INSIDE
This Issue
STRATEGIES FOR AVOIDING BUYER’S REMORSE PAGE 5 PROFIT FROM A HOME SALE SOONER: IF YOU HAVE SOME PLACE TO GO PAGE 7 CLASSIFIEDS PAGE 7
DEC 3-9, 2021
TABLE OF CONTENTS Strategies for Avoiding Buyer’s Remorse..............................................................P5 Q&A Ask Our Broker.......................................................................P6
Profit From A Home Sale Sooner: If You Have Some Place To Go.................................P7 Classifieds............................................................................P7
INSIDE PAGE
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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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December 3, 2021
STAT Real Estate Stat
1,520,000 The rough number of housing starts in the month of October 2021. Source: National Association of Realtors
FEATUREd REALTy:
NORTH PUGET SOUND ASSOCIATION of REALTORS® 525 East College Way, Suite J
Mount Vernon, WA 98273 (360) 416-4902
www.npsar.realtor
The Term REALTOR® The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® (NAR) and subscribes to its strict Realtor Code of Ethics. Local associations are required to enforce the code of ethics through a Professional Standards Council or Committee. The REALTOR® Political Action Committee (RPAC) fights for Homeowner and property rights in Washington DC, Washington state and right here in your community. Using a designated REALTOR® assures that your transaction in handled ethically, and that your rights will be protected now, and in your future as a homeowner. To find a REALTOR® member in your area, www.npsar.realtor to view our member and affiliates lists.
$135,000
700 N REEd ST, #40 SEdRo WooLLEy
visit
Skagit Tradition Realty LLC 3780 E. College Way Mount Vernon, WA 360-424-0300 www.skagittraditionrealty.com
Danya WOLF 360-708-8294
PhiL LaMay Buyer’s BrOker 360-840-3086
Beautifully remodeled 1995 Nashua 52 x 28 doublewide manufactured home: 1350 square feet offers amazing kitchen including range, refrigerator, and dishwasher; a multitude of beautiful cabinets; pantry; and lots of counter space; formal dining room; spacious living room; three bedrooms and 2 full baths. Master suite offers walk in closet; master bath offers double sinks and tub for relaxing plus separate shower. Separate utility room. Nice decking; generous sized yard with storage building. Greenbelt to protect fish and wildlife adjacent to the south of lot.
Mission Statement: The North Puget Sound Association of Realtors advocates for Realtors and their clients, and promotes the protection of property rights.
December 3, 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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v m s e y l
e s h r i c r s r Th e
Strategies for Avoiding Buyer’s Remorse
By Erik J. Martin hen you make a major purchase like an overseas vacation or new car, it’s normal to second-guess and be self-critical of your decision— especially if the transaction set you back big bucks and didn’t live up to your expectations. It’s only natural to experience regret after forking over serious finances to claim a house, particularly in today’s robust seller’s market. One in four purchasers of American homes suffered buyer’s remorse, according to a 2020 survey of buyers conducted by real estate startup Flyhomes. The reasons are multifold, experts concur.
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“In the current housing market, we’re seeing continued limited home inventory despite historically low mortgage interest rates. Not only did the pandemic cause home loan interest rates to drop, but it also brought the emergence of a new buying trend for more space in suburban regions,” explains Jess Kennedy, COO of Beeline, a Providence, Rhode Islandbased online lender. “With so many prospective buyers looking for similar criteria, houses are flying off the market at exceptionally fast rates—with home costs being double or even triple the price in certain regions compared to previous years.”
Consequently, home shoppers have to jump on available properties quickly to keep up with the fast-paced market. That often means bypassing basic steps like conducting a private tour and eliminating stipulations in your home offer, such as the contingency to have the home professionally inspected. The latter move could, for example, result in buying a property with serious flaws that aren’t revealed until after the closing. All of these reasons can lead to serious remorse. “One of the things we’ve been hearing frequently from customers is that they are afraid to overpay for a house,” says Ryan Dibble, COO of
Flyhomes in Seattle. “Not being prepared to do so can mean losing out or being outbid, which can create a sense of urgency and panic.” Even if you are home shopping in a less competitive area with a more ample supply of available homes for sale, other self-imposed pressures can later contribute to buyer regret. “Some buyers have a narrow window to secure a home before relocating for work or trading up from their current home. This urgency to act quickly may result in not getting everything on your list or spending more than planned,” says Ron Leffler, a real estate broker in Alexan-
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dria, Virginia. But there may be a silver lining to these cautionary tales. “Buyer’s remorse is normal. The good news is that it passes for most people within a few months,” says Dibble. “That feeling that you overpaid by several thousand may be all in your head. More importantly, it won’t matter much three years from now when you’ve made the house your home, built up more equity in the property, and likely seen your property increase in value.” Still, the feelings that accompany property purchase compunction are troubling and taxing. That’s why the pros recommend avoiding the risk of regret altogether by fol-
lowing recommended tips. “First and foremost, do not buy under pressure. If anyone pressures you and you feel uncomfortable about it, do not proceed until you have more thoroughly assessed the situation and your comfort level,” advises Betsy Ronel, real estate agent with Westchester County, New York-headquartered Compass. “Also, choose an area where you know you want to live, make sure the schools are what you need them to be, and ensure that the house is inspected and passes muster with areas that are of concern to you.” Not comfortable with getting caught up in a bidding war? Sit things out until the market settles further, Ronel adds. Additionally, be intentional about your goals before you begin the house-hunting process. “Ask yourself: ‘Do I want to spend the rest of my days in this place, or am I looking for an investment to help me reach the next phase of my life?’” suggests Dibble. When it comes to your budget, crunch the numbers carefully. Then, crunch them again. “Be confident in what you can afford. Get pre-underwritten by your mortgage lender so that you’ll have the loan process completed upfront and know your exact budget. That information reduces stress and enables you and your agent to create the best negotiation strategy,” Dibble says. Lastly, avoid purchasing a home sight unseen. “You should be able to inspect the home in person, at least through a trusted source who can walk through the property on your behalf if you cannot,” Kennedy recommends. 5
Are You Ever Too Old to Get a Mortgage? Question:
My parents have been apartment dwellers all of their lives. They now want to buy a small retirement home. Given that they’re in their early 70s, will lenders give them a 30-year mortgage?
Answer:
According to the Centers for Disease Control and Prevention (CDC), in the first half of 2020, the life expectancy at birth was 77.8 years—75.1 years for men and 80.5 years for women. Because of the COVID-19 pandemic, deaths, both figures were down from 2019, 1.2 years for men and 0.9 years for women. Given such statistics, it might seem that senior citizens will have little opportunity to get mortgage financing, but that’s not the case. According to the Federal Trade Commission, “the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA) offer protections against discrimination. The ECOA forbids credit discrimination based on race, color, religion, national origin, sex, marital status,
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Q&A
ASK OUR BROKER By Peter G. Miller
age, or whether you receive income from a public assistance program.” While lenders cannot discriminate based on age, borrowers must still meet the usual financial standards required to obtain a mortgage. For example, lenders will review the borrower’s credit score, debt-to-income ratio (DTI), tax returns, loanto-value ratio (LTV), and income sources. Looking at income typically means verifying employment— including Social Security, retirement accounts, investments, and employment. Yes, employment! Working after age 65 is increasingly common. According to Capital One, “as of February 2019, over 20 percent of Americans aged 65 or older are working or looking for work— double the all-time low of 10 percent who were in the labor force in 1985.” Generally, seniors can apply for any mortgage program on the same basis as any other borrower, including first-time mortgage financing if they qualify. Lenders may be able to give additional credit for Social Security income, a process known generally
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as “grossing up.” The reason is that, unlike regular income, some or all Social Security may be taxexempt depending on the borrower’s income, and thus worth more for qualifying purposes. Given the soaring home prices in recent years, seniors may need help to qualify for financing. One approach is to have one or more adult children cosign the loan. If family financing is involved, it may be best for one or more family members to buy a property and then rent it to the senior or senior(s). Because family relationships can be tangled, financial arrangements should be in writing. For further advice, consult with such professionals as fee-only financial planners, attorneys who offer elder-law services, and tax professionals. Also, be sure that all adult members of the family— regardless of age—have wills, living wills, and the other planning paperwork appropriate for your jurisdiction. Email your real estate questions to Mr. Miller at peter@ctwfeatures.com.
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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.
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Profit From A Home Sale Sooner: If You Have Some Place To Go By Marilyn Kennedy Melia
D
on’t buy a home unless you are relatively sure you’ll be there for three years—or better yet, five to seven. Financial advisors have long dispensed this advice because it takes time to recoup the cost of purchasing a home. Besides the charges for a moving van, closing costs on securing a mortgage are about two to five percent of the loan amount, according to the Mortgage Bankers Association. “Also consider ‘fix-up’ costs associated with making a house the way you want it: new carpet, paint, furniture,” advises David N. Bize, an Oklahoma City December 3, 2021
certified financial planner. For the twenty years before 2020, price appreciation on existing homes nationwide averaged about four percent, reports Gay Cororaton, director of housing and commercial research for the National Association of Realtors. It could take three-plus years before all the costs associated with purchasing can be recouped. But between September 2020 and September 2021, the median existing sales prices were up 13 percent, says Cororaton. Prices may continue to climb into next year, but it’s impossible to know. Forecasts vary, with Zillow predicting that by the end of September 2022, prices will be 13.6 percent higher than a year
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earlier, while another housing data firm, CoreLogic, predicts just over a two percent rise by next autumn. Still, the past year has sped up the profit timeline. But, many owners aren’t cashing in, notes Cororaton, because they can’t find another home, given the severe shortage of homes on the market. She predicts many of those who do move will be remote workers with the freedom to choose a location offering a better home at a more affordable price. “However, some people’s passion is buying a house, fixing it up, and then selling it,” says Bize. Just the way some people will splurge on an expensive car when a lower-cost one would serve their needs, they choose to spend on housing, he concludes. 7
24094 N. WEST VIEW RD, MOUNT VERNON
$850,000
WHALEN DRIVE, POINT ROBERTS
After 60+ yrs this Big Lake prime property on the sunny side of the lake can now be yours. Approx. 80 ft of no-bank water front just minutes away from a nine-hole golf course. Property features a pier connected to a floating dock perfect for mooring your boat & watercraft. The approx. 4,500 SF of property bisected by N. West View Rd has an access road and additional possibilities for your needs. Besides the 2 bed 1 bath manuf. home the lot has a detached 750 SF garage/shop, out buildings and RV parking. And the large covered deck is perfect for watching eagles, seasonal waterfowl & spectacular sunsets! MLS# 1848508 Russ Lanker
Magnificent views of Boundary Bay and the mountains! Enjoy the lights of Vancouver BC, only 45 minutes away! Less than 20 miles to Vancouver international Airport. Point Roberts is a quaint community with forests, beaches (close to Maple Beach), and the ocean yet near to all that the big city has to offer. This lot is ready for your dream home; power at the street, water at the street (Point Roberts Danya Wolf (360) 708-8294 Water District). MLS#1863417
(360) 708-1117
2XXX URBAN AVENUE, MOUNT VERNON
$600,000
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. MLS# 1649968
$250,000
20787 BULSON RD, STANWOOD
41546 SOUTH SkAgIT HIgHWAy, FINNEy CREEk $80,000
WATERFRonT
$350,000
Beautiful wooded 4.98 acres situated on south side of Snohomish County/Skagit County line. Power is in street. Solar power is also possible. Adjacent property to the east of Subject Property is fenced,
Beautiful 1.71 acres of amazing recreational waterfront property. Enjoy swimming, walking on the beach or just watching the wildlife. MLS# 1800415 Carla Fischer
open field. Zoning allows for one building site. Stanwood-Camano School District; and just ten minutes to I-5. Great country living yet convenient for commuting. MLS# 1841822
Danya Wolf
(360) 708-8294
(360) 982-0010
NHN MOUNTAIN VIEW RD, MOUNT VERNON
$115,000
I’m a Seniors Real Estate Specialist
17180 MEMORIAL HWy MOUNT VERNON $415,000
Located just outside the Mount Vernon City limits, this wooded 1 acre plus lot could be a building site for a stick built, modular, or manufactured home, with plenty of room. Tract has been surveyed (LeGro and Associates) and wetlands have been delineated (Oscar Graham and Pat Bunting). Power and PUD water are available at the street. MLS# 1861233 Danya Wolf
(360) 708-8294
JoAnn Boudreau (360) 391-0746
Patricia Box Office Manager O: (360) 424-0300 C: (360) 941-9186
Juanita Bunch (360) 941-5530
Carla Fischer (360) 982-0010
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 Danya WolfWolf (SR-536); 620 feet along Avon Allen Road. Danya (360) (360) 708-8294 708-8294 MLS# 1572330
Elva Hunter (360) 202-3086
John Hunter (360) 202-3086
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 YOUR SRES®
Suzanne Jenkins (360) 941-2983
360.424.0300
Phil LaMay (360) 840-3086
Russ Lanker (360) 708-1117
Brett Tacker (360) 840-7931
Carla Fischer
(360) 982-0010
Elva Hunter
(360) 202-3086
Danya Wolf Designated Broker/ Owner (360) 708-8294
3780 E. College Way, Mount Vernon
www.skagittraditionrealty.com 171198-1
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