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
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STAT Real Estate Stat
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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
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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.
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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
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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
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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
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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
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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.
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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
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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
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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
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