INSIDE
This Issue WHAT EACH GENERATION VALUES IN A HOME PAGE 5
THE HOT MILLION DOLLAR MARKET PAGE 7 CLASSIFIEDS PAGE 7
SEPT. 24-30, 2021
TABLE OF CONTENTS What each generation values in a home.............................................................P5 Q&A Ask Our Broker.......................................................................P6
The Hot Million Dollar Market...............................P7 Classifieds............................................................................P7
INSIDE PAGE
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STAT Pandemic Lending Statistics 95% of rent due in 2020 Q2 was paid among tenants in single-family rentals while 90% of rent due was paid among tenants in apartment unit rentals. Source: National Association of Realtors
Feature Home From cover: 514 S. 3RD STREET, LA CONNER
$750,000
Windermere real estate/anacortes P Properties 3018 commercial ave. Anacortes,WA • 360-293-8008 www.anacortesrealestate.com
REBECCA CHAMBERLAIN 360-421-5021
Located in Historic La Conner on the coveted hill, this charming home is within walking distance to the best restaurants, shopping, parks, schools and just about anything you could need and overflowing with local history! The yard is fully fenced and private with fabulous perennial landscaping. The main level features high ceilings, an open floor plan and a cozy fireplace for PNW cool evenings. This home has 3 bedrooms, 1 3/4 baths and includes a sauna, additional 3/4 bath and a wine cellar in the basement. Out back is a wonderful patio, raised bed & separate studio/office add to the charm. This property has two parcels, so use your imagination. MLS: 1822760 112590-1
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E p I a e r a i fi f a c b
d c i September 24, 2021
What each generation values in a home
By Erik J. Martin urious what boomers prioritize in the homes they buy? Eager to learn what Gen X prizes most in a domicile? Intrigued about millennial and Gen Z home preferences? You aren’t alone. Many researchers, sociologists, academicians, and industry insiders parse through poll findings and other data carefully to learn what differentiates the generations when it comes to residential attributes most in demand. For the latest take on these demographic differences, consider the interesting findings of a recent white paper,
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called “Psyched About Psychographics,” published by Chicago-based commercial interior design firm Mary Cook Associates, which explores the role psychographics plays in revealing each generation’s changing housing penchants and needs. (Psychographics is the study of consumers, based on their interests, opinions, activities, and psychological attributes.) Among the white paper’s findings, boomers tend to pick homes and features that permit them to create experiences and build connections within spaces they can enjoy with loved ones and friends; Gen Xers prove
to be resourceful and pragmatic, valuing higher-quality finishes and materials as well as flexible options that enable multigenerational living; Gen Yers rank modern home technology highly and appreciate good value for the money; and Gen Z, while still a little young to be a major homebuyer cohort, are on pace to be the most educated and technologically minded generation of all. “Boomers are healthy, wealthy, and active, and they’ll almost always choose great experiences over more stuff,” says Mary Cook, founder/president of Mary Cook Associates. “In their
homes, priorities are safety and security, convenience, and technology. They also want a low-maintenance home that can transition with them as they age, and a location that’s near family, health care, and community conveniences like shopping and dining.” Nicholas Deckard, a Realtor for eXp Realty in Ocean City, New Jersey, believes boomers also want a place that accommodates their adult children, grandkids, and other family members who want to visit. “They’re often okay with buying a home that can one day either be lived in by
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their kids or sold as-is. For them, extended family is everything,” he says. Additionally, boomers love to travel, “so lowmaintenance lock-and-leave properties are popular. They have plenty of buying power and they’re not afraid to pay for everything they want in a home,” notes Matiah Fischer, a Realtor in Las Vegas. Gen Xers, by contrast, often rank quality and dependability higher on their home wish lists over having all the bells and whistles. “They’re looking for the home they’ll be in for decades, not just the next five to 10 years, so having a flexible layout and a lot of spaces is what they value most,” Deckard explains. Eric Nerhood, owner/ president of Seal Beach, California-based Premier Property Buyers, adds that this demographic also values a preferred location “as well as proximity to work, schools, and entertainment.” Many Gen Xers comprise the “Sandwich Generation” of adults who are caring for their kids as well as older parents. Hence, floor plans that can accommodate multigenerational living situations are in demand with this group, per Cook. Millennials, meanwhile, are all about self-expression, especially in their choice of homes. “Additionally, they prioritize affordability, more space, and sustainability, and they want a fully wired home with technology everywhere,” Cook points out. “Younger millennials are also steeped in a world where the sharing economy is completely normal,” says
Allen Alishahi, co-founder of ShelterZoom. “Everything from music sharing to ridesharing is second nature to this group. This can mean layouts that are conducive to having renters and/or Airbnb guests, locations within easy access to bike-sharing and convenient Uber pickup points, as well as building amenities like a gym or pool that are impressive enough to invite their friends over to use.” Gen Zers, similar to many millennials, can likely be counted on to prefer modern physical layouts and shopping for real estate differently than their elders – relying heavily on online information in the home hunting process, Alishahi contends. “We are seeing more companies cater to their shopping habits, not just in terms of virtual tours but in providing more in-depth information to buyers online and the ability to close remotely,” says Alishahi. Like many of their slightly older counterparts, Gen Z is fully connected 24/7, and “places a high value on authenticity, sustainability, and social connection, which will all factor in as their home preferences take shape,” Cook says. Studying psychographics in the context of home buying is insightful and rewarding, the experts agree. “If we understand the values of each generation and how they have evolved, we can adjust design thinking and solutions to connect with their wants and needs in meaningful ways,” says Cook. 5
When to cancel mortgage insurance Question: We bought a home three years
ago with 10% down. How long will we have to wait before we can cancel mortgage insurance?
Answer: It may be that you can do it now. Let me explain. Private mortgage insurance (also known as “private MI” or “PMI”) is generally required by lenders if you purchase a home with less than 20% down. The advantage of private MI is that it allows you to purchase with less upfront money, possibly years before might save 20%. As with all insurance, there’s a cost. The cost of private MI varies depending on such factors as how much you put down, your credit score, and loan size. In basic terms, there are three ways to cancel PMI. First, according to the Consumer Financial Protection Bureau (CFPB), you can request cancellation from your mortgage servicer once your original loan balance “is scheduled to fall to 80 percent of the original value of your home.”
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For example: If you borrowed $200,000 three years ago at 4.15% over 30 years you can ask for cancellation once the balance is scheduled to reach $160,000. An amortization sheet shows that it will take 117 payments to reach a $160,000 balance -- more than nine years. Second, if your payments are up-to-date, PMI will automatically be canceled once the loan is scheduled to reach 78 percent of the original value of your home. In our example, that will take 126 months -- more than 10 years. Third, you might look at your property’s rising value and take a different approach, refinance. You may well have 20% equity. According to the National Association of Realtors (NAR), the typical existing home sold for $341,600 in April -- a 19.1% increase in a year. Let’s say the property cost $215,000, you put down $15,000 (7%), and financed $200,000 at 4.15%. Your monthly payment is $972 for principal and interest plus $85 a month for private MI. The total is $1,057. Three years later the loan balance is $189,200 and the property is worth $279,500.
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Q&A
ASK OUR BROKER By Peter G. Miller
You go to a lender and get a simple rate-andterm to refinance at 3%. The new monthly payment for principal and interest is $798. With more than 20% equity, private MI is not required. You save $259 a month or $3,108 a year. The situation with FHA and VA financing is different. With an FHA-backed mortgage, borrowers pay an up-front mortgage insurance premium (the up-front MIP) and an annual mortgage insurance premium (the annual MIP). The annual MIP cannot be canceled for loans with less than 10% down and a term of at least 15 years if originated after June 3, 2013. With VA financing, there’s an up-front funding fee but no monthly charge and so nothing to cancel. As always when looking for mortgage financing, shop around, look for the best rates and terms, and avoid steep up-front fees. Email your real estate questions to Mr. Miller at peter@ctwfeatures.com.
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CLASSIFIEDS REAL ESTATE FOR SALE Houses for Sale
Houses for Sale
NEW TODAY
NEW TODAY
2967 Cedar Lane, Sedro-Woolley $399,900 Open House Sept. 25th, 12-2
The Hot Million Dollar Market By Marilyn Kennedy Melia
to the National Association of Realtors (NAR), a milliondollar home is losing ales above list price are comcachet. monplace lately, “It doesn’t buy so why would a home nearly as much home on the market for as it used to, it is not $700,000 that’s bid up necessarily a luxury to $750,000 be any home in many parts of less remarkable than a the country, says Cara $950,000 home that Ameer, a Coldwell also sells for $50,000 Banker Vanguard Reabove list? alty agent who works Do the math and the in Florida and Califoranswer becomes obvi- nia. ous: Entering “mil“Fifteen years ago, lion” dollar territory no one would pay $1 conveys ultra high-end million for a brownluxury. stone,” adds Marina But since at midStar, a Better.com real year, home prices were estate agent speaking about ten percent of the Jersey City (NJ) market she works in. higher than the same “Now a brownstone time 2020, according
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priced at $1 million would need work.” Still, the typical home shopper’s price range is set much lower, with NAR stats showing the median existing-home sale price in July at $359,900. Fueled by wealthy buyers made wealthier by stock market gains, sales at the high-end have been on a tear. According to NAR, sales priced $1 million or higher rose 244.4 percent year over year in May, while home sales in the $250,000 to $500,000 range grew 47.9 percent in the same period. In the Nashville
market, Tyler Forte, CEO of Felix Homes, says that he doesn’t see agents fearing any psychological resistance to a home priced at $1 million rather than one priced in the upper $900’s. But neighbors do have a psychological reaction, says Forte. “Selling a home for more than $1 million in a neighborhood that previously had not broken that threshold is a big deal … I’ve had other residents in the neighborhood call me to give them an idea of what their home is currently worth.”
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Nice three bedroom, two bath rambler in Glenhaven, situated on a large flat double lot. Open floor plan with cathedral ceilings. MLS # 1843099
570 Lakeside Drive, Sedro-Woolley $299,000 Open House Sept. 25th, 12-2 Come see this classic Lindal Cedar home surrounded by trees and privacy! Two bedrooms, one bathroom, 648 SF. MLS #1841477
Geri Cole, 360-391-1614 WRE/Skagit Valley Windermereskagit.com Geri Cole, 360-391-1614 WRE/Skagit Valley Windermereskagit.com
RENTALS Apartments Furnished
NEW TODAY Downtown Stanwood Apt. Spacious 1000 Sq/ft openfloor, 2nd floor, 360 views. Porch. 1bd/ 1bath. Quiet 4-plex. One adult. $1,100 month includes water/sewer. First/ last/ deposit. N/S. N/P. W/D. Walk to amenities. Text: 360.320.8598.
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21032 little Mountain Road, Mount VeRnon $685,000
open HouSe, SepteMBeR 25tH, 11aM-1pM & SepteMBeR 26tH, 1-3pM
Zoned Rural Reserve, this 6.49 acres offers a five bedroom, 2 1/2 bath one story home plus daylight basement with an incredible view over the valley below. The kitchen offers Corian countertops; an island, breakfast area and a lovely little kitchen fireplace. The formal dining area and the living room with another masonry fireplace share the view with wonderful deck access. Three bedrooms and 1 1/2 baths upstairs. Downstairs offers two bedrooms plus a den and a library and a 3/4 bath plus a recreation room with yet another fireplace with insert. Much of the acreage is fenced for horses or llamas or alpacas with a 16’x 24’ shelter below; and a 24’ x 36’ shop above in addition to the three car carport. Greenhouse, pump house and Carla Fischer Danya Wolf Russ Lanker potential chicken coop. BUYER’S AGENT LISTING AGENT BUYER’S AGENT MLS#1842504 360-708-8294 360-982-0010 360-708-1117 41546 SoutH Skagit HigHWay, Finney CReek $80,000
WateRFRont Beautiful 1.71 acres of amazing recreational waterfront property. Enjoy swimming, walking on the beach or just watching the wildlife. Carla Fischer MLS# 1800415 360-982-0010
JoAnn Boudreau (360) 391-0746
Patricia Box Office Manager/Broker O: (360) 424-0300 C: (360) 941-9186
64233lookout Mountain loop#1-179,MaRBleMount $46,000 Partial off grid cabin in Cascade River Park. Recreational lot or Full Time living! It’s really 2 cabins you can use or make it one! Water, Septic, Propane ready, Inverter setup, bring your batteries. 2 small extra outbuildings, one for generator other for whatever. Also, 3rd large tall log framed lean to structure for your ORVs, wood for the wood stove in the cabin. Other cabin is set up for propane. Huge front porch and large fire pit when it’s safe again! Room for large garden! Best, most beautiful hiking around and White water kayak or rafting! Worth every penny and then some. Carla Fischer Sherry Ruderman MLS#1829367
Juanita Bunch 360-941-5530
360-982-0010
Carla Fischer (360) 982-0010
360-540-1552
Elva Hunter (360) 202-3086
45249 neSika tRail #2d33, lake tyee
$45,000
Fantastic location in the foothills of the North Cascades! This great location and fantastic park model at Lake Tyee is ready for you. Enjoy hiking, fishing, and other amenities in the resort or cozy up with hot chocolate while you relax in your pj’s away from the hustle and bustle of the city. This is the perfect spot to get away. Monthly dues $162 includes water, septic and garbage. Set up your appointment today. MLS# 1813269 Carla Fischer Sherry Ruderman 360-982-0010 360-540-1552 Call Sherry with any questions.
20787 W BulSon Rd, StanWood $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. StanwoodCamano School District; and just ten minutes to I-5. Great country living yet convenient for commuting. MLS#1841822 Danya Wolf
819 n 18tH, Mount VeRnon $549,900
H St Rd., Blaine
118 E ORANGE AVE, BURLINGTON
Home on the hill, close to shopping, schools and medical. This home features 6 bedrooms and 2 baths with 2 additional bonus bedrooms in the garage (easily convert back to a 2-car garage). Plenty of parking, nice size yard with mature landscaping. Danya Wolf MLS# 1811049
360-708-8294
$1,200,000
Eighty (80) acres with development potential of multiple building tracts. Mostly woods including Western Red Cedar and Douglas Fir, Cottonwood; Alder; and Birch; with one large pond great for duck hunting toward the northerly portion of the 80 acres, some meadows, one small beaver pond, plenty of walking trails or bring your ATV; and an old dug well near the old home site by the southerly edge of the property to the east of the gate. Future home site/pasture land along the southwesterly edge of the property. Shown by appointment. Danya Wolf MLS# 1568051 360-708-8294
1203 e SeCtion St, Mt VeRnon
360-708-8294
$399,990
NEW PRICE!!! 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. MLS# 1780005 Sherry Ruderman Carla Fischer Call Sherry with any questions. 360-982-0010 360-540-1552
$599,900
24329 WiCkeR Road, SedRo-Woolley $250,000
Contemporary 2 story home offers 7 bedrooms plus a bonus room! Open floor plan, spacious kitchen, 3.5 baths, recessed lighting and skylights. Spacious covered porch for relaxing before, after or instead of work. Located in a desirable neighborhood, close to schools, shopping, medical and easy commute to I-5. Danya Wolf MLS# 1810956
Cozy home with 1 bed and ¾ bath on a 1/3 acre lot. A work in progress- there has been some updating and remodeling. Roof new in 2017. Foundation new in 2009. Extended foundation on front of home is ready for your expansion plans. Tankless water heater. Gas free-standing stove, gas range. Original Fir floors, some newer laminate flooring in kitchen. The ½ bath in outbuilding opens possibilities for guest cottage or hobby room. Carla Fischer 360-982-0010 MLS#1828933
neW pRiCe!
John Hunter (360) 202-3086
Suzanne Jenkins (360) 941-2983
Phil LaMay (360) 840-3086
360.424.0300
360-708-8294
Russ Lanker (360) 708-1117
Kim Schlimmer (360) 661-7670
Brett Tacker (360) 840-7931
Danya Wolf Designated Broker/ Owner (360) 708-8294
3780 E. College Way, Mount Vernon
www.skagittraditionrealty.com 131454-1
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