Real Estate Weekly June 23, 2023

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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.

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Real Estate Stat

-3.4%

Existing-home sales decreased 3.4% in April 2023. Each of the four U.S regions reported a decline in sales.

Source: National Association of Realtors ®

2023 REALTOR® Charity Golf Tour name nt

Th ursday, Aug ust 1 7, 2023 at Skagit Golf and Country Club 1 6701 Coun try Club Dr, Burlin gton , WA 98233

Benefitin g Habitat for Hum an ity of Skagit an d Islan d Coun ties, Frien dsh ip H ouse, an d Koetje Mem orial Sch olar sh ips !

NPSAR's Annual Charity Golf Tournament is approaching quickly! Player registration for the tournament is now open! There are also some amazing sponsorship opportunities that you won't want to miss out on. Come out to support these great local causes!

To register to play, please scan the QR code, or visit our website: www.npsar.realtor

Picturesque lake and mountain views abound from this one of a kind waterfront Campbell Lake proper t y situated on 2.7 Acres Steeped in countr y char m, this cottage by the lake is surrounded by a lush landscape, abundant wildlife & a rolling lawn that leads to the 112’+/- of waterfront. As you enter, a sun washed foyer welcomes you into the living & dining spaces with abundant views and access to an oversized deck, built for enter taining Designer driven kitchen with oversized Carrara marble island, high end appliances, & custom cabinets Three bedrooms and an owner ’s retreat are a mix of char m and moder n amenities At the water ’s edge is a private dock, boat lift, & a fire pit, all ready for lake fun! This is a must see proper t y for anyone considering lake living MLS #2076169

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.

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• 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.

The pros and cons of property management companies for rentals and second homes

by Erik J. Martin

Own an apartment building, vacation home, short-term rental, office building, or other property, or preparing to buy one soon? You may want to think twice about supervising that address on-site. Because active land lording and property management can take a huge toll on your time and resources.

Instead, consider hiring a property management company, which can do the dirty work for you.

“A property management company provides boots on the ground, emergency response and a network of people for those one-off issues,” says Mark Ainley, who is responsible for property management marketing

and leasing at GC Realty & Development, LLC in Roselle, Illinois.

Property management experts handle tasks like tenant screening, rent collection and maintenance and repairs, enabling property owners to focus on other aspects of their lives or business, according to Shri Ganeshram, CEO/founder of Awning.com, a nationwide Airbnb property management company.

“For example, if you own a second home as an investment but are a busy professional who finds it challenging to manage the property while juggling your day job, you can outsource these responsibilities to a property management company. ey can ensure this property is well-maintained and

generates a steady income without sacrificing your time and energy,” Ganeshram continues.

Min Hwan Ahn, a Philadelphia-based attorney, says good candidates for hiring a property manager include landlords who lack the time or expertise to oversee their properties, those with multiple properties or units and those living far from their real estate investments.

“On the other hand, landlords who prefer handson management or have only one property may not benefit as much from this option,” Ahn points out.

Among the advantages of enlisting a dedicated property manager is that you have an expert in the local market with a wider network of resources and referrals far

deeper than you likely possess.

“Also, more cities, counties and states are adding or modifying rental laws and restrictions. A property manager can stay on top of these new rules and reduce your risk as the owner,” adds Ainley.

Skilled property management companies are also well-trained to conduct thorough background checks on prospective tenants, “thereby reducing the risk of problematic renters,” Ganeshram notes.

On the other hand, these services can be costly.

“Property management fees are typically charged as a flat fee, such as $125 per month, or as a percentage of your rental earnings. For example, if you charge $1,500 per month on rent for a unit,

they may charge 8% to 10%, or $120 to $150 monthly,” Ainley says.

Additional fees for services such as tenant placement or maintenance can be charged separately, so it’s crucial to carefully review a property management agreement before signing.

Furthermore, hiring a property management company means letting go of some control over your dayto-day property operations.

In other words, if you’re a micromanaging landlord, you’re going to have to learn to loosen up and let go of a lot of your responsibilities.

After all, that’s what you’re paying a property management company for.

“ e old adage of ‘you get what you pay for’ has never been truer than in

the property management industry. Instead of going with the cheapest option, I highly recommend searching for the highest quality property management company you can find,” advises Jason Marcordes, managing broker for Landmark Property Management in Chicago. “Conduct proper due diligence by reading online reviews, checking websites like Biggerpockets.com, and asking local real estate professionals for referrals.” Be forewarned: A bad property manager could end up costing you thousands of dollars in increased tenant turnover, higher vacancy and expensive maintenance over the long haul, Marcordes cautions.

Real Estate Questions and Advice

Question:

For some time there have been worries about an inventory shortage. With sales down and fewer buyers in the marketplace, has the inventory situation improved?

Answer:

We have evidence that there’s more inventory balance of late. Let’s look at several statistics from the National Association of Realtors (NAR) for March.

ere is more existing home inventory, meaning buyers have more choices. ere were 980,000 available units, up 5.4% from a year earlier, when the count stood at 930,000. At the same time, existing home sales were down 22%. Prices fell .9% from a year earlier, meaning values were essentially flat, neither falling dramatically nor rising significantly.

(Interestingly, the month before, in February, the string of 131 consecutive months of year-over-year price increases – the longest streak of housing price increases on record – came to an end.)

In a sense, long-suffering buyers are gaining marketplace leverage. Not enough to significantly force down home values, but enough to gain some negotiating power and even price cuts in selected markets.

at said, there just isn’t a lot of inventory. Part of the reason may well be that today’s interest rates look steep to current owners but acceptable to willing buyers.

“Elevated mortgage rates are perhaps an even bigger deterrent for would-be sellers than for would-be buyers. Giving up a 3% mortgage rate for one in the 6% range is a tough pill to swallow,” said Redfin Deputy Chief Economist Taylor Marr.

“Today’s serious homebuyers,” he added, “have grown accustomed to the idea of a 5% or 6% rate and have adjusted their budgets accordingly. e lack of homes hitting the market explains why the market is moving fast even though sales are still down. e lack of new listings is also one reason why sales are down: Buyers can’t buy if sellers don’t want to sell.”

However, it’s also true that sellers can’t sell if

ASK OUR BROKER

By Peter G. Miller

buyers don’t want to buy.

One way to break the cycle is to increase the number of housing units, to have more construction, but March new home sales were down 3.4% when compared with a year earlier.

And -- if affordability is an issue with existing homes -- it’s a bigger issue with new construction. e median cost of an existing home in March was $363,700. at compares with $449,800 – the median price for new homes that month.

To make matters more complex, many of those who would like to be in the real estate market as buyers or sellers are on the sidelines, in part because we are still feeling the effects of the pandemic economy. It’s unclear if we are about to conquer inflation, if we might enter into a recession, or maybe both at the same time. Many are comfortable waiting until the economic signs become clearer before entering the real estate market.

“First Homeowner In Family Paves Generational Wealth”

Marilyn Kennedy Melia

ose who are first in their family to earn a college degree are typically asked to take a bow at graduations. e recognition is well-deserved, since the degree promises greater wealth for these grads and their children. Arguably, though, the first homebuyer in the family stands an even greater chance of establishing generational prosperity.

“Homeownership offers two great paths to wealth,” says Gabe del Rio, president and CEO, Homeownership Council of America. “Even if your home doesn’t increase in value,” he explains, paying down your mortgage over time allows you to own all of or most of the property. Plus, you won’t face rising rents and

you can save more.”

e caveat, he adds, is to stay in a home long enough and not increasing mortgage debt with cash-out refinancing or equity borrowing.

Not having homeowner parents who can share their knowledge on buying - and are more likely gift down payment money due to their greater wealth- puts firstin-family buyers at a disadvantage, says David Dworkin, president and CEO of National Housing Conference.

But there’s also help available:

• Start with free counseling.

e many counseling agencies around the country listed at hud.org provide free classes and individual advice on how to get finances in shape to buy, and where local down payment assistance and special loan programs

might be available.

• Visit Downpaymentresource.com.

“ is site isn’t 100 percent complete,” says del Rio, “but it’s the best and largest listing of down payment [grants and loans] around the country.”

• Check 3X30.org if you’re African American.

Minorities have lower rates of ownership than Whites, and Black Americans have the lowest rate among minority groups. is site is dedicated to helping boost Black ownership.

• Find a willing realtor and lender.

e housing market has slowed, and interest rates are relatively high. But mortgage lenders have more time, and some are willing to help first-timers find special loan programs and opportunities, says Dworkin.

14087 RiveR Bend Rd.

Mount Vernon $950,000

31835

1521 FoRest Ridge Place

Mount Vernon $925,000

13136 BRidgeview way

Mount Vernon $1,300,000

Prime farmland just minutes from I-5 and exit 227. 37.99 acres of Sumas silt and Mount Vernon silt loam soil. Currently leased to potato farmer. Drilled well. Beautifully landscaped, 2 bedroom, 1228 square foot farmhouse. 376 square foot shop/ storage building; plus additional building

MLS#2129619

60102 state Route 20.

MarBleMount $675,000

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 FRESHSEEDED GRASS ALONG THE DRIVEWAY. THANKS.

Danya Wolf (360)

24017 tRinit y lane

708-8294

Suzanne Jenkins (360)

Rd. Burlington $429,000

Custom built for enter taining and for longevity, this beautifully appointed 3,006 square foot home has no steps; wide door ways and hallways: walk in pantr y spacious open kitchen, fabulous primar y suite with two separate baths and generous sized walk-in closet accessible from both primar y baths; storage and more storage throughout Third bath off hallway connects to guest bedroom. Large office/den/work/recreation space Spacious, convenient utility room. Enameled metal roof Extremely large 3 car garage (1,178 square feet) with 1/2 bath, and even more storage and work area. Large deck with gazebo for outdoor enter taining and enjoyment on this beautifully landscaped .49 acre lot. Circular drive, lots of extra parking; generous sized RV space. MLS#2067842

This 4 bed/ 3.5 bath, 3982 sq. ft. home is per fectly situated on a shy acre offering exquisite one -level living in prime location with a spectacular bay and mountain view Away from the hustle and bustle yet so incredibly close to ever ything! Easy access to Hw y 20 for travel West to Anacor tes, Deception Pass, and beyond; or travel East to I-5 for commuting (Nor th and South) or continue Eastward to the beautiful Nor th Cascades Recent upgrade of kitchen cabinets, decks on nor th, south, and west sides of the house, 3 car garage, expansive driveway parking, sauna, Thermo-spa Aquasizer, updated professional landscaping, sprinkler system, and garden space. Near to beach, park, and Padilla Bay trails; great area for walking, jogging, and biking. MLS# 2047824

lot 156- 4615 BeaveR Pond dRive s. Mount Vernon $229,900

$300,000

oWN er F i N a NC i NG avail a B le! BUS i N e SS o N lY

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

1 Mountain view Rd Mount Vernon $115,000 P ri C e red UC ed oWN er F i N a NC i NG avail a B le

7.5 acres of rich farmland with 200 fruit trees, ¾ acre blueberr y, 3 acres strawberries, ¾ acre blackberr y, ¾ acre raspberr y, 60x30 paver patio in place, incredible view, fully fenced with beautiful rolling gate, some farm implements and a trac tor included.

MLS#2050192

Including Architectural plans for your new home designed and engineered specifically for the lot Main floor has 1,736 sq.ft and lower floor with 1,518 sq.ft Main level has primar y suite and office Great room with fireplace and large kitchen & dining room, covered patio All utilities in the street Waiting for Eaglemont HOA and City permits, ready for you to customize your finishes to fit your lifestyle. Come and enjoy this beautiful area with walking trails and parks Don’t miss out on this incredible oppor tunity to live in the beautiful community and build your ideal home!

Perc test per formed/3 bed septic possible, permit#SW22-0073

Sedro-Woolle y $849,000 Danya Wolf (360) 708-8294 Danya Wolf (360) 708-8294

Danya Wolf (360) 708-8294

MLS#2070636

elva Hunter (360) 202-3086

Danya Wolf (360) 708-8294

Danya Wolf (360) 708-8294

Patricia Box (360) 941-9186