Real Estate Weekly December 10, 2021

INSIDE

This Issue

CRIME AND COST OF LIVING THE TWO “C’S” MOST IMPORTANT TO MOVERS PAGE 5 LEARNING FROM THE MISTAKES OF FRENZIED BUYERS PAGE 7

DEC 10-16, 2021

TABLE OF CONTENTS Crime and Cost of Living, The two “C’s” most important to movers....................................................P5 Q&A Ask Our Broker.......................................................................P6

Learning from the Mistakes of Frenzied Buyers.........................................................P7

INSIDE PAGE

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December 10, 2021

STAT Real Estate Stat

6.34 million The rough number of total units sold in the United States in October 2021.

Source: National Association of Realtors

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

Mount Vernon, WA 98273

Tel. (360) 416-4902

www.npsar.com

1650 WILDFLOWER WAY, SEDRO-WOOLLEY

$300,000

Protecting the American Dream: Homeownership Must Remain a National Policy Priority Perhaps better than any other group, Realtors® recognize and understand how homeownership has the potential to change lives and enhance futures for people from every background and in every corner of this country.

WINDERMERE REAL ESTATE/SKAGIT VALLEY 360-424-4901 • www.windermereskagit.com

Homeownership encourages people to build roots and invest in their neighborhoods. It is well documented that homeowners volunteer, serve on community boards and are even more likely to vote in local elections. What’s more, studies have shown that the children of homeowners perform better in school and go on to earn more money as adults.

Across the U.S., real estate accounts for one-fifth of our Gross Domestic Product. That figure totals more than $3 trillion – and represents a key driver of our national economy.

Realtors® are more than agents and apps. We are community advocates who commit to a code of ethics and advocate for private property rights. In a transaction that is often the largest and most complex we will make in our lifetime, consumers want a trusted professional to guide them through this process. And there is no substitute for that.

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.

December 10, 2021

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DAWN HARDMAN 360-540-0058

Affordable & adorable cottagestyle home just minutes from town.

Featuring single level living with 2 bedrooms, 1 bathroom. A breezy floorplan compliments a spacious kitchen, efficient gas oven/range.

The adjacent living room has a slider off the living room that allows you to enjoy the greenery and privacy of the wooded greenbelt that this home backs to. There is a single-spaced garage just steps from the front door. With a trifecta of fresh interior paint, brand new carpet, a full preinspection, this home is a must see.

Welcome home. MLS #1868063 145392-1

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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 is renewing interest in the 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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i n t r s a t w w

1 a o o c December 10, 2021

ernment helped many afford to move, often to a better rental. Cost-of-living remains crucial to many people’s budgets, but the comfort factor became something that people wanted more during the pandemic,” she explains.

“Also, I think many renters moved to less expensive units further away from their jobs because they learned they could effectively work remotely.”

Whether you are seeking to purchase or lease a home, it’s important to do your homework when it comes to safety and price.

“Buyers and renters alike should consult with their local police department to gain information on how a specific area rates in regards to crime. They should also check out the property at different times of the day and night, walk the streets, and assess the area firsthand,” recommends Gelios. “The cost-of-living factor can be more thoroughly explored by examining the overall area the home is located in, as well as property taxes, utility more about safety these days tighter budget and a hyperwith the virus spreading rap- focus on how much their costs, and other out-of-pockidly, causing deaths and fear, cost-of-living is,” Gelios et housing expenses.” and people being forced to continues. “With ever-rising Be sure to prioritize other stay home. Before COVID, monthly rent payments, aspects besides affordability we tolerated more. But with tenants are having to buckle and safety, however. sheltering-in-place requiredown in other areas to help “Check to see that the area ments, crime and safety them financially.” became more prevalent in the In Horsford’s market, mov- has good neighborhood amenities. Is it convenient for minds of residents stuck at ing activity among renters home,” explains Horsford. ticked up dramatically in you to get to work, go shopCost-of-living has always spring 2020. After the first ping, and get around? How been a major concern among stimulus checks hit, many good are the local schools? renters, so the fact that this renters sought to quarantine How racially and culturally issue topped the list among in a safer and happier place. leasing tenants was fairly “We saw many renters move diverse is the area? These are all aspects that should be adpredictable. as soon as they knew they “It’s been my experience had to stay at home. Having ditionally considered,” adds Gelios. that tenants tend to have a extra money from the gov-

Crime and Cost of Living

The two “C’s” most important to movers

By Erik J. Martin or home buyers and prospective renters alike, the three most important factors aren’t necessarily “location, location, location,” as we’ve been repeatedly told. New research suggests that safety, affordability, and school quality are the top three considerations when it comes to choosing where to live.

Redfin recently polled 1,023 people who moved to a new home since the start of the pandemic. Results of the survey indicate that crime and safety ranked tops

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among home buyers as the most commonly cited factors involved in deciding where to move; meanwhile, among renters, cost-of-living placed number one. Fifty percent of homeowners who relocated since the start of coronavirus chose crime and safety versus about one in three renters.

Cost-of-living was selected by 40% percent of renters as the most important factor compared to 43% of homeowners.

These findings are no surprise to Southeast Michigan Realtor Jason Gelios.

“Homebuyers always

consider the safety of an area when looking to make a home purchase. What’s interesting is how that interest has accelerated due to the pandemic and the uncertainty of the world we live in,” he says. “Buyers want to know that their next move will be a safer one. Many homeowners and renters may be looking to escape a bad area for a better one these days.”

Carol Horsford, CEO and broker at Farnam Realty Group in New Haven, Connecticut, echoes those thoughts.

“Post-pandemic people care

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Special Assessment Fees and Your Rights as a Property Owner Question

Our condo association wants to charge a special assessment that, in our case, will likely amount to $85,000. The purpose of the assessment is to set aside money for expected property repairs and updates. Can they do this?

Answer

With a condominium, you own your unit, perhaps an apartment or townhouse. In addition, you have an interest in the common areas and a voting membership in the condo association. The value of each vote might be one vote per unit, or a vote based on square footage, depending on how the condo regime was originally set up.

With the 2021 building collapse in Surfside, FL, condo associations and local officials are taking a second look at structural issues. This is happening not just on beach fronts, but also with projects in every market.

The worry is that decades of wear and tear may not have been adequately addressed with routine maintenance, resulting in issues that have grown

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larger over time—not only cosmetic items, but structural problems that can make entire buildings unsafe.

While most problems are likely fixable, they will not be fixable for free. Condo associations and their members will have to pay for the repairs, that in some cases, will cost individual unit owners five to six figures.

Special assessments raise several concerns.

First, a special assessment can sometimes be paid in installments rather than a lump sum.

However, one way or the other, it’s a lien. If unpaid, it can lead to a foreclosure action against the unit owner.

Second, the additional cost of a special assessment may be substantial. Owners may want to refinance the unit in such situations. If refinancing also means a rate reduction or longer loan term, it may be possible in some situations to pay off the special assessment and reduce monthly mortgage costs. For details, speak with local mortgage lenders.

Third, you can be certain that insurance

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Q&A

ASK OUR BROKER

By Peter G. Miller

companies are reviewing the risks represented by deferred structure maintenance. It will not be surprising if new insurance standards emerge to obtain or renew building coverage, including regular on-site inspections by professional engineers.

Fourth, mortgage backers such as the FHA, VA, and private mortgage insurance companies that make financing with little down possible, are likely to introduce new building insurance guidelines.

In turn, mortgage lenders will surely have new underwriting standards.

Meanwhile, if you have an interest in a condo property, review documents with care. Ask about such issues as current reserves, recent repairs, whether any major repairs have been planned or are underway, and if any special assessments have been announced or are being considered.

Speak with your real estate broker and/or a local attorney for more information.

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

December 10, 2021

Learning from the Mistakes of Frenzied Buyers

By Marilyn Kennedy Melia

S

ellers are routinely advised to clear away anything, like family photos, that identify their home as uniquely their own. And buyers with awareness of this tactic may find it easier to stick to a budget.

“It’s easy for consumers to feel ownership of a home, especially when they enter it, touch countertops, and open closets,” says Colleen Kirk, a marketing professor at New York Institute of Technology.

“When consumers feel ownership, they can feel a great sense of loss when they are unable to acquire it.” Furthermore, that sense loss can lead to frenzied overpaying in a bidding war, Kirk notes.

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Apparently, it has happened to many buyers lately, with several surveys showing regrets about overpaying. Just as a sense of ownership is a culprit, relying too heavily on a mortgage pre-approval can lead to spending regrets, says Charles Chedester of Midwest Family Mortgage, Iowa.

Seeing a total amount that a lender is willing to provide doesn’t inform buyers what their actual monthly housing cost will be on a particular home, he explains. Chedester advises asking your lender to estimate homeowner insurance, taxes, and homeowner association dues on a specific property and converting that to a monthly payment.

Ask your agent about expected maintenance costs, and factor that into the monthly bill. Then, since a

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lender provides pre-approval based on your income and other regularly occurring bills, like auto loan payments, factor in expenses like daycare that take another slice of monthly pay to estimate a monthly cost.

With a reasonable monthly number in mind, you probably won’t even look at homes listed above certain prices, adds DJ Hunt, senior financial advisor of Moisand Fitzgerald in Tampa, FL. Cautious buyers shouldn’t make offers on homes that are priced just at the edge of the limit, especially if they expect a bidding war, Hunt advises.

With some budget resolve and restraint from running your hands along countertops, you can help yourself avoid spending regrets.

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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

$135,000

700 N REED ST, #40 SEDRO WOOLLEY

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. MLS# 1849202

Danya Wolf

(360) 708-8294

NHN MOUNTAIN VIEW RD, MOUNT VERNON

$115,000

2XXX URBAN AVENUE, MOUNT VERNON

$250,000

20787 BULSON RD, STANWOOD

$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 ChicagoTitle Company easterly parking lot and Max Dale Restaurant’s south Danya Wolf (360) 708-8294 easterly parking area. MLS# 1649968

$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, 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

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 171204-1

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