Real Estate Weekly June 4, 2021

INSIDE

This Issue LET A PRO TAKE A PEEK FIRST THINK TWICE BEFORE WAIVING THAT HOME INSPECTION PAGE 5 THE VARIED RETURNS OF OWNING A HOME PAGE 7 CLASSIFIEDS PAGE 7

JUNE 4-10, 2021

INSIDE

TABLE OF CONTENTS

PAGE

5

Let a pro take a peek first.

Think twice before waiving that home inspection .................................................P5 Q&A Ask Our Broker.......................................................................P6

The Varied Returns of Owning A Home ..........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.

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.

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

RE-Weekly

June 4, 2021

STAT Real Estate Stat

2.7% The decline of existing home sales in April 2021, the third straight month of decline.

Source: National Association of Realtors

NORTH PUGET SOUND ASSOCIATION of REALTORS®

Feature Home From cover:

525 East College Way, Suite J

18213 McLEAN ROAD, MOUNT VERNON

Mount Vernon, WA 98273

(360) 416-4902

www.npsar.realtor

$1,350,000

Six Signs You Are Ready To Buy If you are thinking about buying, you're not alone. So are you ready to make the move? You might be if you: 1. Are familiar with the market. If you've been paying attention to how much houses are listed for in the area you’d like to live, you're in good shape.

2. Have the money for a down payment and closing costs. Generally, buyers will receive an estimate of these costs from your lender after you apply for a mortgage.

3. Know how much you can afford. Your monthly mortgage payment should be less than or equal to a percentage of your income. Also, your income, debt and credit history go into determining how much you can borrow.

4. Know what additional expenses will come with owning a home. Including homeowners insurance, utilities, and maintenance costs.

5. Have your credit in good shape and make sure your credit report is accurate. You should get a report from each of the three credit reporting companies: Equifax, Experian, and Trans Union.

6. You haven't made any recent major purchases, particularly a vehicle. If you do, you may have a harder time getting a loan, or it could potentially lower the amount you'll be approved for.

Realtor.com~Michele Dawson Mission Statement: The North Puget Sound Association of Realtors advocates for Realtors and their clients, and promotes the protection of property rights.

June 4, 2021

RE-Weekly

Windermere real estate/anacortes P Properties 3018 commercial ave.

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

REBECCA CHAMBERLAIN 360-421-5021

So many wonderful features in this lovely home originally built in 1917. Tastefully renovated with old world charm and all the modern conveniences. Over 4700 sf of living space. This home has it all. The main floor offers kitchen, breakfast nook, formal dining room, office, parlor and huge comfortable living room with gas fireplace and bar. Upstairs is the master suite with a spa like bathroom and so many luxuries you will never want to leave.

The 1 bedroom ADU is easily accessed and would make the perfect mother-in-law suite. 1.7 parklike acres of mature plants, gazebo, studio, potting shed, tennis court, playhouse and more. Property includes 2 parcels P26625 and P26324. The 1 acre parcel, zoned residential/commercial offers so many development possibilities!!!

MLS: 1782814 101238-1

3

Now could be the time to sell a new home and earn a slice of the real estate pie.

B

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

I

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

g c r f i m c t ( m i

c c t t June 4, 2021

Let a pro take a peek first

Think twice before waiving that home inspection

By Erik J. Martin

I

n the current real estate market, sellers hold most of the good cards. That’s because housing inventory remains low, demand from home buyers is increasing unabated, and mortgage interest rates continue to linger in the historically low zone (which further motivates more buyers to get dealt into the game).

One of the few high cards that buyers can count on in the negotiation round today is the home inspection June 4, 2021

contingency. This is a stipulation that buyers can put into a real estate purchase agreement/ contract that entitles the buyer to have a home inspection performed by a professional to determine if the house for sale has any hidden flaws or concerning issues. If the inspection is conducted and turns up red flags, the buyer can insist that the seller repair/ resolve these problems or they can walk away from the deal.

Problem is, buyer demand is so strong that many prospective

purchasers don’t want to lose out on a desired home to a rival or get caught up in a bidding war. So to sweeten their deal, many choose to discard the inspection contingency altogether.

But while this strategy may win them the home, they could end up losing in the long run, the experts caution.

“The biggest benefit of having a home inspection done is that you get another neutral set of eyes to look at the property,” says Ryan York, owner/operator of HardMoneyAdvi-

sor.com in Detroit. “A home inspector is not there to tell you whether or not you should buy the property but to help identify issues and safety hazards so you can properly weigh the pros and cons of buying. Home inspections can save buyers tens of thousands of dollars otherwise spent on needed repairs and remediations after a sale. For example, we’ve had inspections done that have identified mold in hard-toreach places, foundation issues, and more.”

Put another way, a

RE-Weekly

home inspection is a “cheap way to potentially avoid a financial disaster that can come back to haunt you after closing,” he adds.

Erin Satterwhite, a Realtor with Comey & Shepherd in Cincinnati, says she’s witnessing an increasing number of buyers waiving home inspections lately. That can be a big mistake, she warns.

“This is your only preventive measure from buying a lemon of a home. If you waive your inspection, you aren’t able to identify those safety, hazardous, or expensive concerns that could be lurking beneath the roof,” says Satterwhite. “You’re assuming all risk and responsibility and eliminating the opportunity to negotiate the repair of any issues or to walk away completely from a home with too many issues.”

J. Andrew Murrell, a Baton Rouge, Louisiana attorney, says his client waived a home inspection only to discover a massive defect in the property that cost him over $100,000.

“My client ended up suing the seller.

Although my client prevailed, he spent a significant amount of money on attorneys’ fees, expert witnesses, and court costs, not to mention all the time, effort, and stress he expended,” says Murrell. “In the mean-

time, he was stuck with an uninhabitable house.”

Murrell believes you’re better off losing a home to another buyer than getting stuck with a money pit of a property.

“Remember that the personal disclosure provided by the seller rarely includes a complete detail of defects; in some cases, the defects are hidden and the seller is not aware of them.

Having a home inspection completed is your best protection against these hidden problems,” he notes.

Be aware, too, that you don’t have to play hardball with the seller; if you put a home inspection contingency in your purchase agreement and have the inspection completed, you at least are better informed about the condition of the property and what kind of expenses to anticipate.

“That doesn’t mean you have to insist on the seller making any repairs or that you have to negotiate any repair costs with the seller,” explains Debbie Remington, broker/owner of Remington Team Realty, LLC in Alvarado, Texas.

“It simply means that, as the buyer, have the right to perform your due diligence and, if necessary, explore all legal options and ramification should you decide to terminate the contract.”

5

Assuming a Mortgage in 2021 Question:

With interest rates going up does it make any sense to buy a home and assume an existing mortgage at 2.75%?

Answer:

It used to be that most mortgages were “freely” assumable, an expression that meant someone could buy your home and take over the existing mortgage without the lender’s permission. Freely-assumable mortgages were typically attractive for borrowers hoping to get a lower rate, buy with little down, or avoid the complexities of the mortgage application process.

It sounds simple and easy, but there was a catch. If a new borrower took over your loan without lender approval, then you, the original borrower, remained responsible for repaying the debt. It was unwise to allow the takeover of a freely-assumable loan without a substantial down payment. In turn, demands for a hefty down payment generally ended the interest of buyers hoping to purchase with no money down or something close to it.

The rules began to change in the late 1980s. Instead

6

of freely-assumable loans, mortgage assumptions in virtually all cases required lender approval. That’s the situation today and the result is that assumptions are rare.

For instance, in FY2020 the FHA program included 7,988,354 outstanding forward mortgages. The FHA only allowed 3,823 qualified assumptions during the year.

Still, if a buyer has an interest in a loan assumption, then there are several steps to take.

First, get help from a real estate broker or attorney who represents you before signing any paperwork.

Second, speak with your lender to determine if they will allow an assumption. Some may, some may not.

Third, know your borrower. Do they have good credit?

What is their credit score? What about bankruptcies?

Foreclosures? Missed payments? How much down? Will they provide their last two or three tax returns?

Fourth, the buyer should expect to complete a full loan application to qualify for an assumption. With today’s underwriting rules, the lender must be certain that a borrower has the ability to repay the debt. If qualification is a hurdle than the deal won’t work.

RE-Weekly

Q&A

ASK OUR BROKER

By Peter G. Miller Fifth, ask about fees and charges. Who will pay them, you, the buyer, or both?

From a financial perspective the need for an assumption is virtually zero. Interest rates averaged 3.85% in 2015 and 3.11% in 2020 according to Freddy Mac. They averaged 2.81% in February and 3.08% in March. If mortgage rates suddenly shot up to somewhere in the 4% or 5% range then maybe an assumption might be a useful strategy, but in today’s market assumptions seem unnecessary.

The real estate market in most areas is red-hot.

Existing home prices in March, according to the National Association of Realtors (NAR), were up 17.2% when compared with a year ago. Multiple offers from wellqualified buyers are common. Buyers with lots of cash are also in the mix — NAR says 23% of February sales were all-cash transactions.

Given such market conditions, sellers have little if any need to consider assumptions that may be complicated or unacceptable.

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

June 4, 2021

Real Estate Weekly

RE-Weekly

CLASSIFIEDS RENTALS Apartments Unfurnished

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

Duplexes/Condos /Townhomes

NEW TODAY

The Varied Returns of Owning A Home

By Marilyn Kennedy Melia

volatile than stocks.

“We all need a place to live… I would generally recommend they buy a house,” home is a comfort – and not just as a relaxing refuge from the says Patricia Hausknost, a Long Beach, world.

Ca. financial planner. However, she Ninety percent of Americans also think advises buying only if the couple doesn’t it’s the best place to invest in. intend to move in the near-term.

Professional financial advisors agree, While experts generally like homeownwithin limits. ership, it’s not for the reasons cited by the The Federal Reserve Bank of New York survey respondents. surveyed Americans in February 2020, “Historical price appreciation for the October 2020, and finally in February stock market is significantly greater” than 2021, asking: “If a couple in their early home price appreciation, points out St. 30’s who live in your zip code receive a Louis financial planner David Foster. monetary gift the size of a down payment, Moreover, “The idea that housing prices would you advise investing in housing or are less volatile is probably correct in most the U.S. stock market?” time periods, but the idea that they are The two top reasons respondents gave low or very low volatility and an easy way for advising a home were that housing to make steady returns is a myth,” notes Dan Moisand, Orlando, Fla. financial returns are higher and home prices less

A

June 4, 2021

RE-Weekly

planner.

Buying a home is an investment. “You get a place to live while building equity,” says J. Michael Collins of the Center for Financial Security, University of Wisconsin.

The second question the Fed survey asked, “If the couple already owned a home, would you recommend stocks or investing in a rental?” had 50 percent of respondents recommending buying rental property.

Experts, however, think there’re a host of individual considerations.

“Having tangible real estate for many is more than they really handle once they invest in it,” says Houston, Texas Financial advisor Scott Bishop. “They shouldn’t buy houses without first learning the issues.

2 bedroom, 2 bath, with a view. $1800 a month. 55 and older.(360)-770-9183.

Houses for Rent -Unfurnished

NEW TODAY 2 bedroom Lyman, 1 bath, large kitchen, large living room, laundry room, large front yard, large front porch, $1500 first, last, $1,000 deposit. (360)-7702137.

Mobile Home Spaces Monthly RV site for rent at private residence after May 24th. (360)-424-8431.

R RE-Weekly 7

$650,000 2017 CONTINENTAL PLACE, SUITE #3, MOUNT VERNON $1,200.00 PER MONTh

118 E ORANGE AVE, BURLINGTON

Perfect office space; recently remodeled and currently operates as Pacific Northwest Pilates Studio; Parking in front and back. Lease includes water; garbage; sewer. Available 360-708-8294 June 20, 2021

Great opportunity for a small business.

Includes commercial kitchen & other restaurant equipment. Great space out back for outdoor dining/ drive-thru. There is parking and storage.

It’s located just one door from one of the busiest corners in Burlington; E Orange Ave & Burlington Blvd. Upstairs there is 1BR/.75BA and den. The possibilities are endless in this fast growing community. Sherry Ruderman 360-540-1552 MLS#1780005

$777,000 2xxx urban avenue, Mountvernon $600,000 45153 kokanee traiL Lot # 3C3 $45,000

60102 state route 20, MarbLeMount

Mondo Restaurant has a newly remodeled kitchen with beautiful, new appliances. Great work space and tremendous storage. Public area offers very spacious seating. There is also an outside dining option. Small gift shop area. Chef creates incredible and varied menu, both nutritious and delicious. Restaurant is situated in a beautiful location in the Cascade foothills.

Well worth a day trip. MLS# 1757641 Sherry Ruderman

Danya Wolf

360-540-1552 360-708-8294

W CasCade Way #L61&62, MarbLeMount

$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 Sherry Ruderman Mountains. MLS# 1729892 360-540-1552

4629 beaver Pond drive s.

Danya Wolf

$105,000

63377 hiGh ridGe dr. #d3 L115, MarbLeMount

re

d

ed uC

Pr

iCe

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 Danya Wolf 360-708-8294 easterly parking area. MLS# 1649968

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 QUICKLY! YOU WANT Sherry Ruderman 360-540-1552 THIS ONE!

Lots 2&3 Lakeside drive, GLenhaven Lakes

$49,900

17180 MeMoriaL hWy Mount vernon $415,000

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

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

$60,000

63246 W CasCade Wy #135&136, MarbLeMount $65,000.00

64039 e CasCade dr #1-192, MarbLeMount

$25,000

Sunny, nice quiet street located in Cascade River Park.

Pack your bags cause she’s ready to go. Turn key with trailer, covered deck, storage sheds and lots of room for parking and tents. This lot is ready for you, family and friends to enjoy this summer.

Sherry Ruderman MLS# 1754582 360-540-1552

This pair of lots are a perfect in planning your dream site in the North Cascades. Along Nugget Creek and in the Cascade River Park, you’ll enjoy this level sunny location.

No need to worry about booking a year out in advance and being in tight camping spots.

Have your own site with plenty of room to Sherry Ruderman entertain friends. MLS#1779553 360-540-1552

Fun summer location ation to t make your our vvery own. Access property from er Road Road. You’ll feel on top om CCascade River w as you ou hear the Cascade River below and of the world C fr for orest air. Get creative and smell the fresh see whatt you can c do with the covered ea, 2 story structure and level lot. area, st Sherry Ruderman MLS#1777356 360-540-1552

Start your our new home on this private priv 13,929 sq.ft lot in Eaglemont aglemont with all utilities in the street, street

d l so

surr eenbelt and wooded area surrounded by greenbelt ar for acy, wonderful neighborhood maximum privacy homes, walking distance to with beautiful homes Clubhouse and restaurant with awesome views and sunsets. Eaglemont is an

18 hole Golf Course Championship Public Course!

Elva Hunter

360-202-3086

360.424.0300

N E P

N dI

G

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 101414-1

8

RE-Weekly

June 4, 2021