Real Estate Weekly October 30, 2020

INSIDE

This Issue

LOWER-INCOME AND MINORITY HOUSEHOLDS PAY MORE FOR MORTGAGES AND KNOW LESS ABOUT CREDIT: HERE’S HOW TO FIX THESE PROBLEMS PAGE 5 GRAY IS STARTING TO FADE AWAY COLORS AND TRENDS PAGE 7 CLASSIFIEDS PAGE 7 OCT. 30-NOV 5, 2020

TABLE OF CONTENTS Q&A

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

Lower-income and minority households pay more for mortgages and know less about credit: Here’s how to fix these problems.........P5 Gray Is Starting To Fade Away Colors and trends...........................................................P7 Classifieds............................................................................P7

INSIDE PAGE

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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 that all dwellings

Sandi riley 770-8670

1103 CoURTnEY LAnE, ‘’BURLInGTon hILL EsTATEs’’ BRL.

442 48Th sTREET, ’’WooDsIDE’’ MT. VERnon

$128,900

55+

CALL DAKoTA sTonE 360-389-1022 opEn hoUsE sATURDAY 1-4 *SPACIOUS 3 BEDROOM, 2 BATH PLUS FAMILY ROOM ‘’FLEETWOOD’’ *GATED 55+ PARK NEAR BURLINGTON HILL, CLOSE TO ALL SERVICES *BIG DOUBLE GARAGE, AFFORDABLE SPACE RENT!!

2610 E. sECTIon sT. ‘’LITTLE MTn. EsTATEs’’ M.V.

55+

$119,900

UN IT # 73

$430,500

55+

CALL JUDY MCAULEY 509-438-2606 opEn hoUsE sUnDAY 12-3 YOUR HOME FEATURED HERE! CALL FOR A CURRENT ‘’MARKET APPRAISAL’’ SANDI RILEY 360-770-8670 2610 E. sECTIon sT. ‘’LITTLE MTn. EsTATEs’’ M.V.

$158,900

UN IT # 54

55+

*UPGRADED ‘’WOODSIDE’’ CRAFTSMAN BEAUTY! *2 BEDROOMS, 2 BATHS, OPEN PLAN, GRANITE KITCHEN *ALL APPLIANCES INC., DOUBLE GARAGE, FENCED YARD 2610 E. sECTIon sT ‘’LITTLE MTn. EsTATEs’’ M.V.

CALL sAnDI RILEY 360-770-8670 opEn hoUsE sUnDAY 12-3

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*GREAT NEW PRICE, LOVELY ‘’GOLDENWEST’’ QUALITY HOME *3 BEDROOMS, PRIVATE MASTER SUITE, HUGE LIVING/DINING ROOM *FIREPLACE W/GAS INSERT, OVERSIZE KITCHEN W/NOOK, GREAT VALUE!

*UPGRADED/UPDATED ‘’FLEETWOOD’’ BEAUTY, BRAND NEW PRICE! *3 BEDROOMS, 2 BATHS, OPEN FAMILY ROOM W/GAS STOVE *HUGE GORGEOUS NEW KITCHEN, NOOK, NEWER FLOOR COVERINGS

$525,000

LG . SH OP

CALL sAnDI RILEY 360-770-8670 *BIG 24 X 36 SHOP + COVERED R.V. PARKING, MUCH MORE *3 BEDROOMS, 2 + BATHS, FULL BASEMENT, HUGE GARAGE *QUIET COUNTRY AREA, CLOSE TO ALL SERVICES, GREAT VIEWS!

6932 sTEELhEAD LAnE, BURLInGTon

$363,900

SOLD

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

23734 RUTh LAnE, ‘’ConWAY’’ MT. VERnon

$448,900

SOLD

CALL sAnDI RILEY 360-770-8670

CALL sAnDI RILEY 360-770-8670

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

*CUSTOM RAMBLER W/DOUBLE GARAGE, R.V. COVERED PARKING + SHOP *3 BEDROOMS, 2 BATHS, FAMILY ROOM, 1.27 ACRES *DESIRABLE CONWAY SCHOOL DISTRICT, EASY I-5 ACCESS!!

Katey Von Hagel Marketing Representative 360.707.1076

LAND TITLE AND ESCROW W

2036952

2

Cathy West Oak Harbor Escrow Manager/LPO 360.679.5055

$169,900

CALL AnITA KohL 360-961-7795 opEn hoUsE sUnDAY 12-3

!

WS VIE ET S N SU

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.

UN IT # 49

55+

*2 BEDROOMS, 2 BATHS, GAS HEAT, A/C, NEW ROOF! *ALL NEW FLOOR COVERINGS, NEW EXTERIOR PAINT *LG. SHOP/BONUS ROOM, TREX DECK, GREAT PRICE

17116 AVon sTREET, MoUnT VERnon

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

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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

October 30, 2020

STAT Real Estate Stat

63% Today, the majority of Realtors – 63 % - are women.

NAR 2017 Member Profile

FEATURED HomE FRom covER:

Skagit Tradition Realty 3780 E. college Way mount vernon, WA 360-424-0300 www.skagittraditionrealty.com

$998,000

Danya WOLF 360-708-8294

Elegant finish work in this 3130 square foot custom home: European hardwood floors with inlay; 3 fireplaces, one which is open to both the country kitchen and the dining room; 3 large bedrooms, two with a “Jack and Jill” bath; 2 family rooms. Plenty of parking. 36 X 36 barn with four stables; a tack room; a storage room; plus a loft. Three separate fenced areas for horses, plus an outdoor arena.

Wonderful trails throughout the wooded portion of the acreage. MLS#1673949 October 30, 2020

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2033501

18582 CasCade Ridge Ct., Mount VeRnon

Navigating credit scores and the right time to buy Question:

We spoke with a real estate broker about buying a local home, and as a condition of working with him, we were required to sit down with a mortgage loan officer to see what we can really afford. Although we are a two-income household, our credit scores averaged 680 -- not enough to excite many lenders. We think property prices will generally rise, so we still want to buy. How do we crack the mortgage system?

Answer:

You’ll likely qualify for a mortgage with a 680 score.

The average FICO-brand credit score hit 711 in October, according to the company. A score of 680 is generally regarded as “good” by lenders. They can work with you, especially if you want VA, FHA, USDA financing, or a conforming loan with 3% down.

However, you may be running into a curious problem.

Your score is not somehow disqualifying; it’s just that a

lot of borrowers have higher scores. Ellie Mae reports that in September, the typical FICO-brand score for a successful borrower was 753. That’s an enormouslyhigh score by traditional standards. For instance, Ellie Mae also reports that a typical score was 738 in January and 728 in May 2019.

Those buying homes today are not among the unemployed. They have income but with the pandemic fewer opportunities to spend. The result is a better financial profile. Think about the $1,200 government checks distributed early in 2020. According to the Federal Reserve Bank of New York, 34.5% of the money was used to pay down debts, while 36.4% was put in savings. Less debt can mean better credit scores, while more savings means more borrower liquidity, something lenders very much like.

Despite the pandemic, the real estate market is generally strong across the country. You can see evidence of this in the form of rising prices. The National Association of Realtors (NAR) said that the typical September purchase price was $311,800, a

Q&A

ASK OUR BROKER

By Peter G. Miller

record and an eye-popping 14.8% higher than a year ago.

However, we’re also at a moment of great uncertainty.

The real estate market is strong now, but what about 2021 and the year after? How can prices continue to rise in the face of massive unemployment? What happens when today’s eviction and foreclosure moratoriums end?

These are important questions for lenders because mortgages are mainly secured by home values. If values stall or go down, then mortgage loans are suddenly riskier, something lenders want to avoid.

The bottom line is that a 680 credit score is very workable for lenders. You might not get the best mortgage rates, but interest levels are at or near historic lows (as this is written). Very good financing is available, especially in comparison with past rates.

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 4

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October 30, 2020

your best to save at least 3 to 5 percent for a down payment, and make sure you shop around with at least a few lenders and compare their rates and fees carefully,” says Canter.

Frankel seconds the latter tip.

“You might be surprised at how much mortgage rates can vary among lenders. Spending time to get rate quotes from a handful of them could easily help overcome the 13 basis point difference found in the latest research,” suggests Frankel.

Additionally, pay down credit card debt to less than 50 percent of your credit limit, which may pad your credit score more quickly.

“Improving your score by only 5 to 10 points could make a big difference, possibly yielding a rate that is a quarter-point lower,” Canter says.

Meanwhile, industry professionals need to do a better job of enlightening and accommodating less-privileged consumers.

“Real estate agents have an obligation to make sure our clients have all the information they need from the beginning of the home buying process through closing,” says Lisa Buchman, a Realtor with Destin, Floridabased Realty One Group Emerald Coast. “This includes finding the best possible resources for understanding and to lower average credit scores securing financing.” among lower-income and And those in the mortgage inminority households. dustry “need to invest in educat“Higher-income households ing our minority communities find it easier to maximize their about these topics and provide credit scores, as they have access counseling,” says Christensen. to more opportunities to bor“We also need to more often use row money. This helps establish alternative credit models that a strong payment history, which enable low-income minority boosts credit scores,” Frankel families who don’t use traditionnotes. al forms of credit. These models Keith Canter, CEO of First allow monthly payments not Community Mortgage in reported to the credit bureaus Murfreesboro, Tennessee, recommends focusing on three – such as rent, telephone, and utilities – to be considered in areas in order to pay less for a mortgage and get approved for the approval process. Not only could this expand homeownercredit. ship, but it could also award “Spend time working to improve your credit score long borrowers traditional credit, like before you apply for a loan, do a mortgage, more often.”

Lower-income and minority households pay more for mortgages and know less about credit: Here’s how to fix these problems America and VantageScore Solutions, LLC, found that one in five households that earned below $25,000 annually t’s no secret that it’s often harder for the underpriviare more likely to seek credit leged to get an affordable than households with incomes mortgage loan and qualify for of $75,000 or greater (20% credit. But the latest research vs. 13%, respectively). Yet, paints an even bleaker picture lower-income borrowers are than many had assumed. much more likely to answer Based on a Realtor.com scrutiny consumer knowledge questions of 2018 and 2019 purchase inaccurately. At least one in four mortgage data from Optimal low-income consumers lack the Blue, home buyers in preknowledge needed to raise low dominately African-American credit scores. neighborhoods are being given Tai Christensen, Director of loans with mortgage interest Government Affairs for CBC rates 13 basis points higher than Mortgage Agency in South in predominantly white areas.

Jordan, Utah, an affordable And a separate recent study housing program provider, says

by Consumer Federation of a lack of financial literacy is a

By Erik J. Martin CTW Features

I

October 30, 2020

major factor behind why these groups often pay more for their mortgages and fail to improve their credit scores.

“For example, there is a lack of knowledge within our black and brown communities regarding credit – how it works, how to utilize it in a way that will increase their score, and how to be fiscally responsible with the credit they have,” she says.

“Additionally, there is a large portion of our minority and low-income communities that are credit invisible, meaning they have little to no credit history, lower FICO credit scores, or in some cases, no FICO score at all. That leads them to pay higher rates for mortgage loans

or not being able to qualify for a loan or credit at all.”

According to Christensen, black borrowers being charged an average of 13 basis points more for their home loans can end up paying nearly $10,000 in additional interest throughout a 30-year fixed-rate mortgage.

“They are likely paying more for their mortgages due to lower FICO scores,” she says, adding that, on average, whites have a median FICO score of 734 versus 677 for African-Americans, per the Federal Reserve Bank.

Matt Frankel, Certified Financial Planner with The Ascent in Columbia, South Carolina, agrees that lower knowledge of credit scores is likely a catalyst

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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.

Call 360.416.2180 Today!

6

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

October 30, 2020

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CLASSIFIEDS MV 2 bed, 1½ ba., 1 car garage, $1,100 + $900 dep., WGS paid, no pets / smoke. 360-336-3839.

Gray Is Starting To Fade Away Colors and trends

By Marilyn Kennedy Melia CTW Features

read like white without looking sad and dingy,” she advises.

Gray isn’t going away, it’s just shifting warmer, says color expert Mark Woodman. “A modern interpretaome buyers can feel as if they’re moving tion is the mixing of gray and beige – or camel, sand, through a dense fog, trying to distinguish ivory, cocoa,” he says. one all-gray interior from another.

Woodman see another trend, inspired by the big Now, the fog is lifting, revealing some of nature’s influence of outdoor living, and distinct from the warmer tones, and crisp whites and darks. white interiors that Marceny describes.

Gray, which circa 2010 became “the”color for walls He says warmer neutrals in countertops and backand other home elements, is getting stale. “Paint walls are blending well with white kitchen cabinetry. every room gray,” will no longer be standard advice Instead of flooring of “pure gray or brown, the two to home sellers, say color experts. have been combined to create a hybrid that appeals “There’s about an eight to ten year cycle for color,” to the eye and sense of comfort,” says Woodman. “ says Michelle Marceny of The Color Concierge.

Because of the many white-walled rooms with black Concludes Sue Wadden of Sherwin-Williams: fixtures, stair rails, and other hardware displayed on “Homeowners are craving warmth and returning to Instagram, that’s becoming the current cutting-edge ‘new’ shades of neutras that pull in warmer tones.

But they also have to balance all the cool grays and color combination, Marceny notes. whites that we’ve built into interiors over the last sevBut white is a complicated color, choose a bright shade for a north-facing room, for example, and “the eral years. Those colors will still be important, but they will be balanced with other colors so they don’t light can make it look blue,” says Marceny. Typically, a “darker warm white – or a light greige – will look out of date.”

H

October 30, 2020

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RETAIL OPPORTUNITY AWAITS 128 S 1st Street in La Conner at the Historic Pier 7 Building located on the Swinomish Channel.

761 Square Feet, View location for your Retail business includes Storage Room with Utility sink, Space has 3 entrances. Turn Key and available November 1st Contact:

pier7laconnner@gmail.com

Real Estate for Sale 2300 Pennsylvania Ave between Roundabout/Airport ... Possible 12 lots 75x100 ... 2 short cul de sacs; sewer in street ...

Asking $1,400,000 Partial water views.

Bruce Flanagan MLS-1595689 Real Estate 360-298-4777

Real Estate for Sale On A Avenue between 17th and 19th Streets & AC Streets, Anacortes now zoned R2A-14 lots. Asking $1,590,000- Upper lots partial water views.

Bruce Flanagan MLS-1578547 Real Estate 360-298-4777

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.

10 - January 29, 2019

Real Estate For Sale On West 3rd St, Anacortes, Between Kansas and Minnesota – 4 Vacant lots, 75 x 100; now zones R2A for – (5) 60x100 with City Approval; utilities in St & lots. Reqs Bound Line Adjust --- Partial to full water views, $800,000Owner might carry partial back.

Bruce Flanagan MLS- 1352783 Real Estate 360-298-4777 A US Marine Korean Combat Vet- Licensed Atty/Managing Broker WA/CA – Ggrand Father of 13.

Fidelgo Pool Lap Swimmer Guemes TrailWalker.

7

$325,000 602 ALEXANDER ST., SEDRO-WOOLLEY

505 JAMESON STREET, SEDRO-WOOLLEY

Updated home in the heart of Sedro-Woolley, close to shopping, schools, and parks. This charming 4 bedroom, 1 1/2 bath home has hardwood floors, vinyl windows, and a freestanding natural gas stove. Finished basement has utility room and a great family/rec room. Covered patio and large backyard are great for entertaining. There is garden space and even room for chickens! Large 528 sq ft shop with gas heat, 220 panel, and large loft with tons of storage space. Come check it out!

Danya Wolf MLS#1682583 360-708-8294

LOTS 2&3 LAkESIDE DRIvE, GLENHAvEN LAkES

$49,900

NEW 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 Bellingham. MLS# 1628528 360-941-2983 360-982-0010

BUILD YOUR DREAM HOME IN EAGLEMONT!

4629 BEAvER POND DRIvE S. Eaglemont Golf Community offers an 18 hole Championship public golf course. All utilities are in the street and ready to build.

MLS# 1504177

1324 EAGLE RIDGE DRIvE, MOUNT vERNON

EaglEmoNt

Elva Hunter

360-202-3086

At Cascade River Community Club, you will enjoy this little slice of heaven to relax after a long week in the city or a long hike up the glacier.. Set the stage for your RV, tent or yurt and long evenings of listening to the play of the campfire and the river running over stones. Pull into this property and get yourself nestled into nature, as you make this your own little home base camp, be sure to pause by the Little Library to grab a good read!

360-661-7670

$549,000 Beautiful views from this 5 bedroom, 3 bath Hansell Mitzel Home built with many upgrades, built on the “perfect” cul de sac, fenced yard; with a country feel yet wonderful location for commuting to Bellingham, Anacortes, or Everett/Lynnwood/Marysville.

Lighted stone pillars at end of driveway welcome you home. Covered front porch offers seclusion for one’s morning cup of coffee or tea; hardwood entry; wainscoting; air conditioning; under cabinet lighting, pantry; and granite countertops in baths.

Backyard offers custom decking and incredible sunset views.

Danya Wolf MLS# 1679704 360-708-8294

360-202-3086

Beautiful 1 story Condo with 2 bedroom & den or 3rd bedroom 2.5 baths, owners suite w/jetted tub, walk-in shower & closet access to patio. Gorgeous open great room w/high ceilings Craftsman style millwork, kitchen w/granite and stainless steel appliances & dining w/sliding door to private patio for entertaining or enjoy nature. Truly a home with all the comforts, Extra lg garage with built-in’s & spacious driveway. In beautiful Eaglemont Elva Hunter Community!

Welcome to your new home in the heart of Sedro-Woolley. This large open floor plan home was built to last. Central heating by wood stove or high efficiency furnace keeps this home warm and cozy on cold nights.

The front and back yard are fully fenced. The fruit trees are bountiful along the side yard.

Need room for parking? This home features a large carport, garage and alley parking in the back. Enjoy this amazing jewel.

Kim Schlimmer MLS# 1671221

657 HUMPHREY PLAcE, BURLINGTON

$105,000

$489,000

$399,999

7308 HOBSON RD., BOW

$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

MLS#1680814

#D1L1

MLS#1680823

#D1L2

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 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! MLS# 1494916 Danya Wolf Elva Hunter 360-708-8294

360-202-3086

$4,000 $5,000

MLS#1680818

#D1L68 PENDINg

$7,000

MLS#1680794

#D3L17 PENDINg

$10,000

MLS#1680778

#D1L18 PENDINg

$10,000

MLS#1680805

#D1L147

$11,500

MLS#1680789

#D3L209/210

$22,000

MLS#1683583

#D1L149

$6,000

Sherry Ruderman

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

360-540-1552

360.424.0300

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 2033497

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