Real Estate Weekly January 7, 2022

INSIDE

This Issue

YOU CAN DO WORSE THAN GOING IN REVERSE. CONSIDER A REVERSE MORTGAGE IF YOU’RE A GOOD CANDIDATE PAGE 5 ABSENTEE SELLERS MAKE A HOME MORE APPEALING PAGE 7

JANUARY 7, 2022

TABLE OF CONTENTS Want to Sell Your Home for More?

Beef Up Your Landscaping.......................................P5

INSIDE PAGE

5

Q&A Ask Our Broker.......................................................................P6

A New Model of the Middle-Class Subdivision.........................................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.

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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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January 7, 2022

STAT Real Estate Stat

1,679,000 The rough number of housing starts in the month of November 2021.

Source: National Association of Realtors

NORTH PUGET SOUND ASSOCIATION of REALTORS® 525 East College Way, Ste J, Mount Vernon, WA 98273

Tel. 360-416-4902

www.npsar.realtor

11252 THIRD STREET, MOUNT VERNON

$799,999

SPEAK UP - STOP DISCRIMINATION Washington Law Against Discrimination protects people from negative housing actions that occur because of their protected class. In the Sale and Rental of Housing: No one may take any of the following actions based on a protected class: •

Refuse to engage in a real estate transaction

•

Refuse to negotiate for housing

•

Set different terms, conditions or privileges for sale or rental of a dwelling

•

Provide different housing services or facilities

•

Make housing unavailable or otherwise deny a dwelling

•

For profit, persuade owners to sell or rent advertise or make any statement that indicates a limitation or preference based on a protected class

WINDERMERE REAL ESTATE/SKAGIT VALLEY 360-424-4901 • www.windermereskagit.com

Read more at: https://www.hum.wa.gov/fair-housing Mission Statement: The North Puget Sound Association of Realtors advocates for Realtors and their clients, and promotes the protection of property rights.

January 7, 2022

MEGAN O’BRYAN 360-770-5817

SPENCER ROOZEN 360-708-0634

A rare opportunity to own a Henry Klein-designed water view home in charming Bay View, steps from Padilla Bay trail & Bay View State Park. Lightfilled & airy, this inviting cottage-style home features picturesque garden & water views from every room. Klein’s signature mid-century modern aesthetic shines in the clean lines & warm wood accents of the open concept living areas. Well-defined spaces are comfortable, right-sized, & enjoy a connection to the outdoors. Main floor bed w/water views & attached 3/4 bath, plus additional second story suite w/ walk-in closet, tiled 5pc bath, reading nook, view. Home office/flex space w/ closet & storage, private patio area.

Mature landscaping offers privacy, year-round color from multiple decks & patios. MLS #1875451

178020-1

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

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!

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

January 7, 2022

e p m t i

t f M g e ( t o

away, sell your home, or no longer live in the home full time—for instance, if you move into an assisted living facility or move in with a family member. If you die, your heirs have 30 days to either turn the home over to the lender, sell the home and repay the debt, or purchase the home from the lender,” cautions Tabatha Mazzara, director of operations for MBANC in Manhattan Beach, California. “Also, you can’t let the home fall into disrepair serious enough to significantly diminish its value.”

A good candidate for a reverse mortgage is an older homeowner who is looking for ways to lower his or her monthly expenses and create a financial safety net for expected and unexpected expenses. It is also ideal for those who simply want more flexibility than a traditional mortgage provides.

“If you don’t have enough equity in your home for a reverse mortgage to cover the payoff of your current mortgage, you have to bring extra funds to the closing. In this case, a reverse mortgage is probably not your best strategy,” says Connell. house-rich but cash-poor, mortgage payments. Any Even though you are not “taking out a reverse mortadditional funds can be used required to pay monthly gage loan is a way for those to pay for other things, such mortgage payments with a on a fixed income to pay as creating a nest egg, mak- reverse mortgage, you can their monthly expenses while ing home repairs, paying off make these payments if medical costs, and more,” remaining in their home,” you’d like to lower your loan says Robert Jayne, a CRMP Connell explains. “If you no balance and increase your longer have an existing mort- available funds in the future, with Nationwide Mortgage gage, you can use a reverse Bankers in Melville, New Connell points out. mortgage as a line of credit York.

Other alternatives to a that can be accessed as long reverse mortgage could be to These funds can come in handy, particularly if you en- as you remain in the home.” “rent out your property, sell counter costly health issues One of the biggest drawyour home and downsize to backs is that you will deplete something more affordable, in your older years.

“One of the most common much of the equity you’ve move in with other family built up in your home. uses of a reverse mortgage members, or refinance your “Additionally, a reverse is using the proceeds to pay existing loan with a tradimortgage needs to be paid off an existing mortgage tional mortgage or home equity loan,” Coffin adds. and eliminate your monthly back either when you pass

You Can Do Worse than Going in Reverse Consider a reverse mortgage if you’re a good candidate

gage, the mortgage lender makes monthly payments to you, allowing you to tap ith a traditional into your home’s equity mortgage loan, you receive mon- without selling. In exchange, ey from a mortgage lender to the lender must be repaid or they get to keep your home purchase a home. You then make monthly payments to after you pass away.

“The payments made to the lender until the balance you by the lender can be is paid off.

This process can also go in used however you choose. the opposite direction in the You get to retain the title to form of a reverse mortgage. the home and no monthly payment is required from Most reverse mortgages are you—provided you continue government-insured home equity conversion mortgages to live in the home and com(HECMs) that are available ply with the loan agreement. to homeowners over the age This means paying ongoing of 62. With a reverse mort- property taxes and associa-

By Erik J. Martin

W

January 7, 2022

tion fees while maintaining homeowners insurance,” says Lyn Coffin, a Certified Reverse Mortgage Professional (CRMP) with Danvers, Massachusetts-headquartered Mortgage Network.

Payments to you from the lender can be in the form of a lump sum, a line of credit, monthly disbursements, or a combination of these options, according to Jordan Connell, regional vice president at Cherry Creek Mortgage in Greenwood Village, Colorado.

Your home is typically your largest asset. If you are

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Given Huge Demand, Why Aren’t We Seeing More New Homes at Lower Prices?

Question:

We have been looking at new homes recently and cannot find anything in our price range. Given huge demand, why don’t we see more new homes with lower prices?

Answer:

Homebuilders are producing very little new inventory for entry-level buyers—homes with no more than 1,400 square feet.

“The number of starter homes being built has declined significantly,” according to an October report from Freddie Mac. “The Bureau of the Census reports that in 1980, 40% of homes constructed were entrylevel homes. In 2019, only 7% of homes constructed were entry-level homes.”

“In 2020,” adds Freddie Mac, “we estimate that there were only 65,000 new entry-level homes completed—less than one-fifth of the entry-level homes constructed per year in the late 1970s and early 1980s.”

Of course, in the late 1970s and early 1980s, the population was much smaller.

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We’re not only producing far fewer new entry-level homes today, but they have relatively less impact. That’s because we now have a larger population and many more potential buyers. The result is that demand is far outstripping supply, a core reason for higher prices.

This shift to larger homes has consequences. If we say that one way to value homes is to consider the cost per square foot, then more square feet means higher costs.

In its 2019 Construction Cost Survey, The National Association of Home Builders (NAHB) found that the typical new home had 2,594 sq. ft. with a $485,128 sale price. That works out to $187 a square foot. To go from 1,400 sq. ft. to 2,000 square feet suggests an additional cost of $112,200—an amount beyond the financial reach of many would-be buyers.

What can be done to reduce new home costs? Several states are moving away from single-family zoning. That means a quarter-

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Q&A

ASK OUR BROKER

By Peter G. Miller

acre lot that today supports one home might be ripe for a second or third residence.

These additional accessory dwelling units (ADUs)—sometimes called granny flats or casitas—will likely be small at say 750 square feet. But they may work very well for those with limited space needs.

For instance, homeowners may want to provide close-by living space for relatives or an on-site rental unit. With an ADU, they already own the land, and they’re constructing a smaller house. The result is big savings opportunities.

The Internet offers many plans with 750 square feet or less, one or two bedrooms, plus one or two baths. Alternatively, firsttime buyers may want to look for older homes that are typically more modest in size. For ADU details, speak with local building officials and licensed builders to see what’s allowed.

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

January 7, 2022

RENTALS Apartments Unfurnished

NEW TODAY Alpine Ridge Retirement Apartments in MV is accepting applications for 2 Bdrm apts. Income limits apply. 360-424-9622 for more info.

Make your job stand out in the

Absentee Sellers Make a Home More Appealing

By Marilyn Kennedy Melia

W

ith properties averaging far fewer days from listing until purchase, recent times haven’t been a reflection of a “normal” housing market The speed at which houses are moving has prompted more sellers to invert the “normal” practice of selling first and then moving out.

Instead, real estate agents report that sellers are more commonly moving out temporarily for a flurry of showings.

In the Phoenix, AZ, market, Zona Home Network agent Matt Dorner says that homes are announced as “coming soon” and open for all interested buyers during a designated 48 or 72-hour time frame. “The owners move out for that weekend, and the agent schedules backJanuary 7, 2022

to-back showings with an offer typically at the end,” he explains.

A strong seller’s market gives owners confidence that they won’t be incurring the cost and hassle of living elsewhere for long. Moreover, an unoccupied home is also likely to sell faster since cleaned and staged property holds more appeal. Agents can also schedule many showings without worrying about disturbing owners.

Recently, Katy Hawley and her husband moved from Knoxville, TN, to Atlanta with their three dogs and cat. Hawley explains, “We moved out a couple of days before putting our house on the market, and it allowed us to deep clean and pare down our décor—including getting rid of any signs of pets.”

Hawley explains that after returning from

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their long weekend, she and her husband came home to “multiple over-asking offers.”

If the market continues to see quick sales, the practice of moving out for a defined period could become more common. But even when sales are brisk, some sellers don’t want to expend the time, energy, and money for a move-out before a move-in, agents say. Plus, there’s always a chance a home will linger on the market.

Moreover, notes Julie Upton, a San Francisco Compass agent, “Many sellers think the market is so hot that it doesn’t matter if they’re living in the home— buyers will work around their needs because the buyers are desperate.”

However, it seems that the trend of moveouts before move-ins is here to stay for the foreseeable future.

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7

24094 N. weSt View Rd, MouNt VeRNoN

$850,000

700 N Reed St, #40 SedRo woolley

$135,000 remodeled 1995

Beautifully

Nashua 52 x 28 doublewide manufactured home: 1350 square feet offers amazing kitchen including range, refrigerator, and dishwasher; a multitude of beautiful cabinets; pantry; and After 60+ yrs this Big Lake prime property on the sunny side of the lake can now be yours. Approx. 80 ft of no-bank water front just minutes

lots of counter space; formal

away from a nine-hole golf course. Property features a pier connected to a floating dock perfect for mooring your boat & watercraft. The approx.

dining room; spacious living room; three bedrooms and 2 full baths. Master suite offers walk in

4,500 SF of property bisected by N. West View Rd has an access road and additional possibilities for your needs. Besides the 2 bed 1

closet; master bath offers double sinks and tub for relaxing plus separate shower.

Separate utility room. Nice decking; generous sized yard with storage building.

bath manuf. home the lot has a detached 750 SF garage/shop, out buildings and RV parking. And the large covered deck is perfect for watching eagles, seasonal waterfowl & spectacular sunsets! MLS# 1848508

912 GReeNleaF aVe, BuRliNGtoN

di PeN

$399,000 Beautifully remodeled traditional Burlington home offers amazing kitchen with lots of cabinets and counter space; two bedrooms; updated bath; and spacious utility room. Fine finish work; newly insulated, new siding, new

NG

carpet in the bedrooms and new light color wood laminate flooring throughout; freshly, professionally painted. Oversize garage with shop space; partially fenced, professionally landscaped yard.

MLS#1866940 wHaleN dRiVe, PoiNt RoBeRtS

JoAnn Boudreau (360) 391-0746

Danya Wolf

Patrica Box Buyers Agent

(360) 708-8234

(360) 424-0300

NHN MouNtaiN View Rd, MouNt VeRNoN

$250,000

Magnificent views of Boundary Bay and the mountains! Enjoy the lights of Vancouver BC, only 45 minutes away! Less than 20 miles to Vancouver 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 Roberts Danya Wolf Water District). MLS# 1863417 (360) 708-8294

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

Russ Lanker

$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 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.

Danya Wolf MLS# 1861233

Juanita Bunch (360) 941-5530

Greenbelt to protect fish and wildlife adjacent to the south of lot. MLS# 1849202

(360) 708-8294

Carla Fischer (360) 982-0010

2XXX uRBaN aVeNue, MouNt VeRNoN

$600,000

Danya Wolf

(360) 708-8294

(360) 708-1117

20787 BulSoN Rd, StaNwood

$350,000

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 property to the east of Subject Property Prime commercial property with utilities in street, including P.U.D. water, Puget Sound Energy electricity; Cascade Natural Gas, fiber optics; cable; and sewer.

Subject To survey and short plat. Property is located between ChicagoTitle Company easterly parking lot and Max Dale Restaurant’s south Danya Wolf (360) 708-8294 easterly parking area. MLS# 1649968

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 commuting. MLS# 1841822 Danya Wolf

(360) 708-8294

i’m a Seniors Real estate Specialist

17180 MeMoRial Hwy MouNt VeRNoN $415,000

6.98 acre tract zoned Rural Intermediate. Level acreage with great road access both from Memorial Highway and from Avon Allen Road. Stop light and curbs at the intersection.

Special Use Permit potential. The Animal Hospital and an espresso stand is across the road to the west.

980 feet along Memorial Highway (SR-536); 620 feet along Avon Allen Road. Danya Wolf (360) 708-8294 MLS# 1572330

Elva Hunter (360) 202-3086

John Hunter (360) 202-3086

Every transition is an opportunity, regardless of your stage of life. By partnering with an SRES like one of us, you gain the help and experience of a Realtor® specializing in meeting the needs of home buyers and sellers 50+.

We offer you the opportunity to complete your transaction with patience, professionalism and the expertise you deserve. We are pleased to be YOUR SRES®

Suzanne Jenkins (360) 941-2983

Phil LaMay (360) 840-3086

Russ Lanker (360) 708-1117

Congratulations to our Facebook, Safeway gift card winners! Please contact Danya for your prize! Danya, 360-708-8294 danya@skagittraditionrealty.com • Michelle Valentine Hansen $25, Jennifer Larm $25, Kenda Akin $25

360.424.0300

Brett Tacker (360) 840-7931

Carla Fischer

(360) 982-0010

Elva Hunter

(360) 202-3086

Danya Wolf Designated Broker/ Owner (360) 708-8294

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 178129-1

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January 7, 2022