INSIDE
This Issue
DON’T THINK YOU NEED FLOOD INSURANCE? PAGE 5 BIGGER SHARE OF NEWLY CONSTRUCTED HOMES ON THE MARKET PAGE 7
APRIL 1, 2022
INSIDE
TABLE OF CONTENTS
PAGE
5
Don’t Think You Need Flood Insurance?.........P5 Q&A
Ask Our Broker.......................................................................P6
Bigger Share of Newly Constructed Homes on the Market..................................................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. 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
April 1, 2022
STAT Real Estate Stat
$357,300 The median price for homes sold in the United States in the month of February 2022. 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
16914 BEST ROAD, MOUNT VERNON
$900,000
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. 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.
WINDERMERE RE/ANACORTES PROPERTIES 3018 COMMERCIAL AVE. 360-293-8008 www.AnacortesRealEstate.com
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.
April 1, 2022
RE-Weekly
REBECCA CHAMBERLAIN 360-421-5021
Located among the lush farm fields of Skagit Valley and just outside of the town of La Conner is this lovely mid century farmhouse. With nearly 3000 square feet of living space. This home offers 4 bedrooms 2 baths and a large kitchen with new appliances, living room and dining room on the main floor. Downstairs has two large bonus rooms and additional storage. There is a sports court with basketball hoop set up and could have so many other uses. Best of all is the privacy and pastoral views out nearly every window. Situated on two level acres, there are multiple fruit trees and 4 outbuildings for all your hobbies. With many upgrades already, this home is ready for your finishing touches! MLS#1904991
213643-1
3
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! 4
RE-Weekly
B
M
RealEstate weekly In print and online goskagit.com ads@skagitads.com
t a a s d i d
b b t p t p i April 1, 2022
Or, you can purchase flood insurance through private market insurers,” Such notes. “Typically, flood insurance covers the building, contents within, other structures around the home, and temporary relocation if necessary. A private flood insurer can usually offer higher limits of coverage versus an NFIP policy.” If you are in a designated flood zone, it’s often best to get flood insurance coverage equal to or close to that of your typical homeowner’s insurance policy. “If you are not located in a flood zone, I would recommend coverage equal to approximately 50% to 75% of your homeowner’s policy, given that there is a lower risk that a flood may happen,” he adds. Barhorst advises insuring up to $250,000 for your home and $100,000 for its contents. “If your home and contents are more valuable and your property has a higher propensity for flooding, I recommend excess coverage to enhance the limit and meet your specific needs,” says Barhorst. Faschi points out that flood York City-headquartered house flooding over the course all perils can help ensure that insurance does not cover Policygenius. “It’s troubling of your 30-your mortgage no matter what happens, you internal flooding and water that more than half of our – however, only about 15% are covered.” survey respondents don’t realize of people purchase flood Flood insurance is a separate damage – such as if your floods aren’t covered.” insurance,” cautions Barhorst. policy from your conventional plumbing leaks and causes Warren Barhorst, CEO of Richard D’Angelo, homeowner’s insurance policy. a flood in the basement. To protect against these perils, Iscential in Houston, wasn’t president of StormScope It only covers your home you can add a water backup surprised by these survey Public Adjusters in Hanover, if a flood compromises it, results. Pennsylvania, recommends explains David Such, a public coverage endorsement to your “Most homeowners are forced flood insurance for any adjuster at North Providence, homeowner’s insurance policy. The cost of flood insurance to purchase homeowners homeowner in a climate zone Rhode Island-headquartered insurance as a requirement of that has rainy seasons. Performance Adjusting, Public will vary based on the flood zone you live in, your home’s their mortgage without truly “Storms and severe weather Insurance Adjusters. age and build, and how much understanding the exposures events are only becoming more “You can purchase flood they face every day. Consider frequent with climate change. insurance through the National coverage you need. “The average cost of an that there is a 100% chance I suspect we will start to see Flood Insurance Program NFIP flood insurance policy of dying, yet only about 2% increased flooding events in (NFIP – a division of FEMA), is $707,” notes Faschi, citing of Americans have adequate areas that aren’t even FEMAwhich is sold through private recent data provided by life insurance coverage. And designated flood zones,” he insurers and administered FEMA. there’s a 25% chance of your says. “Having coverage against by the federal government.
Don’t Think You Need Flood Insurance?
Experts say this finding is a wake-up call and sobering illions of Americans reminder not to take flooding or existing insurance coverage are wet behind the ears and putting for granted. their homes and livelihoods “Homeowners insurance at risk based on two incorrect covers many situations and assumptions: Their homes are perils, including some kinds safe from floods. Even if it of water damage, so it makes does flood, their homeowner’s sense that people would insurance will cover the assume floods are also covered. damage. But it’s important to know The latter notion is borne out that floods are not covered by the results of a recent study by homeowners insurance by Policygenius, which found because floods are a very that 53.3% of homeowners common natural disaster that polled aren’t aware that a can lead to expensive repairs typical homeowner’s insurance for your home,” says Fabio policy does not provide flood Faschi, property and casualty insurance protection. operations manager for New
By Erik J. Martin
M
April 1, 2022
RE-Weekly
5
Our Insurance Company Won’t Renew Our Policy. Now What? Question:
We’ve been paying home insurance premiums for years without a claim. Okay, for decades. However, because of a hurricane last year we did have a claim and the insurance company paid $25,000 to replace our roof. Now they will not renew our policy. We feel we’ve been penalized for using a service that’s supposed to be there when big things go wrong. What can we do?
Answer:
You’re hardly alone. Because of massive hurricanes, floods, and fire losses, everyone is re-thinking insurance coverage. The collapse of a south Florida residential building has set off a variety of alarms. A mortgage contract requires that you have homeowner’s insurance. If you buy with less than 20% down, the lender will establish an escrow fund at closing to assure that full and timely payments are made. However, even if a lender does not require coverage, homeowners insurance is still a good idea, especially for owners who do not have the financial capacity to afford catastrophic repairs and replacements. The insurance company paid your claim. This is not a surprise. State insurance commissions require property insurance companies to maintain
6
substantial reserves. Also, it’s in a state’s interest to have a safe and habitable housing stock. If you feel that an insurance company has improperly denied a claim, you can call the state insurance commission for help. Meanwhile, from the insurance company’s perspective, insurance is a numbers game. The idea is to collect enough premium and investment money to pay all claims, maintain a reserve, operate the company, and have something left over to generate a profit. To do this, insurance companies employ large numbers of actuaries to calculate the odds for each form of coverage and offer coverage and rates accordingly. For a long time the system has done well, but in the face of climate change, the old models are not working. The result is that premiums are rising and, in some cases, insurance companies are withdrawing from various states. The same is true with the National Flood Insurance Program (NFIP). It’s both needed and deeply troubled. Its finances are so upside down that in 2017 Congress directed the Treasury to forgive $16 billion in NFIP debt. And, no surprise, premiums are rising and coverage is contracting. What can homeowners do? First, realize that insurance coverage is a “must” if
RE-Weekly
Q&A
ASK OUR BROKER By Peter G. Miller
you have a mortgage and a good idea in general. If you don’t have the required coverage, the lender can foreclose. Second, instead of foreclosing, the lender might get insurance for you – at a high cost and with limited coverage. Lenders can obtain “force-placed” insurance, according to New York state, “when the property owners’ insurance is canceled, has lapsed or is deemed insufficient and the borrower does not secure a replacement policy.” Third, recognize that insurance costs are rising. You will have to pay more in the same way that prices are generally increasing. Fourth, don’t be surprised if – in addition to homeowners coverage – lenders also want flood insurance protection. According to the National Association of Realtors, “flood losses (more than 25% of flood insurance claims and disaster aid) come from outside of the so-called ‘flood zones.’” Lastly, don’t wait. Many property owners have had coverage with the same insurance company for years. Are you getting the best coverage and prices? Shop around to see what’s available – and to know where to turn if your policy suddenly comes to an end. Email your real estate questions to Mr. Miller at peter@ctwfeatures.com.
April 1, 2022
RENTALS Houses for Rent -Unfurnished
NEW TODAY SEDRO-WOOLLEY Newer 3 bedroom, 2 bath, available May, $1700 month. Background/credit. Reply by text message to 360-630-4183
Bigger Share of Newly Constructed Homes on the Market By Marilyn Kennedy Melia
T
his year, home seekers who do buy are more likely than ever to purchase a new home – literally. Redfin reports that in December of 2021, newly constructed homes represented a 34.1 percent share of all homes for sale, a record high. Such a big portion is new construction, primarily because there’s such a very low supply of existing homes on the market, Robert Dietz of the National Association of Home Builders. While buyers must often win a bidding war in the existing home market, battles aren’t as common when buying new construction. Typically, “Developers will sell at the price they ask,” says
April 1, 2022
Hunter Andre, a real estate agent with Baird & Warner, Chicago. If buyers specify the type of home they’re looking for, and they’re not intent on purchasing in an existing neighborhood, a real estate agent should show both new and existing properties that fit the bill, says Hunter. Jeff Benach of Lexington Homes says that about one-half of the customers in its Chicago area developments use a real estate agent, and half find the properties on their own. The website Newhomesource.com provides one way for buyers to scout for developments. New construction buyers probably won’t be able to move in quickly – unless they’re buying a home that’s already or mostly constructed. Many
RE-Weekly
builders are waiting to secure a buyer before starting a home because rising material costs and worker shortages make the pricing of offerings uncertain. When a buyer signs a contract, he pays the price the builder anticipates then and is also required to make a down payment, which might be five to ten percent of the price. If the buyer is depending on profits from the sale of his current home for that down payment, he would need to secure a home equity line first, since lenders typically don’t loan on for-sale properties. Securing financing first, and then selling before their newly constructed home is ready, are the next steps these buyers must finesse.
Rental Wanted
NEW TODAY This is your lucky day! I could be your dream come true. Tired of bad tenants? Due to circumstances I am in need of a house. You may own the house but for me it will be my home. I have great references! Rent to own could also work. Needs to within a half an hour from La Conner, where I have my business of 20-years. Call Jo 360-708-2022. Thank you, Joanne Mitchelle
7
OPEN HOUSE, Saturday, April 2nd, 11-1pm
547 CrEstEd ButtE BlVd, Mount VErnon $500,000 Three bedroom plus den and loft space on this corner lot in the Skagit Highlands. Open concept main floor, kitchen has eating bar with pendant lighting, and matching black appliances. Laundry conveniently located at upstairs loft area. Single car garage access thru alley. Community features trails, playground areas, basketball court, & parks. Easy access to local amenities and I-5. MLS#1906699
Carla Fischer
(360) 982-0100
Patricia Box Buyers agent
(360) 941-9186
1413 E CollEgE Way, Mount VErnon
$4,700/Mo
PREPPING TO PAINT
Just in time to choose your colors:3200 square feet of office space available May 1st, 2022. Choose exterior paint colors, new flooring; new interior colors also. $4,700.00 per month NOT triple net.
4619 & 4621 s BEaVEr Pond driVE, EaglEMont
P.S. La Conner Rotary tulip sales are also in April, Danya says stop by.
is a great family, community fundraising event and we are proud to be participating again this year! See you there!
2202 MoniCa driVE, Mount VErnon
$650,000 ,000
Cherry kitchen cabinets, quartz countertops, hardwood floors throughout; three bedrooms; 2 3/4 baths; natural gas forced air furnace; air conditioning; natural gas fireplacee both upstairs and in separate living area downstairs ea downstairs. Windows aree airport glass to enhanc enhance quietness. Daylight basement completely ompletely finished with kkitchen, second natural fir e and separ separate entrance. Enjoy the al gas fireplace beautiful sunsets from the main level deck. Sprinkler fr orage shed shed. Double garage and generous sized system; storage lot with parking park for 8 vehicles. Danya Wolf (360) 708-8294 MLS#1905955
P
Patricia Box Office Manager O: (360) 424-0300 C: (360) 941-9186
JoAnn Boudreau (360) 391-0746
IN END
G
Juanita Bunch (360) 941-5530
Carla Fischer (360) 982-0010
2017 ContinEntal PlaCE #5, Mount VErnon $1,200/Mo 1200 square feet of office space; available May 1st, 2022 Lobby; receptionist area, two offices, lunchette area; Open work area in back portion; bath. Parking in front and around back. $1.200/mo includes water, sewer, and garbage. Power and natural gas heat extra.
Elva Hunter (360) 202-3086
(360) 202-3086
21290 lafayEttE rd, sEdro-WoollEy
Danya Wolf
John Hunter (360) 202-3086
Suzanne Jenkins (360) 941-2983
360.424.0300
$5955,000 00
Shy 20 acres of farmland with deluxe triple-wide 2150 sq.ft. manufactured home. Portion of acreage is leased year to year to local farmer (about $4500 per year). Acreage offers Pole barn/garage w/ attached carport and separate large shop. There is garden space and fruit trees, several al smaller outbuildings, including starter greenhouse eenhouse and deck. The home offers a large ge kitchen with island island, pantry,, and nook with bay ba window overlooking erlooking farmland.. High ceilings and open feel tto this floor plan. Free standing wood stove supplemen forced ed air heat. Primary bedroom has walk-in closet and private bath. supplements P Ther are two moree bedrooms, a den, and another full bath to complete this home. There bedr Lots ots of parking ffor you and your guests. MLS#1905659
P
(360) 708-8294
$99,000
Each Lot is listed at only $99,000 Start your new home on one or both of these private lots in Eaglemont with all utilities in the street, surrounded by greenbelt and wooded area for maximum privacy, wonderful neighborhood with beautiful homes , walking trials. Eaglemont is an 18 hole Championship Public Golf Course! Spend your time relaxing and enjoying life in beautiful Eaglemont nestled in the foothills of the Cascade mountains with awesome views of Mount Baker and an abundance of wildlife! Once you’re here you’ll know you have found a hidden treasure! MLS#1880617 4619 S Beaver Pond Dr Elva Hunter MLS#1880578 4621 S Beaver Pond Dr
Please Join us on Johnson Day - April 9th! We will be volunteering along with the Johnson family! This
Danya Wolf
(360) 708-8294
Phil LaMay (360) 840-3086
IN END
Russ Lanker (360) 708-1117
G
Brett Tacker (360) 840-7931
Carla Fischer
(360) 982-0100
Danya Wolf Designated Broker/ Owner (360) 708-8294
3780 E. College Way, Mount Vernon www.skagittraditionrealty.com 214411-1
8
RE-Weekly
April 1, 2022