Real Estate Weekly May 14, 2021

INSIDE

This Issue STRATEGIES FOR AVOIDING BUYER’S REMORSE PAGE 5 KEEPING UP WITH AN OLD HOME PAGE 7 CLASSIFIEDS PAGE 7

MAY 14-20, 2021

INSIDE

TABLE OF CONTENTS

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Strategies for avoiding buyer’s remorse .............................................................P5 Q&A

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

Keeping up with an old home ...............................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

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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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May 14, 2021

STAT Real Estate Stat

70% The percentage of companies leasing or moving into new, smaller office space due to work from home in Q1 2021 Source: National Association of Realtors

NORTH PUGET SOUND ASSOCIATION of REALTORS®

FEATURED HomE FRom covER:

525 East College Way, Ste. J

1605 Birch ct, Mount Vernon

360) 416-4902

www.npsar.realtor

Devastatingly effective wire fraud scams are becoming more and more common in real estate transactions. Sophisticated hackers are monitoring client and/or broker email accounts and waiting for a window to steal monies from clients.

The scammers convincingly impersonate the broker or escrow agent, and then send messages urging the clients to wire funds to fake accounts set up by the scammers. The clients are left with no recourse to recover the stolen funds.

Are you prepared to protect yourself?

Washington REALTORS® in cooperation with the NWMLS, the Department of Licensing, Department of Financial Institutions and the Office of the Insurance Commissioner have created several resources to educate our members and consumers about this widespread but preventable fraud.

 

Obtain the phone number of your real estate broker and your escrow agent at your first meeting.

Call the known phone number to speak directly with your broker or escrow officer to confirm wire instructions PRIOR to wiring.

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.

May 14, 2021

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$650,000

Skagit Tradition Realty LLc 3780 E. college Way mount vernon, WA 360-424-0300 www.skagittraditionrealty.com

Elva Hunter John Hunter (360) 202-3086

Classic, impeccably maintained rambler on quiet cul-de-sac in beautiful Eaglemont Community! Located on a premium lot, enjoy the private peaceful tranquil natural greenbelt setting & large covered deck.

Spacious 3 bedrooms, 2 baths. Many upgrades, extended hardwood floors, formal dining & living room with gas fireplace, sunny breakfast room, crown molding, ceiling fan, stunning kitchen with large granite counters, high-end stainless steel appliances. Spacious owner bedroom offers an en-suite, jetted tub, shower & walk-in closet, double sink w/granite. Utility room w/sink & storage.

Awesome bonus room above the garage for home office/gym or extra bedroom. Welcome to Eaglemont! MLS#1771591

95218-1

Mount Vernon, WA 98273

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

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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

May 14, 2021

a n s c – a b l t

t f n p r f e s

Strategies for avoiding buyer’s remorse

By Erik J. Martin

according to a 2020 survey of buyers conducted by real estate startup hen you make a major Flyhomes. The reasons purchase like are multifold, experts an overseas vacation or concur. new car, it’s normal to “In the current houssecond-guess and be self- ing market, we’re seecritical of your decision ing continued limited – especially if the trans- home inventory despite action set you back big historically low mortbucks and didn’t quite gage interest rates. Not live up to your expecta- only did the pandemic tions. cause home loan interest It’s only natural, then, rates to drop, but it also to experience regret after brought the emergence forking over serious fiof a new buying trend nances to claim a house, for more space in subparticularly in today’s urban regions,” explains robust seller’s market. In Jess Kennedy, COO of fact, one in four purchas- Beeline, a Providence, ers of American homes Rhode Island-based suffered buyer’s remorse, online lender. “With so

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May 14, 2021

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 have to jump on available properties quickly to keep up with the fast-paced 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 of 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

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self-imposed 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 normal. 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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How Will the 2021 Market Compare?

By Peter Miller

Question:

Real estate did well in 2020 but how is 2021 shaping up? Will we have another banner year?

Answer:

There’s no doubt that 2020 was a great year for real estate. Mortgage rates reached record lows and inventory levels were remarkably tight. According to the National Association of Realtors, December 2020 existing home sales were up 22.2% when compared with a year earlier, median prices rose 14.1%, and inventory fell to 1.07 million units in December, a record low. Redfin estimates that US homeowners saw equity increase by $3.1 trillion.

That all of this happened in 2020 contrasts with a broader reality. COVID-19 dominated last year and lead to massive unemployment, and widespread school shut-downs.

The first part of 2021 is now over and there’s reason to be cautiously optimistic.

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The big issue concerns the COVID-19 vaccine. Will distribution and acceptance be wide enough? Will infections, hospitalizations, and fatalities decline to the point where we can safely re-open businesses and schools? What will be the impact of the COVID-19 variants?

We don’t have full-year answers yet, but so far, we seem to be making progress.

Interest rates have increased because of growing confidence in the economy. Passage of the $1.9 trillion COVID-19 relief package means new spending nationwide, spending likely to spur both sales and employment.

However, while interest rates are “up” they’re unlikely to stall the real estate market. The reason is that rates have increased from the record lows seen in 2020. It’s hard to get distressed by today’s rates when going back to 1971 the long-term average is 7.9%, according to Freddie Mac. It’s entirely possible that mortgage rates will remain steady or even fall. The reason is that there’s an enormous stockpile of cash that holds down

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Q&A

ASK OUR BROKER

By Peter G. Miller

interest rates. In the US, for example, bank deposits increased by more than $2 trillion in the first half of 2020. Bloomberg, in December, reported that more than $18 trillion worldwide was invested in negatively-yielding debt.

It seems likely that the mortgage marketplace will slow. That’s because 2020 was a record year. The Mortgage Bankers Association reports that in 2020 mortgages valued at a record-breaking $4.3 trillion were originated, including $2.8 trillion in refinancing and $1.5 trillion in purchase money mortgages. It’s difficult to see how the refinancing numbers can go higher without a significant rate decline.

Finally, as to home prices, we have a market with little inventory, lots of pent-up demand, and an expanding, post-pandemic, economy. Assuming pandemic conditions continue to ease, home values seem likely to increase in most markets.

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

May 14, 2021

Real Estate Weekly

RE-Weekly CLASSIFIEDS REAL ESTATE FOR SALE

RENTALS

Open Houses

Apartments Unfurnished

NEW TODAY

Keeping up with an old home

By Marilyn Kennedy Melia

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n old house’s charm is in the eye of the beholder.

For many of the 1.4 million Millennial followers of @cheapoldhouses, the appeal is “to get into homeownership at a good price point,” says Elizabeth Finkelstein, who with husband Ethan runs the Instagram account, as well as CIRCA Old Houses, which lists older homes for sale.

Some old home lovers want a cheap fixer-upper, some just a charming look, and others want adherence to historic details.

Consequently, “older” is difficult to define. But generally, says Finkelstein, “we cut it off in mid-century.”

Moreover, homes aren’t historic if they’ve been “flipped and rehabbed,” she explains.

But when a home is true to period detail, “there’s not a way in the world of real estate to quantify [in dollars] old character,” says Finkelstein, adding that was an impetus to starting the site.

For both buyers drawn to the price, and for those charmed by character, some considerations on whether the expense of updates bill boost value: May 14, 2021

• Perform due diligence an old fixer-upper.

Get an expert opinion on the feasibility and costs before purchasing, Finkelstein advises. Values are based on nearby homes, says Daniel Fries, a Cumming, GA appraiser. Don’t expect to recoup the price a gourmet, kitchen, for example, without nearby homes with pricey features.

• Keep original curb appeal.

Especially in a revitalizing area, keeping the outside façade as close as possible to its original charm can often enhance value, Fries says, even when the interior layout and features are remodeled.

• Historic adherence requires expert appreciation.

Places with some other historic properties are more likely to have buyers who will pay for restored, original features, says Fries. Hiring a real estate agent who has researched and understands the home’s story can provide a compelling marketing message, adds Finkelstein.

An appraiser who’s willing to go beyond the usual steps, say by expanding market area to find and carefully compare other historic properties, can be key to any buyer who needs a mortgage, concludes Fries.

526 Reed Way, Sedro-Woolley $499,900 OPEN HOUSE Sat., May 15th, 1-3 Beautiful home on double lot situated in Glenhaven! 3 bedroom + 2 bonus rooms, 2.5 baths. Private 500 square foot master with en suite & large walkin closet. Newly remodeled chef’s kitchen w/eating area/bar, family room off kitchen. Nice sized dining area & large living room with cathedral ceilings.

Brand new roof & mini split heat pump with air conditioning. Large yard with greenhouse, plenty of space for gardening & entertaining, tons of parking space. On quiet dead end cul de sac. Enjoy all the amenities that Glenhaven has to offer! MLS #1772286

NEW TODAY Skagit Village Apartments Accepting applications for 1, 2, 3 & 4 Bedroom Apartments. Rent is based on income. Income restrictions apply, call for details.

360-424-4051 Relay: 711 Housing and Urban Development (HUD) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation, and marital or familial status.

EHO

“This institution is an equal opportunity provider and employer.”

“We accept comprehensive reusable tenant screening reports as defined in RCW 59.18.030”

Apartments Unfurnished

NEW TODAY Olympic Apartments Accepting applications for 1, 2 & 3 Bedroom Apartments. Rent is based on income. Income restrictions apply, call for details.

360-424-4051 Relay: 711 The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation, and marital or familial status.

EHO

“This institution is an equal opportunity provider and employer.”

“We accept comprehensive reusable tenant screening reports as defined in RCW 59.18.030”

Geri Cole, 360-391-1614 WRE/Skagit Valley WindermereSkagit.com

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1310 oLyMpiC Lane, Mount vernon

$725,000 18582 CasCade ridGe Ct, Mount vernon

Luxurious living in Beautiful Eaglemont! Custom built, one owner home! Welcoming grand entry, heated tiled floor, elegant and comfortable dining room, spacious chef's kitchen with slab granite & stainless steel appliances. Enjoy your morning coffee & views from a sunny breakfast room leading to outside deck. Relax in large family room with gas fireplace & TV. Main floor owner suite opens to large deck overlooking garden & tranquil nature, walk-in closet & shower tub. Lower level features spacious media great room opens to fenced yard.

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Elva Hunter John Hunter MLS# 1772884 360-202-3086

W CasCade Way #L61&62, MarbLeMount $225,000

17180 MeMoriaL hWy Mount vernon $415,000 63377 hiGh ridGe dr. #d3 L115, MarbLeMount

Veryfewpropertiesmanagetobeautifullyintegratetheoutdoorsintotheirlivingspacebutthis cabininthewoodswilldelightyouwithwildernesssurroundingswhilecradlingyouinthekind ofluxuryyoucraveafteralonghike.LetthemagicalflowofmusicfromnearbyBoulderCreek lull you to sleep in this cozy cabin kept toasty warm with a propane fireplace. Sip wine and relaxonyourcovereddeckdowntheshortpathfromthecabinnexttothe wood fire in your cedar plank hot tub.This wonderland in the wilderness willcertainlycaptureyourimaginationwhileprovidingabaseforallyour Sherry Ruderman adventuresintheCascadeMountains.MLS#1729892 360-540-1552

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

i’m a seniors real estate specialist

$60,000

NEW PRICE Sunny, nice quiet street located in Cascade River Park.

Pack your bags cause she’s ready to go. Turn key with trailer, covered deck, storage sheds and lots of room for parking and tents. This lot is ready for you, family and friends to enjoy this summer.

Sherry Ruderman MLS# 1754582 360-540-1552

$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 360-708-8294 thereafter. MLS# 1742520

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

360-708-8294 MLS# 1649968 Danya Wolf

$49,900

17464 dunbar rd unit #1, Mount vernon $320,000

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

Enjoy this spacious condo ondo in a lo lovely ely country c setting. This end ely maintained 4 unit complex c unit in a nicely has lots of natural lightt and views of farm land and mountains.

This home with moun 2 bedrooms ooms features a living room with a large brick ooms, 1.75 bathrooms f fireplace eplace and a bonus room. Freshly pain edwithnewcarpetandwindows. paintedwithnewc private single car garage.

Unit has priv MLS# 1747334 Carla Fischer Danya Wolf

Lots 2&3 Lakeside drive, GLenhaven Lakes

60102 state route 20, MarbLeMount

L SO

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360-708-8294

360-982-0010

$777,000 Mondo Restaurant has a newly remodeled kitchen with beautiful, new appliances. Great work space and tremendous storage. Public area offers very spacious seating. There is also an outside dining option. Small gift shop area. Chef creates incredible and varied menu, both nutritious and delicious. Restaurant is situated in a beautiful location in the Cascade foothills.

Well worth a day trip. MLS# 1757641

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

Sherry Ruderman

Danya Wolf

360-540-1552 360-708-8294

360.424.0300

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 100126-1

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May 14, 2021