Real Estate Weekly May 8, 2020

INSIDE

This Issue

HOME ON THE RANGE: THE IMPORTANCE OF PRICE PARAMETERS PAGE 5

NEARLY 3 IN 10 BORROWERS DON’T KNOW THEIR MORTGAGE INTEREST RATE

ARE YOU MISSING OUT ON YOUR WINDOW TO REFINANCE? PAGE 7

CLASSIFIEDS PAGE 7

MAY 8-15, 2020

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TABLE OF CONTENTS Q&A

INSIDE PAGE

7

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

Home on the range: The importance of price parameters.......................................................P5 Nearly 3 in 10 borrowers don’t know their mortgage interest rate. Are you missing out on your window to refinance?...................................P7 Classifieds............................................................................P7

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We have it all!

Bar and counter stools, marble coasters, mud rugs, sofas and love seats, kitchen chairs, coffee and end tables, benches, bookcases, desks, beds and so much more!

2007764 1697651

We are temporarily closed. Stay home, stay healthy. We will be here when this is over.

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

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.

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

Mount Vernon, WA 98273 (360) 416-4902

www.npsar.realtor

Need Assistance Making Your Mortgage Payments?

Help is Available If you are a homeowner with an FHA-insured single family home mortgage and you’re having difficulty making your monthly mortgage payments due to the COVID-19 National Emergency, help is available.

The three most important things you should do to protect your home investment if you have, or expect to have, a loss of income due to COVID-19:  Continue to make your monthly mortgage payments if you are able to do so.  If you are unable to make your mortgage payment, contact your mortgage servicer— the entity to which you make your monthly mortgage payments —as soon as possible and discuss your situation with a loss mitigation specialist. Please understand that your servicers ability to respond quickly may be impacted during this National Emergency.  Contact a HUD-Approved Housing Counseling Agency [ https://apps.hud.gov/offices/hsg/sfh/hcc/hcs.cfm ] Source: warealtor.org 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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May 8, 2020

FEATURED HomE FRom covER:

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2 story home offers 4BD/2.5BA, den & 2nd floor bonus room. Kitchen w/spacious eating area, formal living & dining room, plus 2 cozy gas fireplaces. Large deck overlooking beautifully landscaped park like yard.

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May 8, 2020

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360-661-4533 360-333-1032 360-421-5160 360-913-8662

Dana Holmes Katie Hilsinger Ryan Scally Titus Price

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Ron WoRtham 360-661-1500

3

Q&A

Avoiding Foreclosure QUESTION:

Our finances have been demolished by the coronavirus. We have two job losses in our household and limited savings. Is it possible to skip a mortgage payment or two until we get back on our feet? We are terrified that our home may be foreclosed.

ANSWER:

The coronavirus has impacted millions of people across the country. In March, for example, the National Restaurant Association estimated that “the industry will sustain at least a $225 billion loss and be forced to eliminate between 5 to 7 million jobs over the next three months.”

As you can imagine, many people – financially responsible people – now find themselves out-of-work and with falling bank balances.

The good news is that there are already systems in place to protect property owners from foreclosure.

For example, in March, the government established a 60-day foreclosure freeze for FHA-backed mortgages as well as financing owned by Fannie Mae and Freddie Mac. No less important, government regulators such as the Federal

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

Katey Von Hagel Marketing Representative 360.707.1076

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

Ltco.com 4

By Peter G. Miller

Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Conference of State Bank Regulators have been very clear that the usual norms don’t apply. In March, the financial regulators issued a joint statement to encourage loan modifications.

“The agencies,” said the statement, “encourage financial institutions to work with borrowers, will not criticize institutions for doing so in a safe and sound manner, and will not direct supervised institutions to automatically categorize loan modifications as troubled debt restructurings (TDRs).”

They added that “the agencies view prudent loan modification programs offered to financial institution customers affected by COVID-19 as positive and proactive actions that can manage or mitigate adverse impacts on borrowers, and lead to improved loan performance and reduced credit risk.”

Not very subtle. If you’re a mortgage lender, the message is clear.

Foreclosure auctions have been falling for years. ATTOM Data Solutions points out that there were default notices, scheduled auctions and bank repossessions on 493,066 U.S. properties in 2019. That’s down 21 percent from 2018 and “down 83 percent from a peak of nearly 2.9 million in 2010 to the lowest level since tracking began in 2005.”

Cathy West Oak Harbor Escrow Manager/LPO 360.679.5055

LAND TITLE AND ESCROW W

ASK OUR BROKER

The reason we see few foreclosures today is that home values have grown substantially in most areas, but not in all. At the end of 2019, Americans owned residential real estate valued at $29.3 trillion, according to the Federal Reserve. Those properties secured mortgage debt worth $10.6 trillion. Subtract mortgages from market value, and the result is real estate equity worth $18.7 trillion.

Homeowners with a lot of equity can avoid foreclosure by simply selling the property and paying off the mortgage.

Now, however, things have changed. Home values are likely to fall as businesses close, and workers have fewer hours or no hours. With millions of lay-offs, the pool of potential homebuyers is smaller, meaning less pressure to push up prices. Sales are not likely to be so quick.

Lenders cannot tell why a mortgage payment is late or missed unless you call and explain your situation. A phone call from you – along with a prod from regulators – is the only way to get lender help. If you’re facing payment problems, call now and work with your lender to resolve the issue.

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

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VISIT RE-WEEKLY.COM TO EASILY SEARCH FOR LOCAL REAL ESTATE LISTINGS! EASY TO USE TOOLS & THE MOST UP-TO-DATE INFORMATION FOR FINDING LOCAL REAL ESTATE

2001581

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May 8, 2020

By Marilyn Kennedy Melia CTW Features

Home on the range: The importance of price parameters May 8, 2020

price carry an extra charge, a lender provides the buyer with a maximum amount they are pre-approved to borrow under varying down payt’s probably the most crucial question for buyers to get right: ments. The loan limit includes ‘What’s your price range?’ rough calculations for homeowner Now, with many markets continuing insurance and property taxes. to see a limited for-sale inventory, it From there, it’s up to the buyer to helps to know how far up the price establish how much they want to ladder it’s realistic to look. And, af- spend on a home. Most people ter moving in, a sensible price limit don’t push the limit, allowing a little provides financial comfort. financial “wiggle room,” says Caron.

But buyers shouldn’t expect a real Enter the real estate agent, who estate agent, or even a mortgage listens to the buyer’s price limit and lender, to provide the numbers wants in a home and location. “We bracketing their price range. can tell them whether it’s realistic,” “The first question we ask,” says explains Mike McElroy of Center Neil Caron of Fra eedom Mortgage Coast Realty, Chicago. in South Windsor, Connecticut, “is That’s as far as it should go, agents how much buyers have available for shouldn’t try to push a price range, a down payment.” shares Dana Bull, of Sagan HarThen, because down payments un- borside Sotheby’s in Marblehead, der twenty percent of the purchase Massachusetts.

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But an agent should know particulars, like whether a home that sits near the buyer’s target neighborhood, but carries lower property taxes, and would fit the price range.

Sometimes, a buyer’s price ceiling isn’t high enough for the home they want. Then, an agent might deliberately suggest touring a couple of homes in a higher bracket. “It’s important to see what another $50,000 or $100,000 will provide,” says Juliana Swisher of South Haus Living, Houston. “They may decide to wait.”

Then again, a buyer might push parameters a bit, submitting an offer on a higher price listing. Since prices are negotiable, the seller may accept a number within range, concludes Swisher.

5

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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May 8, 2020

Nearly 3 in 10 borrowers don’t know their mortgage interest rate

RE-Weekly.com

CLASSIFIEDS

Are you missing out on your window to refinance?

By Erik J. Martin CTW Features

numbers alarming.

“It suggests that a fair number of individuals could be missing out on an ortgage rates have remained opportunity to refinance, near historical particularly given the recent sharp decline in lows over the past few months. Yet, 27 percent mortgage rates,” he says.

A Bankrate report pubdon’t know the interlished in February estimatest rate on their home ed that around 11 million loan, per the results of a mortgage holders could recent Bankrate.com poll benefit from refinancing, of borrowers. which would cut their mortAs of this writing, 30-year gage payments. fixed mortgage rates have Hamrick believes the remained below 4 percent reason why so many borsince last summer. But the rowers don’t know their average rate being paid by current home loan interest survey respondents was rate relates to an “out-of4.41 percent. Collectively, sight, out-of-mind” mentalseven in 10 mortgage bor- ity. rowers either aren’t aware “For many people, once of their mortgage interest they’ve checked off the rate or are paying above box of getting their mortthe national average rate. gage, they are less than Mark Hamrick, a senior interested in tracking ongoeconomic analyst for ing moves with mortgage rates,” he says.

Bankrate.com in WashSteve Stapleton, assisington, D.C., finds these

M

May 8, 2020

PUBLISHER'S NOTICE

tant vice president of real estate sales for Austin, Texas-based Amplify Credit Union, believes not everyone is in a position to appreciate the value of a low-interest rate.

“When rates are low, it can sometimes be a challenge to get homeowners to make a future-focused decision,” notes Stapleton.

“Some also view refinancing like going to the doctor for an intrusive checkup.

For them, no amount of savings is worth the hassle of going through the loan process a second time— even though the savings they could earn from a refinance would cover all their upfront costs.”

Taking the time to look closer and explore a refinance could net major savings over the life of your loan.

“Over a standard 30-year mortgage period, the

monthly savings between a 4.41 percent interest rate and current market rates could be upwards of tens of thousands of dollars,” Stapleton adds. “Say refinancing decreases your payment by $250 a month.

This could result in a difference of nearly $100,000 over the life of that loan.”

Refinancing makes the most sense if you plan on staying put for at least 36 months so that you can recoup your closing costs— which can add up to 2% to 5% of your loan’s principal amount—suggests Jared Maxwell, vice president of direct to consumer lending for Middletown, Rhode Island-headquartered Embrace Home Loans.

“Refinancing can also be worth it if you shorten your term and lower your rate to create a payment equal to or lower than your current payment, or if you shorten

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your term and create a higher payment that you are comfortable with,” Maxwell says.

Hamrick’s rule of thumb?

“If you can shave at least one-half to three-quarters of a percentage point off your interest rate, refinancing is worth looking into,” he says. “Remember that closing costs can typically be rolled into the amount borrowed or the interest rate.”

Additionally, if you have an adjustable-rate mortgage (ARM), refinancing to a fixed-rate mortgage is recommended, says Guy Troxler, the chief operating officer for FedHome Loan Centers in San Diego.

“While your adjustable rate may be attractive right now due to current market conditions, it will eventually go back up. That’s why it’s best to lock in at a long-term fixed rate while

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.

2 Bdrm house with loft on 1/4 acre, needs remodeled but is livable, tax value $180,000 asking cash out $139,500.

To view call 520-2211607 or 360-840-3292.

they’re near historical lows,” Troxler explains.

If you’re on the fence about refinancing—thinking that rates may drop even further down the road, especially in the wake of the coronavirus crisis—many caution against trying to time the market.

“Mortgage rates are already really low, so you probably can’t count on them going much lower,” says Troxler.

10 - January 29, 2019

7

H Street rd., BLaIne

$1,800,000 22904 BUMBLeBee Lane, MoUnt vernon

$950,000 17211 CHInook CoUrt, MoUnt vernon

Special property on a very private 1.5 acres minutes

Beautiful one story home offers dramatic features

from town. Custom handcrafted, Craftsman home

throughout, including a two story entryway and

featuring 2278 sqft, office, main level master &

a large kitchen with an incredible amount of

a second master upstairs. Dining & living room

cabinetry, counter space, and storage. The living

showcasing custom stain glass windows. Kitchen

room with a natural gas fireplace overlooks the

w/granite counters, handcrafted cabinets. Beautiful

tiered yard. The master bath has double sinks; a

oak floors. Detached MIL home is 702 sqft,

deep oval bath tub and a large separate shower.

1 bed/1bath with a 2 car

Second

garage.

adjoining den/office space or nursery.

sqft

Separate

shop;

1080

Pond

Danya Wolf

360-708-8294

360-202-3086

320 Moore St., Sedro WooLLeY

kitchen and view from dining/living room area.

Stacking washer & dryer in unit. Move in ready!

Cozy living room with fireplace. Assigned covered carport parking space and extra storage unit.

Relax and enjoy the no ferry needed island lifestyle! No pets. $53 application fee per person 18+. MLS# 1594730

Camano island renTal

Danya Wolf

360-708-8294

BUILd YoUr dreaM HoMe In eaGLeMont!

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an

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1595124 4733 Skagit Trail #1D92, Lake Tyee $45,000.00

Charming home with lots of character inside and out. Abundant natural light, tankless water heater, spacious kitchen, metal roof. Park like setting for entertaining around your unique outdoor fireplace and gazebo with hot tub. Plenty of garden space and outbuildings.

Separate lot included with tons of potential: mixed use zoning commercial/residential.

Carla Fischer Suzanne Jenkins MLS# 1529755 360-941-2983 360-982-0010

7308 HoBSon rd., BoW

1760 S BUrLInGton BLvd, BUrLInGton

Danya Wolf

360-708-8294

$600,000

CommerCial lease lease CommerCial sale and/or 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

Lake tYee NEW

in end

in Utsalady Cove. Bright, upper level unit with nice

offers

49/100 acre. MLS#1587661

$55,000 $425,000 13024 avon aLLen rd., MoUnt vernon $235,000 41986 Cedar St., ConCrete 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 Cape Horn 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 Great neighborhood in NO flood zone with Skagit River 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 Access. Private lot, level, mostly fenced and cedars. homesite/Pasture land along the the intersection. Special Use Permit Valley Cafe prior to Department of All utilities are in with a 3 bedroom southwesterly edge of the property. potential. The Animal Hospital and an Transportation enhancing the size of conventional septic system. $325/yr dues 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 and includes water. MLS# 1596171 Sherry Ruderman byappointment.MLS#1568051 360-708-8294 360-540-1552 stand or similar business. MLS# 1571644 360-708-8294 (SR-536); 620 feet along Avon Allen Road. 360-708-8294

A rare and affordable 2 bed/1.5 bath home opportunity

suite

square foot shop, park like tract;

Elva Hunter

MLS# 1494916

$1,350/Mo

master

Generous sized two car garage; 600

and

Waterfall. Fabulous home!

130 e nortH CaMano dr, CaMano ISLand

$598,500

1591307 45019 Tillicum Trail #3A18, Lake Tyee $39,950.00 1551671 45232 Nesika Trail #2D36, Lake Tyee $39,500.00 1446939 45249 Nesika Trail #2D33, Lake Tyee $52,000.00

1451178 45297 Kamooks Trail #2D21, Lake Tyee $16,000.00 1559192 45104 Kachess Trail #3C21, Lake Tyee $39,900.00 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.

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

360-540-1552

Sold

$235,000

for voting US “2019 Skagit’S BeSt” 4629 Beaver Pond drIve S. 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 sunsets!

MLS# 1504177

$115,000 Well maintained 3 bedroom 2 bath with den Great location off of Bow Hill: lightly treed 4.27 acre manufactured home with vaulted ceiling and large master bed and bath. Wheel chair accessible. Two tractonHobsonRoad,southofSamishHeightsRoad; outbuildings provide lots and located on the west side of the street. of storage 12'x12' with two lofts & 12'x16'. Convenient Level, beautifully treed building tract location, only minutes from with wonderful sunsets. Power at road.

Elva Hunter Town and 15 Minutes from Yolanda Sakuma Carla Fischer Danya Wolf 360-202-3086 360-421-0435 360-982-0010 360-708-8294 I-5. MLS# 1583781 MLS# 1572369

360.424.0300

2 YEArS BESt rEA EStAtE officE, rEAl MoSt coMMUnitY MindEd BUSinESS

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 2008888

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