Real Estate Weekly January 8, 2021

INSIDE

This Issue

POWER SHOPPING AT HOME SEARCH SITES PAGE 5 LOOKING TO REFINANCE YOUR MORTGAGE? PAGE 7 CLASSIFIEDS PAGE 7

JAN 8 - 14, 2021

INSIDE

TABLE OF CONTENTS

PAGE

5

Power Shopping At Home Search Sites ..........P5 Q&A

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

Looking to refinance your mortgage?.............P7 Classifieds............................................................................P7

RE-Weekly 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

NORTH PUGET SOUND ASSOCIATION of REALTORS® 525 East College Way, Suite J

Mount Vernon, WA 98273 (360) 416-4902

www.npsar.realtor

Realtor® Efforts Help Secure Assistance in COVID-19 Relief Legislation WASHINGTON (December 2020) – The National Association of Realtors® secured key victories in COVID-19 relief legislation, including various key tax extenders, additional support for the Paycheck Protection Program and funding for rental assistance. Roughly 38% of NAR’s 1.4 million members own at least one rental property throughout the U.S.

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.

Cathy West Oak Harbor Escrow Manager/LPO 360.679.5055

Eldon Brown Skagit County Manager 360.707.2158

Shelley Miner Burlington Escrow Manager/LPO 360.707.2312

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

“NAR has been one of the loudest voices in Washington advocating for rental assistance these past few months,” said NAR President Charlie Oppler, “While Realtors® worked to ensure thousands of American families would not go homeless, it was clear that broad, ongoing eviction moratoriums were jeopardizing the very housing opportunities we were trying to protect.

“More than 40% of rental units nationally are owned by ‘mom and pop’ operated small businesses, many of which have been struggling to pay their bills and keep a roof over their tenants’ heads. Rental assistance helps stabilize that housing and keep families in their homes, and we’re grateful that Congress could secure this and other critical relief measures in this legislation.” nar.realtor/coronavirus#section-181292 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.

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Katey Von Hagel Marketing Representative 360.707.1076

LAND TITLE AND ESCROW W

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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.

Shelley Nevitt Anacortes Escrow Manager/LPO 360.299.0565

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

Ltco.com

2025889

January 8, 2021

STAT Real Estate Stat

2.7%

The annual average U.S. rate for a 30-year fixed mortgage in 2021 Source: Fannie Mae

SKAGIT TRADITION REALTY LLC 7704 Silver lake road, Maple FallS

$349,000

This home ‘lives bigger’ than its stated size of 1491 sq.ft., offering 2 beds, plus bonus room, 1 3/4 baths on a large lot with ample parking, a detached 2 car garage and a HUGE storage building. The kitchen has a large pantry, skylight and plenty of cupboard/counter space. Master has a large shower with an oversized vanity and a walk-in closet. Living area features vaulted ceilings and ceiling fan.

Main bath has 2 doors for easy access to the laundry room and the outdoors. This home is set back from the road and has a beautiful front yard or you can enjoy the privacy of the large yard in the back, as well.

MLS#1694535 January 8, 2021

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2038747

Skagit Tradition Realty LLC 3780 E. College Way Mount Vernon, WA Patricia Box Sherry Ruderman Office Manager/Broker 360-424-0300 360-540-1552 O: (360) 424-0300 www.skagittraditionrealty.com C: (360) 941-9186

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.

Call 360.416.2180 Today!

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

January 8, 2021

Looking to refinance your mortgage?

by Erik J. Martin istorically low mortgage interest rates over the past several months have been a godsend to homeowners seeking to refinance and home buyers alike.

But for many in the former camp, the window of opportunity to save the most money is coming to an end. That’s because the Federal Housing Finance Agency (FHFA) is starting to tack on a 0.5 percent fee to all refinances backed by Fannie Mae and Freddie Mac. For affected borrowers, that can add up to paying thou-

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January 8, 2021

sands more out-of-pocket.

“The FHFA announced in August that there would be an additional 50 basis point fee on all refinances of loans backed by Freddie Mac and Fannie Mae. The news came as a shock to both lenders and their borrower clients, as this fee was instituted with no warning,” explains Paul Buege, president and chief operating officer of Inlanta Mortgage in Pewaukee, Wisconsin.

Initially, the fee was set to go into effect on September 1, 2020. But following an outcry by the mortgage industry, it was postponed until December 1, 2020.

refinance transactions $125,000. So purPrepare to pay a bit more than you expect above chases and lower balance loans will not be impacted Brian Davis, the Baltipaying their mortgage if by the fee,” says Kennedy. more-based director of ed- they have been impacted “Also, certain refinance ucation for SparkRental, by the coronavirus, acproducts are exempt, says the FHFA believes cording to Jess Kennedy, including Fannie Mae the fee is justified. co-founder and CCO of and Freddie Mac afford“They implemented the Providence, Rhode Island- able products like Home fee as a way to recoup Possible and Home Ready headquartered Beeline. their expected $6 billion The bad news? “The loans.” in losses from defaulting average borrower will pay Buege adds that some borrowers due to the on- around $1,400 for this ad- lenders will incur the fee going pandemic,” he says. ditional fee – a substantial directly to remain rateThe fee will be used to sum of money to hit bor- competitive, while others rowers with,” says Davis. will pass the fee on to the support ongoing acOn a $250,000 refinance consumer via a higher rate tion being taken to halt offering. foreclosures and establish loan, expect to pay a “Or, borrowers may opt forbearance programs de- whopping $1,250.

The good news? to pay the additional cost signed to provide homeall at once upfront to keep owners breathing room on “This fee only applies to

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their interest rate lower. If so, the fee will amount to 0.5 percent of their loan amount and be a one-time charge,” she notes.

A good rule of thumb is to ponder refinancing if your current mortgage rate is 50 to 100 basis points higher than current rates.

“So, if your current mortgage rate is 4 percent or higher, refinancing is definitely something to consider, even with this additional fee,” Buege suggests. “Remember that interest rates are still at historic lows and rates are very attractive for most consumers.”

Don’t expect the FHFA to eliminate this fee any time soon, the experts’ caution.

“The problem with fees and taxes like this introduced during times of recession is that they don’t disappear when the economy returns to normal,” says Davis.

“The government entities charging them simply roll them into their budgets moving forward, creating a cycle of higher fees and taxes that never corrects itself.”

Kennedy expects refinance activity to suffer after the fee goes into effect.

“There are no great options here, and homeowners looking to refinance will see rates that are higher to account for this fee in some way,” she says.

“If rates creep up and the fee is added, refinance activity could slow down while people figure out if a refinance is good for them while this fee is in place.”

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Bi-weekly Mortgage Payments Question:

We refinanced our home recently, and one result has been an offer by a company to pay off our loan on a biweekly basis. This looks attractive to us because we could save a lot of money and reduce our loan term. What do you think?

Answer:

The concept of a bi-weekly mortgage works like this: With a typical mortgage, you borrow $200,000 at say 3% interest over 30 years. The monthly payment is $843.21. The lifetime interest cost will be $103,555.

With a biweekly mortgage, you borrow $200,000 at 3%. You have one payment every two weeks. Each bi-weekly payment amounts to $421.60. The loan will be repaid in 26.42 years, and the lifetime interest cost will be $89,276. That’s a savings of $14,279.

There is no magic here. The biweekly term is shorter for a very simple reason. You’re paying more per year.

With the typical mortgage, you have 12 payments of $843.21 or $10,119 per year.

With the biweekly mortgage, you have 26 payments of $421.60

or $10,962 annually. The mortgage is being paid down more quickly because you’re paying an extra $843 per year.

Consider these ideas before signing with a third-party biweekly loan program.

First, you have a contract with a lender. If your payment is late or not paid, it’s your credit that suffers. If you make payments directly to the lender, you know the debt is paid in full and on time.

Second, with the typical biweekly program, there’s an upfront fee to set up the program as well as a handling charge for each payment. This is money that can be spent paying down the mortgage debt.

Third, will the loan servicer accept third-party biweekly payments? That’s an additional 14 payments per year to process. It’s an additional cost. Is the biweekly company collecting money from you every two weeks but only making 12 payments per year to the lender?

Fourth, look at your payment coupon. It likely has a line for an “extra payment” or something similar. In other words, most loans today allow borrowers to make prepayments without an additional cost. Instead of paying $843.21 per month, why not

Q&A

ASK OUR BROKER

By Peter G. Miller

pay $913.50. That’s an extra $70.29 per month. As it happens, 12 payments of $913.50 equals $10,962 per year – the very same amount you could pay with a biweekly payment program in this example but with 14 fewer payments per year, no extra fees, and no involvement with any outside party.

Fifth, maybe you don’t want to make prepayments every month. Maybe you have seasonal income, so that it’s more comfortable to throw in a few extra dollars in some months but not others. If you make an “extra principal” payment one month, it doesn’t mean you have to pay an additional amount the next month.

Lastly, the offer you receive may mention your new lender.

Search the offer carefully and see if there is any language saying that the third-party biweekly loan program is or is not affiliated with your lender.

The bottom line: Save money and avoid complexity by making mortgage payments and prepayments directly to your lender – and only to your lender.

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

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 6

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January 8, 2021

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Power Shopping At Home Search Sites

by Marilyn Kennedy Melia ome shopping online starts out feeling like watching HGTV, with research showing that’s it’s the first photo that will either draw us in or turn us off, says Michael Seiler, real estate professor, William & Mary.

But when they get serious, buyers have an array of features – and sites are constantly innovating to attract viewers – to help inform purchase decisions.

For instance, Jared Jones, Redfin director of product, suggests users study its unique “Tour Insights” available on some listings, where Redfin agents who’ve visited the property “provide details about

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January 8, 2021

the home you often can’t tell from photos.”

He also recommends “Market Insights” [insert a particular town or neighborhood in-site search bar to see this tab]. Stats here help buyers learn how quickly homes have recently sold and price trends. For instance, Jones says that if local prices have risen ten percent in the past year, and homes average only a week on the market, buyers can’t easily bargain.

Similarly, at Zillow, each listing shows whether prices have risen or fallen in the past twelve months, with a Zillow prediction on price trends.

In housing markets, past price moves aren’t a guarantee that the trend will continue, Seiler says, but

the past is a more accurate predictor in housing than in the stock market.

If the scarcity of homes for sale in 2020 continues into 2021, Zillow says that its new 3D tours and auto-generated floor plans on some listings will help buyers submit offers. {Sellers or their agents need the Zillow 3D Home app to upload photos, and then Zillow software creates this feature.} With 12 percent of buyers now purchasing homes without physically touring them, and other shoppers are needing to pounce on new listings that look like possibilities, Zillow says this feature enhances a realistic view to “help you make a decision more quickly.”

La Paloma Apartments.

Subsidized Housing for Qualified Farm Labor families. Equal Opportunity Housing. The Housing Authority of Skagit County operates 40 Townhouse apartments in Mt. Vernon WA. This advertisement has been placed in compliance with regulations of USDA Rural Housing Services.

Applications will be added to the waiting list.

The waiting list is currently two years long. The Housing Authority of Skagit County is an equal opportunity provider and employer. Call 428-1959 or visit the office at 1650 Port Drive, Burlington, WA for application. Your name can be added to the waiting list at no charge.

NEED A

JOB? NEED

EMPLOYEES? The Classifieds bring together job seekers and potential employers every day.

360-424-4567 10 - January 29, 2019

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Raspberry Ridge I and Raspberry Ridge II Apartments, Subsidized Housing for Qualified Farm Labor families. Equal Opportunity Housing. The Housing Authority of Skagit County operates 70 Townhouse apartments in Burlington WA. This advertisement has been placed in compliance with regulations of Washington State Housing Finance Commission Tax Credit Services. Applications will be added to the waiting list. The waiting list is currently two years long. The Housing Authority of Skagit County is an equal opportunity provider and employer.

Call 428-1959 or visit the office at 1650 Port Drive, Burlington, WA for application. Your name can be added to the waiting list at no charge.

2 Bdrm house with loft on 1/4 acre, needs remodeled but is livable, asking $159,500. To view call 520-221-1607 or 360-840-3292.

PUBLISHER'S NOTICE

All rental and real estate for sale advertising in this newspaper is subject to the Fair Housing Act which makes it illegal to advertise any preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin, or an intention, to make any such preference, limitation or discrimination Familial status includes children under the age of 18 living with parents or legal custodians, pregnant women and people securing custody of children under 18. This newspaper will not knowingly accept any advertising for the rental or sale of real estate which is in violation of the law. Our readers are hereby informed that all dwellings advertising in this newspaper are available on an equal opportunity basis.

To complain of discrimination call HUD at (206) 220-5170.

RAMBLER STYLE HOME 3 bedroom, 1.5 baths, with mature orchard on 1.53 acres in a park like setting. Located at the top of the hill on Dewey Beach with a view Similk Bay. 1604 sq. ft., built in 1965. Workshop, 2 car garage, metal roof, hardwood and slate floors, woodstove, electric heat with appliances, and mahogny trim. $525,000.

Call 360-303-6373 15435 Deception Rd., Anacortes.

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1422 Country Club Drive, Camano islanD

$2,200/mo

Well maintained 2 bed plus den home with fully finished lower level, master with jetted tub, slider onto view deck. Windows, windows and more windows!

Take in the awesome view! Beautiful hardwood floors with an open floor plan, terraced yard with beautiful landscaping, separate entrance to lower level, large deck overlooking Port Susan Bay, Cascade Mountains, with the beautiful sun and moon risings. Three community beaches close by.

Danya Wolf 360-708-8294 MLS#1713013

RENTAL

$235,000

Great location off of Bow Hill: lightly treed 4.27 acre tractonHobsonRoad,southofSamishHeightsRoad; 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

lots 2&3 lakesiDe Drive, GlenHaven lakes

Danya Wolf

360-708-8294

360-708-8294

$89,500

Perfect time to snag this little piece of heaven at LakeTyee.

This comfortable park model with room addition is the perfect retreat. Imagine yourself snuggled up with a hot cup of cocoa and looking out the window as you see the giant snow flakes drop on the lake.

This is the year to do so. Beautiful properties have come and gone, but this one is for you! Sherry Ruderman (360) 540-1552 MLS# 1687797

44585 iDaHo lane #1b42, ConCrete, Wa 98237

$49,500

This beautiful piece of property sits along Grandy Creek. This lot has an RV and room addition to fit a large group. Enjoy the deck with gazebo while you listen to the creek. Or, sit by the fire pit while you relax and roasts some marshmallows for the smores. This one-of-a-kind location can be enjoyed throughout the year for get-aways. Dues $162/mo and enjoy for 210 days/year. Comes with lots of amenities, water, septic, garbage and power. Sherry Ruderman (360) 540-1552 MLS# 1687778

10866 roCkPort street, roCkPort

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

$180,000

bath fixer upper on private 1.2 acres with and separate MIL. There is RV parking and spacious yard offering beautiful territorial views. Close to Howard Miller Steelhead Park. Make it your gateway to the North Cascades! Enjoy, wildlife watching.

fishing

and

$105,000

Start your new home on this private 13,929 sq.ft lot in Eaglemont with all utilities in the street, surrounded by greenbelt and wooded area for maximum privacy, wonderful neighborhood with beautiful homes , walking distance to Clubhouse and restaurant with awesome views and sunsets. Eaglemont is an 18 hole Golf Course Championship Public Course!

360-202-3086 Elva Hunter

RESIDENTIAL COMMERCIAL VACANT LAND • FARMLAND RECREATIONAL PROPERTY All of our Realtors are working!

Please call your Realtor!

evergreens and fruit trees. Outbuilding

hiking,

4629 beaver PonD Drive s.

We look forward to serving your Real Estate needs in the new year!

Great investment potential. 3 bed / 1.5

nature,

$600,000

Prime 1 acre level, commercial parcel, subject to boundary line adjustment.

MLS#1649968

In home business potential: wonderfully unique floor plan: U shaped home w/covered patio in the middle: many built-ins; area for breakfast table plus masonry fireplace; separate formal dining area; two bedrooms, two baths plus large bonus room w/third fireplace (natural gas log) being used as a 3rd bedroom. Separate utility area w/ lots of storage. 2nd masonry fireplace w/natural gas log in spacious living room. Multiple sliding glass doors open onto large covered patio. Attached 1+ car garage. MLS#1688147 Danya Wolf

RENTAL

$49,900

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 Danya Wolf Bellingham. MLS# 1628528 360-941-2983 360-982-0010 360-708-8294

$2,000/mo 2xxx urban avenue, mount vernon

301 e Hazel ave, burlinGton

44947 kayak trail #2b36, ConCrete, Wa 98237

7308 Hobson rD., boW

Sherry Ruderman

(360) 540-1552

360.424.0300

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 2040734

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