Real Estate Weekly July 30, 2021

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This Issue

GOT ONE OF THESE COVETED OUTDOOR FEATURES? YOUR HOME MAY FETCH A HIGHER PRICE PAGE 5 NAILING THE RIGHT REMODELING FINANCING PAGE 7 CLASSIFIEDS PAGE 7

JULY 30-AUG. 5, 2021

TABLE OF CONTENTS Got one of these coveted outdoor features?

Your home may fetch a higher price .....................P5

INSIDE PAGE

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Q&A Ask Our Broker.......................................................................P6

Nailing The Right Remodeling Financing............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.

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July 30, 2021

STAT Real Estate Stat

5.86 Million The total number of homes sold in the month of June, 2021.

Source: National Association of Realtors

525 East College Way, Ste J

Mount Vernon, WA 98273

Ph:360-416-4902

www.npsar.realtor

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1203 E SEction St., Mount VErnon

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Mission Statement: The North Puget Sound Association of Realtors advocates for Realtors and their clients, and promotes the protection of property rights.

July 30, 2021

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Skagit tradition realty LLc 3780 E. college Way Mount Vernon, WA 360-424-0300 www.skagittraditionrealty.com

$674,900

Danya Wolf

360-708-8294

Patricia Box

360-941-9186 Buyers Agent

Open House, Saturday July 31st Noon to 2:00 PM Contemporary 2 story home offers 7 bedrooms plus a bonus room!

Open floor plan, spacious kitchen, 3.5 baths, recessed lighting and skylights. Spacious covered porch for relaxing before, after, or instead of work. Located in a desirable neighborhood, close to schools, shopping, medical and easy commute to I-5.

MLS#1810956

126950-1

NORTH PUGET SOUND ASSOCIATION of REALTORS®

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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.

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

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l p a p h i i c

l f f t July 30, 2021

Got one of these coveted outdoor features?

Your home may fetch a higher price

Family-friendly homes with backyard amenities are in high demand

By Erik J. Martin f you’re preparing to sell a home, you’re sitting pretty right now. Shopper demand is through the roof, many offers are resulting in bidding wars, and low inventory continues to stack the deck against buyers.

But you’re in a particularly favorable spot if your property also boasts alfresco amenities that are currently popular with buyers. Your home may sell more speedily and/or at a higher price if your outdoor features check the right boxes.

Based on a recent Zillow report, the following family-friendly exterior features are contributing to residences selling much

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July 30, 2021

more quickly than anticipated: a backyard (these listings sold 5.2 days faster than expected); a sandbox (4.5 days faster); or a playground (2.5 days). Listing keywords mentioning nearby parks, cul de sacs, walkable neighborhoods, and community pools can help a property sell between two and five days quicker than hoped, too.

The outdoor perk that yields the highest sales price is a treehouse (these listings sold for 2.2% higher than estimated), followed by a Jacuzzi/hot tub (1.6% higher), swing set (0.8%), and swimming pool (0.5%).

“It’s surprising to me that backyards and these sorts of outdoor amenities are

helping more homes sell for more and at a faster pace.

Traditionally, it’s been all about the home’s square footage and the number of beds and baths. However, the pandemic has shifted priorities,” Jenny Usaj, owner/broker of Denverheadquartered Usaj Realty, explains. “Many of the people moving and looking for a home today are those seeking more space after living through the coronavirus in a home that was too small for their needs.

We’re all now appreciating the option of entertaining ourselves outside in our own yards.”

Backyards topping the list of preferred outside attributes make sense to

Adam Graham, construction industry analyst for Fixr.com in Wilmington, Delaware.

“Having a backyard allows homeowners an extra living space, and with features like outdoor heaters, fireplaces, and fire pits proving to be a popular trend, they’re available for use year-round,” he says.

Likewise, a sandbox can be a welcome addition just beyond your back door.

“It allows parents to keep children contained in one controlled but fun space, away from any potential hazards,” adds Graham.

Anna Lowder, cofounder/co-developer of Hampstead, a new urbanist mixed-use development in

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Montgomery, Alabama, believes treehouses particularly stand out to families with age-appropriate children.

“I think this amenity is unique and gives kids their personal play space and sense of autonomy. Having a private outdoor area like a treehouse can definitely help with your home’s resale value,” notes Lowder.

A hot tub/spa instantly creates a fun and relaxing environment that also offers health benefits.

“Not all homes will have the space to install one in the bathroom, so outdoors is a good alternative. Plus, hot tubs can be used for fun social gatherings outside,” Graham continues.

In Usaj’s experience, a

swing set or backyard playground set can help cinch a deal for buyers with young ones.

“This is a great way to show off how much outside space a family will have to grow and entertain. A swing set speaks to the fun family life you can have,” she says.

A swimming pool, on the other hand, may widen or limit your home’s appeal, especially depending on your location and buyer targets. Older buyers, for instance, may not want the maintenance required.

“In warmer climates, the value-added should be higher than in colder areas,” says Graham.

One feature not listed in the Zillow report is an outdoor kitchen, which Lowder strongly recommends.

“Buyers living in cities in the southeast or along the West Coast, where you have warm weather nearly year-round, want to enjoy an outdoor dining experience. Having an outdoor kitchen in place would also be appealing to anyone who loves cooking outside,” she suggests.

Another worthy consideration before listing your home? Build a patio.

“Patios cost, on average, $4,960 to install and allow homeowners to enjoy gatherings like cookouts and implement an outdoor kitchen, firepit, and outdoor lighting,” Graham says.

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Getting a Mortgage with Private Tax Returns Question:

We are self-employed and would like to get a mortgage but for reasons of privacy do not want to share our tax returns. Is this possible?

Answer:

It is possible to get a mortgage without showing a tax return, but borrowers must consider the costs and barriers associated with such financing.

The Dodd-Frank Act provides that lenders can verify income by using tax transcripts from the IRS or “a method that quickly and effectively verifies income documentation by a third party.” So, as an example, a lender might be able to qualify you based on your bank statements for the last 12 or 24 months and other information.

However, some lenders will have little if any interest in mortgage applications that do not have tax information.

They’ve heard the usual complaints before.

My privacy is being violated. If lenders can’t see needed financial information, they will decline the application.

I have complex returns. Mortgage underwriters work with tax returns every day. Lots of people have complicated returns.

I don’t report all of my income. Yikes, this will surely

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scare off lenders.

If you do want a mortgage that does not involve tax returns you may find that such an application approach hurts your chances for approval.

First, if you’re in business you likely get a depreciation deduction. This lowers your taxable income and with less income, it’s generally harder to qualify for financing.

However, with a tax return, the lender can “add back” depreciation to increase your qualifying income.

Second, with a bank statement application, the lender will deduct a certain percentage for expenses, perhaps as much as 50% of your deposits.

Third, if your bank statement shows large deposits the lender will ask about sources.

Fourth, if your statements show bounced checks that will be a red flag.

Fifth, lenders may have different standards for bank statement loans including higher credit scores and lower debt-to-income (DTI) ratios. These standards may make it harder to qualify for financing.

Sixth, with a bank statement loan lenders, may want paperwork from a tax professional such as a profitand-loss statement and confirmation that tax returns have been filed. Such professional services will be an additional cost.

Seventh, a lender is likely to want both business and

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Q&A

ASK OUR BROKER

By Peter G. Miller

personal bank statements.

Eighth, the lender will want evidence of the borrower’s ongoing ability to fund a down payment and make monthly mortgage payments.

The reason for lender caution concerns risk. Mortgage lenders must verify the borrower’s ability to repay the loan. That’s the reason for so many document requests.

The lack of tax returns is a worry because it means riskaverse lenders have one less way to confirm income.

What do lenders do to offset risk? Some will charge higher rates, ask for a larger down payment, demand more reserves, require higher credit scores, etc. Or not accept the application.

The bottom line: Mortgage applications that do not require tax returns are available. Borrowers with an interest in such applications should shop around for the best rates and terms. They should also ask about qualification standards, annual percentage rates (APRs), and — importantly — up-front fees. Be sure to also compare bank-statement financing with regular applications that require tax returns. What’s the difference in terms of rates, fees, and application requirements? For details and specifics speak with mortgage loan officers.

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

July 30, 2021

Nailing The Right Remodeling Financing

By Marilyn Kennedy Melia

I

n the past pandemic year, homeowners who didn’t suffer income disruptions enjoyed fatter stimulus-fed savings accounts, and many decided to use those dollars for home improvements.

Now, the surge in smaller and DIY projects will give way to more pricey remodeling, predicts Abbe Will, of the Harvard Joint Center for Housing Studies.

What’s in owners’ wallets won’t be enough to pay for a kitchen upgrade or a home office addition.

According to financial planners, it’s not wise to pull out plastic for these big expenses that a homeowner won’t be able to pay back quickly, racking up high-interest charges on

July 30, 2021

maxed-out credit cards.

Owners, especially those with credit scores north of 680 and owing no more than eighty percent of the current value of their home – meaning 20 percent equity -- can find it practical to use their home as collateral to borrow to improve it.

The home equity line of credit, or HELOC, and a cash-out refinance are the two options.

While those eligible for favorable HELOC rates have good scores and equity, rates decline further the more that’s borrowed, explains Keith Gumbinger of HSH.com, a mortgage information site. For instance, borrowing under $25,000 can carry a rate of prime plus two percent, but lowers to prime plus one percent for $50,000 and more.

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A cash-out refinance is going to carry a considerably lower rate, but there will be origination costs of up to several thousand dollars, says Rob Greenman, a financial planner with Vista Capital Partners, Portland, OR. For borrowers who think they can pay off their equity line in a reasonable length of time – it’s probably the more economical choice despite the higher rate charge, Greenman explains.

But be honest with yourself about the feasibility of your pay-back plan, he advises.

Increasing the overall amount for your principal mortgage with a cash-out refinance is the option for those who will pay down the borrowing over time.

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60102 STATE ROUTE 20, MARBLEMOUNT

$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 Sherry Ruderman

360-540-1552

471 E WhiTMARSh Rd, BURLiNgTON

$379,000

Great Investment or bring your fishing pole! 1.74 acres with a 4 bedroom house, all-purpose buildings. Garden space, newer roof. Property sold “ As-Is “ seller will do no repairs. Do Not Disturb Tenants. Great potential, property back up to Fed-Ex on South Walnut street. Possible light Industrial use, buyer to verify ! MLS# 1812068

H Street rd., Blaine

Juanita Bunch 360-941-5530

Carla Fischer (360) 982-0010

41546 SoutH Skagit HigHway, Finney creekwaterFront $90,000

Beautiful 1.71 acres of amazing recreational waterfront property. Enjoy swimming, fishing, walking on the beach or just watching Carla Fischer

the wildlife.

Elva Hunter (360) 202-3086

John Hunter (360) 202-3086

360-982-0010

Suzanne Jenkins (360) 941-2983

360.424.0300

$624,900

Home on the hill, close to shopping, schools and medical. This home features 6 bedrooms and 2 baths with additional bonus bedrooms in the garage (easily convert back to a 2-car garage).

Plenty of parking, nice size yard with mature landscaping.

360-708-8294 MLS# 1811049 Danya Wolf

118 E ORANgE AVE, BURLiNgTON

$650,000

Great opportunity for a small business.

Includes commercial kitchen & other restaurant equipment. Great space out back for outdoor dining/ drive-thru. There is parking and storage.

It’s located just one door from one of the busiest corners in Burlington; E Orange Ave & Burlington Blvd. Upstairs there is 1BR/.75BA and den. The possibilities are endless in this fast growing community.

Sherry Ruderman MLS# 1780005 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

Elva Hunter

Eighty (80) acres of 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 homesite/ Pasture land along the southwesterly edge of the property. Potential for additional building Danya Wolf sites. Shown by appointment. MLS# 1568051 360-708-8294

JoAnn Boudreau Patricia Box (360) 391-0746 Office Manager/Broker O: (360) 424-0300 C: (360) 941-9186

17180 MeMorial Hwy Mount Vernon $415,000

(360) 202-3086

$1,200,000

Danya Wolf

360-708-8294

819 N 18Th STREET, MOUNT VERNON

4951 Black tail loop #3a1

$31,000 45249 neSika trail #2d33

Beautiful piece of property for your trailer/park model at Lake Tyee. Beautiful territorial views with Baker and Shuksan. This lot has huge green space for privacy and on a desirable Black Tail Loop off the main road of the park. This spot just needs your creative ideas to make this location the perfect get-away! Call for an appointment!

Vacant land in this gorgeous park is scarce.

Sherry Ruderman

MLS# 1814487

Russ Lanker (360) 708-1117

360-540-1552

Sherry Ruderman (360) 540-1552

$59,500

Fantastic location in the foothills of the North Cascades! This great location and fantastic park model at Lake Tyee is ready for you. Enjoy hiking, fishing, and other amenities in the resort or cozy up with hot chocolate while you relax in your pj’s away from the hustle and bustle of the city. This is the perfect spot to get away. Monthly dues $162 includes water, septic and garbage. Set up your appointment today.

MLS# 1813269

Kim Schlimmer (360) 661-7670

Brett Tacker (360) 840-7931

Sherry Ruderman

360-540-1552

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

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 111004-1

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