Real Estate Weekly November 20, 2020

INSIDE

This Issue

BEAT THE PANDEMIC-INDUCED LANDLORD BLUES PAGE 5 LITTLE DWELLINGS THAT CAN PROVIDE BIG HELP TO HOMEOWNERS PAGE 7 CLASSIFIEDS PAGE 7

NOV 20-26, 2020

TABLE OF CONTENTS

INSIDE

Q&A

PAGE

5

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

Beat the pandemic-induced landlord blues...................................................................P5 Little dwellings that can provide big help to homeowners...........................................P7 Classifieds............................................................................P7

RE-Weekly To advertise in RE-Weekly or other Skagit Publishing publications, Call: 360.416.2180 or Email: ads@skagitads.com ©2020 by Skagit Publishing | All rights reserved.

All real estate advertised in Real Estate Weekly is subject to the Federal Fair Housing Act, which makes it illegal to advertise “any preference, limitation, or discrimination because of race, color, religion, sex, handicap, familial status, or national origin, or intention to make any such preference, limitation or discrimination.” We will not knowingly accept any advertising which is in violation of the law. All persons are hereby informed

Sandi riley WS VIE AT E GR

$485,900

*UPDATED W/ 4+ BEDROOMS, TOTAL OF 3 BATHS, DEN/OFFICE + 3 BONUS ROOMS *FABULOUS VALLEY/SOUND/OLYMPICS & SUNSET VIEWS, VERY PARK LIKE SETTING *NEW KITCHEN, MINI-SPLIT HEAT & A/C, TANKLESS H/W, 2 VIEW DECKS & MORE! 442 S. 48TH ST. ‘’WoodSidE’’ MT. VERnon

$430,500

55+

525 East College Way, Suite J

608 REEd STREET, SEdRo WooLLEY

17116 aVon STREET, MoUnT VERnon

$525,000

ING

*UPDATED/RESTORED W/ORIGINAL CHARM & APPEAL, LG. COVERED FRONT PORCH! *TRADITIONAL CRAFTSMAN W/SOME ORIGINAL WOOD FLOORS, GREENHOUSE, FENCED YD. *3 BEDROOMS, 1.5 BATHS, COVERED BACK PATIO + NICE SHOP, LONG DRIVEWAY! 2610 E. SECTion ST. ‘’LiTTLE MTn. ESTaTES’’ MT. VEnRon

$169,900

ING

PEND

PEND

Sandi R. 360-770-8670/ noRa M. 360-739-4335

Sandi RiLEY 360-770-8670

CaLL Sandi RiLEY 360-770-8670

*GREAT NEW PRICE, UPGRADED ‘’LANDED GENTRY’’ CRAFTSMAN RAMBLER *2 BEDROOMS, 2 BATHS, GAS HEAT, A/C, QUARTZ COUNTERS IN GORGEOUS KITCHEN *DOUBLE GARAGE, COVERED PATIO, NICE FENCED YARD, PRICED TO SELL!

*LOVELY LOG HOME & BIG SHOP, OVERSIZE GARAGE + FULL BASEMENT! *3 BEDROOMS, 2+ BATHS, NEW GAS FURNACE, NEW TANKLESS WATER HEATER *GREAT 24 X 36 SHOP + COVERED R.V. PARKING, VALLEY & SUNSET VIEWS!

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

2610 E. SECTion ST. “liTTLE MTn. ESTaTES’’ M.V.

1103 CoURTnEY LanE, ‘’BURLinGTon HiLL ESTaTES’’ BRL.

$148,900

$119,900

2610 E. SECTion ST. ‘’LiTTLE MTn. ESTaTES’’ M.V

$158,900

SOLD

SOLD

Sandi RiLEY 360-770-8670

Sandi RiLEY 360-770-8670

Sandi RiLEY 360-770-8670

*GATED 55+ PARK NEAR BURLINGTON HILL, CLOSE TO ALL SERVICES *SPACIOUS 3 BEDROOMS, 2 BATH PLUS FAMILY ROOM ‘’FLEETWOOD’’ *BIG DOUBLE GARAGE, AFFORDABLE PARK SPACE RENT!

*LOVELY ‘’GOLDENWEST’’ QUALITY HOME, ENJOY GATED PARK LIVING *3 BEDROOMS, 2 BATHS, PRIVATE MASTER SUITE, OPEN PLAN *FIREPLACE W/GAS INSERT, OVERSIZE KITCHEN W/NOOK & MORE!

*ENJOY GATED 55+ LIVING AT IT’S BEST, TOP 5 PARK IN STATE! *NICE 2 BEDROOM, 2 BATH ‘’DARTMOUTH’’ W/GAS HEAT, & A/C *FINISHED GARAGE, 2 STORAGE BUILDINGS, CLOSE TO CLUBHOUSE

Tel. (360) 416-4902

www.npsar.realtor

REALTORS® Go Above and Beyond to Better Communities and Lives

Sandi R. 360-770-8670/CHRiSTina o. 425-231-2651 YOUR HOME FEATURED HERE! CALL FOR A CURRENT ‘’MARKET APPRAISAL’’ SANDI RILEY 360-770-8670

Mount Vernon, WA 98273

$349,500

ED IST TL S JU

Sandi R. 360-770-8670/noRa M. 360-739-4335

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®

770-8670

20833 MaUPin Rd. ‘’ConWaY/FiR iSLand’’ M.V.

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.

SOLD

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.

2038260

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November 20, 2020

STAT Real Estate Stat

15% The percentage of realtors who hold broker associate licenses.

Source: National Association of Realtors

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

16913 Koi Court, Mount Vernon 98274

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 November 20, 2020

FEATURED HomE FRom covER:

2025889

RE-Weekly

$680,000

Brown mcmillen Real Estate 235 W. Rio vista Avenue Burlington, WA 360-757-6013 www.brownmcmillen.com

Jodi dynes 360-333-7783

Beautiful 4 bedroom, 2.5 baths, office/ den, 2701 sq ft w/10ft ceilings. Sits on a ½ acre cul-de-sac with greenbelt behind. Kitchen storage galore w/maple cabinets, granite counters & walk-in pantry. Master ensuite w/soaker tub & walk-in closet. Lovely fenced backyard w/stamped concrete, BBQ gas hookup, garden boxes & 10x20 shed. RV parking w/hookup/cleanout.

3rd garage space double insulated & heated for extra useable space.

MLS#1685296 3

2038262

Cathy West Oak Harbor Escrow Manager/LPO 360.679.5055

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!

4

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

November 20, 2020

On the other hand, Eric Landes, an attorney in Pottstown, Pennsylvania, who represents landlords, advises that if you can get tenants to agree to a long-term lease (12 months or longer) at a favorable rental rate, it may well be worth the risk.

“But be aware that the United States is going to see an eviction crisis within the next year, and the economic prospect is not going to be great for landlords. We’re going to see empty units and a drop in rental value,” Landes cautions. “With this many properties opening up, landlords will need to compete for tenants who can pass credit and income checks.

It’s very likely the rapid increases in rent we’ve seen over the past 15 years will reverse to a degree, so if a landlord can get a well-qualified tenant to agree to a long-term rental, that’s definitely in their best interest.”

Those seeking to treat their rental property as a business investment may see the best results from converting to long-term rentals.

“These landlords use their rental property earnings as passive income or reinvestment into new properties,” explains Hattemer. “Landlords who and state councils that often

By Erik J. Martin he says. might want more stability and Got property to lease? Consider shifting place restrictions on shortCTW Features Connor Griffiths, CEO/ less day-to-day management term renting. In Los Angeles, founder of Vancouver-based f you’re a landlord or thinkfrom short-term to long-term rentals can benefit from long-term ing about becoming one, for instance, there’s an annual Lifty Life Vacation Rental rentals since a single renter “Global travel restrictions, na- leases. Not only can this more registration fee of $89, city you’ve likely got a lot of Management, believes the group in one year requires less concerns lately. The coronavi- tional border closures, declines consistently generate monthly and county tax of 14% per coronavirus crisis may actuproperty turnover than shortin air travel, and shelter-inrental income, but it can also night, permit fee, and 120-day ally be healthy for the rental rus and economic downturn term renters.” place procedures have all decrease the chance of transhave made it difficult for annual limit for stays. Many industry.

If you are on the fence about contributed to the decrease in mitting COVID-19 because tenants to pay the rent, and cities like Chicago, San Fran- “The short-term rental market whether or not to purchase a fewer renters are inhabiting the cisco, and Seattle have adopted has become extremely crowded rental property, carefully evaluthe government has instituted short-term rental bookings.

And current economic condi- residence over a year’s time. moratoriums on evictions. similar laws.” in recent years,” he notes. ate the price-to-rent ratio of tions have made short-term The benefits of renting out And if you offer rentals David Cusick, chief strategy Griffiths believes Airbnb your interested market. property investing uncertain,” your property long-term inthrough Airbnb, VRBO, or officer for House Method in operators in large cities are the “This metric helps determine says Chuck Hattemer, coclude a greater chance of more Durham, North Carolina, other platforms, you’re likely best candidates for switching where to invest your money founder/CMO of Onerent consistent occupancy. taking an even bigger hit. agrees that transitioning from to long-term rentals. by dividing the median home Property Management in “Airbnb hosts only receive New data from AirDNA short-term to long-term rent- “I suggest avoiding year-long price by the median yearly around a 48% occupancy San Francisco. “With fewer paints a bleak picture for ing is smarter nowadays. lease agreements when posrent,” suggests Hattemer. “A rate, on average, and that was “Every month you go without sible; instead, offer tenants a travelers, the vacancy rate on short-term rental owners: high price-to-rent ratio of over vacation homes has increased, before the pandemic hapOccupancy rates for Airbnb a tenant in your property is month-to-month lease. This 21 is more favorable to rent therefore increasing the operat- pened. But a long-term rental just lost income. A long-term provides the opportunity to in the U.S. are predicted to rather than buy a home. A ing costs for landlords.” will typically get around 93% tenant may be less lucrative drop to an all-time low of shift the property back into the landlord looking for a rental To pay the bills, many of these occupancy,” Hattemer adds.

20.5% by November 2020 – month-to-month, but it’s far short-term rental market when property investment wants to “Plus, you don’t have to deal versus 39.6% occupancy rates landlords are shifting gears better than nothing or having it’s strategic to do so,” says purchase a home in a market with a higher ratio.” enjoyed one year earlier. with challenges by city, county, large gaps in your bookings,” Griffiths. and turning to long-term

Beat the pandemic-induced landlord blues

I

November 20, 2020

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5

Cheaper refi?

Question:

We want to refinance our existing mortgage but don’t want to spend several thousand dollars in cash for closing costs. How can we do this?

Answer:

With a refinance, there are two good ways to reduce cash needs. You can get financing with no closing costs or you can roll refinancing costs into the new loan.

With a no closing cost refinance, the lender pays for most of your settlement loan expenses, such things as origination fees and title insurance. This is done by increasing the interest rate. With a higher rate, the lender has a more valuable asset – your mortgage.

That asset can be sold in the secondary market for a higher price. In this way, the lender can recapture the extra money advanced to you.

A no closing cost refinance raises several concerns.

First, how much additional interest does the lender want?

Second, if you have a higher rate, can you still qualify for financing?

If you roll financing costs into the loan, it means the interest rate will not increase, but you will have more debt. Since there is more debt, the loan’s monthly cost increases. These factors also raise several concerns.

First, how much extra will be added to the loan amount?

Second, can you qualify with a larger monthly payment?

Marginal borrowers beware.

Third, how long will you keep the loan? If you quickly sell the property or refinance, you will have a larger debt to repay. If you expect to move or refinance with some speed, it may be less expensive to simply keep the financing you have.

It might seem as though either a no closing cost refinance or rolling over loan costs results in a cashfree closing, but that’s unlikely to be the case. In addition to loan costs, you also have such expenses as government taxes, settlement fees, and the cash needed to fund a new escrow account.

Q&A

ASK OUR BROKER

By Peter G. Miller

The issue with escrow funds – money set aside to pay such costs as property taxes, property insurance, and HOA fees -- is tricky. If you refinance with your current lender, they may be willing to simply transfer your current escrow account balance to the new loan.

However, if you refinance with a replacement lender, it may take time to get your escrow money from the original lender. Since you need escrow money at closing and not some vague, distant time in the future, you will need additional cash to close.

If you have more than 20% equity, you may not be required to have an escrow account when refinancing.

Another idea is to borrow enough to pay all closing costs then immediately pay down your new loan balance when a check for the escrow money comes in from the old lender.

Speak with loan officers regarding closing cost options and be sure you understand how much cash you will need.

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

own the local real estate market expand your reach when you combine the power of our digital audience and premium print ads in the re weekly ask your multimedia account executive for details.

ContaCt: 360.424.3251 • ads@skagitads.Com 6

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November 20, 2020

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CLASSIFIEDS PUBLISHER'S NOTICE

Little dwellings that can provide big help to homeowners

By Marilyn Kennedy Melia CTW Features hether you want parents or extended family to live nearby or need a more affordable mortgage payment, the answer may lie right in your own backyard.

The answer may also lie above the garage, in the basement, or attached to your main home. Acces-

W

November 20, 2020

sory Dwelling Units, or ADUs, touted for meeting some pressing housing needs, is defined as an additional living area that includes a kitchen, a bathroom, and a separate entrance and is independent of the primary dwelling unit.

Currently, there are 1.4 million singlefamily properties with ADUs, according to a recent study from the government-

sponsored agency, Freddie Mac. There’s been a big uptick in ADUs in the last few years; half of the 1.4 million are located in California, Florida, Texas and Georgia. Those areas have passed zoning changes to more easily allow for ADUs, and also have a low supply of affordable housing, notes Sam Khater, Freddie Mac chief economist.

“I have always seen

buyers being highly interested in homes with ADUs, however that interest has sky-rocketed of late,” says Thomas Hilal, an agent with Nourmand & Associates, Los Angeles. He adds that he’s currently searching for a home with an ADU for a family who wants the space for a parent who recently left an assisted living facility.

Indeed, while ADUs have been popular

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Murdock Court Apts.Application Murdock Court Apartments: 123 N Murdock St Sedro Woolley, Wa 98284.Now accepting applications for our 1, 2, and 3 bedroom apartments. All applicants move in paying basic rent: $835, $915, $1005.

Possible rental assistance if available. Section 8 Okay. Stove, refrigerator in each unit. Parking and laundry available onsite. For more information, call 360-856-4944. murdockct@tmo.com TTY 711

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, asking $159,500. To view call 520-221-1607 or 360-840-3292.

to provide rental income, anecdotal evidence suggests that COVID-19 is prompting an added desire for extended family to live nearby.

Increased demand, however, may not translate to higher prices for homes with an ADU, notes Cummings, Ga. Appraiser Daniel Fries.

“You can get push back for anything different from neighboring owners. I think appropriate zoning and permits will be the key [to higher values for homes with ADUs] as well as the ability to conform design aspects to the current neighborhood,” he explains.

10 - January 29, 2019

7

$367,000 301 e Hazel aVe, BurlInGton

1102 S. 21St. Street, mount Vernon

Great 3 bedroom Mount Vernon home on the hill nearby Little Mountain Elementary and Mount Baker

Middle

schools.

Offers

kitchen with lots of cabinets, all appliances included; updated vinyl windows, fresh paint inside and out, one car garage, large yard with patio, blueberry and marionberry

RENTAL

7 CAR COVERED PARKING

or boat. Heat pump/central heating and air conditioning provides year round comfort. 325 square foot garage (per Skagit County Assessor). Mostly fenced.

17180 memorIal Hwy mount Vernon

$425,000

6.98 acre tract zoned Rural Intermediate. Level acreage with great road access both from Memorial Highway and from Avon Allen Road. Stop light and curbs at the intersection. Special Use Permit potential. The Animal Hospital and an espresso stand is across the road to the west. 980 feet along Memorial Highway (SR-536); 620 feet along Avon Danya Wolf 360-708-8294 Allen Road. MLS# 1572330

2xxx urBan aVenue, mount Vernon

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

18582 CaSCaDe rIDGe Ct.,mount Vernon 5+ ACREs

$600,000

360-708-8294

22904 BumBleBee lane, mount Vernon $950,000

bushes! Yum! Parking for small RV

MLS#1689654

$2,500/mo

In home business potential: wonderfully unique floor plan: U shaped home w/covered patio in the middle: many built-ins; area for breakfast table plus masonry fireplace; separate formal dining area; two bedrooms, two baths plus large bonus room w/third fireplace (natural gas log) being used as a 3rd bedroom. Separate utility area w/lots of storage. 2nd masonry fireplace w/natural gas log in spacious living room.

Multiple sliding glass doors open onto large covered patio. Attached 1+ car garage. MLS# 1561850 Danya Wolf

Danya Wolf

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

360-708-8294

657 HumpHrey plaCe, BurlInGton

360-202-3086

$529,900 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. Back yard offers custom decking and incredible sunset views.

Danya Wolf MLS# 1679704 360-708-8294

Danya Wolf

360-708-8294

$998,000 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 three 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.

Danya Wolf MLS# 1673949 360-708-8294

360.424.0300

Our Office will be clOsed On Thursday nOvember 26th and friday nOvember 27th in celebraTiOn Of The Thanksgiving hOliday.

“Gratitude can transform common days into thanksGivinGs, turn routine jobs into joy, and chanGe ordinary opportunities into blessinGs.” William arthur Ward

RealtoRs may be available by appointment.

We Will RetuRn to RegulaR houRs on monday novembeR 30th.

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 20361167

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November 20, 2020