

WHERE: SkagitTradition Realty, 3780 E CollegeWay, MountVernon Please Pre-register by contacting either Carla (360) 982-0010 or Lisa (360) 383-7737

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

JoAnn Boudreau (360) 391-0746

Lisa Kennedy NMLS ID#21696135 CALIBER HOME LOANS

Juanita Bunch (360) 941-5530

Carla Fischer (360) 982-0010

Carla Fischer (360) 982-0010

Elva Hunter (360) 202-3086

John Hunter (360) 202-3086

Suzanne Jenkins (360) 941-2983

360.424.0300

$595,000

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).

Acreage offers Pole barn/garage w/attached carport and separate large 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 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 Carla Fischer to complete this home. Lots of parking for you and your guests. MLS#1905659 (360) 982-0100

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

8

RE-Weekly

May 27, 2022