Real Estate Weekly: June 2, 2022

INSIDE

This Issue STRATEGIES TO AVOID BUYER’S REMORSE PAGE 5

THE VALUE OF OUTDOOR ROOMS PAGE 7 CLASSIFIEDS PAGE 7

JUNE 3, 2022

INSIDE

TABLE OF CONTENTS

PAGE

5

Strategies to avoid buyer’s remorse..................P5 Q&A

Ask Our Broker.......................................................................P6

The value of outdoor rooms...................................P7 Classfieds.............................................................................P7

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June 3, 2022

STAT Real Estate Stat

-3.9%

Real Wood Real Quality 919 Riverside Dr. | Mt. Vernon www.nwff.com | 360. 424.8455

Pending home sales fell for the sixth consecutive month, down another 3.9% in April 2022 from March.

Monday - Saturday 9:30-5:30 222414-1

Source: 2022 National Association of REALTORS Dining | Bedroom | Entertainment | Home Office | Upholstery

NORTH PUGET SOUND ASSOCIATION of REALTORS®

FEATuRED PRoPERTY:

525 East College Way, Suite J

1000 S 16Th STREET, MounT VERnon

Mount Vernon, WA 98273

Tel. (360) 416-4902

www.npsar.com

Skagit Tradition Realty LLC 3780 E. College Way Mount Vernon, WA 360-424-0300

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.

www.skagittraditionrealty.com

$325,000.00

Patricia Box Buyers agent (360) 941-9186

Danya Wolf (360) 708-8294

Open House: Saturday, June 4th, 11am - 2pm

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.

Well-loved one bedroom home on Mount Vernon Hill with attached garage. Bring your ideas and make this one your own. Galley kitchen has ample counter and cupboard space. Bathroom offers very nice walk-in tile shower with glass doors, lovely vanity, and flooring. Hardwood flooring in bedroom is beautiful and gives a more up to date look. Good sized yard with plenty of space for a garden and a concrete patio to enjoy alone or with guests; mature landscape and fruit trees round out the enjoyment factor of this little gem. Adorable white picket fencing makes this home inviting, there is also privacy fencing on two sides. Home is very conveniently located to medical services, shopping, schools, parks, and easy access to I-5 for commuting or traveling.

MLS#1939213

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.

June 3, 2022

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Now could be the time to sell a new home and earn a slice of the real estate pie.

B C

W

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.

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June 3, 2022

v n a d t b l t

t a fi p b o A b t c s s

Strategies to avoid buyer’s remorse

By Erik J. Martin CTW Features 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 quite live up to your expectations.

It’s only natural, then, to experience regret after forking over serious finances to claim a house, particularly in today’s robust seller’s market. In fact, 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

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June 3, 2022

concur.

“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 must jump on available properties quickly to keep up with the fastpaced 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 these reasons can lead to serious remorse.

“One of the things we been hearing frequently from customers is that they are afraid to overpay for a house,” says Ryan Dibble, COO of Flyhomes in Seattle. “But 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 selfimposed 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 Alexandria, Virginia.

But there may be a silver lining to these cautionary tales.

“Buyer’s remorse is nor-

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mal. 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. And, 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 following 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 Yorkheadquartered 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 you’ll know exactly what your budget is. That information will help reduce stress and enable 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.

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Everything that sellers consider before accepting offers Question:

We’ve been watching with great interest as real estate prices soared in our neighborhood. A lot of homes are getting multiple offers. Isn’t the seller required to accept the first buyer who agrees to the listing price?

Answer:

It might seem as though a real estate sale is all about price, but that’s not the case. Yes, numbers count, but they’re not the whole story.

Take a look at the real estate form agreement used by most real estate brokers in your area.

Sale agreements long ago used to be several pages long, today they resemble a small novel. They talk about a lot more than the sale price.

What about a full-price offer without contingencies?

Attorney Ann O’Connell, legal editor at Nolo. com, points out that “in order to be legally binding, a real estate purchase contract must contain enough detail for a court to be able to enforce it in the event of a dispute. A promise to buy a house without more detail than price and lack of contingencies is not definite enough

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to enforce, as the parties would still have many more terms to work out.”

The surge in real estate demand during the past two years has pushed up prices in most markets.

The result has been multiple bids for individual properties and sale values that are often wellabove listing prices. According to Redfin, a study of 400 markets in late March showed that 50% of the homes sold received offers above the list price, up from 39% a year earlier.

If owners were required to accept the first fullprice offer they received, they would miss out on the higher amounts available from other bidders.

Why would an owner not accept the fullprice bid, especially an all-cash offer with no contingencies? Here are several reasons.

Closing. A big issue for many sellers is the question of closing times. An offer that requires a fast closing can be a problem for owners in terms of finding a replacement property, packing, and moving. A delayed closing might mean the owner lacks funding for a replacement property.

Deposits. Full-price offers and offers well above listing prices may seem enticing to owners,

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Q&A

ASK OUR BROKER

By Peter G. Miller

but not if they come with small deposits.

Financing. In February, according to the National Association of Realtors, 25% of all existing home sales were all-cash transactions.

That means three-quarters of all sales require mortgages, and mortgage applications sometimes fall through. One problem may be that the buyer does not meet loan program standards, or a property with a sky-high price does not appraise.

If financing falls through, an owner must again market the property, but maybe the market has changed and now has higher mortgage rates and reduced buyer demand.

Terms. A full price offer might include specific buyer demands that the seller cannot accept. For example, as a condition of the sale, the buyer may want to the seller to replace the washer and dryer with new models from a specific manufacturer.

For more information regarding full price and above-listing offers, speak with local real estate brokers or attorneys.

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

June 3, 2022

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.

The value of outdoor rooms

By Marilyn Kennedy Melia CTW Features

Especially since the pandemic, homebuyers value kitchens, entertaining areas, and cozy places to relax.

Increasingly, though, the best of these features isn’t located in one of the rooms or square footage cited in a listing – because they’re outdoors.

Indeed, outdoor rooms are hard to define. For one, the cost, quality, and types of features vary tremendously.

At one end, a simple store-purchased fireplace and barbeque island qualifies as an outdoor living space. At the upper tier, a full “room” can consist of a pool and patio, replete with custom constructed kitchen appliances and bar.

Several surveys, like one of real estate agents by HomeLight, finds that outdoor living amenities, along with home offices, rank as top renovations to add value this year, but don’t quantify how much a particular improvement will boost home price.

So how can homeowners estimate a return on an investment in the outdoor improvements they plan?

We asked residential appraiser Dawn Molitor-Gennrich, who freJune 3, 2022

quently values outside living spaces in the homes in the Northern California market she works in, to share some tips: Compare outdoor spaces in similar homes.

Inputting your street address in popular listing sites like Zillow, will yield homes that are probably like yours that are on the market or have recently sold. Especially in warmer climates, and if your home is in a mid-to-upper priced neighborhood, clicking through photos on even just a few listings should display outdoor living spaces.

In colder climes, it may take more clicks to find backyard rooms.

Check prices and timelines.

What do homes without outdoor improvements sell for against similar properties that do have appealing amenities? The price premium versus the cost of installing improvements is the return on your investment. Days on the market is also a good indicator of how appealing and popular a home is.

Query real estate agents and landscapers.

What you can’t find digging through data is accessible anecdotally. Agents can relate popular local features. Landscape professionals can also view your yard and help you envision upgrades.

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18949 CaSCade ridge Court, Mount Vernon $835,000 Conway schools; extremely well cared for rambler on 2.77 park like acres just ten minutes from I-5. Beautiful country kitchen with adjoining family room plus separate formal dining and living room provide extra options for entertaining.

An open floor plan provides a gracious transition from area to area. Primary bedroom offers spacious bath with double sinks and generous sized walk in closet. Heat pump.

3 bedrooms; 2 baths; separate laundry area with deep sink. Space leveled and prepared for future work shop. Meticulously designed for outside entertaining with patio and incredible focal points. Well-appointed greenhouse; and fruit trees. 3 car garage (800 square feet) & RV parking. Visiting wildlife: deer; eagles; and more. Cul de sac street.

Danya Wolf (360) 708-8294 MLS#1922531 23952 nortH WeSt VieW rd, Mount Vernon

55’ Waterfront

$1,100,000

1 Mountain VieW rd, Mount Vernon

$115,000

60102 State route 20, MarbleMount

Mondo is a well-established and well-loved Korean and American family restaurant at the foot of the Cascade Mountain Range.

Favorite of locals and travelers. Restaurant is warm and inviting, with incredible fare. Very spacious dining area. Some outside seating available Small gift shop area. Kitchen is beautifully remodeled.

Business only $335,000 MLS#1926484 Business and property $790,000 Danya Wolf MLS#1926413 (360) 708-8294

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.

Danya Wolf (360) 708-8294 MLS# 1861233 20787 bulSon rd, StanWood

$350,000

$790,000

21290 lafayette rd, Sedro-Woolley

$575,000

View, view, view!This spacious 2260 sq.ft home on the sunny side of Big Lake has spectacular views from almost every room. Features include a multi-level deck, aggregate patio and private dock. So many opportunities for just relaxing or entertaining guests. Home offers 2 beds/ 2 baths, kitchen with pantry, SS appliances, lots of cabinetry, a peninsula, just add a couple stools to enjoy a little chit chat while preparing a meal. Laundry room has multiple cupboards and a sink. Unfinished 936 sq.ft basement affords more room for storage. From the kitchen step down to the living room with large windows to take in the view, then out the French Danya Wolf doors to the partially covered deck, yours to enjoy rain or shine. MLS#1927143 (360) 708-8294

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 Danya Wolf (360) 708-8294 convenient for commuting. MLS# 1841822

Possible seller financing with large down payment.

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).

Pole barn/garage w/attached carport and separate shop.

There is garden space and fruit trees, several smaller outbuildings, including starter greenhouse and deck.

The home offers a large kitchen with island, pantry, and nook with bay window overlooking farmland. High ceilings and open feel floor plan. Free standing wood stove supplements forced air heat. Primary bedroom has walk-in closet and private bath.There are two more bedrooms, a den, and another full bath to complete Carla Fischer this home. Lots of parking for you and your guests.

(360) 982-0100

2XXX urban aVenue, Mount Vernon

WHalen driVe, Point robertS

1564 H Street rd, blaine

$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. SubjectTo survey and short plat. Property is located between ChicagoTitle Company easterly parking lot and Max Dale Restaurant’s south easterly parking Danya Wolf area. MLS# 1649968 (360) 708-8294

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

JoAnn Boudreau (360) 391-0746

Juanita Bunch (360) 941-5530

Carla Fischer (360) 982-0010

$250,000

Magnificent views of Boundary Bay and the mountains! Enjoy the lights of Vancouver BC, only 45 minutes away! Less than 20 miles toVancouver 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 RobertsWater District).

Danya Wolf (360) 708-8294 MLS# 1863417

Elva Hunter (360) 202-3086

John Hunter (360) 202-3086

Suzanne Jenkins (360) 941-2983

360.424.0300

Phil LaMay (360) 840-3086

$1,150,000

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.

Danya Wolf Shown by appointment. MLS#1925565 (360) 708-8294

Russ Lanker (360) 708-1117

Brett Tacker (360) 840-7931

Danya Wolf Designated Broker/ Owner (360) 708-8294

3780 E. College Way, Mount Vernon www.skagittraditionrealty.com 214419-1

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