Real Estate Weekly June 9, 2023

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.

Real Estate Stat 23.2%

REALTORS® Awar d Two George Koetj e Memorial Scholarships

North Puget Sound Association of REALTORS® established the George Koetje Memorial Scholarship in honor of George Koetje, long-time respected REALTOR® from Oak Harbor. Our two recipients for this year are Miles Erikson and Allison Bailey of Oak Harbor Congratulations to both Miles and Allison for being this year’s 2023 George Koetje scholarship recipients!

We wish you all the best with your future endeavors!

Beautiful, level 8+ acre homestead ready for your vision. Par tially cleared, established orchard & pr ivate wooded area create a wonderful retreat away from it all. Adorable 2-bedroom 1940s home with good bones has been gutted and electr ical roughed in with a new panel. This is a perfect setting for a per maculture homestead, with plent y of usable acreage for gardens, fr uit trees, animals, & pasture Great location at the entrance to the Nor th Cascade National Par k. With easy access to the pr istine Skagit River This is a great vacation rental or Hipcamp (camp spot rental). Watch the wildlife wander through or fly over from your back yard. This is a rare oppor tunit y for a large usable parcel with endless possibilities MLS #2076998

Why advertising matters

No matter the size of your business, good and thoughtful promotion will always help you grow awareness about your brand, get in front of more serious prospective clients, and ultimately boost your revenue. Advertising has been shown to be worth the investment, and we’re taking a deeper dive into why it really matters and what you can do to spread the word about your business.

• It creates brand awareness.

• It provides credibility.

• It helps you reach potential clients.

• It drives lead generation.

• It produces more continuous business.

• It improves your digital presence.

• It encourages customer engagement.

• It keeps your consumers up to date.

• It leads to repeat business.

The bottom line? Advertising really works. It’s a key component to building your brand, growing your earnings, and maintaining a successful real estate business. Our marketing solutions can help you get lots more eyes on your business with targeted online advertising.

Let us help you meet your marketing goals by advertising your listings in Real Estate Weekly.

Do I really need a real estate agent to sell my home?

by Erik J. Martin

Experts will tell you that you should never attempt to go without an attorney in court. Likewise, many pros argue that attempting to sell a home without a representative in the form of a Realtor or agent is foolhardy.

But the truth is, you can and are legally allowed to list, show, and sell your home without an agent, broker, or Realtor (some states require you to have a lawyer involved in the process, FYI).

Still, can going without a pro and choosing the “For Sale By Owner” (FSBO) route result in seller regret? Not necessarily.

“ e advantages of enlisting a real estate agent or Realtor include their expertise in the local housing market, their

ability to handle negotiations and paperwork and their network of potential buyers,” says Jeff Johnson, a real estate agent and owner of Simple Homebuyers in La Plata, Maryland.

Michael Winkler, cofounder and chief strategist at Sell Home Today, explains that working with an agent means you’ll get the benefit of their expertise and experience.

“ ey know the local market inside and out and can use that knowledge to help you price your home correctly, market it effectively, and negotiate with potential buyers so that you don’t have to yourself,” he says. “Agents also have access to all kinds of marketing tools and channels, such as online listings and social media,

which means your home will get maximum exposure to potential buyers.”

But agents charge a commission for their services. Sellers are typically responsible for paying the commission fee for both the seller’s agent and the buyer’s agent, which can collectively cost 6 percent of the home’s sale price, on average. Also, by entrusting an agent with the work involved, you’ll have to give up some control over the process.

List and sell a home yourself and you’ll feel more empowered and in control— after all, the buck stops with you.

“You can set the asking price, market the property in ways you see fit and negotiate directly with potential buyers. You’ll save money on commission fees

and earn a sense of pride and accomplishment in handling the sale on your own,” Brett Rosenthal, a Realtor in Philadelphia, notes. But trying to unload a home on your own can be time-consuming and challenging, especially if you’ve never done it before.

“Without the guidance and expertise of a real estate professional, you may struggle to accurately price your home or successfully promote it to potential buyers. And you may be less prepared to handle the legal and financial aspects of the transaction, which can be complex and require careful attention to detail,” cautions Rosenthal.

Note that FSBO sellers often face longer times on the market and settle for a lower sales price due to

their lack of marketing and negotiating skills.

But FSBO isn’t the only way to sell your house without an agent attached.

“An alternative option is to work with a real estate auction company. ese companies will typically handle all aspects of the sale, including marketing, property inspections and the auction event itself,” Winkler continues. “However, this option can be risky because you won’t have say over the final sale price, and the process can sometimes be unpredictable.”

Another choice is to sell your house to a real estate investor or a “We Buy Houses”-type company. ese sources will typically make you an offer on your residence quickly and may purchase without requiring

you to prep/tidy up the home or completely empty it. e problem is an investor or cash buyer company probably will offer much less than you would have earned if you sold it to a typical buyer.

“Whether you should choose an agent, go the FSBO route or sell to an investor will depend on your individual circumstances and preferences,” adds Johnson. “If you have little knowledge of the market and don’t want to handle the details of the sale, an agent may be your best option. But if you have experience in real estate and want more control, FSBO could be the way to go. Or, if you need to sell quickly and are prepared to pocket less for your home, consider selling to a cash buyer or investor.”

Real Estate Questions and Advice

Question:

Because of the pandemic we’ve done little vacationing during the past three years, but now we’re thinking of buying a vacation home, something that can be used by our family. Is this a good time to buy vacation property?

Answer:

Just like the real estate market in general, there are many vacation options and locations from which to choose, including places in the mountains, rural areas, cities such as New Orleans and San Francisco and by the water. Your personal preferences, local market trends and financing options all need to be considered.

Redfin says that vacation property demand has declined substantially, noting that “mortgage-rate locks for second homes were down 52 percent from pre-pandemic levels on a seasonally adjusted basis in March, compared with a 13 percent decline for primary homes.”

“Second-home rate locks,” it said, “fell to their lowest level since 2016 in February and remained nearly as low in March.”

A little context is in order. Real estate demand is

down generally, even though price increases have slowed and – in some markets – even declined. Figures from the National Association of Realtors show that March existing home sales were down 22 percent when compared with a year ago.

Less demand might make this an attractive opportunity for buyers, but we need to ask why demand is down.

First, mortgage rates have moved up significantly since the record low of 2.65 percent seen in the first week of January 2021. Monthly costs for anything bought with credit – houses, cars, appliances, etc. – are simply higher.

“ is continues to be an incredibly rate-sensitive housing market, and March’s rate lock activity perfectly illustrates this dynamic,” said Andy Walden, vice president of enterprise research at Black Knight.

Even small up-or-down mortgage-rate movements can drive demand higher – or reduce it.

Second, second homes and vacation properties are often more expensive than a prime residence. Higher prices shrink the pool of potential buyers.

“ e typical second home was worth $465,000 in 2022,” said Redfin, “versus $375,000 for a pri-

ASK OUR BROKER

By Peter G. Miller

mary

home.”

ird, we increasingly need to ask if so-called “vacation” properties can be prime residences. It has become increasingly possible to work “in” a major metro area, but actually live somewhere else. e work-from-home movement is live and can allow some employees to work from the location of their choice, but most will remain close to the office because they only work part-time from home.

For example, the National Association of Home Builders reports that “45 percent of government workers report being able to work from home at least twice a week, not significantly different from the 41 percent in the private sector.”

Given so much marketplace tumult as well as new opportunities is now a good time to buy a second home?

All real estate is local, and we just don’t know what the future will bring. But, if a vacation home is attractive, this might be a good time to visit the areas you prefer, get to know the local market and see what’s available.

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

“Rate Shopping Pays Off ”

Mariyn Kennedy Melia

Borrowers can fight their own private war against higher mortgage rates.

If they comparison shop rates at different lenders, borrowers can “potentially save $600 to $1200 annually,” according to mortgage agency Freddie Mac.

Looking at borrowers with similar down payment, credit and financial profiles between 2010 and 2021, when rates didn’t see rapid escalation, Freddie Mac found that similar borrowers applying at the same time for a 30-year fixed mortgage between $250,000 and $350,000 were offered rates differing an average of .1 percent.

But during the first 11 months of 2022, when rates quickly rose, the average deduction was .2%. at implies that when borrowers seeking a rate offer from

at least two lenders, one will be slightly lower. Although the research “didn’t identify exactly why” greater differences in rate offers occurred in 2022, says Len Kiefer, Freddie Mac deputy chief economist, it’s probably due the rapid rate escalation then lenders to make quick pricing decisions. Plus, higher rates tend to foster greater “dispersion” or differences. If rates decline rapidly at a future time, lenders will also be forced to re-price quickly, fostering some rate differences.

e problem for rate conscious borrowers is that mortgage shopping is hardly like comparing the best price on hamburger.

e exact rate a borrower is offered depends on mix of factors, like his credit score, down payment amount and earnings history. Moreover, applying for mortgage “pre-approval,” whereby a lender orders a

credit report and includes a charge for an appraisal on the home you’ll select, can cost several hundred dollars, explains Keith Gumbinger of mortgage data site HSH.

e alternative is to first watch the advertised rates of two or three lenders, he advises. On those ads, “make sure to look for footnotes detailing the criteria” the rate is based on– like the credit score and down payment amount.

en, seek “pre-qualification,” which lenders often provide for free, suggests Gumbinger. While not a formal rate offer, lenders ask about your financial profile and tentatively show you the likely rate you’d qualify for.

“Shopping before committing to a lender,” concludes Gumbinger, isn’t simple, but can be “rewarding.”

31835 e MaiN St, Sedro WooLLe y NeW PriCe

M Ot IVAt E d S ELLER Patricia

Box (360) 941-9186

2 bed, 1216 sf home with updated bath. New floor in kitchen & laundr y, NEW metal roof, New VINYL windows, tankless water heater Garage 625sf, multi-purpose bldg. 880sf, 450 sf guest house w/1 bed/1 bath and living area.

Fenced yard, .66 acre lot. PLEASE STAY OFF FRESH-SEEDED GRASS ALONG THE DRIVEWAY. THANKS. MLS#2072474

Suzanne Jenkins (360) 941-2983 Carla Fischer (360) 982-0010 $475,000 COMMERCIAL 13136 BridgeVieW Way, MouNt VerNoN $1,350,000 NeW PriCe

60102 State route 20, MarBLeMouNt $675,000

Many investment possibilities with this home & proper ty: Classic 4 bed/2.5 bath farmhouse style 2560 sq. ft. home with east-facing deck on 1.76 acres. Home offers kitchen w/island & ceramic tile floors, office, bonus room, mud/laundr y room, living room with propane fireplace, built-in bookshelves & beautiful laminate over hardwood floors. Detached building per fec t for office or studio. The proper ty features a 16,000+ sq. ft. pole building with its own water, power & septic. Pole building includes a large, insulated shop area & expansive ex ternal parking area; RV hook-up at the east end, per fec t for guests Potentially incomeproducing proper ty. Special Use permits were previously approved for home -based businesses (in 1995 & 2010).

MLS#2028784

BUSINESS ONLY $300,000

Mondo is a well- established and well-loved family-style restaurant at the foot of the Cascade Mountain Range. Locals and travelers make this par t of their Hw y 20 and Nor th Cascade National Park trip Major ar terial choice to Newhalem and continue on to Winthrop; or cross the Skagit River bridge and continue up to Cascade Pass and hiking to Stehekin. The restaurant is warm and inviting, with incredible fare Ver y spacious dining area. Some outside seating available. Small gift shop area. The kitchen is beautifully remodeled. New flooring and ex terior lighting. MLS#2038466

Wolf Designated

24017 triNit y LaNe, Sedro-WooLLe y $859,000