Real Estate Weekly November 27, 2020

INSIDE

This Issue DON’T THINK YOU NEED FLOOD INSURANCE? PAGE 5

ALL TOGETHER NOW … AND LATER? FAMILIES CONSIDER MULTI-GEN LIVING PAGE 7 CLASSIFIEDS PAGE 7

NOV 27-DEC 3, 2020

TABLE OF CONTENTS

INSIDE

Q&A

PAGE

5

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

Don’t think you need flood insurance? ..........P5 All Together Now … and Later?

Families Consider Multi-Gen Living...................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

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

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

Ltco.com 2

Shelley Nevitt Anacortes Escrow Manager/LPO 360.299.0565

2025889

that all dwellings advertised are available on an equal opportunity basis.

For further information call HUD Toll Free at 1-800-669-9777.

All Houses subject to prior changes without notice. Neither advertisers nor Skagit Publishing are responsible for any errors in the ad copy. Skagit Publishing reserves the right to refuse any advertising, which we deem unsuitable for our publication.

Unless otherwise noted, all photographs, artwork and ad designs printed are the sole property of Skagit Publishing and may not be duplicated or reprinted without express written permission.

Skagit Publishing is not responsible for typographical or production errors or the accuracy of information provided by advertisers.

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

Mount Vernon, WA 98273 (360) 416-4902

www.npsar.realtor

Selling Your Home During the Holidays Home buyers looking to make a move are typically more serious at this time of year. If they're willing to head out and deal with the weather, and put a stop to their holiday celebrating to shop for a home, they're usually determined to find one and fast. Some home sellers see December as a time to kind of 'stop selling'. This is a bad move. Even if your home is seen by one home buyer during December, that home buyer could very well be the 'one'. Don't turn away showings or reschedule them if you can help it.

We say in the real estate industry that "Winter brings out the most serious buyers." This is true. If a home buyer has a rental lease expiring or must move due to divorce, death or relocation, they will buy at Christmas. Keep your house ready to be sold regardless of the season, weather or holiday. You just never know who will be buying your home for the holidays, and they will be living in this home all year round.

Source:

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.

RE-Weekly

November 27, 2020

STAT Real Estate Stat

67.9% The percentage of Americans who own a home in 2020.

Source: Census.gov

Feature Home From cover: 2814 Grady Lane, anacortes

$950,000

Windermere real estate/anacortes Properties P 3018 commercial ave.

Anacortes,WA • 360-293-8008 www.anacortesrealestate.com

Paul Weisz 360-391-7281

This tastefully designed craftsman home has been sited to take advantage of both northerly views of Guemes Channel, San Juan Islands & ferries to the north as well as southerly views of nearby Skyline marina & Burrows Bay. With 3 bedrooms and 3 full baths this home has plenty of natural light that fills the open concept floor plan with a brilliant distinctive style.

Main level living, hand scraped wood floors, custom lighting, a dream kitchen, peaceful master suite, & guest suite are but a few of the uncompromised finishes you’ll appreciate. Other features include a 2 car attached garage, courtyard entrance, fenced level yard, lots of storage, all located just a few blocks from WA Park hiking trails, boat launch & beach.

Welcome home!

MLS: 1688119

2036530

November 27, 2020

RE-Weekly

3

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

RE-Weekly

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

November 27, 2020

Don’t think you need flood insurance?

By Erik J. Martin CTW Features illions of Americans are wet behind the ears and putting their homes and livelihoods at risk based on two incorrect assumptions: Their homes are safe from floods. Even if it does flood, their homeowner’s insurance will cover the damage.

The latter notion is borne out by the results of a recent study by Policygenius, which found that 53.3% of homeowners polled aren’t aware that a typical homeowner’s insurance policy does not provide flood insurance protection.

M

November 27, 2020

100% chance of dying, yet only about 2% of Americans have adequate life insurance Experts say this finding is a Faschi, property and casualty coverage. And there’s a 25% wake-up call and sobering operations manager for New chance of your house floodreminder not to take flooding York City-headquartered ing over the course of your or existing insurance coverage Policygenius. “It’s troubling 30-your mortgage – however, for granted. that more than half of our only about 15% of people “Homeowners insurance survey respondents don’t real- purchase flood insurance,” covers many situations and ize floods aren’t covered.” cautions Barhorst. perils, including some kinds Warren Barhorst, CEO of Richard D’Angelo, president of water damage, so it makes Iscential in Houston, wasn’t of StormScope Public Adjustsense that people would assurprised by these survey ers in Hanover, Pennsylvania, sume floods are also covered. results. recommends flood insurBut it’s important to know “Most homeowners are ance for any homeowner in that floods are not covered forced to purchase homeown- a climate zone that has rainy by homeowners insurance ers insurance as a requireseasons. because floods are a very ment of their mortgage “Storms and severe weather common natural disaster that without truly understanding events are only becoming can lead to expensive repairs the exposures they face every more frequent with climate day. Consider that there is a change. I suspect we will for your home,” says Fabio

Consider where your home sits

RE-Weekly

start to see increased flooding events in areas that aren’t even FEMA-designated flood zones,” he says. “Having coverage against all perils can help ensure that no matter what happens, you are covered.”

Flood insurance is a separate policy from your conventional homeowner’s insurance policy. It only covers your home if a flood compromises it, explains David Such, a public adjuster at North Providence, Rhode Islandheadquartered Performance Adjusting, Public Insurance Adjusters.

“You can purchase flood insurance through the

National Flood Insurance Program (NFIP – a division of FEMA), which is sold through private insurers and administered by the federal government. Or, you can purchase flood insurance through private market insurers,” Such notes. “Typically, flood insurance covers the building, contents within, other structures around the home, and temporary relocation if necessary. A private flood insurer can usually offer higher limits of coverage versus an NFIP policy.”

If you are in a designated flood zone, it’s often best to get flood insurance coverage equal or close to that of your typical homeowner’s insurance policy.

“If you are not located in a flood zone, I would recommend coverage equal to approximately 50% to 75% of your homeowner’s policy, given that there is a lower risk that a flood may happen,” he adds.

Barhorst advises insuring up to $250,000 or your home and $100,000 for its contents.

“If your home and contents are more valuable and your property has a higher propensity for flooding, I recommend excess coverage to enhance the limit and meet your specific needs,” says Barhorst.

Faschi points out that flood insurance does not cover internal flooding and water damage – such as if your plumbing leaks and causes a flood in the basement. To protect against these perils, you can add a water backup coverage endorsement to your homeowner’s insurance policy.

The cost of flood insurance will vary based on the flood zone you live in, your home’s age and build, and how much coverage you need.

“The average cost of an NFIP flood insurance policy is $707,” notes Faschi, citing recent data provided by FEMA. 5

Getting back to normal Question:

At the start of this year, our household was blasted by the COVID-19 virus. We didn’t get sick, but local businesses really suffered, and as a result, both my wife and I lost our jobs. Unemployment insurance helped, and we were able to get into a mortgage forbearance program with our lender. We cut back on everything, paid all bills, and went through a lot of savings. Now we want to get back to regular mortgage payments. How do we do that?

Answer:

Figures from the Department of Labor show that 26 million people claimed unemployment benefits as of September 5, up from almost 1.5 million a year earlier.

Not since the Great Depression has unemployment been so widespread.

Amid tough times, you planned well. You had savings. You were able to get unemployment benefits. You paid your bills and thus protected your credit standing.

Forbearance – a lender’s willingness to accept smaller

monthly payments and even no monthly payments for a limited amount of time – has been widespread.

According to Black Knight, roughly 3.6 million loans were in forbearance in late September, down 24% from the peak level.

Forbearance means that mortgage obligations have been postponed; it does not mean they have gone away. The lender advanced money and wants it back with interest. If you were a lender, you would feel the same way.

Generally, there are several ways to handle mortgage payments after forbearance, according to the Consumer Financial Protection Bureau (CFPB).

First, you may be able to create a payment plan with your lender. In this case, you resume your regular monthly payment plus an additional sum each month until money not paid during forbearance is returned. If you can get a payment plan, be sure that the new and higher cost is affordable.

Second, you may be able to create a payment deferral program. With this approach, you restart your regular monthly mortgage payments. The money not paid as

Q&A

ASK OUR BROKER

By Peter G. Miller

a result of forbearance is added to the mortgage debt.

When the property is sold or the loan is refinanced or repaid, the additional debt is paid back at closing.

Third, in some cases, you may be able to get a mortgage modification. A lower interest rate or longer loan term will result in lower monthly payments, thus making the debt more affordable.

Fourth, with FHA loans, you may be able to get a COVID-19 Standalone Partial Claim. This is a junior lien that’s repaid when the property is sold, or the existing FHA loan is refinanced or paid off. It is functionally similar to a payment deferral plan.

If you have a mortgage owned by Fannie Mae or Freddie Mac or backed through the FHA, VA, or USDA, the lender cannot require a lump sum repayment.

For details and specifics, speak with your mortgage lender as soon as possible. The faster you exit a forbearance program, the less you will owe in deferred payments.

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

RE-Weekly

November 27, 2020

RE-Weekly

CLASSIFIEDS PUBLISHER'S NOTICE

All Together Now … and Later?

Families Consider Multi-Gen Living

By Marilyn Kennedy Melia CTW Features housands of adults have felt more like children this pandemic year because they’ve returned to their childhood home --some with a spouse and a child or two of their own in tow.

Whether they’ve moved back to escape crowded urban life or enlist help watching the kids while they

T

November 27, 2020

work remotely, they add to the “multi-gen” trend.

The Pew Research Center found that in 2016, 20 percent of Americans lived in “multigenerational” households, up from 12 percent in 1980.

Factors fueling the trend include the ability of household members to save money and help each other out.

At least some of the new multi-gen house-

holds formed in 2020 will likely be pondering the practicalities, wondering if they should make the arrangement permanent.

But it’s not always easy for generations to coexist, says Kate Granigan, a licensed social worker and CEO of Life Care Advocates.

For one thing, she notes, grandparents may find it difficult to always be close to active kids and teens.

But the frictions are

lessened if a home offers enough privacy for family members to find an escape, says Granigan.

Homebuilders are increasingly catering to multi-gen families with features like first-floor master suites with separate entrances, dual master suites, and small, second kitchens.

Some families remodel to accommodate generational boundaries, notes Granigan.

RE-Weekly

But any future plans for multi-gen living, whether it involves buying a new home, remodeling, or simply moving in an existing home together, should be carefully considered, warns Granigan.

For instance, she illustrates, if grandparents pay for an in-law suite to be built onto the home of one daughter, what happens if the parents have to leave those quarters? Other children could be

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.

irked that their sister has a larger, highervalue home partially paid for by their parents.

Getting counsel from professionals before taking the plunge is wise, Granigan concludes, as the future could unfold differently than expected.

10 - January 29, 2019

7

657 HUMpHREy plACE, BURlINGTON

ALL OF OUR REALTORS ARE WORKING!

BY APPOINTMENT!

Brett Tacker

(360) 840-7931

Carla Fischer

Danya Wolf

(360) 982-0010 Designated Broker/Owner (360) 708-8294

Elva & John Hunter

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 360-708-8294 MLS# 1679704

JoAnn Boudreau

(360) 202-3086

(360) 391-0746

18582 CASCADE RIDGE CT.,MOUNT VERNON $998,000 5+ Acres

Kim Schlimmer

(360) 661-7670

Patricia Box Office Manager/Broker

O: (360) 424-0300 C: (360) 941-9186

Phil LaMay

(360) 840-3086

Russ Lanker

(360) 708-1117

Sherry Ruderman Suzanne Jenkins

(360) 540-1552

$529,900

(360) 941-2983

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

$367,000 2xxx URBAN AVENUE, MOUNT VERNON

1102 S. 21ST. STREET, MOUNT VERNON

$600,000

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

MLS#1649968

Danya Wolf

360-708-8294

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

1324 EAGlE RIDGE DRIVE, MOUNT VERNON

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

D

l so

with patio, blueberry and marionberry bushes! Yum! Parking for small RV or boat.

Heat pump/central heating and air conditioning provides year round comfort. 325 square foot garage (per Skagit County Assessor). Mostly fenced. MLS#1689654

Danya Wolf

360-708-8294

360.424.0300

eAglemont

$489,000

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!

360-202-3086

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 20361167

8

RE-Weekly

November 27, 2020