Real Estate Weekly January 15, 2021

INSIDE

This Issue WANT A BARGAIN ON A HOME? PAGE 5

CAN BIG GAINS FOR MODEST HOMES CONTINUE IN 2021?

PAGE 7 CLASSIFIEDS PAGE 7

JAN 15 - 21, 2021

TABLE OF CONTENTS

INSIDE

Want a bargain on a home? ....................................P5

PAGE

5

Q&A

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

Can Big Gains For Modest Homes Continue In 2021?..........................................................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 2

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

Realtor® Efforts Help Secure Assistance in COVID-19 Relief Legislation WASHINGTON (December 2020) – The National Association of Realtors® secured key victories in COVID-19 relief legislation, including various key tax extenders, additional support for the Paycheck Protection Program and funding for rental assistance. Roughly 38% of NAR’s 1.4 million members own at least one rental property throughout the U.S. “NAR has been one of the loudest voices in Washington advocating for rental assistance these past few months,” said NAR President Charlie Oppler, “While Realtors® worked to ensure thousands of American families would not go homeless, it was clear that broad, ongoing eviction moratoriums were jeopardizing the very housing opportunities we were trying to protect.

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

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.

2025889

“More than 40% of rental units nationally are owned by ‘mom and pop’ operated small businesses, many of which have been struggling to pay their bills and keep a roof over their tenants’ heads. Rental assistance helps stabilize that housing and keep families in their homes, and we’re grateful that Congress could secure this and other critical relief measures in this legislation.” nar.realtor/coronavirus#section-181292 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.

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January 15, 2021

STAT Real Estate Stat

$16.01 trillion The value of mortgage debt in the U.S. Source: Statista

FEATURED HOME, FROM COVER 323 Lakepoint pLace, Sedro-WooLLey

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$649,900

GERI COLE 360-391-1614 Welcome to the Lake! Beautiful lake front property on Cain Lake. Enjoy fishing, kayaking, floating in your back yard. Quiet cul-de-sac on dead end street. Fully fenced yard with gated entry. Hot tub while enjoying your spectacular mountain, lake & wildlife views on the new deck. Detached 1-car shop/garage. This 1,764 square foot rambler has a beautiful inviting open floor plan. Stainless steel appliances & a new furnace with A/C. Easy 5-minute access to the freeway & 15 minutes to Bellingham or Mount Vernon. Enjoy all Glenhaven has to offer: clubhouse, tennis court, playground & summer pool.

MLS #1715343

2038576

January 15, 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!

4

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

January 15, 2021

the most affordable by far.

Also, they, unlike other areas, saw little change in the portion of average wages needed for major homeownership expenses,” notes Teta.

Suzanne Hollander, a real estate attorney and professor at Florida International University in Miami, agrees that these 10 areas are worth considering.

“Some of these markets are bedroom cities to major metropolitan areas.

Many of the areas have access to good transportation systems and universities as well,” she says.

The most affordable housing markets tend to be located in sparsely populated rural areas or regions that have suffered from a weak economy.

“They tend to be areas with stagnant or declining populations and job creation,” explains Sharga. “Those factors tend to dampen demand, which helps keep prices from escalating. These markets may see a bit of a resurgence due to the pandemic, as prospecConsider these 10 affordable markets tive homebuyers may be looking for less-expensive, larger properties away tyTrac, owned by Irvine, interest rates on mortCalifornia-based ATTOM gages, which dramatically from urban centers now that many people can Data Solutions, found it improves affordability.” surprising that homes are Todd Teta, chief product work from home.” actually still affordable and technology officer for David Bentinck, a Realtor in 39 percent of counties ATTOM Data Solutions, in Dallas, notes that these 10 ranked markets don’t across the country, given says these 10 markets represent major cities, how rapidly home prices make for good bargains except for Baltimore; have risen – particularly for the right buyer candiinstead, the focus here is over the first half of 2020. dates. primarily on suburban “That’s especially true, “Among the key differhome buying opportunigiven that inventory of ences across the various ties. homes for sale remains regions and market seg“There is a suburban critically low while dements we studied, coun- boom happening, espemand from homebuyers ties where the median cially with how low-interhas continued to grow,” home price remains under est rates remain right now. he says. “A big factor must $200,000 – concentrated As a result, we are seeing be the historically lowin the Midwest – remain buyers who are on the

Want a bargain on a home?

by Erik J. Martin f you’re in the market to purchase a home, it’s easy to come to a contrasting conclusion: These are the best and worst of times to buy, considering, respectively, how low mortgage interest rates have dropped and how high home prices have climbed.

But regarding the latter point, don’t despair – there are areas around the country where it’s a lot more affordable to claim a home than you might think.

Case in point: New research from ATTOM Data Solutions found that

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January 15, 2021

nearly 4 in 10 US counties studied require no more than 28 percent of a buyer’s annualized weekly wages to purchase a median-priced home. These 10 markets are: Baltimore (12% of annualized weekly wages needed); Battle Creek, Michigan (13.6%); Davenport, Illinois (13.6%); Wilkes-Barre, Pennsylvania (13.7%); Augusta, Georgia (14%); Montgomery County, Alabama (15.5%); Macon County, Illinois (15.7%); Trumbull County, Ohio (15.8%); Allen County, Ohio (16.2%); and Peoria County, Illinois (16.4%).

Rick Sharga, executive vice president for Real-

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fence take more initiative to be first-time purchasers,” says Bentinck.

To help find the right home that’s financially feasible for you, prepare to do your homework.

“First, perform a thorough financial analysis to determine how much home you can afford.

Then, recruit a local real estate professional who can help you find areas with appropriately priced housing,” recommends Sharga.

In addition, “shop around with mortgage lenders and get a preapproval letter so that you can better understand what you can afford to purchase,” Hollander suggests.

Explore resources and loan products that can help you get a foot in the door, as well, including down payment assistance programs and low down payment loans like an FHA mortgage.

Above all, “if you are employed and have two years of verifiable income, you should apply for a mortgage to purchase a home now. And don’t delay: Mortgage interest rates may never be as low as they’ve been lately, and if unemployment grows your ability to meet the lender requirement of current employment may be at risk,” adds Hollander.

“There’s not much further room for rates to fall, and home prices could continue to rise to the point where they’re out of reach for most potential buyers,” cautions Sharga.

5

Mortgage Insurance Question:

We bought our home with less than 20 percent down.

The result is that we have been required to finance with private mortgage insurance (PMI). What is the difference between PMI and mortgage life insurance?

Answer:

Homes are large assets, and it follows that you can find many insurance products associated with residential real estate.

Private mortgage insurance – generally known as PMI – comes into play when you want to finance or refinance property, and the loan-to-value ratio is less than 80%.

For instance, if you buy a property for $300,000 and put down $15,000, you have a loan with 5% down.

This makes lenders very uncomfortable. They want you to share more of the risk. They want you to pay 20% upfront.

The good news is that you can readily buy or refinance without 20% upfront. This is done every day by borrowers who finance with backing from such federal programs as

the FHA (as little as 3.5% down), VA (0 down), and USDA (0 down) programs. PMI is simply a private-sector form of mortgage insurance.

With mortgage insurance, the borrower pays a premium in exchange for coverage. If something goes wrong, the insurance company steps in and pays the mortgage lender some or all of the money lost.

Mortgage life insurance is different. Lenders do not require it. Instead, it pays benefits if you die or have a terminal, chronic, or critical illness. As with all insurance coverage, you need to investigate what such terms really mean.

Mortgage life insurance traditionally pays off the lender in the event of a claim. Since the size of the mortgage balance drops with every payment, it follows that the amount of coverage also declines. Alternatively, some mortgage life insurance policies have a set value and pay benefits directly to policyholders. It is then up to the policyholders to determine how the money should be spent.

You may find that mortgage life insurance is available

Q&A

ASK OUR BROKER

By Peter G. Miller

without a physical. This is a red flag. If a physical is not needed to get health insurance coverage, then it might attract people with serious illnesses and conditions.

If you’re healthy, it means you may be paying very high premiums that do not reward your good physical condition.

Another red flag is the willingness to return premiums if there has been no claim. Sounds enticing. Let’s say you get mortgage life insurance and pay premiums for 25 years. You have no claim. The insurance company sends you a check equal to all premiums paid. Just be aware that times change, and inflation can substantially erode the buying power of your dollars.

As an alternative to mortgage life insurance, speak with insurance brokers regarding other forms of coverage.

What is the cost for the same amount of coverage? Does the coverage amount decline over time? Who gets the money in the event of a claim? And certainly – if you’re in good health – consider policies that require a check-up.

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 15, 2021

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CLASSIFIEDS PUBLISHER'S NOTICE

Can Big Gains For Modest Homes Continue In 2021?

From: Marilyn Kennedy Melia he real estate winners of this unusual year aren’t the high rollers with luxury properties that typically garner attention.

Sellers of homes in median price ranges [median is defined as the mid-point, half of all homes in a particular market would be priced higher, half lower] made big profits from what they paid for their home – an average of $85,000 at the end of September 2020, according to ATTOM Data Solutions. That’s up from $66,000 at the same time in 2019.

Moreover, “In almost half the metro areas where the median price was under $225,000, profit mar-

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January 15, 2021

gins were at least seven percentage points more than what they were in the third quarter of last year,” says Todd Teta of ATTOM Data.

“The same was true in only one of six metros where homes usually sell for more than $300,000.”

It was a perfect storm of fortunate circumstances that pushed prices up of homes dotting the streets of middle America. The year started with a scarcity of homes on the market, and then the pandemic further inhibited would-be sellers from listing, yet lower mortgage rates drove out buyers.

Harsh realities could emerge in 2021, though, if large numbers of unemployed or under-employed owners put their homes on the

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.

market, adds Teta.

Then again, notes Gay Cororaton, director of housing and commercial research at the National Association of Realtors, if the economy continues to recover and home sale inventory is tight, prices will continue rising, although probably not as much as in 2020.

However, home sellers aren’t completely at the mercy of market and economic conditions to profit from their home. Another reason sellers saw big gains is from spending a longer time living in their home.

“Homeowners who sold in the third quarter of 2020 had owned their homes an average of 8.13 years, a new high since 2000,” Teta concludes.

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RAMBLER STYLE HOME 3 bedroom, 1.5 baths, with mature orchard on 1.53 acres in a park like setting. Located at the top of the hill on Dewey Beach with a view Similk Bay. 1604 sq. ft., built in 1965. Workshop, 2 car garage, metal roof, hardwood and slate floors, woodstove, electric heat with appliances, and mahogny trim. $525,000.

Call 360-303-6373 15435 Deception Rd., Anacortes.

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.

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1422 Country Club Drive, Camano islanD

$2,200/mo

Well maintained 2 bed plus den home with fully finished lower level, master with jetted tub, slider onto view deck. Windows, windows and more windows!

Take in the awesome view! Beautiful hardwood floors with an open floor plan, terraced yard with beautiful landscaping, separate entrance to lower level, large deck overlooking Port Susan Bay, Cascade Mountains, with the beautiful sun and moon risings. Three community beaches close by.

Danya Wolf 360-708-8294 MLS#1713013

RENTAL

$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

lots 2&3 lakesiDe Drive, GlenHaven lakes

Danya Wolf

360-708-8294

360-708-8294

$89,500

Perfect time to snag this little piece of heaven at LakeTyee.

This comfortable park model with room addition is the perfect retreat. Imagine yourself snuggled up with a hot cup of cocoa and looking out the window as you see the giant snow flakes drop on the lake.

This is the year to do so. Beautiful properties have come and gone, but this one is for you! Sherry Ruderman (360) 540-1552 MLS# 1687797

44585 iDaHo lane #1b42, ConCrete, Wa 98237

$49,500

This beautiful piece of property sits along Grandy Creek. This lot has an RV and room addition to fit a large group. Enjoy the deck with gazebo while you listen to the creek. Or, sit by the fire pit while you relax and roasts some marshmallows for the smores. This one-of-a-kind location can be enjoyed throughout the year for get-aways. Dues $162/mo and enjoy for 210 days/year. Comes with lots of amenities, water, septic, garbage and power. Sherry Ruderman (360) 540-1552 MLS# 1687778

7704 silver lake roaD, maPle Falls

17180 memorial HWy mount vernon $415,000

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 Allen Road. Danya Wolf 360-708-8294 MLS# 1572330

$349,000

$600,000

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

MLS#1649968

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#1688147 Danya Wolf

RENTAL

$49,900

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 Danya Wolf Bellingham. MLS# 1628528 360-941-2983 360-982-0010 360-708-8294

$2,000/mo 2xxx urban avenue, mount vernon

301 e Hazel ave, burlinGton

44947 kayak trail #2b36, ConCrete, Wa 98237

7308 Hobson rD., boW

4629 beaver PonD Drive s.

$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 Elva Hunter

We look forward to serving your Real Estate needs in the new year!

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 yard in the Sherry Ruderman Patricia box back, as well.

360-540-1552 Office Manager/Broker o: (360) 424-0300 MLS#1694535 C: (360) 941-9186

RESIDENTIAL COMMERCIAL VACANT LAND • FARMLAND RECREATIONAL PROPERTY All of our Realtors are working!

Please call your Realtor!

360.424.0300

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 2040734

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January 15, 2021