Real Estate Weekly July 17, 2020

RE-Weekly.com REAL ESTATE IN SKAGIT, ISLAND AND WHATCOM COUNTIES

INSIDE INSIDE This Issue

This Issue

THE NEW COVID-19 RELATED MORTGAGE RULES PAGE 5 SHOP FOR A HOME NOW OR WAIT FOR A BETTER DEAL? PAGE 7 CLASSIFIEDS PAGE 7 FEATURED HOME: 2610 E SECTION ST #70, MOUNT VERNON

SEE PAGE 3 FOR MORE

$175,000

SkAgit trAdition reAlty, llC SHerry rUderMAn (360) 540-1552

RealEstate weekly

JULY 17-JULY 23, 2020

FEb. 5- FEb. 11, 2016

A supplement to the Skagit Valley Herald and the Anacortes American 2021211

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INSIDE

TABLE OF CONTENTS

PAGE

7

Q&A

Ask Our Broker.......................................................................P4

The new COVID-19 related mortgage rules........P5 Shop for a home now or wait for a better deal?.................................................P7 Classifieds............................................................................P7

RE-Weekly.com To advertise in RE-Weekly or other Skagit Publishing publications, Call: 360.416.2180 or Email: ads@skagitads.com ©2020 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

Sandi riley 770-8670

2610 E. SECTION ST. “LITTLE MTN. ESTATES’’ M.V.

$175,500

1103 COURTNEY LANE, ‘’BURLINGTON HILL ESTATES’’ BRL.

UN iT # 115

55+

$128,900

UN iT # 32

55+

CALL SANDI RILEY 360-770-8670

CALL SANDI RILEY 360-770-8670

*JUST LISTED!! VERY SPACIOUS ‘’SHY’’ 1800 SQ. FT.,W.LG. SHOP & GARAGE *3 BEDROOMS, 2 BATHS W/PRIVATE MASTER SUITE & NEW MASTER BATH & JETTED TUB *GAS HEAT, NEWER A/C, COVERED DECK, GREENHOUSE, & MORE!

*NEW LISTING, LOVELY 3 BEDROOM, 2 BATH HOME W/FAMILY ROOM! *OPEN PLAN W/BIG DOUBLE GARAGE, EXTRA PARKING *CLOSE TO PICNIC/PARK AREA, GATED PARK,. SOLD ‘’AS IS’’

2610 E. SECTION ST. ‘’LITTLE MTN. ESTATES’’ MT. VERNON

$156,900

iNG

YOUR HOME FEATURED HERE! CALL FOR A CURRENT ‘’MARKET APPRAISAL’’ SANDI RILEY 360-770-8670 2610 E. SECTION ST. ‘’LITTLE MTN. ESTATES’’MT. VERNON

$158,900

CALL SANDI RILEY 360-770-8670

CALL SANDI RILEY 360-770-8670

CALL SANDI RILEY 360-770-8670

*55+ LIVING AT IT’S BEST, ENJOY GATED PRIVACY & CLUBHOUSE ACTIVITIES *SPACIOUS 2 BEDROOM, 2 BATH BEAUTY W/LOVELY GAS FIREPLACE! *LG.KITCHEN W/SUNNY BREAKFAST NOOK, GAS HEAT, A/C + GARAGE

*GORGEOUS TRIPLEWIDE ON OVERSIZE LOT, LOVELY PASTORAL VIEWS *3 BEDROOMS, 2 BATHS, FAMILY ROOM OFF NEW KITCHEN, GAS HEAT *A/C, HUGE DOUBLE GARAGE + HEATED SHOP, LG. PATIO & MORE!

10681 ALDER DR., ROCKPORT

6932 STEELHEAD LANE, BURLINGTON

sold

$348,900

sold

$363,900

sold

CALL SANDI RILEY 360-770-8670

CALL SANDI RILEY 360-770-8670

CALL SANDI RILEY 360-770-8670

*COUNTRY SETTING CLOSE IN, ESTATE SALE ‘’AS IS’’, GORGEOUS VIEWS *RECENT UPDATES, 3 BEDROOM 1.5 BATHS, ‘’60’S’’ CHARM! *LG. DOUBLE GARAGE + CARPORT, COUNTRY 3/4 ACRE SETTING

*SAUK MTN. VIEW, MOSTLY WOODED ‘’SHY’’ 5 ACRES EAST OF CONCRETE *ONE OF A KIND RETREAT W/RUSTIC CHARM, PRIVACY PLUS *2+ BEDROOMS, 2 BATHS, 2600 SQ. FT. + LARGE BASEMENT

*UPGRADED RAMBLER W/GAS FIREPLACE, NEWER VINYL WINDOWS *3 BEDROOMS, 2 BATHS, LG. FAMILYROOM + SUN ROOM *R.V. COVERED PARKING, DOUBLE GARAGE + SHOP, RIVER FRONTAGE!

Christa Canell Freeland Escrow Manager/LPO 360.331.4838

Brandi Jensen Stanwood Escrow Manager/LPO 360.629.9737

Holly Mathers Island County Title Manager 360.675.2246

Katey Von Hagel Marketing Representative 360.707.1076

LAND TITLE AND ESCROW W

2025996

2

Shelley Miner Burlington Escrow Manager/LPO 360.707.2312

PENd

PENd

$324,900

Eldon Brown Skagit County Manager 360.707.2158

$204,900

*JUST LISTED! LOVELY EAST ‘’OUTSIDE’’ LOT LOCATION W/FENCED YARD *2 BEDROOMS, 2 BATHS, NEWER LAMINATE WOOD FLOORS, NEW PAINT *LOADED W/RECENT UPGRADES, MOVE IN READY! 14070 RIVER BEND ROAD, MT. VERNON

Cathy West Oak Harbor Escrow Manager/LPO 360.679.5055

iNG

iNG

PENd

2610 E. SECTION ST. ‘’LITTLE MTN. ESTATES’’ MT. VERNON

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.

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Service you deserve with people you trust Visit any of our 5 locations in Oak Harbor, Burlington, Freeland, Stanwood and Anacortes

Ltco.com

2001581

July 17, 2020

STAT Real Estate Stat

73

The percentage of male realtors who use social media for professional use.

Source: National Association of Realtors

FEATURED HomE FRom covER:

525 East College Way, Suite J

2610 E SECTION ST #70, MOUNT VERNON

Mount Vernon, WA 98273

Tel. (360) 416-4902

www.npsar.com

REALTOR® Charity Golf Tournament Thurs, Aug 27th, 2020 at Skagit Golf & Country Club Register today for the REALTOR® Charity Golf Tournament benefiting Skagit Habitat for Humanity and Friendship House.

The tournament is open to the public and all skill levels!

Registration is $125 per person and includes ‘grab ‘n go’ brunch, prizes, and more! Sign up a foursome, or a single!

To Register, or for more information, visit our website: www.npsar.realtor Or contact North Puget Sound Association of REALTORS® at 360-416-4902

Major Event Sponsor:

Mission Statement: The Nor th Puget Sound Association of Realtor s advocates for Realtor s and their clients, and promotes the protection of property rights.

July 17, 2020

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Skagit Tradition Realty 3780 E. college Way mount vernon, WA 360-424-0300 www.skagittraditionrealty.com

$175,000

Sherry ruderman 360-540-1552

Beautiful, quiet, 55+ gated community is a great place to settle.

The club house with library, pool table, card table, gazebo, bbq/picnic area, shuffle board, horse shoes are amenities you can enjoy here at Little Mountain Estates. This immaculate 3 bedroom 2 full bath double wide has easy and gorgeous landscaping with sun room just waiting for you. This is where you want to be, so set your appointment today! MLS# 1623434 3

2021212

NORTH PUGET SOUND ASSOCIATION of REALTORS®

Q&A

A Reduced Rate Question:

Our daughter lives in a home we have owned for 11 years. We want to refinance to a lower rate and have her make the payments. Our mortgage company has rejected a refinancing application at today’s residential rates on the grounds that the property is a rental. They have instead offered to reduce our rate from 4.85% to 4.175%. Can we do better?

Answer:

It might seem like the lender is being picky, but there’s actually some logic to the response you received. No less important, there are possible ways to get a better deal.

Let’s start with the lender.

“Technically,” explains Matt Hatch, a mortgage loan officer and team leader with First Midwest Bank, a Chicago-based lender active in several Midwest states, “the definition of a second home is one where the borrowers will occupy the property a portion of the year.”

In your situation, you own the property and you are getting the loan. However, you don’t live there, plus your

ASK OUR BROKER

By Peter G. Miller

daughter is not on the deed. She is not a co-owner and she is not a co-borrower. While the lender might want to make the loan, it likely will have a difficult, if not impossible time selling the mortgage in the secondary market.

But, the good news is this. It may still be possible to work something out.

One choice is to look for “portfolio” lenders. These are lenders – usually banks – that originate mortgages and keep the debt. They do not have to conform to the secondary market’s requirements because the loan is not for sale. They can – and do – make up their own lending standards. Maybe your bank is one of them.

A second option is to have your daughter on the loan as a co-borrower. This might be generally acceptable to lenders because she will then be a “borrower” and she will live on the property.

A third approach is to sell a portion of the property to your daughter, perhaps for “good consideration,” an expression which means love and affection. She will then be an owner, a borrower, and a resident – the type of trifecta that lenders love.

However, if you want to add your daughter’s name to the loan or make her a co-owner, do nothing until you first speak with an attorney in the jurisdiction of the property.

What are the pros and cons of adding your daughter to the title? What happens if you have a fight – that’s not unknown in families? What if one owner wants to sell, but another doesn’t? What if the tenant – your daughter – doesn’t pay the rent? What if she’s sued? Do all owners have wills and appropriate medical directives? Etc. Lastly, mortgage rates have generally been headed down.

Residential mortgages averaged just 3.15% in late May, according to Freddie Mac. That’s an average – some loan quotes are in the 2% range. You have decisions to make regarding how to structure the deal, but the way to get the best rate is to shop around and let lenders compete for your business.

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

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July 17, 2020

The new COVID-19 related mortgage rules

By Marilyn Kennedy Melia CTW Features

U

nlike 2009, this recession can’t be blamed on loose mortgage lending standards.

But, rules have tightened nevertheless during this virus-induced downturn.

Just as the course of the virus is uncertain, so is any forecast on when lending restrictions could begin easing – or tightening further.

“My guess is that we’ll see some form of COVID add-ons for the next few months,” says Reed Brunzell of American Portfolio Mortgage, referring to the extra standards some lending companies “add-on” the regular rules established by the government agencies that are used for most mortgages.

July 17, 2020

“FICO [credit] scores have contributed the most to a tightening,” says Michael Neal of the Urban Institute, a non-profit that studies housing.

Now, some lenders require a credit score above 700, says Neal, adding that the average score for people under age 50 is 700.

But, observes Neil Caron, Freedom Mortgage, some lending companies have already eased some restrictions.

For instance, United Wholesale Mortgage has recently dropped its rule that a borrower’s employment be re-verified on the day of closing, now requiring it within 10 days.

As soon as they become interested in securing a mortgage, borrowers should see a lender for a pre-approval, says Caron.

An early start helps borrowers understand and

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perhaps overcome any challenges they face.

To verify income and employment when many employers are still closed, more lenders are using the Equifax “Work Number,” a database that keeps current employment information on about half of non-farm U.S. workers. But for some – especially self-employed – verification of income for loan approval can take time, notes Caron.

Moreover, when some lenders examine whether verified income is enough to support a certain size loan, they may look at just 2018 and 2019 tax returns rather than considering 2020 earnings, if a borrower was temporarily laid-off, even though he’s re-hired, Caron adds.

Lenders can also counsel borrowers on boosting or maintaining a credit score.

5

B C

C

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

Record-low interest rates and record-low housing prices are renewing interest in the floundering 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.

RealEstate weekly

Call 360.416.2180 Today!

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

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July 17, 2020

t j t l p l Th p a r e b c i e u m a a p p h d b O n b

you can afford the down payment required, enjoy a secure job and relative financial stability, and are tired of throwing money away on rent.

“The reason to wait is if you or a family member can’t make a firm decision about moving or you have an existing home to sell and you’re worried about finding a buyer for it in this market,” says Rome.

It may also be an opportune time to purchase “if you’re looking to escape densely populated urban cities for suburban communities due to pandemic concerns,” says Steven Seigel, Realtor with Compass Real Estate in Fort Lauderdale, Florida.

He says that if the corothan they were before, navirus never happened, Experts advise on whether to wait or notes Luisa Tancredi, “I’d be more inclined to take a leap amidst COVID-19 a real estate agent with Triplemint in New York recommend my clients buy now.”

“Mortgage rates are cur- from the purchasing City. rently lower than at any pool.

But therein lies a risk— Tancredi notes that first“There may also be more that increased unemploy- time buyers are partime in my 35 years of ticularly good candidates homes to choose from real estate,” says Jeffrey ment and other factors to claim a home this now because of previous will result even lower Roberts, chief vision summer, as are shoppers buyers backing out due officer for The Roberts asking prices weeks or Group Real Estate, LLC, to job loss or loan chang- months from now, as well seeking a forever home and investors who plan es. Sellers may be more a real estate brokerage as an increase in homes anxious to accept an in Stamford, Connectifor sale to choose from as to hold onto a property offer if they know you’re economically challenged for a few years, long after cut. “And many buyqualified for financing, ers, including first-time owners will be forced to pandemic-related issues are resolved. purchasers, should see an and they can reduce the list their properties.

If you plan on searching number of potentially in- There’s also the chance attractive market develand buying soon, prepare fectious people traipsing that mortgage rates oping in many regions. through their home,” says plunge even further later for delays and inconveProperties at the lower niences. end of the price spectrum Margaret Rome, broker/ in the year.

“Showings will not be as owner of Baltimore-based “Economists and fishould offer opportunieasy to schedule and coHomeRome Realty. ties that yield excellent nancial experts seem to ordinate. Strict adherence Plus, adds, Rome, “with value.” believe rates will move to social distancing and kids out of school for Additionally, there will lower. However, marappropriate coronavirus likely be fewer rivals vy- the summer, it’s easier to ginally lower rates will hygiene protocols during ing for the same property, move right now—espetypically only change considering that the pan- cially out of state.” your mortgage payment tours will be demanded Perhaps most important- by tens of dollars instead of all parties. And mortdemic has caused many gage approvals, property ly, sellers are increasingly of hundreds,” Roberts people to postpone a inspections, and closings explains. property search, and mass motivated to work with buyers, agree to concesMany experts believe the could take longer,” caulayoffs have removed tions Roberts. sions, and/or lower prices time to buy is now—if many buyer candidates

Shop for a home now or wait for a better deal?

By Erik J. Martin CTW Features

C

all it the coronavirus conundrum: Is it better to wait things out for a while or jump on the opportunity to lock in a near-record low mortgage rate and possibly claim a home for less right now?

That’s the question many prospective purchasers are facing lately. And the right answer isn’t always easy to reach. That’s because COVID-19 has created a lot of ambiguity in the economy and real estate market. From job uncertainty to buyer’s remorse fears (interest rates and home prices could, after all, drop lower as pandemic problems persist), house hunters have a lot of concerns— despite any eagerness to buy soon.

On the plus side, buying now may yield a great bargain.

July 17, 2020

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7

H Street rd., Blaine

$1,200,000

veteranS

Carla Fischer

360-982-0010

2017 Continental PlaCe Suite 2, Mount vernon $1000/Mo. 7308 HoBSon rd., Bow

$235,000

4629 Beaver Pond drive S.

i am pleased and honored to offer a discount to our Military.

CommerCial leaSe Conveniently located office space features large lobby area and three private office spaces. ½ Bath and break room area with sink and room for small fridge. Ample parking. Monthly rent includes sewer/ water/garbage. First, Last and Security deposit. $53 application fee per person Danya Wolf 360-708-8294 18+. MLS# 1630793

neW PriCe

$425,000 13024 avon allen rd., Mount vernon $235,000 Eighty (80) acres of mostly woods including Western Red 17180 MeMorial Hwy Mount vernon Cedar and Douglas Fir, Cottonwood; Alder; and Birch; with onelargepondgreatforduckhuntingtowardthenortherly 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 6.98 acre tract zoned Rural Intermediate. Level acreage Zoned "Rural Business," this 33/100 acre tract has edge of the property to the east of the gate. Future with great road access both from Memorial Highway great visibility and is located on the southwest corner and from Avon Allen Road. Stop light and curbs at of Hwy 20 and Avon Allen Road. Location of former homesite/Pasture land along the the intersection. Special Use Permit Valley Cafe prior to Department of southwesterly edge of the property. potential. The Animal Hospital and an Transportation enhancing the size of espresso stand is across the road to the Hwy 20. Stoplight and cross walk is Potentialforupto16buildingsites.Shown west. 980 feet along Memorial Highway Danya Wolf adjacent. Great location for Espresso Danya Wolf Danya Wolf byappointment.MLS#1568051 360-708-8294 stand or similar business. MLS# 1571644 360-708-8294 (SR-536); 620 feet along Avon Allen Road. 360-708-8294

22904 BuMBleBee lane, Mount vernon

7 Car Covered Parking

$105,000

$950,000

Special property on a very private 1.5 acres minutes from town. Custom handcrafted, Craftsman home featuring 2278 sqft, office, main level master & a second master upstairs. Dining & living room showcasing custom stain glass windows. Kitchen w/granite counters, handcrafted cabinets.

Beautiful oak floors. Detached MIL home is 702 sqft, 1 bed/1bath with a 2 car garage. Separate 1080 sqft shop; Pond and Elva Hunter Waterfall. Fabulous home! Danya Wolf 360-708-8294 360-202-3086 MLS# 1494916

3789 e. diviSion St., Mount vernon

$589,000

Beautifully wooded, open park-like 10-acre future development property with existing investment income of $1,750 per month from rental of 3-bedroom, 2-bath home on one acre. Total 10 acres are perfect for future private higher-end homes or Planned Unit Development. Amenities include: Public Utility District water, Cascade Natural Gas, Puget Power (Puget Sound Energy), high speed internet, city garbage pick-up and access to city Danya Wolf 360-708-8294 sewer. MLS# 1569455

lotS 2&3 laKeSide drive, glenHaven laKeS $49,900

neW PriCe Great location off of Bow Hill: lightly treed 4.27 acre tract on Hobson Road, south of Samish Heights Road; and located on the west side of the street. Level, beautifully treed building tract with wonderful sunsets. Power at road.

Danya Wolf 360-708-8294 MLS# 1572369

Eaglemont Golf Community offers an 18 hole Championship public golf course, Clubhouse and Fitness Center, enjoy dining at the Fireweed Restaurant and Lounge with fabulous views and Elva Hunter sunsets! MLS# 1504177 360-202-3086

17521 valley CirCle drive, BotHell

Lovingly maintained rambler on quiet cul-de-sac in great Mill Creek area . Tranquil, private, fully fenced backyard is a gardeners dream. Wonderful pool and Mays Pond clubhouse to enjoy! Spacious kitchen, large patio and 2 car garage. New H2O tank, washer, dishwasher and disposal. Room to add an en-suite. Fully rebuilt in 2008. Walking distance

1760 S Burlington Blvd, Burlington

$600,000

CommerCial Sale and/or leaSe Great visibility commercial property: plenty of parking; former auto sales; small storage building in back. Property is set up for offices on main level with basement access from both inside and outside. Second story offers two additional rooms, one with a sink.

MLS# 1560401

Danya Wolf

360-708-8294

360.424.0300

stores,

restaurants, TK

Northshore school district.

Celia Miller

MLS#1623331

MLS#1559192 MLS#1623909 45104 Kachess Trail #3C1 45187 Itswood Trail #3B103 $39,900 MLS#155167 45232 Nesika Trail #2D36 $39,500

neW

to

parks and gym. Located in coveted

Sold

Build your dream home on these two adjoining lots near Glenhaven community amenities: pool, clubhouse, tennis/basketball courts, outdoor exercise area, playground, enjoy nature with trails and trout stocked lake, 2 boat launches, community events; near several area lakes. Easy commute, 1/2 way between Mount Vernon and Suzanne Jenkins Carla Fischer Bellingham. MLS# 1628528 360-941-2983 360-982-0010

$489,900

laKe tyee

MLS#1627851 4969 Helena Lane #2C78 $89,500

iNg

MLS#1608945 45183 Itswood Trail #3B138 $21,500

PeNd

MLS#1613722 45122 Sikhs Trail #3C16 $39,500

360-391-6065

A beautiful recreational resort community w/newly remodeled club house, 2 pools, 2 hot tubs, basketball court, tennis courts, beach, boat launch, hiking, fishing and so much more.

Sherry Ruderman

360-540-1552

Owners may utilize the property any 210 days in a calendar year.

Vote Now for Skagit'S BeSt 2020!

2 yearS BeSt real eState office, MoSt coMMuNity MiNded BuSiNeSS

goskagit.com/contests/skagitsbest/ 3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 8

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July 17, 2020