INSIDE
This Issue WHY IT PAYS TO PURCHASE A HOME PROMPTLY PAGE 5
ENSURING ‘EASY PAYMENT OPTIONS’ DON’T DERAIL MORTGAGE BORROWING PAGE 7 CLASSIFIEDS PAGE 7
APRIL 2-8, 2021
INSIDE
TABLE OF CONTENTS
PAGE
5
Why it pays to purchase a home promptly ...............................................................P5 Q&A
Ask Our Broker.......................................................................P6
Ensuring ‘Easy Payment Options’ Don’t Derail Mortgage Borrowing......................P7 Classifieds............................................................................P7
RE-Weekly To advertise in RE-Weekly or other Skagit Publishing publications, Call: 360.416.2180 or Email: ads@skagitads.com ©2021 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 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.
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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 2
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STAT Real Estate Stat
2.81% The average commitment rate for a 30-year conventional, fixed-rate mortgage in February 2021 Source: National Association of Realtors
NORTH PUGET SOUND ASSOCIATION of REALTORS®
FEATURED HOME, FROM COVER
525 East College Way, Ste J, Mount Vernon, WA 98273
3617 E. BROADWAY, MOUNT VERNON
Tel. 360-416-4902
www.npsar.realtor
$550,000
SPEAK UP - STOP DISCRIMINATION Washington Law Against Discrimination protects people from negative housing actions that occur because of their protected class. In the Sale and Rental of Housing: No one may take any of the following actions based on a protected class: •
Refuse to engage in a real estate transaction
•
Refuse to negotiate for housing
•
Set different terms, conditions or privileges for sale or rental of a dwelling
•
Provide different housing services or facilities
•
Make housing unavailable or otherwise deny a dwelling
•
For profit, persuade owners to sell or rent advertise or make any statement that indicates a limitation or preference based on a protected class
WinDERMERE REAl EsTATE/skAgiT VAllEy 360-424-4901 • www.windermereskagit.com
Read more at: https://www.hum.wa.gov/fair-housing Mission Statement: The North Puget Sound Association of Realtors advocates for Realtors and their clients, and promotes the protection of property rights.
SHELLY HANSON 360-420-2565 There’s room for everyone in this modest 4-bedroom, 2.5 bath 1751 SF Summer Ridge home. Kitchen boasts granite counters, SS appliances, & breakfast bar. The attached family room has a cozy gas FP & slider to the yard. Light & bright formal living & dining rooms. The spacious master suite consists of walk-in closet, 5-piece bath with jetted tub & an attached sitting area/exercise space/ office. Another bedroom also has an attached playroom/office space. Laundry is conveniently located upstairs. Fully fenced rear yard with patio, sport court & fruit trees. 3rd garage bay was converted to 4th bedroom. MLS #1746142
2046253
April 2, 2021
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Now could be the time to sell a new home and earn a slice of the real estate pie.
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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.
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Z g a t
Z v b a h W i i 2 3
Why it pays to purchase a home promptly
By Erik J. Martin
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uy a home now or wait things out a while? It’s a question on many prospective purchasers’ minds, and a valid one, considering how pricey many homes are nowadays. A recent analysis from Zillow, however, suggests that financial pain accompanies postponing this transaction. First, consider that Zillow pros expect home values to increase 10.5% by the end of the year and a nearly 22% increase in home sales over 2020. When Zillow published its analysis, mortgage interest rates averaged 2.68% for a benchmark 30-year fixed loan. That April 2, 2021
Delaying could cost you a lot more in the long run, new research suggests rate, coupled with a 20% down payment, would set a buyer back approximately $861 a month, not including insurance and taxes. Now imagine if home values rise even less than the 10.5% Zillow predicts – say 8% – and interest rates jump to 3.0%. In this scenario, you’d pay $108 more ($969 a month) for that same mortgage loan. Or, assuming a 12% home value increase, that same monthly payment spikes to $1,005 at 3.0% interest and $1,071 at 3.5% interest (which is just shy of the 3.4% average rate
the Mortgage Bankers Association predicts we’ll see across 2021). Put another way, say you bought a home today for which you pay $861 to your lender monthly. You’ll end up paying around $10,332 toward principal and interest each year. But if you wait a year to purchase a comparably priced home and your monthly mortgage jumps to $1,071, as previously described, you’ll pay about $12,852 yearly—over $2,500 more per year, which adds up to tens of thousands more over 30 years. Plus, you will have
lost a year in which you could have started earning equity on your real estate purchase. For these and other reasons, many experts recommend buying sooner versus later. “Now is for sure the time to act on a home purchase. Low interest rates and rising values make for an opportunity and also a danger zone if you don’t act,” says Ralph DiBugnara, founder of Home Qualified in New York City. “Prices will eventually stabilize, but not soon. A national inventory shortage of homes for sale is going to continue to create bidding wars on homes for the foreseeable future.” Jimmy Hughes, real
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estate broker/founder of JMR Realty in Edmond, Oklahoma, subscribes to that theory. “Homebuyers who are positioned to make a move right now are encouraged to do so. Interest rates are beginning to rise, and they are projected to continue on this trajectory throughout 2021. Sit on the sidelines, and you’ll pay more in the long run,” he cautions. Brittany Love, a real estate broker for Realty of One New Mexico in Albuquerque, says the urgency may be even more significant for renters. “Since 1988, the average rent has increased at a rate of 3.5% per year, according to the National Association of Realtors,”
she notes. “Meanwhile, for a home priced at $425,000, after five years of ownership, you will likely have over $165,000 in equity. When was the last time you earned $165,000 by paying rent every month?” But not everyone is convinced that waiting is the wrong move. Jeremy Sopko, co-founder/ CEO of Cleveland-based Nations Lending Corporation, insists that the housing market – like the stock market – cannot be timed, and many prospective buyers put too much emphasis on locking in the lowest interest rate. “It’s not a secret that rates are going to go up. But is that the reason in and of itself to jump into the housing market? It’s not worth jumping in prematurely to get a low rate if you are not quite financially ready,” he recommends. “Don’t force yourself into a situation just because you’re worried about what might happen down the line. The housing market is just as likely to cool off as it is to heat up. Listen to your wallet, make a plan, and make a budget.” That being said, if you can afford to take advantage of the historically low interest rates we continue to enjoy, you’ve saved up a sufficient down payment, you have several months of cash savings in reserve to cover your essentials and the unexpected, and can expect strong job stability, “pull the trigger. Start an application and lock in your rate now,” adds Sopko. 5
SUPPLY AND DEMAND Question:
Everyone keeps complaining about the inventory shortage that’s pushed home prices higher. Why aren’t home builders increasing production? There is obviously a market for new homes and more production would help balance supply and demand.
Answer:
Builders have been doing their part to resolve the real estate inventory shortage. Here are the facts according to the Census Bureau and HUD. An estimated 1,452,000 housing units were authorized by building permits in 2020. This is 4.8 percent above the 2019 figure of 1,386,000. An estimated 1,380,300 housing units were started in 2020. This is 7.0 percent above the 2019 figure of 1,290,000. However, there’s only so much builders can do. First, it takes time to go from land acquisition to finished product. While building permits increased by 4.8 percent for 2020, December permits were up 17.3% from a year earlier, a figure which suggests that new-home construction picked up substantially during the year.
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Second, the building industry has a substantial labor shortage. According to the National Association of Home Builders, in November there were 236,000 industry job openings, up from 215,000 for November 2019. Without more skilled labor there are only so many homes that can be built. Third, in 2020 we had a pandemic that killed hundreds of thousands of people, shut down a large portion of the national economy, caused millions of job losses, and forced business across the country to close. In such an environment – especially during the first half of 2020 – there was a lot of risk for projects that can take months to complete. The great miracle is not that permits and starts went up, it’s that they didn’t fall. However, the biggest reason why expanded new home construction cannot resolve the inventory shortage is that millions of current homeowners simply don’t want to sell. Research from the National Association of Realtors shows that in 2020 sellers typically sold within three weeks and got nearly their entire asking price (a median of 99%). However, ownership tenure has radically changed. In 2019 and 2020 the typical owner kept the property for ten years. That’s a huge increase when compared with the period from
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Q&A
ASK OUR BROKER By Peter G. Miller
1987 to 2008 when the usual tenure was six years. Why are people not moving? One reason people are staying concerns lower mortgage rates. For many people their home is now cheaper to own than just a year or two ago. In the first week of January Freddie Mac said the weekly mortgage rate was 2.65%. Two years earlier the same loan was priced at 4.51%. That’s attractive and reason enough for many people to stay in a place they know. Another reason to stay put is economic uncertainty. The Census Bureau reported in January that nearly 24 million adults “sometimes” or “often” did not have enough to eat. Rather than take on new debt maybe now is the time to hunker down if you are lucky enough to have a job. According to the Federal Reserve Bank of New York, such things as student loan and credit card debt have fallen during the past year. In such an economic environment, increasing new home production helps but it’s just not enough to offset the massive demand for housing and the lack of supply that have been in place for the past few years. Email your real estate questions for Mr. Miller to peter@ctwfeatures.com.
April 2, 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.
Ensuring ‘Easy Payment Options’ Don’t Derail Mortgage Borrowing teetering near limits, “We warn them to be careful,” says Reed Brunzell, Cardinal Financial, Glenview, home is the biggest purchase most Il. people make. To Now, a new payment make it happen, though, option – neither credit buyers have to be mindful card, debit card nor cash of their little purchases for – has exploded in popularweeks and months ahead, ity. all the way to closing day. Known as “Buy Now Running up credit card Pay Later” or BNPL, anycharges can sink a credit one who has been shopscore, a key determinant ping online has probably of mortgage eligibility. seen these offers for ‘four Anytime borrowers are easy payments, with no By Marilyn Kennedy Melia
A
April 2, 2021
fees and zero interest.’ A recent survey by Ascent by Motley Fool found one-third of consumers have tried BNPL, but 22 percent indicated they were unsure of all the terms. A release from myFICO.com, a company that provides credit score information, explains that many of the BNPL services instantly approve consumers without performing a ‘hard’ credit
check that could negatively impact a credit score. But many BNPL services “require you to provide your credit or debit card information,” and the installment payments are automatically drawn on these accounts. When payments are linked to checking through your debit card, “you could default if your payment is declined due to insufficient funds,” with a resulting hit to your
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RETAIL OR OFFICE SPACE FOR LEASE, 1090 SQUARE FEET SPACE LOCATED AT THE WILSON HOTEL, 804 COMMERCIAL AVENUE IN DOWNTOWN ANACORTES. RENT IS APPROXIATELY $1475.00 PER MONTH. CALL SANDY AT 360293-7831 EXT 200 OR EMAIL AHA@FIDALGO.NET FOR DETAILS.
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.
2 Bdrm house with loft on 1/4 acre, needs remodeled but is livable, asking $179,500. To view call 520-221-1607 or 360-840-3292.
(TEXAS BEST BUY) WE HAVE PRIME 20 ACRE PARCELS LOCATED IN SCENIC TEXAS, ONLY $350 PER ACRE, / $100 PER MONTH. FINANCING AVAILABLE CALL 1-800-875-6568
score, warns myFICO. com. When a credit card is used, consumers must be sure to pay the BNPL balance in full and on time each month. “Otherwise, carrying a balance will lead to interest, and late payments will incur a fee
and potentially damage your FICO score.” BNPL is a fast-growing trend, but it’s still one that consumers may not realize could have credit score implications. “So far, only one borrower has asked me about it,” says Brunzell.
10 - January 29, 2019
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700 n reed St #22, Sedro-woolley
Danya Wolf
360-708-8294
$100,000
This open flow home has 3 bedrooms, 2 full baths, vaulted ceilings, spacious kitchen with breakfast nook. Master bath has large soaking tub and separate shower. Fenced back yard with Asian Pear tree, deck and storage shed. Roof was 360-982-0010 replaced in 2012. Carla Fischer
2xxx urBan avenue, Mount vernon
$600,000
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!
lotS 2&3 lakeSide drive, GlenHaven lakeS
Elva Hunter
360-202-3086
17464 Dunbar rD unit #1, Mount Vernon $320,000 Enjoyy this spacious condo in a lovely lo setting. This countryy setting his end unit in a ely maintained 4 unit complex c nicely has lots of natural ligh and views of farm na al light G moun landIN and mountains. This home with D bedr 2 bedrooms, 1.75 bathrooms features a r room with a large brick fireplace PENliving and a bonus room. Freshly painted with new carpet and windows. Unit has private single car garage. MLS# 1747334 Danya Wolf
360-708-8294
$49,900 7704 Silver lake road, MaPle FallS
Carla Fischer
360-982-0010
$329,000 17180 MeMorial Hwy Mount vernon $415,000
Prime commercial property with utilities in street, including P.U.D. water, Puget Sound Energy electricity; Cascade Natural Gas, fiber optics; cable; and sewer. Subject To survey and short plat. Property is located between Chicago Title Company easterly parking lot and Max Dale Restaurant’s south easterly parking area.
Danya Wolf
360-708-8294
45153 kokanee trail lot # 3C3
$48,000 4969 Helena lane #2C78, lake tyee
What To Bring: Wine/Spirits, Snacks, Food, Clothes, Firewood TURN KEY! Sweetest vacation spot located at Lake Tyee. The trailer has a bedroom and bunk beds for the littles. Every little detail of this property is absolutely adorable; from the renovations of the trailer to the cozy deck, engaging yard and firepit area. COME Sherry Ruderman QUICKLY! YOU WANT THIS ONE! (360) 540-1552
new PriCe! 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
$79,500 44947 kayak trail #2B36, ConCrete, wa 98237
Looking out to Mount Baker and beautiful territorial views with your hot cup of coffee as you sit on your quaint comfy porch is just where you want to be after this crazy year. Start 2021 with the perfect get-away in the North Cascade Range Foothills. This almost brand new park model is nestled in LakeTyee Recreational Resort.The loft gives you extra sleep space for guests and there is plenty of parking, as well. You’ll enjoy this quiet, peaceful and gorgeous location. Come take a look for yourself. 210 days/yr and $162/mo Sherry Ruderman (360) 540-1552 dues includes water, septic and garbage. MLS# 1716532
i’m a Seniors real estate Specialist
Every transition is an opportunity, regardless of your stage of life. By partnering with an SRES like one of us, you gain the help and experience of a Realtor® specializing in meeting the needs of home buyers and sellers 50+. We offer you the opportunity to complete your transaction with patience, professionalism and the expertise you deserve. We are pleased to be Carla Fischer Elva Hunter YOUR SRES® 360-982-0010 360-202-3086
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 Sherry Ruderman Patricia Box 360-540-1552 Office Manager/Broker enjoy the privacy of the large yard in the o: (360) 424-0300 back, as well. MLS#1694535 C: (360) 941-9186
$74,900 44585 idaHo lane #1B42, ConCrete, wa 98237
$49,500
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
44974 kyuquot trail #2C90, lake tyee
Dreams come true on this gem tucked away in Lake Tyee. Beautiful location with view of Mount Shuksan, the double parcel will fit friends on this glamping spot. 1 lot has a gorgeous and huge cover with deck. 2nd lot with deck to easily place another RV. Don’t wait long to view this property. Lots of amenities at Lake Tyee, not to mention the surrounding area of forest, rivers, creeks to fish, hike and enjoy nature. Sherry Ruderman (360) 540-1552 MLS#1729324
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 MLS# 1687797 (360) 540-1552
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. Danya Wolf Sherry Ruderman 360-708-8294 (360) 540-1552 MLS#1723545
w CaSCade way #l61&62, MarBleMount
10866 rockport St., rockport
$225,000
Very few properties manage to beautifully integrate the outdoors into their living space but this cabin in the woods will delight you with wilderness surroundings while cradling you in the kind of luxury you crave after a long hike. Let the magical flow of music from nearby Boulder Creek lull you to sleep in this cozy cabin kept toasty warm with a propane fireplace. Sip wine and relax on your covered deck down the short path from the cabin next to the wood fire in your cedar plank hot tub. This wonderland in the wilderness will certainly capture your imagination while providing a base for all your adventures in the Cascade Mountains. Sherry Ruderman MLS# 1729892 (360) 540-1552
360.424.0300
$99,900
$199,000
Great investment potential. 3 bed / 1.5 bath fixer upper on private 1.2 acres with evergreens and fruit trees. Outbuilding. There is RV parking and spacious yard offering beautiful territorial views. Close to Howard Miller Steelhead Park. Make it your gateway to the North Cascades! Enjoy, nature, hiking, fishing and wildlife watching. (360) 540-1552 MLS#1715163 Sherry Ruderman
Patricia Box
Office Manager/Broker
o: (360) 424-0300 C: (360) 941-9186
3780 E. College Way, Mount Vernon
www.skagittraditionrealty.com 2043165
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