Real Estate Weekly April 16, 2021

INSIDE

This Issue

SIDESTEP HOME SHOPPER’S REGRET PAGE 5 LIVING COMFORTABLY IN A BACKYARD GRANNY FLAT PAGE 7 CLASSIFIEDS PAGE 7

APRIL 16-22, 2021

INSIDE

TABLE OF CONTENTS

PAGE

5

Sidestep home shopper’s regret .........................P5 Q&A

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

Living Comfortably In A Backyard Granny Flat..................................................P7 Classifieds............................................................................P7

RE-Weekly To advertise in RE-Weekly or other Skagit Publishing publications, Call: 360.416.2180 or Email: ads@skagitads.com ©2021 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.

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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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April 16, 2021

STAT Real Estate Stat

6.22 million The number of home sales completed in February 2021 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.realtor

Feature Home From cover: 4603 CUTTER DRIVE, ANACORTES

$1,525,000

Windermere real estate/anacortes Properties P 3018 commercial ave.

Anacortes,WA • 360-293-8008 www.anacortesrealestate.com

BILL ROBILLARD 360-770-4707

Enjoy spectacular views of Guemes Channel’s boat traffic and sunsets from this stunning San Juan Passage home.

3-floor elevator offers easy access to Chef’s kitchen, sun-filled living room, 1st and 2nd floor master bedrooms, guest ensuite bedroom and perfect family room. Large garage/workshop for all your toys, parklike backyard with large patio. Just steps from one of five community parks that leads you down to Guemes Channel Trail and beach. Private community pavilion

Mission Statement: The Nor th Puget Sound Association of Realtor s advocates for Realtors and their clients, and promotes the protection of property rights.

and pickle ball court.

MLS#: 1650995 2046255

April 16, 2021

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

s b p t t s b t b d

Record-low interest rates and record-low housing prices are renewing interest in the floundering 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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RealEstate weekly In print and online goskagit.com ads@skagitads.com

April 16, 2021

f R w b B a o g f w p c p

Sidestep home shopper’s regret

By Erik J. Martin

W

hen in doubt, a smart investigator follows a proven credo: To find the truth, follow the money trail.

So in trying to understand why 65% of home buyers backed out of purchasing a home over the past year – according to the results of a recent survey conducted by Lombardo Homes – it’s helpful to follow the breadcrumbs back to other insightful data.

Kris Lindahl, CEO/ founder of Kris Lindahl Real Estate in Denver, was particularly perturbed by that 2:1 abort ratio.

But he’s convinced that a big reason why many of these buyer wannabes got cold feet is found in a fresh report by Opendoor, which reveals that only 40 percent of prospective purchasers initiate the buying process by estimating what April 16, 2021

they can afford.

“Many potential buyers begin without having the right information,” he says. “It’s easy to fill out a form with an online lender and be told you are prequalified without really being aware of what that translates to in terms of a monthly payment. There are factors that buyers may not be considering prior to looking at homes.”

Put another way, lots of home shoppers lack necessary financial literacy, according to Kris Lippi, real estate broker/CEO of ISoldMyHouse in Hartford, Connecticut.

“Too many prospective buyers back out of purchasing a home because the amount they thought was enough isn’t really enough, considering today’s market prices. These buyers need to be educated more when it comes to the cost of purchasing and eventually owning a home,” she suggests.

Budget properly before hunting for a home Julie Aragon, a Los Angeles-based mortgage broker, explains that homeowner prospects frequently experience sudden anxiety when they begin closely reviewing their financial picture and soon-to-be budget associated with their new home purchase.

“Often, people become fixated specifically on their mortgage payment and overlook the other expenses involved, including taxes, insurance, and maintenance,” notes Aragon. “Commonly, people are stunned when they eventually calculate how certain types of spending accumulate at month’s end. Acquiring this knowledge and information before the transaction completes is often an eyeopening reality that can force a would-be buyer to

postpone what might be a financially irresponsible home purchase. And that’s actually a good thing in the long-term.”

In other words, even though that 65% back-out rate is alarmingly high, at least many of these potential buyers eventually crunched the true numbers and came to their senses before making a purchase that would have led to major regret and financial struggles.

Still, many of these folks could have saved a lot of time and prevented much frustration if they budgeted properly early on, the experts agree.

“There’s no use wasting time going shopping and falling in love with a house that you eventually learn is beyond your budget.

If you do not financially forecast properly, odds

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are you might lose your chance of winning bids for a house you can afford because you devoted time looking at houses you are less likely to close on,” says Lippi.

Suzanne Hollander, attorney and real estate professor at Florida International University in Miami, recommends starting the process by obtaining a mortgage preapproval letter from a lender before looking at properties and working closely with the lender to create an accurate budget.

“This preapproval letter confirms the maximum purchase price you can afford to spend on the property and helps you set realistic parameters for the house search,” Hollander says. “During this preapproval phase, the lender will ask you detailed questions regarding your income, debt, and liabilities and educate you about the amount of money needed

to pay the mortgage and other expenses.”

To help budget properly, follow a general rule of thumb: The maximum amount of your monthly gross income you should allocate toward housing expenses is 28%. Aragon says this can be calculated by using the following factors: n Principal loan amount plus interest n Real estate property taxes n Homeowners insurance premiums n Private mortgage insurance, if applicable – usually required by the lender if you lack a 20% down payment n Homeowners association dues, if applicable – often applies to condos or housing developments n Maintenance, repairs, and upgrades to your home.

“Additionally, calculate non-housing expenses like food, utilities, vehicle costs, existing debts from credit cards, student loans, and car loans, retirement savings, and short-term savings. That way, you can see what’s left for your potential home purchase and whether that tracks with the 28% recommended maximum,” says Aragon.

While budgeting, think about expenses you can eliminate to help make a home purchase a reality.

“Things like eating out, Netflix subscriptions, and vacations should all be taken into account,” Lippi adds.

5

Finding hidden costs when closing Question:

We want to refinance with a no-closing cost loan. Friends tell us this may not be a good idea because there can be hidden costs. Can you explain how these loans work?

Answer:

With a no-closing cost loan a lender will eliminate some or all closing costs in exchange for a higher rate. There’s nothing hidden about it. No one said the loan was cost-free and no one should think that it is.

Instead, with a no-closing cost mortgage the expense of the transaction is shifted from closing to the interest rate.

This raises a question: What’s the actual cost of the loan? There are so many numbers in motion that it may be hard to understand but here are several measures to consider.

First, when getting loan quotes from lenders tell them you first want to know the “par” rate – that’s the rate without any points (loan

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discount fees).

Second, read the whole offer, not just the headline. For instance, a solicitation might feature an extremely low rate and with it a greatly-reduced monthly payment. However, if the required points (loan discount fees) equal 3.5% of the loan amount the borrower might do better elsewhere. For a $250,000 mortgage that 3.5% charge is equal to $8,750.

Third, the annual percentage rate – the APR – can be confusing. For example, if you borrow $200,000 at 2.75% with two points the APR is 2.906% over 30 years according to one calculator. But, will you have the loan for 30 years? Not likely. If the loan is outstanding 10 years the effective APR rises to 3.17%.

Fourth, be sure to read the official Loan Estimate (LE) form that lenders must provide.

You’ll see the interest rate on page one. The APR and five-year costs are on page three.

As interest rates have declined lenders

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Q&A

ASK OUR BROKER

By Peter G. Miller

have looked toward fee income to enhance bottom-line results. According to Freddie Mac mortgage rates averaged 3.94% in 2019 but fell to 3.11% in 2020. Meanwhile, profits per loan increased. According to the Mortgage Bankers Association (MBA), “independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a net gain of $5,535 on each loan they originated in the third quarter of 2020.” In the third quarter of 2019 the net gain per loan was $1,924.

Lenders have the right to negotiate and so do borrowers. In the 2020 environment – when lenders were over-run with loan applications – it was a lender’s market, but that doesn’t mean borrowers couldn’t do well.

The keys to low rates in 2021 – as always – are good credit, steady income, savings, little debt, and shopping around for the best opportunity.

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

April 16, 2021

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CLASSIFIEDS

RETAIL OR OFFICE SPACE FOR LEASE, 1090 SQUARE FEET SPACE LOCATED AT THE WILSON HOTEL, 804 COMMERCIAL AVENUE IN DOWNTOWN ANACORTES. RENT IS APPROXIATELY $1475.00 PER MONTH. CALL SANDY AT 360293-7831 EXT 200 OR EMAIL AHA@FIDALGO.NET FOR DETAILS.

PUBLISHER'S NOTICE

“Living Comfortably In A Backyard Granny Flat” explains Lenahen, president of Aurora Builders, Ponte Vedra aking on a new home, Beach, Fl. even a smaller, lowThere’s no precise definition maintenance one, is of the size of an ADU, Lenatoo daunting for many seniors. hen explains, provided it fits And in the pandemic, many “within the front, side and rear retirees want to be closer to building setback lines of the family than their contempoparcel, and it does not violate raries in a senior community. the percent of lot coverage for An increasingly popular op- a property in that jurisdiction is an “accessory dwelling tion.” unit” or ADU on the property For most single adults, a of an adult child or relative. “well built 350 square foot “An ADU is a second dwell- home essentially feels like a ing unit on the same property single bedroom apartment, as the main house and owned and I would argue that it is a by the same property owner,” suitable accommodation for

By Marilyn Kennedy Melia

T

April 16, 2021

the majority of personality types,” says Zack Griffin, vice president, Tiny Home Industry Association.

Familiarize yourself with how a small space really feels, by renting a similar size home suggests Kyle Hikalea of Wolf Industries, a manufacturer of prefab ADUs, who adds he likes customers to at least tour homes in their factory.

And, Hikalea outlines certain features that enhance small home living: . Full-size bathroom and galley kitchen. Avoid compact appliances that don’t

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allow you to store enough groceries in the fridge or prepare meals. And, after a lifetime showering in a standard size shower, you don’t want a cramped space. . Comfortable sleeping space. Even small square footage spaces can be designed for a queen bed. Some ADUs might have a sleeping loft, but climbing in an out of bed is difficult. . An outdoor space to live in.

Decks, covered porches, anything that offers access to fresh air provides a non-confined atmosphere.

All rental and real estate for sale advertising in this newspaper is subject to the Fair Housing Act which makes it illegal to advertise any preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin, or an intention, to make any such preference, limitation or discrimination Familial status includes children under the age of 18 living with parents or legal custodians, pregnant women and people securing custody of children under 18. This newspaper will not knowingly accept any advertising for the rental or sale of real estate which is in violation of the law. Our readers are hereby informed that all dwellings advertising in this newspaper are available on an equal opportunity basis.

To complain of discrimination call HUD at (206) 220-5170.

2 Bdrm house with loft on 1/4 acre, needs remodeled but is livable, asking $179,500. To view call 520-221-1607 or 360-840-3292.

10 - January 29, 2019

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18582 CaSCade ridGe Ct, Mount vernon

$998,000

Private 5.78 equestrian acres surround this 3130 square foot custom home with elegant finish work: European hardwood floors with inlay; 3 fireplaces, one which is open to both the country kitchen and the dining room; 3 large bedrooms, two with a “Jack and Jill” bath; 2 family rooms. Plenty of parking.

528 sq. ft. garage; 36 X 36 barn with three stables; a tack room; shop space; plus a loft. Four separate fenced areas for horses, plus an outdoor arena. Wonderful trails throughout wooded portion. Conway Schools through eighth grade. Choice of Mount Vernon High School, Stanwood High School, or LaConner High School Danya Wolf thereafter. MLS#1742520 360-708-8294

7704 Silver lake road, Maple FallS

$329,000

This home‘lives bigger’than its stated size of 1491 sq.ft., offering 2 beds, plus bonus room, 1 3/4 baths on a large lot with ample parking, a detached 2 car garage and a HUGE storage building. The kitchen has a large pantry, skylight and plenty of cupboard/counter space. Master has a large shower with an oversized vanity and a walk-in closet. Living area features vaulted ceilings and ceiling fan. Main bath has 2 doors for easy accesst to the laundry room and the outdoors. This home is set back from the road and has a beautiful front yard or you can enjoy the privacy of the large yard in the Sherry Ruderman Patricia Box 360-540-1552 o: (360) 424-0300 back, as well. MLS#1694535 C: (360) 941-9186

Office Manager/Broker

45153 kokanee trail lot # 3C3

$48,000 4969 Helena lane #2C78, lake tyee

What To Bring: Wine/Spirits, Snacks, Food, Clothes, Firewood TURN KEY! Sweetest vacation spot located at Lake Tyee. The trailer has a bedroom and bunk beds for the littles. Every little detail of this property is absolutely adorable; from the renovations of the trailer to the cozy deck, engaging yard and firepit area. COME Sherry Ruderman QUICKLY! YOU WANT THIS ONE! (360) 540-1552

4629 Beaver Pond drive S.

i’m a Seniors real estate Specialist

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 Carla Fischer Elva Hunter YOUR SRES® 360-982-0010 360-202-3086

1386 Country CluB drive, CaMano iSland

P

Start your new home on this private 13,929 sq.ft lot in Eaglemont with all utilities in the street, surrounded by greenbelt and neighborhood with beautiful homes, walking distance to Clubhouse and restaurant with awesome views and sunsets. Eaglemont is an 18 hole Golf Course Championship Public Course!

lotS 2&3 lakeSide drive, GlenHaven lakeS

Elva Hunter

360-202-3086

$49,900

$225,000

Very few properties manage to beautifully integrate the outdoors into their living space but this cabin in the woods will delight you with wilderness surroundings while cradling you in the kind of luxury you crave after a long hike. Let the magical flow of music from nearby Boulder Creek lull you to sleep in this cozy cabin kept toasty warm with a propane fireplace. Sip wine and relax on your covered deck down the short path from the cabin next to the wood fire in your cedar plank hot tub.

This wonderland in the wilderness will certainly capture your imagination while providing a base for all your adventures in the Cascade Mountains.

Sherry Ruderman MLS# 1729892 360-540-1552

$89,500 44585 idaHo lane #1B42, ConCrete, wa 98237

17180 MeMorial Hwy Mount vernon $415,000

G

w CaSCade way #l61&62, MarBleMount

Build your dream home on these two adjoining lots near Glenhaven community amenities: pool, clubhouse, tennis/basketball courts, outdoor exercise area, playground, enjoy nature with trails and trout stocked lake, 2 boat launches, community events; near several area lakes. Easy commute, 1/2 way between Mount Vernon and Suzanne Jenkins Carla Fischer Danya Wolf Bellingham. MLS# 1628528 360-941-2983 360-982-0010 360-708-8294

Perfect time to snag this little piece of heaven at LakeTyee.

This comfortable park model with room addition is the perfect retreat. Imagine yourself snuggled up with a hot cup of cocoa and looking out the window as you see the giant snow flakes drop on the lake.

This is the year to do so. Beautiful properties have come and gone, but this one is for you! Sherry Ruderman MLS# 1687797 (360) 540-1552

$5 $500,0000

The French doors welcome ome you tto this lovely ely two tw story Camano Island sland home with choice of view entry or ground level el entr entry with antee room. Wonderful view of the Casc tains, Mount Baker, Port Susan; ascade Mountains righ . 3 bedrooms (2 bedroom septic) plus and beach rights. bedr ths; kitchen with breakfast bar, warm and 2 full baths; k oming living room with propane insert fireplace welcoming r wrap around deck. Lower level also offers and a huge wr a view; a bedroom/den/office, utility/laundry room with a deep sink, and a nice size garage (544 square feet) with workshop space. Natural light from cupola provides extra ambiance.

Wonderful yard with easy maintenance.

Short walk to community beach.

Danya Wolf MLS# 1753491 360-708-8294

IN D N E

wooded area for maximum privacy, wonderful

$79,500 44947 kayak trail #2B36, ConCrete, wa 98237

Looking out to Mount Baker and beautiful territorial views with your hot cup of coffee as you sit on your quaint comfy porch is just where you want to be after this crazy year. Start 2021 with the perfect get-away in the North Cascade Range Foothills. This almost brand new park model is nestled in LakeTyee Recreational Resort.The loft gives you extra sleep space for guests and there is plenty of parking, as well.

You’ll enjoy this quiet, peaceful and gorgeous location.

Come take a look for yourself. 210 days/yr and $162/mo Sherry Ruderman (360) 540-1552 dues includes water, septic and garbage. MLS# 1716532

$105,000

$49,500

This beautiful piece of property sits along Grandy Creek. This lot has an RV and room addition to fit a large group. Enjoy the deck with gazebo while you listen to the creek. Or, sit by the fire pit while you relax and roasts some marshmallows for the smores. This one-of-a-kind location can be enjoyed throughout the year for get-aways. Dues $162/mo and enjoy for 210 days/year. Comes with lots of Danya Wolf Sherry Ruderman (360) 540-1552 amenities, water, septic, garbage and power. MLS# 1723545 360-708-8294

44974 kyuquot trail #2C90, lake tyee

$99,900

Dreams come true on this gem tucked away in Lake Tyee.

Beautiful location with view of Mount Shuksan, the double parcel will fit friends on this glamping spot. 1 lot has a gorgeous and huge cover with deck. 2nd lot with deck to easily place another RV. Don’t wait long to view this property. Lots of amenities at Lake Tyee, not to mention the surrounding area of forest, rivers, creeks to fish, hike and enjoy nature. Sherry Ruderman (360) 540-1552 MLS#1729324

2xxx urBan avenue, Mount vernon

$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. Subject To survey

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); 620 feet along Avon Allen Road. Danya Wolf 360-708-8294 MLS# 1572330

360.424.0300

and short plat. Property is located between Chicago Title Company easterly parking lot and Max Dale Restaurant’s south easterly parking area.

Danya Wolf

360-708-8294

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 2043165

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