Real Estate Weekly January 21, 2022

INSIDE

This Issue FYI ON FSBOS PAGE 5 OWNERS WIN BIG FROM PRICE RISES PAGE 7 CLASSIFIEDS P7

JANUARY 21, 2022

INSIDE

TABLE OF CONTENTS

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FYI on FSBOs......................................................................P5 Q&A Ask Our Broker.......................................................................P6

Owners Win Big From Price Rises...................P7 Classifieds............................................................................P7

RE-Weekly To advertise in RE-Weekly or other Skagit Publishing publications, Call: 360.416.2180 or Email: ads@skagitads.com ©2022 by Skagit Publishing | All rights reserved.

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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.

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January 21, 2022

STAT Real Estate Stat

$1,227,100 New York County, New York, named the county in the United States with the highest median home values in the 2nd quarter of 2021.

Source: National Association of Realtors

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

Mount Vernon, WA 98273 (360) 416-4902

www.npsar.realtor

16095 SNEE OOSH ROAD, LA CONNER

$650,000

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.

WINDERMERE RE/ANACORTES PROPERTIES

visit

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

January 21, 2022

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3018 Commercial Ave. Anacortes, WA 360-293-8008 www.AnacortesRealEstate.com

REBECCA CHAMBERLAIN 360-421-5021 If more space is what you are looking for come see this gorgeous and private, 2,891 square foot home! With a spacious and open floor plan, this 4 bedroom 3 full bath home features a huge primary suite with a five-piece bath, walk in closet and sitting room. There is a 2nd primary suite with an attached full bath. Large open kitchen with eating space and a breakfast bar. The large dining room, living room and great room with fireplace are perfect for entertaining. There is a detached 750 Square foot (32 x 24) 2 car garage with shop area, also 3 sheds and a green house. All this sits on a beautiful lot just shy of 1 acre. This home is a must see you will fall in love!!!

MLS# 1871334

178017-1

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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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January 21, 2022

h t t o i e p t y a c a S s

FYI on FSBOs

lives in Bridgewater, New Jersey, recently purchased and sold her home near Boseal estate agents, brokers, and Realtors ton via the FSBO route and bring a lot of value to has no regrets.

“The biggest pro for us in homeowners when it’s time to list and sell a property. But purchasing our home FSBO the truth is that these experts was that, since we didn’t often command a high price have a Realtor and the seller in the form of commissions wouldn’t have to pay their earned once the deal is com- commission, we were able to make a stronger offer on the plete. If you are gearing up to list your property for sale, home, which got the seller’s you might want to consider attention. Additionally, being able to meet the sellers a less common option that face-to-face helped us make could net you more profit a good impression,” she says. and a quicker transaction: “We later listed our home Sell your home FSBO (for in 2020 in the middle of sale by owner).

Loren Raye, who currently COVID, when I lost my job.

By Erik J. Martin

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January 21, 2022

We decided to sell it FSBO, saving us a lot of money, although we had to put in a lot of time and effort to efficiently, responsibly, and accurately research comparable homes, stage our house, and take professional photos.”

A recent report by Zillow indicates that, over the past three years, FSBOs have comprised 4% to 6% of all home listings nationally; 24% of rural sellers didn’t use an agent versus 16% of suburban and 20% of urban sellers. Zillow data further revealed that, across all markets, FSBO prices are listed at 18% lower than homes

repped by agents, with the median listed FSBO price being $292,810 compared to $355,777 for a property listed with a seller’s agent.

“The two main benefits of selling via FSBO are control and commission savings,” says Matt Dorner, a Realtor in Phoenix. “When selling on your own, you are the sole decision-maker. You set the price, you schedule the showings, and you deal directly with buyers or their agents.

The savings on commissions, which can often be between 5% and 6% of the sale price, can be substantial.”

However, those savings can

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be a bit misleading, cautions Alex Craig, a real estate agent with Dolinski Group in Riverview, Michigan.

“In reality, many FSBO sellers will need to offer a buyer’s agent a 3% commission, otherwise the buyer is on the hook for directly paying this cost to an agent at closing.

Consider that, when looking at lower-priced homes, rural areas, and low-income buyers, few have enough cash to bring to the closing table. As a result, they often ask for seller concessions; if the seller can’t accommodate these concessions, the house may sit on the market,” notes

Craig.

Additionally, you’ll likely incur some unexpected costs getting your home sold.

You’ll need to purchase signs, take photos, possibly pay a one-time listing fee to various platforms, enlist the help of an attorney and/or title company, and more.

Of course, you can bypass buyer candidates who have an agent by dealing directly with shoppers who are not represented by an agent; according to the National Association of Realtors, 57% of FSBO sellers already knew the buyer of their home.

If you’re committed to going the FSBO route, prepare to do plenty of work.

“The first thing you need to do is clean and prep your home thoroughly. Next, you’ll want to line up a good real estate attorney and determine what your home should list at. You need to price competitively by looking closely at comparable properties and determining what they sold for in your market,” suggests Daniel Meyers, a real estate broker/investor in Northern Illinois.

Then, you’ll need to advertise and market your home effectively. That requires taking snazzy-looking photos, preferably taken by a professional photographer.

Next, plan to carefully stage your property. Once it’s show-ready, you can list your home on sites like Zillow and advertise it on local Facebook groups and Craigslist.

“Once your listing is on the Internet, expect calls from real estate agents. I suggest working with them and offering a 2.5% commission or a flat fee, which will open up your buyer pool a lot and help you sell your home faster and easier,” Meyers recommends.

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Millions of People Have Suffered Financial Set-Backs as a result of the COVID-19 Pandemic and Related Economic Turmoil. Is There Still a Chance for Mortgage Financing?

Question:

We planned to buy a first home before the pandemic.

Now, about two years later, we still want to buy, but because of a job loss and some late payments, we worry about our credit standing. Can we still get mortgage financing?

Answer:

However, and perhaps strangely, you may be in better shape than you suspect.

Let’s start with rent. The odds are overwhelming that late and even missing payments will not wind up on credit reports. That’s because credit reporting agencies (CRAs) rarely receive rent information.

“Credit history,” explains Fannie Mae, “is a key element in evaluating a borrower’s ability to make a mortgage payment, but fewer than 5% of renters today have their rent payments reported on their credit bureau report, putting many prospective first-time homebuyers at a disadvantage.”

Some payments that are late or missed may not raise credit issues at all if they were agreed to with the lender or creditor.

According to Equifax, a major credit reporting agency, “the term ‘forbearance’ is usually associated with home

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mortgages, but the truth is any lending agreement you’ve entered into may be eligible for deferred or suspended payments.

“Many creditors and lenders are offering special repayment options on a variety of debts due to the severe and immediate economic impact of the Covid-19 pandemic. This includes mortgages, student loans, auto loans, credit card balances, utilities, property taxes, and small business loans, though this list is by no means exhaustive.

“Depending on what agreements you reach with your lenders and creditors, they may agree to allow decreased or delayed payments for a specific period of up to 12 months. They may also offer to reduce the interest rate being charged on your debt, but no federal guidelines are requiring specific terms for forbearance agreements across all industries.”

In other words, what in normal times might be seen as a late or missed payment may have a different status as a result of the pandemic.

What steps can you take to determine your current credit situation and make it better?

First, go to AnnualCreditReport.com and get copies of your credit reports from Equifax, Experian, and TransUnion. Free copies are available weekly until April

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Q&A

ASK OUR BROKER

By Peter G. Miller 20th instead of just once every 12 months. This is a very good deal, take advantage of it.

Second, get pre-approved by a lender. They will be able to obtain your credit reports, credit score, and other financial information with your permission.

Third, if you see problems not covered by forbearance agreements, be prepared to explain what happened and why.

Fourth, if you have forbearance agreements, show the paperwork to lenders so they can document what happened. Payment isn’t “late” if a lender has extended the deadline or made other arrangements. The important point is to work things out with the lender.

Fifth, if possible, start to increase savings and pay down debts.

Mortgage lenders must qualify borrowers based on loan program standards. No one expects mortgage applicants to have perfect credit, but the better your credit standing, the more likely you are to get mortgage financing at a low rate. If you have credit concerns, the time to start working on them is as much in advance of your mortgage application as possible.

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

January 21, 2022

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CLASSIFIEDS RENTALS Rental Wanted

NEW TODAY WANTED: Garage to Rent for storing one large vintage car and extra room to do some serious work.

Must be affordable, dry, and secure with good cement floor and electricity. Ideally would be in or near Anacortes. What do you have or know of in western Skagit County?

Please send me an e-mail at ambassador8@ AOL.com or call me at 206-719-6928. (No Texts Please.)

NEW TODAY Seeking shelter. Religious, pleasant and clean. Make profit, “land rent care,etc.”

360-424-4141 room 301.

Serious calls only please.

Owners Win Big From Price Rises

By Marilyn Kennedy Melia

home prices were on a tear in the early 2000s.

Back then, owners could borrow 100 percent t’s a lucky time to be a homeowner. Accord- of equity, through a home equity line of credit or ing to research firm CoreLogic, owners gained a cash-out refinancing. an average of $51,500 in equity from the end Now, “banks aren’t nearly as aggressive as they of 2020 through 2021. once were,” allowing owners to tap equity only That’s the highest ever, due to record home over twenty percent of a home’s value says Keith price rises. {Home equity is determined by the Gumbinger of mortgage information site HSH. current value of a home minus any outstanding com. The same is largely true for “cash-out” mortgage balance owed.} refinances.

The equity rise bodes especially well for moderFor example, If an owner of a $400,000 home ate and lower-income homeowners, “since it’s has a mortgage balance of $300,000, he can tap the main way they build wealth, “says J. Michael $20,000.

Collins, director of the Center For Financial Those who do have ample equity are increasingly tapping it, mainly through cash-out refiSecurity, University of Wisconsin nances, since equity lines are more expensive and And, owners will hang on to more of their scarcer, says Gumbinger. Still, equity remains at newfound wealth than they did the last time

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record levels.

Renters at a disadvantage.

In 2021, 65.4 percent of households owned their home, a drop from 2004, when 69 percent owned. Renters miss out on equity wealth, and are also at a disadvantage because rental charges are rising.

Just as people have delayed marriage and children, they are delaying home buying, says Collins. Later ownership “will delay wealth accumulation to later ages,” possibly also delaying retirement.

For now, owners should feel good – but not giddy – about equity wealth, warns Collins.

Home prices could drop, and if lenders loosen rules, some owners could borrow unwisely.

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912 GReeNleaF aVe, BuRliNGtoN

$389,000

wHaleN dRiVe, PoiNt RoBeRtS

NHN MouNtaiN View Rd, MouNt VeRNoN $115,000 2121 MaRket StReet. MouNt VeRNoN 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

1422 eaGle RidGe dRiVe, uNit #12, eaGleMoNt $679,000

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Patricia Box Office Manager O: (360) 424-0300 C: (360) 941-9186

JoAnn Boudreau (360) 391-0746

2XXX uRBaN aVeNue, MouNt VeRNoN

$600,000

Custom build your commercial enterprise: 13,361 square foot commercial tract (two lots) zoned C-2. `Preliminary sketch for 5,280 square foot retail building plus 24 parking spots. Great location near recreation center; major grocery store; hotel; restaurants; offices; health club; house and farm supply stores; gas stations; banks; and I-5. New price reflects Danya Wolf Skagit County tax assessment value. MLS# 1848626 (360) 708-8294

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

24094 N. weSt View Rd, MouNt VeRNoN

700 N Reed St, #40 SedRo woolley

$850,000

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 & Russ Lanker spectacular sunsets!

(360) 708-1117 MLS# 1848508

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Gorgeous Golf Course Condo in desirable Eaglemont Community on the 12th Fairway! Great room with vaulted ceilings, gas fireplace. 2 bedrooms plus den/office w/ French doors, craftsman style millwork. Kitchen w/ plenty of cabinets, stainless appliance, plenty of space to entertain w/ lg eating bar & wine cooler & dining w/sliding door leading to patio & beautiful yard overlooking the Golf Course and enjoy nature. Deluxe owners suite with jetted tub, walk-in closet, large garage with lots of cabinet& storage. This is truly an Eaglemont special with privacy and views! Elva Hunter MLS#1876636 (360) 202-3086

$158,800

Juanita Bunch (360) 941-5530

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Carla Fischer (360) 982-0010

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20787 BulSoN Rd, StaNwood

$350,000

17180 MeMoRial Hwy MouNt VeRNoN $415,000

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.

Danya Wolf MLS# 1841822 (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);620feetalongAvonAllenRoad. Danya Wolf MLS# 1572330 (360) 708-8294

i’m a Seniors Real estate Specialist

$135,000

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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 Danya Wolf (360) 708-8294 of lot. MLS# 1849202

Elva Hunter (360) 202-3086

$250,000

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 Water District).

Danya Wolf MLS# 1863417 (360) 708-8294

Beautifully remodeled traditional Burlington home offers amazing kitchen with lots of cabinets and counter space; two bedrooms; updated bath; and spacious utility room. Fine finish work; newly insulated, new siding, new carpet in the bedrooms and new light color wood laminate flooring throughout; freshly, professionally painted. Oversize garage with shop space; partially fenced, professionally landscaped yard.

Danya Wolf Patrica Box (360) 708-8234 Buyers Agent (360) 424-0300 MLS# 1866940

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

Phil LaMay (360) 840-3086

Russ Lanker (360) 708-1117

Congratulations to our Facebook, Safeway gift card winners! Please contact Danya for your prize! Danya, 360-708-8294 danya@skagittraditionrealty.com • Michelle Valentine Hansen $25, Jennifer Larm $25, Kenda Akin $25

360.424.0300

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 178133-1

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