Real Estate Weekly August 21, 2020

INSIDE

This Issue HOME BUYERS: DID YOU SEE THIS? PAGE 5 LOOKING FOR GOOD NEWS? PAGE 7 CLASSIFIEDS PAGE 7

AUG 21 - 27, 2020

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INSIDE

TABLE OF CONTENTS

PAGE

7

Q&A

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

Home buyers: Did you see this?................................P5 Looking for good news?................................................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

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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

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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.

August 21, 2020

STAT Real Estate Stat

$101,600 The median household income of repeat home buyers Source: National Association of Realtors

Sandi riley

FEATURED HOME, FROM COVER

770-8670

17116 AVON STREET, MOUNT VERNON

442 48TH STREET, MOUNT VERNON

$596,900

SUN SET VIE WS

$178,900

UN IT # 105

55+

$448,900

CALL SANDI RILEY 360-770-8670

*RUSTIC CHARM ABOUNDS , BEAUTIFUL LOG HOME W/FULL UNFIN. BASEMENT *3 BEDROOMS, 2+ BATHS, OVERSIZE 650 SQ. FT. GARAGE, ‘’LIFETIME’’ METAL ROOF *16 X 20 COVERED DECK, BIG 24 X 36 SHOP & COVERED R.V. STORAGE, ENJOY VALLEY VIEWS!!

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

$175,500

UN IT # 115

55+

*UPGRADED ‘’WOODSIDE’’ HOME W/LOVELY FENCED YARD *OPEN PLAN W/FRENCH DOORS TO PATIO W/’’SUNDOWNER’’ AWNING *2 BEDROOMS, 2 LG. BATHS, GAS HEAT, A/C, GRANITE KITCHEN! 2610 E. SECTION ST. ‘’LITTLE MNT. ESTATES’’ M.V.

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CALL SANDI RILEY 360-770-8670

CALL ANITA KOHL 360-961-7795

*JUST LISTED, MARLETTE QUALITY THROUGHOUT, 3 BEDROOMS, 2 BATHS *A/C, ‘’EXTRA GOOD SENSE’’ HOME, BIG KITCHEN W/GORGEOUS CABINETRY *LOVELY FENCED ‘’VIEW’’ YARD & PATIO, GARAGE W/EXTRA PARKING & MORE!

*LOVELY OUTSIDE LOT W/BIG BACK YARD & GREENHOUSE *3 BEDROOMS, 2 BATHS, FAMILY ROOM + NEW MASTER BATH *A/C, NEW COVERED DECK, GARAGE + LARGE SHOP!

*GREAT NEW PRICE! TOP 5 PARKS IN WASHINGTON STATE *UPGRADED 2 BEDROOM, 2 BATH W/ALL NEW FLOOR COVERINGS *GAS HEAT, A/C, TREX DECK, LG. SHOP BEHIND CARPORT!

$324,900

Sold

10681 ALDER DRIVE, ROCKPORT

$348,900

Sold

6932 STEELHEAD LANE, BURLINGTON

WinDERMERE REAl EsTATE/skAgiT VAllEy 360-856-4901 • www.windermereskagit.com

$114,950

UNI T#

55+

CALL SANDI RILEY 360-770-8670

1070 RIVER BEND ROAD, MT. VERNON

$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 BEDROOMS, 1.5 BATHS, ‘’60’S” CHARM *LG. DOUBLE GARAGE, CARPORT, COUNTRY 3/4 ACRE SETTING

*SAUK MTN. VIEW, MOSTLY WOODED 5 ACRES EAST OF CONCRETE *ONE OF A KIND RETREAT W/RUSTIC CHARM, PRIVACY ++ *2+ BEDROOMS, 2 BATHS, 2600 + S.F., PLUS LARGE BASEMENT!

*UPGRADED RAMBLER W/GAS FIREPLACE, NEWER VINYL WINDOWS *3 BEDROOMS, 2 BATHS, LG. FAMILY ROOM + SUN ROOM *R.V. COVERED PARKING, DOUBLE GARAGE, SHOP, RIVER FRONTAGE! 2031017

August 21, 2020

$515,000

55+

CALL SANDI RILEY 360-770-8670

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

523-525 N Oak Street, BurliNgtON

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LInDa EaStMan 360-202-4075

Great One level Duplex situated on a dead-end street in Burlington. Each unit offers 1080 sq. ft., 3 bedrooms, 2 full baths and attached garages.

Covered patios, fenced back yards, built in 2010, cement board siding, well maintained. Close to town and the I-5 corridor.

Excellent investment!

MLS #1646793

2026912

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Q&A

Equity to cash Question:

We own our home free-and-clear but now feel that with the changing economy, it might be a good idea to convert our equity into cash. What’s the best way to do this?

Answer:

There’s a lot of “tappable equity” in American homes. According to the National Association of Realtors, home sales were down 26.6% in May compared with a year earlier, but prices were up 2.3% during the same period, the 99th straight month of yearover-year gains.

Just by themselves, American seniors – those aged 62 and above – have equity worth $7.23 trillion, according to the National Reverse Mortgage Lenders Association.

There is no “best” way to extract equity from your property.

Instead, you have to see what makes the most sense, given your finances and preferences. Some of the most common traditional options include these choices.

An 80% refinance. Given that the home has no mortgage debt, this option gives you the chance to get financing at today’s rates.

With an 80% loan-to-value ratio (LTV), you likely won’t need

ASK OUR BROKER

By Peter G. Miller

mortgage insurance.

The 90% refinance. You may be able to get a 90% first loan with good credit and a strong local housing market. Or, traditionally, maybe get an 80% first loan and a 10% second. That gives you 90% financing, plus you can avoid the need for insurance or guarantees from a third party.

Reverse mortgages. If you’re age 62 or above, you may want to consider a reverse mortgage. With a reverse mortgage, there’s no requirement to make monthly payments for principal and interest. However, reverse mortgages are complex and must be repaid once the borrower sells the property, leaves the home, or passes away. Also, you still have to pay such costs as property insurance and property taxes. HUD maintains a list of HECM counselors who can help with program questions. Also, borrowers may want to speak with a fee-only financial planner or an attorney specializing in elder law when looking into a reverse mortgage.

A home equity line-of-credit (HELOC). Maybe you don’t really need cash at this moment but want access in case future needs arise. You can get a HELOC – it’s essentially a giant credit card secured by your home.

HELOCs raise some borrower concerns. With a HELOC, you might

be able to make withdrawals and minimum payments like a credit card for a given period of 10 or 15 years. After the draw phase is over, there is then a repayment phase where you can no longer make withdrawals. Instead, you must make required monthly payments to pay off any debt from the draw phase.

However, we don’t have a traditional market. We’re in the midst of the COVID-19 pandemic economy. One result of the pandemic economy is that some traditional loan choices are evaporating.

You should be able to get first loans if qualified, but such options as a 10% second mortgage or a HELOC are becoming rare. In the case of a foreclosure, the lender with a first loan must be fully repaid before the lender with a second loan can collect a dollar.

How tight is the market for second loans? Equifax says for the week of June 7, just 480 HELOCs were originated nationwide.

That compares with 22,680 HELOCs during the same period in 2019.

For details and specifics, speak with lenders. For those who want to refinance and have an existing mortgage, it’s probably best to look for a rate-and-term refinance or a cash-out refinance because both can be first mortgages.

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

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

Mount Vernon, WA 98273

Tel. (360) 416-4902

www.npsar.realtor

REALTORS® Go Above and Beyond to Better Communities and Lives Most people are aware that REALTORS® know a lot about the communities in which they live. After all, they’re helping home buyers understand the area; the best schools, the easiest route for a potential buyer to get to work from their new place and where to find the most delicious dinner. However, REALTORS® don’t just sit on the sidelines and observe these things about their communities. Instead, REALTORS® all across the country are involved in just about every aspect of life in those communities, getting involved and making those areas better places to live. The National Association of REALTORS® recently announced the finalists for the Good Neighbor Awards, which honor REALTORS® who have exemplified the spirit of service to their communities. This year’s nominees have done tremendous work like raise money to keep a local fire company running, fund cancer and domestic violence support groups, lead local preservation projects, and build and maintain sporting and play areas for kids. And while only 10 REALTORS® were named finalists, so many more do work like this every day in their communities."

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

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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

Katey Von Hagel Marketing Representative 360.707.1076

LAND TITLE AND ESCROW W

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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

August 21, 2020

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VISIT RE-WEEKLY.COM TO EASILY SEARCH FOR LOCAL REAL ESTATE LISTINGS!

Home buyers: Did you see this?

By Marilyn Kennedy Melia CTW Features hree hours … give or take an hour. That’s the average amount of time buyers physically spend in a home before purchasing it, according to several real estate agents we polled.

And that’s during “normal” or pre-COVID-19 times; now, some buyers feel more comfortable shaving off as many minutes as possible, yet still, make a good assessment. Moreover, the lion’s share of that time accompanies the inspector after an offer is presented.

Here, agents share typical features they’ve found buyers should be aware of: The most lived-in rooms won’t feel as cheery if windows and

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August 21, 2020

exposures don’t allow enough sunlight to stream in during times of day when owners are there, says Scott Campbell of RE/MAX United, Cedarburg, Wisconsin.

Lots of two-pronged, fewer three-pronged outlets are problematic when owners have many modern electronic devices, especially since adapters might post a grounding safety issue, Connie Heintz, president of DIYoffer, observes.

Pay attention to pipes, Heintz also warns. “Not many laypeople can tell apart galvanized pipes from copper pipes. Galvanized pipes are prone to all sorts of problems, including rust, low water pressure, and discoloration of water.”

“Many buyers do not realize how much stuff

they have. Really take your time to make sure closets are large enough for your needs, and there is extra storage in the right places like linen closets in hallways,” says Chuck Vander Stelt, founder of Quadwalls.com.

Whether it will be easy to water plants and gardens is not usually top of mind, so Francine Viola of Coldwell Banker Evergreen Olympic Realty, suggests checking the number and location of hose bibs.

Consider how rooms flow, suggests Suzy Minken, The Maggie Miggins Group, Compass New Jersey.

Especially problematic: “No way to get outside to the patio or backyard from the kitchen.”

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EASY TO USE TOOLS & THE MOST UP-TO-DATE INFORMATION FOR FINDING LOCAL REAL ESTATE

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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 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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August 21, 2020

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CLASSIFIEDS 2 Bdrm house with loft on 1/4 acre, needs remodeled but is livable, asking cash out $149,500. To view call 520-221-1607 or 360840-3292.

PUBLISHER'S NOTICE

Looking for good news?

By Erik J. Martin CTW Features he coronavirus crisis has hit many Americans hard—particularly in the pocketbook. Social distancing and stay-at-home orders have shuttered many businesses and resulted in lost wages for millions. That’s made it especially hard for lots of homeowners to pay their mortgage bills.

Thankfully, the government provided help in the form of the CARES Act, signed into law in late March. This act grants borrowers of federally backed loans who have experienced coronavirusrelated hardship to enter into forbearance—the ability to pause your mortgage payments without penalty—for up to six months, with an additional six months if needed. And that’s come as welcome relief for around 4.7 million homeowners who have pursued forbearance, according to the latest Black Knight data.

But initially, homeowners in COVID-19-related forbearance were not allowed to refinance their loan or buy a

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August 21, 2020

If you choose forbearance you can still refinance or buy a home new home after forbearance ended. Fortunately, these rules have recently changed: Now, those with Fannie Mae- or Freddie Mac-backed mortgages are permitted to refinance or purchase a new home three months after their forbearance concludes, and they have made three straight months of payments.

“This is a true game-changer, as existing loan underwriting guidelines would previously not permit a refi or new home purchase with a recent forbearance or loan default,” explains St. Petersburg, Florida-based attorney Charles Gallagher.

“This recent announcement, that a precondition of making three consecutive monthly payments after a forbearance, along with the CARES Act’s provision that mortgage servicers must report COVID-19 forbearance loans as current, will allow for home sales, purchases, and refinancing at a time when it would otherwise be impossible.”

Sarah Brune, public policy and innovation strategist for Chicago-headquartered Neighborhood Housing Services of Chicago, says this is fantastic news for distressed homeowners.

“By allowing those coming out of forbearance to take advantage of lower interest rates through refinancing, the government-sponsored enterprises are helping many of the nation’s most vulnerable homeowners save money on their housing costs, which will be used to meet other critical needs.”

Karen Smith, Realtor with K. Smith & Team Real Estate in Las Vegas, agrees.

“A borrower might want to refi after forbearance to lower their monthly payments or to take cash out for improvements on their property,” Smith says.

This rule change also provides more flexibility to borrowers.

“It gives people who used forbearance the freedom to acquire a new loan and provides

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.

more options to move. Instead of refinancing, they can choose to sell their home and buy another,” notes Jackie Boies, senior director of Housing Services for Money Management International in Houston.

But Gallagher cautions that you need to verify you’re eligible to refinance or get a new home loan after forbearance.

“You need to confirm that you have a Fannie Mae or Freddie Mac loan and that you have a COVID-19-related forbearance, as opposed to a proprietary bank/servicer type of forbearance,” says Gallagher. “And after forbearance ends, it’s a good idea to pull your credit reports—available for free at annualcreditreport.

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.

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

Try selling in the Classifieds Call 360-424-4567 to place your ad today

com—to ensure your lender is reporting the loan as current in compliance with CARES Act obligations. This will help avoid a new prospective lender denying your loan application based on erroneous reporting.”

Keep in mind that the lender you seek a refi or purchase loan from will scrutinize your income, credit score, debts, and equity, which means you may not qualify for a new loan even if you fulfilled your forbearance responsibilities.

“There are several things you should also consider carefully before choosing to refinance or buy a new home after a forbearance,” Boies suggests.

“First, make sure that any new loan payment will comfortably

fit within your budget, especially if a refi or new purchase would mean making a higher payment than you’re making now. Also, there are expenses associated with refinancing or buying another home, including closing cost fees.”

Note that it may take a while to recoup those loan costs, which means you’ll likely want to avoid selling/moving for at least a few years after refinancing or buying another home.

To make a more informed decision, do your homework, crunch the numbers, discuss options with your existing mortgage lender/servicer, and consult with a financial or lending expert for advice.

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63868 CASCADe pARk plACe, DiV 1 lOt 59, MARBleMOuNt

$227,000

Need to get away? This riverfront property has the serenity you’ve been looking for!

The 3 bed / 1 bath cabin is ready to be your vacation place or forever home, it’s up to you! Cabin has free standing stove to make for cozy evenings indoors, a beautiful deck to enjoy your morning coffee as you listen to the river go by, a fire pit to enjoy the evenings, roast a marshmallow or two! There is a very nice storage building that could be a ‘man-cave’ or a ‘she-shed’!

A must see! Don’t miss this one! Sherry Ruderman MLS# 1642568 360-540-1552

lOtS 2&3 lAkeSiDe DRiVe, GleNHAVeN lAkeS $49,900 Build your dream home on these two

1610 AlpiNe CReSt lp #B, MOuNt VeRNON,WA 98274 $495,500

22904 BuMBleBee lANe, MOuNt VeRNON $950,000

SOLD Upscale Eaglemont Condo on 2 levels, luxurious throughout. Main floor Master w/walk-in closet, shower & jetted tub. Lg Kitchen with Granite & Stainless, custom cabinet, living room/and dining w/ fireplace. Hardwood floors, custom shades, crown molding, wrap around w/Mahogany deck and great views ready for your BBQ. Library/den with built-in shelves. Downstairs with large gathering room, fireplace, built in bar, 2nd Master suit. Covered patio, ample storage, heat pump/AC. Great community!

MLS# 1621969

7308 HOBSON RD., BOW

$235,000

7 cAr cOVereD PArKiNG 4969 HeleNA lANe #2C78, CONCRete

$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

44821 kACHeSS tRAil #2C27, CONCRete

$116,500 Want to get away? This piece of tranquility at Lake Tyee is quiet with peek-a-boos of the lake & gorgeous territorial views. The park model is roomy, well maintained & the room addition is extraordinary! You can hunker down and/or be great for entertaining. This beautiful property comes with many extras & is waiting for you to come see. Amenities include minigolf, tennis, basketball, volleyball, horseshoes, beaches, playgrounds, frisbee golf, hiking, etc. Dues $162/mo & 210 days/yr usage.

Sherry Ruderman 360-540-1552 MLS# 1646119

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

BuilD yOuR DReAM HOMe iN eAGleMONt!

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 2xxx uRBAN AVeNue, MOuNt VeRNON

$600,000

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

Prime 1 acre level, commercial parcel, subject to boundary line adjustment. MLS#1649968

Danya Wolf

360-708-8294

VeteRANS

Carla Fischer

360-982-0010

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

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 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 too!

Fabulous home! Danya Wolf Elva Hunter MLS# 1494916 360-708-8294 360-202-3086

for voting US “2019 Skagit’S BeSt” 2 YEArS BESt rEA EStAtE officE, rEAl MoSt coMMUnitY MindEd BUSinESS

360.424.0300

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 2025898

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August 21, 2020