INSIDE
This Issue
HEARING AIDS FOR NOISE SENSITIVE HOME BUYERS PAGE 5 PRIME TIME FOR BUYING OR SELLING PAGE 7 CLASSIFIEDS PAGE 7
AUG 14 - 20, 2020
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INSIDE
TABLE OF CONTENTS
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7
Q&A
Ask Our Broker.......................................................................P4
Hearing aids for noise sensitive home buyers...................................................P5 Prime time for buying or selling...............................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
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
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
NORTH PUGET SOUND ASSOCIATION of REALTORS® 525 East College Way, Ste. J
2
360) 416-4902
www.npsar.realtor
Are you prepared to protect yourself?
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Devastatingly effective wire fraud scams are becoming more and more common in real estate transactions. Sophisticated hackers are monitoring client and/or broker email accounts and waiting for a window to steal monies from clients. The scammers convincingly impersonate the broker or escrow agent, and then send messages urging the clients to wire funds to fake accounts set up by the scammers. The clients are left with no recourse to recover the stolen funds.
Katey Von Hagel Marketing Representative 360.707.1076
LAND TITLE AND ESCROW W
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.
Washington REALTORS® in cooperation with the NWMLS, the Department of Licensing, Department of Financial Institutions and the Office of the Insurance Commissioner have created several resources to educate our members and consumers about this widespread but preventable fraud.
Obtain the phone number of your real estate broker and your escrow agent at your first meeting. Call the known phone number to speak directly with your broker or escrow officer to confirm wire instructions PRIOR to wiring.
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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August 14, 2020
STAT Real Estate Stat
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The percentage the employment of real estate brokers and agents is projected to grow between 2018 and 2028. Source: U.S. Bureau of Labor Statistics, 2020
FEATURED HomE FRom covER:
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$227,000
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Q&A
Moving on out Question:
We hope to sell our current home during the coming year and buy in a less expensive area. We have substantial equity, but with two surprise job losses had to ask our lender for forbearance. We’re now employed again. Will lenders be open to a mortgage application from us?
Answer:
The Federal Housing Finance Agency (FHFA), the government regulator that oversees Fannie Mae and Freddie Mac, announced several refinancing standards in May. “Borrowers are eligible to refinance or buy a new home if they are current on their mortgage.” The term “current on their mortgage” includes those “in forbearance but continued to make their mortgage payments or reinstated their mortgage.” There is a timeframe for those in forbearance. “Borrowers are eligible to refinance or buy a new home three months after their forbearance ends.” There is also a performance requirement for borrowers
ASK OUR BROKER By Peter G. Miller
in forbearance. They must “have made three consecutive payments under their repayment plan, or payment deferral option or loan modification.” “Homeowners who are in COVID-19 forbearance but continue to make their mortgage payment will not be penalized,” said FHFA Director Mark Calabria. “Today’s action allows homeowners to access record low mortgage rates and keeps the mortgage market functioning as efficiently as possible.” The FHFA approach makes sense but also raises concerns. The three-month repayment history requirement – rather than say six months or a year – is very liberal and should be welcomed by borrowers. However, not all mortgages come under the Fannie Mae/ Freddie Mac umbrella. Borrowers may face different qualification standards when they go to buy or refinance with jumbo mortgages, portfolio loans, and non-qualifying mortgages (non-QM financing). Despite the pandemic – so far, at least – many borrowers may not need forbearance. A LendingTree survey found that just 5% of those in forbearance were worried about missing a mortgage payment. Alternatively, “almost 70%
said they could’ve made their payments, but just wanted a break from their normal payments.” In other words, it appears that many borrowers who might benefit from forbearance are not seeking lender help while at the same time, large numbers of borrowers with forbearance likely don’t need it. Suppose the possibility of a late or missing mortgage payment is real. In that case, forbearance is something to look into because missed mortgage payments can lead to foreclosure, the loss of a home, and even bankruptcy. However, if you’re doing okay, if you’ve hunkered down in tough times and are managing to pay the bills, then forbearance is something to avoid. It can lead to higher future mortgage costs with repayment plans and a bigger debt to the lender if unmade payments are pushed to the back of the mortgage schedule. The bottom line: If you’re now in a forbearance program, you may be able to get new mortgage financing once you have re-established your payment history. Email your real estate questions for Mr. Miller to peter@ctwfeatures.com.
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August 14, 2020
Hearing aids for noise sensitive home buyers By Marilyn Kennedy Melia CTW Features If a tree falls in a forest, but no one is there to hear it, does it still make a noise? Recent homebuyers irked by the creaking footsteps of their condo neighbor or the rumbling of trains would answer that question with a resounding “yes.” “People have different reactions to sounds,” says Bonnie Schnitta, founder of SoundSense, an acoustics consulting firm. She suggests buyers consider their tolerance for various noises and investigate whether a home will pose a problem. With many buyers now limiting physical visits, researching noise is especially August 14, 2020
problematic, since sampling sounds at a home at different times is optimum, notes Schnitta. Here, real estate professionals share tips to discern disturbing sounds even if you’re not around to hear them: Condos built with concrete between floors - reasonably typical for buildings constructed since the 1950’s –keep noises from upstairs neighbors to a minimum, notes James McGrath, co-founder of real estate brokerage Yoreevo. Caleb Liu, the owner of House Simply Sold, likes the new feature at Realtor.com, where viewers of specific properties can click a button for ‘noise’ to get a reading on highway and road traffic. {On
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the realtor.com mobile app, you’ll see the feature under the ‘options’ button.} Another site, flightradar24.com, “Can show if your home will be directly below a flight plan,” says Ashley Baskin, real estate agent and advisory board member for HomeLife Digest. Cruise the neighborhood in your car, especially Friday and Saturday night around 10 PM, Liu suggests, since that’s when boisterous gatherings tend to occur. When inside a home, “put a noise source [like music from a smartphone] at the level of someone talking,” suggests Schnitta. “If you can hear the music, then the wall is not ideal for a bedroom.” 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.
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August 14, 2020
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CLASSIFIEDS ANACORTES ESTATE HOME
Prime time for buying or selling By Erik J. Martin CTW Features hat’s the best season in which to buy or sell a home? Normally, spring is the opportune time to find a wider variety of freshly listed homes for sale and a fortuitous period for sellers who can profit from stronger interest from motivated house hunters. But the coronavirus completely upended the traditional real estate market timetable. “COVID-19 suspended the pent-up buyer demand that would have normally shown strong sales this spring,” notes David Kottmann, director of lending for Chicago-based NHS Chicago. Consequently, logic suggests that, in 2020, the hot months of summer will serve as the most sizzling selling spell, bucking the trend. But recent research from ATTOM Data Solutions shows that late spring and summer have been trending as the sweet spot for buyers between 2011 and 2019—several weeks later than many have assumed. Sellers reap their largest premiums,
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August 14, 2020
Summer is the best for sellers, but autumn may tilt toward buyers on average, in June (9.6% above the median sales price), May (8.3%), and July (7.3%), with 20 of the year’s best-selling days falling over May and June. Late winter/early spring months (before 2020) aren’t far behind, yielding 6.7%, 6.4%, and 6.8% seller premiums, on average, in February, March, and April, respectively. “That’s quite a significant increase in premiums in June and May that I didn’t see coming,” says Kseniya Korneva, a real estate agent with Pineywoods Realty in Tampa, Florida. “But it makes sense that summer has been a hot selling season because kids are out of school, making it easier to move and switch neighborhoods, and it’s easier to beautify and tour homes for sale when snow and cold weather doesn’t get in the way.” The takeaway here is clear: Sellers have an advantage in the hotter months, as they’ve been able to fetch higher prices than usual.
“If I were a seller, I’d list my property now, as soon as possible, to take advantage of housing supply shortages, nearrecord-low mortgage rates, and high buyer demand,” advises Kottmann. Buyers, on the other hand, may find better deals with the arrival of autumn. Dolly Hertz, an associate real estate broker for Engel & Volkers New York Real Estate in New York City, expects the tables to turn this fall and favor buyers, particularly in her market. “Planning ahead is key. I would start talking to an agent now and get preapproved for a mortgage loan so you can be in a better position to purchase by autumn,” she says. Korneva concurs that buyers will have more leverage once summer wraps up. “I believe we’ll see a slowdown in home listings. More people will fear the future of the market and list their homes as the year goes on, leading to more inventory available. And more
inventory will help level out home prices,” explains Korneva. Even if there’s less supply than expected come the last quarter of the year, there will likely be less competition from home shopper rivals who will not be as inclined to brave the elements and pull their kids out of school to move. Plus, buyers tend to pay much closer to the list price in October, November, and December, when seller premiums average only 3.8%, 4.3%, and 3.7%, respectively (per the report mentioned above). “If interest rates remain low, that also gives buyers more purchasing power. But if home prices go down heading into next year, interest rates may go up, which could make it harder for buyers to purchase,” notes Casey Daneker, an agent with Philadelphia-headquartered Keller Williams Philadelphia. In other words, don’t necessarily wait for fall to claim a home. “Now is a great time to purchase for serious buyers whose finances are strong and who qualify for current low-interest rates,” Daneker recommends.
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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.
THE GLEN AT MAPLE FALLS Recreational lot in sunny Div., 4, renovated park model, covered deck, large gazebo, cedar lined bunkie, fire pit, covered parking for your golf cart & sizable storage shed. 2 pools, clubhouses, laundry, hiking trails including Mount Baker, fully equipped- $49,000. Call Ron at 858-688-0007
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.
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7308 HOBSON RD., BOW
$235,000
22904 BuMBleBee laNe, MOuNt VeRNON
$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 & second master upstairs. Dining & living room showcasing custom stain glass windows. Kitchen w/ granite counters, handcrafted cabinets. Beautiful oak
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
coming Soon! your home here! call today!
lOtS 2&3 lakeSiDe DRiVe, GleNHaVeN lakeS $49,900 Build your dream home on these two
floors. Detached MIL home 702 sq ft 1 bd & 1 bath w/2 car garage. Separate 1080 sqft. shop & Pond and Waterfall. Total of 7 garage and shop parking spaces! Car lift included 7 cAr cOVereD PArKiNG 1630 uNiSON Place, MOuNt VeRNON
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 Bellingham. New
17180 MeMORial HWy MOuNt VeRNON
MLS# 1628528 $425,000
Suzanne Jenkins
Carla Fischer
360-941-2983 360-982-0010
er UND
$668,000 4969 HeleNa laNe #2c78, cONcRete
cO
So much potential, awesome private setting! Classic large home on the 12th Fairway in sought after Eaglemont Community. 3 stories with plenty of room. Gracious entertaining living room, dining and kitchen with great room w/gas fireplace, opens to brand new deck flooring. Upstairs w/3 bedroom suite each with own bath. Down stairs with separate entrance great for Mother-in Law suite! 3 car garage. Brand Elva Hunter new roof & freshly painted home. 360-202-3086 MLS# 1634123
ng Endi
MLS#1559192 45104 Kachess Trail #3C1 $39,900
P
ing
MLS#155167 45232 Nesika Trail #2D36 $39,500
PEnd
New Price 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 Danya Wolf (SR-536); 620 feet along Avon Allen Road. 360-708-8294
H StReet RD., BlaiNe New Price
$1,200,000
4629 BeaVeR POND DRiVe S. E aglemont Golf Community offers an 18 hole Championship public golf course. All utilities are in the street and ready to build. MLS# 1504177
$105,000
Elva Hunter
360-202-3086
Eighty (80) acres of mostly woods including Western Red 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 edge of the property to the east of the gate. Future homesite/Pasture land along the southwesterly edge of the property. Potentialforupto16buildingsites.Shown Danya Wolf byappointment.MLS#1568051 360-708-8294
let us hand you the keys to your new home! call today!
VeteRaNS
carla Fischer
360-982-0010
i am pleased and honored to offer a discount to our Military.
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MLS#1637868 4658 Skagit Trail #1D31 $34,700
lake tyee
MLS#1627851 4969 Helena Lane #2C78 $89,500
Sold Sold
Elva Hunter
360-202-3086
i PEnd
MLS#1608945 45183 Itswood Trail #3B138 $21,500 MLS#1613722 45122 Sikhs Trail #3C16 $39,500
360-708-8294
$89,500 Enjoy the fresh air and gorgeous view as you sip your morning cup of coffee on the porch of this newer park model. For $162/mo and any 210 days/year, this is a perfect get-away. Yet, still so much potential to make it your very own. Make your way to the park amenities; pools, hot tubs, lake, tennis, basketball, mini-golf and so much more. Then, back to the cabin (roomy with bedroom and loft) and cozy up as you stare into the night sky where you can almost touch the moon and stars. Sherry Ruderman MLS# 1627851 360-540-1552
cT A r NT
BuilD yOuR DReaM HOMe iN eaGleMONt!
Danya Wolf
too! Fabulous home! MLS# 1494916
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.
for voting US “2019 Skagit’S BeSt” 2 YEArS BESt rEA rEAl EStAtE officE, MoSt coMMUnitY MindEd BUSinESS
360.424.0300
3780 E. College Way, Mount Vernon
www.skagittraditionrealty.com 2025896
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