Real Estate Weekly January 1, 2021

INSIDE

This Issue

PEEKING INTO THE MORTGAGE RATE CRYSTAL BALL PAGE 5 PET PROJECT: SELLING TO DOG, CAT OWNERS PAGE 7 CLASSIFIEDS PAGE 7

JAN 1 - 7, 2021

INSIDE

TABLE OF CONTENTS

PAGE

5

Q&A

Ask Our Broker.......................................................................P6

Peeking into the mortgage rate crystal ball ................................................................P5 Pet Project: Selling To Dog, Cat Owners..........................................................................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

Christa Canell Freeland Escrow Manager/LPO 360.331.4838

Brandi Jensen Stanwood Escrow Manager/LPO 360.629.9737

Katey Von Hagel Marketing Representative 360.707.1076

LAND TITLE AND ESCROW W

Holly Mathers Island County Title Manager 360.675.2246

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 2

Shelley Miner Burlington Escrow Manager/LPO 360.707.2312

Eldon Brown Skagit County Manager 360.707.2158

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.

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.

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

Mount Vernon, WA 98273

Tel. (360) 416-4902

www.npsar.com

REALTOR® Charity Golf Tournament Even though we were unable to hold our Tournament this year, we’d like to thank the following businesses and individuals who donated to our local charities; Skagit Habitat for Humanity and Friendship House.

               

Bay Equity Tony & Paige Bates Blind Hat Productions Brown McMillen Certified Home Inspection Chicago Title Susan Cooper Country Financial Daniel & William Toomey CPA Danielle Russell Farmers Insurance Heritage Bank HKP Architects Jim & Terri Neilon John Jr Piazza Construction Judd & Black

               

Land Title Keller Williams Land Title Tod Lehecka Terry-Jo Norman Pederson Group Peoples Bank Ralley Auto Sales RE/MAX Valley Homes Mary Scollard Simple Box The Brickkicker Umpqua Bank US Bank WIN Home Inspection Wycoff Insurance

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.

2025889

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January 1, 2021

STAT Real Estate Stat

7%

The global tiny homes market is expected to post a CAGR of close to 7% during the period 2020-2024 Source: Technavio

Feature Home From cover: 4101 Edith Point Road, anacoRtEs

Windermere real estate/anacortes Properties P 3018 commercial ave.

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

$1,649,000

Gina Davis 360-708-7794

If you love to entertain with an urban feel... this home is yours! Enjoy the peacefulness of Edith Pt along with amazing 150 ft of unobstructed views of Burrows Bay, San Juan Islands & wildlife. Modern with mixes of industrial touches, metal & wood elements throughout. Large picture windows plus beautiful sliding patio doors out to mahogany decks. Excellent main level living boasting sleek white kitchen with quartz counters and moveable dining table to match, oversized sitting area with fantastic inside/ outside living. Primary bedroom with rising shed ceiling and full wall windows for epic seascape views. Lower level gives flex rec room with kitchenette & additional bedroom suite with attached spa-like bath & walk-in closet. Detached 528 sf studio apartment with full kitchen, 3/4 bath and heated garage.

MLS: 1697102

2040756

January 1, 2021

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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!

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

January 1, 2021

Peeking into the mortgage rate crystal ball

T

he past year will undoubtedly go down in history as one of the most challenging, controversial, eventful, and unpredictable ever. After struggling with the coronavirus, economic downturn, social unrest, and political friction, many are eager to bid adieu to 2020.

But one bright note over the past year that many hope will continue into 2021 is historically low mortgage interest rates, which have dipped below 3 percent over the past few months and made it much more affordable for many buyers to purchase a home.

With a fresh year ahead of us, many are wondering: January 1, 2021

Will rates remain enticingly low, possibly dropping even further? Or are rates due to trend upward over 2021?

In their most recent reports, several prominent housing/ real estate organizations predict that attractive rates are here to stay in the nearterm. For example, Fannie Mae prognosticates that rates for the benchmark 30year fixed-rate mortgage will average 2.7 percent in 2021; Freddie Mac, meanwhile, forecasts 3.0 percent, and the National Association of Realtors expects these rates to average 3.2 percent.

That’s good news for prospective borrowers seeking to buy a home or refinance their existing loan in the coming months. Lower

range throughout the coming year.

Where will interest rates go in 2021?

“The impact from COVID-19 has been felt throughmortgage interest rates can next year,” says Grant Moon, out the US economy, and the timeline for recovery decrease monthly mortgage CEO of Denver-based payments and increase Home Captain, who antici- remains uncertain at best. purchasing power for home pates the rate for the 30-year Given this downward pressure and its anticipated shoppers. fixed-rate mortgage to lasting effect, I expect rates But remember: These are average 3.25 percent across to remain at recent lows for predictions. A lot can hap2021. “I believe the deepen- an extended period,” he says. pen between now and the ing impacts of the pandemic “Look to the data surroundend of 2021 to affect interest and political instability will ing vaccines; case counts, rates and your ability to likely continue adding stress death counts, consumer afford a home or refinance to our economy, and this confidence, and the feeling your mortgage. will reinforce the Federal of safety among the general “Fortunately, the Federal Re- Reserve’s decision to keep population as good bellserve has made it clear they rates low.” wethers for a rebound in the aren’t going to move the fed- Matthew Wright, CFO of economy.” eral funds rate anytime soon, Murfreesboro, TennesseePreetam Purohit, head of which points to mortgage based First Community Hedging and Analytics rates hovering about where Mortgage, foresees rates in for Middletown, Rhode Island-based Embrace Home they’ve been lately well into the 2.75 to 3.25 percent

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Loans, believes rates will sink as low as 2.625 percent in 2021 before closing out the year higher at 3.5 percent.

“We should see unemployment come down and the economy back on track, eventually leading to a rapid increase in Treasury yields, which will make mortgage rates rise. Of course, a lot of this will depend on the election results, fiscal stimulus, and coronavirus control,” explains Purohit.

Ethan Taub, the Newport Beach, California-based CEO of Loanry, agrees with Purohit.

“I expect the 30-year mortgage to go back up to around 3.5 percent by the end of 2021. That’s because the economy will be in a better position and businesses will start helping the markets get back on their feet,” he says. “But in the first six months of 2021, I can see rates a bit lower, at around 3 percent.”

While the aforementioned rate predictions aren’t unanimous, there isn’t a great numerical disparity between the lowest and highest estimates. In other words, we should probably expect mortgage interest rates to remain at or near historic lows for the foreseeable future.

“The first half of 2021, in particular, will continue to provide a great opportunity to purchase or refinance a loan due to continued attractive rates,” Purohit says.

However, until home inventory levels rebound, some fear that 2021 will be challenging for prospective buyers.

“Many homes are already too expensive right now. I would think about waiting to purchase until later in the year in the hopes that housing supply increases,” recommends Moon.

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Tiny House or ADU? Question:

We’re thinking of moving into a tiny house, something with about 500 to 750 sq. ft. This is much smaller than our current home but more suited to our needs. What are some of the pros and cons to consider before buying?

Answer:

The term “tiny house” is somewhat broad. We can be talking about a home on wheels, a home not on wheels, or living space that’s part of an existing house. Some homes can be as small as 200 sq. ft. or so. Small homes are usually separate, but there are a growing number of tiny home communities.

It might seem as though a tiny home will be attractive for the economics - less space should equal less cost.

However, it may also be true that the cost per square foot is higher than with a traditional home. The reason is that a disproportionate percentage of a small home is devoted to kitchens and bathrooms, areas with high costs to equip and install.

Rather than “tiny” houses, what you might be looking

for is an “ADU” or accessory dwelling unit. These are increasingly common, sometimes part of an existing home and sometimes separate, sometimes known as granny flats, in-law suites, English basements, casitas, etc.

ADUs are not common, but they’re not especially rare either. A 2020 study by Freddie Mac identified about 1.4 million ADUs nationwide, a number that will surely grow.

The new interest in ADUs reflects several trends.

A single-family home on a quarter-acre lot is increasingly seen as an inefficient use of land, especially in high-cost metro cores and suburbs.

People are living longer. An ADU allows families to live closer together but not on top of one another.

Zoning laws are changing to make the ADU construction easier. New Hampshire has been a leader in the field. In 2016 it passed legislation to allow ADUs of up to 750 sq. ft. “as a matter of right.”

Builders see ADUs as a new market. According to the National Association of Home Builders, in the first quarter of 2019, “one-fifth of remodelers undertook projects that created an ADU by converting an existing space over the

Q&A

ASK OUR BROKER

By Peter G. Miller

past 12 months, and close to that percentage created an ADU by building a new addition.”

However, for all the good news on the ADU front, several issues remain.

First, as with any new construction, zoning rules and building codes must be followed. Such guidelines can vary enormously by location. For instance, think of lot setbacks and parking requirements. Be sure to get professional help understanding the rules and guidelines if you want to build.

Second, if an ADU is added to a property, it will mean higher property taxes to account for the additional value represented by the new construction.

Third, it’s tough to find small mortgage loans for a standalone property. The better approach might be to get a second loan or a home equity line of credit (HELOC) on an existing property. Speak with lenders for details.

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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January 1, 2021

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CLASSIFIEDS

Alpine Ridge Retirement Apartments in MV is accepting applications for 2 Bdrm apts. Income limits apply. 360-424-9622 for more info.

PUBLISHER'S NOTICE

Pet Project: Selling To Dog, Cat Owners

W

hile some buyers will tour a home and barely notice features like scratch-resistant flooring or a sofa in front of a large, sunny window, a significant portion will not only notice, but ooze enthusiastically about how it’s perfect for their pet.

Francine Viola, an agent with Coldwell Banker Evergreen Olympic, Olympia, WA., says she regularly sees buyers “looking for homes to accommodate their pets.”

That’s borne out by a 2020 study from the National AsJanuary 1, 2021

sociation of Realtors, which found that 43 percent of households say they’d be willing to move to better accommodate their pet.

But showcasing a pet-friendly home is a nuanced art. The aim is to attract pet lovers without turning-off other buyers.

Pets shouldn’t be seen, heard, or smelled.

Even the most devoted dog or cat owner may not love the sight or smells of your pet.

Neither does anyone else, including agents showing the

property, want to see or hear your furry friend. “We definitely want the dogs out of the house,” says Viola, and it’s best to move them off the property completely. If they’re left in a garage or backyard, buyers, it prevents buyers from examining those areas.

An indoor cat may be adept at hiding but distract agents who worry it might make an escape, Viola adds.

Showcase designated square footage.

Only showcase pet products

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like leashes and baskets of toys in spaces like a mudroom or laundry room, especially if there’s a dog washing station there, advises Courtney Schomburg , chair of the Real Estate Staging Association.

Most pet paraphernalia is clutter.

“We don’t want to clutter floor space, so I would remove any small rugs, food bowls, or large beds around the house so buyers can easily walk through the property,” concludes home stager Tori Toth.

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.

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7704 SilVER lakE ROad, MaPlE FallS

Thank you for an amazing year!

Wishing you a safe and happy celebration!

Danya Wolf Designated Broker/Owner (360) 708-8294

Elva & John Hunter Brokers (360) 202-3086

2xxx URBaN aVENUE, MOUNT VERNON

JoAnn Boudreau Broker/Appraiser (360) 391-0746

Carla Fischer Broker (360) 982-0010

Suzanne Jenkins Broker (360) 941-2983

Phil LaMay Broker (360) 840-3086

Sherry Ruderman Broker (360) 540-1552

Kim Schlimmer Broker (360) 661-7670

Russ Lanker Broker (360) 708-1117

Danya Wolf

360-708-8294

Patricia Box Office Manager/Broker O: (360) 424-0300 C: (360) 940-9186

$349,000

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 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 Danya Wolf fenced. MLS#1689654 360-708-8294

360.424.0300

$105,000

Start your new home on this private 13,929 sq.ft lot in Eaglemont with all utilities in the street, surrounded by greenbelt and wooded area for maximum privacy, wonderful neighborhood with beautiful homes , walking distance to Clubhouse and restaurant with awesome views and sunsets. Eaglemont is an 18 hole Golf Course Championship Public Course!

360-202-3086

Our office will close early on Thursday, December 31st, at 3:00pm and will be closed Friday, January 1st.

Realtors may be available by appointment.

Please call your Realtor.

Happy New Year!!

1102 S. 21ST. STREET, MOUNT VERNON

$600,000

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

MLS#1649968

4629 BEaVER PONd dRiVE S. Brett Tacker Broker (360) 840-7931

$349,000

This home ‘lives bigger’ than its stated size of 1491 sq.ft., offering 2 beds, plus bonus room, 1 3/4 baths on a large lot with ample parking, a detached 2 car garage and a HUGE storage building.

The kitchen has a large pantry, skylight and plenty of cupboard/counter space. Master has a large shower with an oversized vanity and a walk-in closet. Living area features vaulted ceilings and ceiling fan. Main bath has 2 doors for easy access to the laundry room and the outdoors. This home is set back from the road and has a beautiful front yard or you can enjoy the privacy of the large Patricia Box yard in the back, as well. Sherry Ruderman Office Manager/Broker 360-540-1552 O: (360) 424-0300 MLS# 1694535 C: (360) 941-9186

Elva Hunter

H STREET Rd., BlaiNE

$1,200,000 Eighty (80) acres of mostly woods including Western Red Cedar and Douglas Fir, Cottonwood; Alder; and Birch; with one large pond great for duck hunting toward the northerly 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.

Potential for up to 16 building sites. Shown Danya Wolf 360-708-8294 by appointment. MLS# 1568051

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 2038744

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