Real Estate Weekly, November 19, 2021

INSIDE

This Issue THINK MOTHER NATURE BEFORE YOU RELOCATE PAGE 5

INHERITING A PREFERENCE FOR HOMEOWNERSHIP PAGE 7 CLASSIFIEDS PAGE 7

NOV. 19-26, 2021

TABLE OF CONTENTS Think Mother Nature Before You Relocate......................................................P5 Q&A Ask Our Broker.......................................................................P6

INSIDE

Inheriting a Preference for Homeownership.............................................................P7

PAGE

5

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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November 19, 2021

STAT Real Estate Stat

740,000 The rough number of new home sales in the United States in the month of August 2021.

Source: National Association of Realtors

NORTH PUGET SOUND ASSOCIATION of REALTORS®

FEAtuRE HomE FRom CovER:

525 East College Way, Ste J, Mount Vernon, WA 98273

3955 BAY LANE, ANACORTES

Tel. 360-416-4902

www.npsar.realtor

$1,250,000

SPEAK UP - STOP DISCRIMINATION Washington Law Against Discrimination protects people from negative housing actions that occur because of their protected class. In the Sale and Rental of Housing: No one may take any of the following actions based on a protected class: •

Refuse to engage in a real estate transaction

•

Refuse to negotiate for housing

•

Set different terms, conditions or privileges for sale or rental of a dwelling

•

Provide different housing services or facilities

•

Make housing unavailable or otherwise deny a dwelling

•

For profit, persuade owners to sell or rent advertise or make any statement that indicates a limitation or preference based on a protected class Read more at: https://www.hum.wa.gov/fair-housing

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

Windermere e Real Estate/Anacortes P Properties 3018 Commercial Ave. Anacortes,WA • 360-293-8008 www.AnacortesRealEstate.com

REBECCA CHAMBERLAIN 360-421-5021

If stunning sunsets and magnificent views are what you are looking for this is the home for you! This beautiful single level home has prime westerly views of the San Juan Islands, bay and the mountains beyond. Quality construction with many extra amenities. Enjoy numerous spacious areas for entertaining and a huge deck, suitable for summer BBQ’s. Wonderful floor plan that flows and views from nearly every room. The large primary suite has a walk in closet and en suite with a double walk in shower and a separate jetted tub. The 3 car garage includes shop and 1/2 bath.

Extensive storage areas. RV parking for guests. Terraced landscaping with pond.

Quiet location in area of lovely homes.

MLS# 1858375 145389-1

November 19, 2021

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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!

RealEstate weekly In print and online goskagit.com ads@skagitads.com

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November 19, 2021

ago, with aggressive initiatives to cut carbon emissions.

“I’d also point to cities in the Inland Northwest where infrastructure is improving and freshwater resources are plentiful,” he says.

As for spots to steer clear of, Johnson would think twice about relocating to coastal cities in the Southeast and Northeast, “where we can expect more cities to be impacted by hurricanes in the future. In the Midwest, meanwhile, cities near the Mississippi River remain vulnerable to pluvial and urban flooding, while the West is vulnerable to drought and wildfires.”

DiSalvo says she would probably avoid low-lying neighborhoods like New Orleans, Houston, Miami, and Hoboken, New Jersey, where floodwaters may continue to pummel their citizens.

“I always recommend carefully examining FEMA flood maps and considering that what is not currently a maximum velocity flood area could change in the future, “Most of these metros are an area and compromise the advisory companies such as “I witnessed firsthand how

By Erik J. Martin depending on proximity to Deloitte putting up reports located away from the coast devastating weather, floodHomebuyers have many cri- value of a home in particubodies of water,” says DiSalvo. teria to consider when choos- lar,” cautions Ryan Frederick, that discuss climate change’s ing, and wind can be. Sandy and concentrated in the north Frederick feels it’s not of the country.” founder of SmartLiving 360, impact on the future of real brought a six-foot wave that ing a property– from price premature to start considering estate. And, Redfin now offers knocked my old building Frederick recommends tak- the repercussions of climate and neighborhood amenities a consulting and real estate climate risk information for development firm based in off its foundation. It’s an ing a closer look at Boston. to the quality of the school change on your current or every zip code in the contigu- experience I draw from when Austin, Texas. “Considering “Currently, it has no dry district, commute time, and next home’s area. the costs of relocation and the ous United States,” Johnson helping home buyers find the season and hot summers, but crime rates in the area. But, “For older people, climate sizable investment of buying a adds. right home for their families 50 years from now, Boston many experts agree that one change may take on greater property, purchasing a home today,” she says. is expected to change to a While all areas of the increasingly important facimportance as the costs and beset with climate change Ask Nik Shah, CEO of temperate zone with mild country are vulnerable to tor to add to that list is the anxieties of being forced the effects of climate change Home.LLC, based in Novato, winters and warmer sumfuture consequence of climate risks can be a financially out of one’s home may be California, and he’ll recomand severe weather in the mers, more akin to Kentucky greater,” he says. change on your chosen area. hazardous decision.”

By 2050, it’s estimated that approaching years, Rachel today,” explains Frederick. mend considering Seattle, After all, you don’t want to Shah anticipates climate over 300,000 properties in DiSalvo, a broker associate “By contrast, a place like San change gradually affecting Denver, Minneapolis, and be stuck in a location where the United States, worth an with Keller Williams Park Pittsburgh as possible climate Antonio is projected to move home prices over the next 15 hurricanes, wildfires, rising estimated $136 billion today, Views Realty in Rutherford, sanctuaries to consider mov- from a temperate to an arid, to 30 years. temperatures and humidity, New Jersey, believes it’s wise hot steppe zone where water ing to. exceedingly dry conditions, or could be rendered unusable “If you’re planning to move to be strategic about where is in tight supply.”

“These metro areas are at growing risks of flooding will by routine flooding, notes in the next few months or Greg Johnson, CEO of Spo- you invest your money in Johnson points out that lower risk of extreme climate seriously affect your quality years, you may want to give events in the future and also Portland, Oregon, was one of life and ability to sell your kane, Washington-headquar- a home going forward. In higher consideration to tered AquiPor Technologies. 2012, she lost her home and have the advantage of a thriv- of the first American cities to factors like crime rates and home years down the road.

95% of its contents to Hurcome up with a plan for cli“To drive the point home, ing population and a strong “Climate change can negacommunity amenities,” Shah recommends. housing market,” he says. tively impact the trajectory of we’re starting to see large ricane Sandy’s storm surge. mate change nearly 30 years

Think Mother Nature Before You Relocate

What to consider when it comes to climate change and your next home address

November 19, 2021

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The Challenge of Affordability in Today’s Market Question:

Given fast-rising home values, what has happened to affordability? How can firsttime buyers purchase real estate in today’s market?

Answer:

Affordability generally reflects three measures: income, price, and mortgage rates.

Rising home values may not be a problem if income rises sufficiently and mortgage rates fall. However, in the current situation, income is not rising fast enough. And, while mortgage rates are near historic lows, they aren’t low enough to compensate for fastrising home values.

One way to consider affordability is to look at the debt-to-income ratios allowed by various loan programs. For instance, loans bought by Fannie Mae and Freddie Mac generally allow 28% of a borrower’s pre-tax

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income for mortgage principal, interest, tax, and insurance (PITI). The FHA program prefers housing costs to be 31% or less, while the VA has a very different view of affordability. It requires lenders to look at residual income, the spendable dollars left over after basic costs, and then adjust for household size, geographic location, and whether household income is above or below $79,999.

While the affordability percentages seem good in theory, in practice, borrowers should use some caution. Here’s why: First, if 30% of your gross monthly income is devoted to housing costs, then how much remains for other expenses? Think about recurring non-housing costs such as credit card debt, auto payments, and student loans. Also, consider income taxes.

Second, affordability estimates are based on national statistics. Huge affordability differences are dependent on location.

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Q&A

ASK OUR BROKER

By Peter G. Miller

Someone with a typical national income is unlikely to find affordable properties in highcost areas such as San Jose, Manhattan, or San Francisco. Alternatively, residential real estate is often very affordable outside major metro areas.

Third, down payments impact affordability. If buyers purchase with less down, it means they have to finance with a bigger mortgage, and that means a higher monthly cost for principal and interest.

Lastly, the idea of homeownership is not to be house poor. To see what’s really affordable, get pre-approved by a mortgage loan officer so you can see the rate and monthly payment you’re likely to get if you apply for a mortgage. Most importantly, after housing expenses and other costs, make sure you have enough money to have some fun in life.

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

November 19, 2021

Real Estate Weekly

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CLASSIFIEDS REAL ESTATE FOR SALE Open Houses

NEW TODAY

1228 Hemlock Place, Mount Vernon $399,900 Open House Saturday, Nov. 20th, 12-2

Inheriting a Preference for Homeownership

By Marilyn Kennedy Melia Buying your first home is a long, hard slog.

Did you know that the bulk of first-time buyers are now between the ages of 31 and 40? Additionally, the Urban Institute finds that whether young adults can buy before age 40 is influenced by whether their parents are homeowners.

Even when controlling for factors like education, marital status, income, and race, if your parents were homeowners, there’s an 8.4 percent boost in the odds you will be too.

A separate link between home-owning parents’ net worth finds that each one percent increase in wealth boosts the odds that their adult children will buy, not rent, by .001 November 19, 2021

percent.

The rapid home price escalation lately intensifies the parental connection, acknowledges Jun Zhu, Urban Institute fellow.

That’s because a sizable portion – 26 percent – of first-time buyers are getting a monetary gift, usually from parents, to put together a down payment. Higher home prices push up parents’ net worth, while also necessitating larger down payments.

Outside of financial reasons, Zhu says the UI research didn’t probe why having home-owning parents increases odds of buying. However, she speculates that absorbing attitudes and information about ownership could be a factor.

Kent Fisher of Chapel Hill, NC, a certified financial planner says, “Parents are much

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more willing to give to their kids if it involves housing over other purposes, like starting a business.”

“A gift of $10,000 can be transformative at certain points,” Fisher says. And, parents know from experience that becoming a home-owner and building equity sooner rather than later is beneficial to long-term wealth.

Just because some first-time buyers are receiving financial help doesn’t mean that they aren’t saving. However, the National Association of Realtors finds that, on average, buyers are saving for 79 percent of their down payment amount.

Aspiring buyers without deep-pocketed parents may be able to buy by exploring options like low-down-payment FHA loans.

Fully updated rambler, all new roof, paint, laminate hardwood, carpet, countertop, lighting etc. Open floor plan with 3 beds & 1 bath, lots of natural light.

New slider door that leads out to a large fully fenced back yard. Great location. Close to shopping, schools, & restaurants.

Easy freeway access. The meadow offers a community park/play area. MLS #1864703 Geri Cole, 360-391-1614 WRE/Skagit Valley Windermereskagit.com

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From our homes to yours we wish you a

819 n 18th, Mount Vernon

41546 South Skagit highway, Finney Creek $80,000

Happy Thanksgiving

WATERFRonT

Home on the hill, close to shopping, schools and medical.

This home features 6 bedrooms and 2 baths with 2 additional bonus bedrooms in the garage (easily convert back to a 2-car garage). Plenty of parking, nice size yard with mature landscaping.

Danya Wolf (360) 708-8294 MLS# 1811049

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

MLS# 1800415 Carla Fischer

(360) 982-0010

24094 n. weSt View rd, Mount Vernon

$850,000

After 60+ yrs this Big Lake prime property on the sunny side of the lake can now be yours. Approx. 80 ft of no-bank water front just minutes away from a nine-hole golf course. Property features a pier connected to a floating dock perfect for mooring your boat & watercraft. The approx. 4,500 SF of property bisected by N. West View Rd has an access road and additional possibilities for your needs. Besides the 2 bed 1 bath manuf. home the lot has a detached 750 SF garage/ shop, out buildings and RV parking.

And the large covered deck is perfect for watching eagles, seasonal waterfowl & spectacular sunsets! Russ Lanker (360) 708-1117 MLS# 1848508

1016 JaMeSon St, Sedro woolley

$390,000

Pendi

Patricia Box Office Manager O: (360) 424-0300 C: (360) 941-9186

Beautiful wooded 4.98 acres situated on south side of Snohomish County/Skagit County line. Power is in street.

Solar power is also possible. Adjacent property to the east of Subject Property is fenced, open field. Zoning allows for one building site. StanwoodCamano School District; and just ten minutes to I-5. Great country living yet convenient for Danya Wolf (360) 708-8294 commuting. MLS# 1841822 700 n reed St #40, Sedro-woolley

$135,000

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.

MLS# 1649968

nhn Mountain View rd, Mount Vernon $115,000 Located just outside the Mount Vernon City limits, this wooded 1 acre plus lot could be a building site for a stick built, modular, or manufactured home, with plenty of room. Tract has been surveyed

ng

Well cared for home with lots of personality, warmth, and welcoming ambiance. The interior offers a cheery living room with a free standing fireplace; a great kitchen area with natural gas range; lots of cabinets, counter space, and a pantry.

There are two bedrooms on the main level; and the upstairs offers both the master bedroom, extra storage; and a bonus room. The generous sized yard has a garage with shop space (336 square feet), a second level loft area; plus a separate storage building. There is access to the back yard via an alley, with the ability to park an extra vehicle. There is also garden space, fruit trees; and room for lawn chairs, relaxing, and yard games.

Danya Wolf MLS# 1860262 (360) 708-8294

JoAnn Boudreau (360) 391-0746

$350,000 2XXX urBan aVenue, Mount Vernon $600,000

20787 BulSon rd, Stanwood

Juanita Bunch (360) 941-5530

Carla Fischer (360) 982-0010

Beautifully remodeled 1995 Nashua 52 x 28 doublewide manufactured home: 1350 square feet offers amazing kitchen including range, refrigerator, and dishwasher; a multitude of beautiful cabinets; pantry; and lots of counter space; formal dining room; spacious living room; three bedrooms and 2 full baths. Master suite offers walk in closet; master bath offers double sinks and tub for relaxing plus separate shower.

Separate utility room. Nice decking; generous sized yard with storage building. Greenbelt to protect fish and wildlife Phil LaMay adjacent to the south of lot.

Danya Wolf Buyer’s Broker (360) 708-8294 (360) 840-3086 MLS# 1849202

Elva Hunter (360) 202-3086

John Hunter (360) 202-3086

(LeGro and Associates) and wetlands have been delineated (Oscar Graham and Pat Bunting).

Power and PUD water are available at the street.

MLS# 1861233

Suzanne Jenkins (360) 941-2983

360.424.0300

$549,900

Phil LaMay (360) 840-3086

1203 e SeCtion, Mount Vernon

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 Danya Wolf (360) 708-8294 commute to I-5. MLS# 1810956

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 YOUR SRES®

Carla Fischer

Danya Wolf

(360) 982-0010

(360) 708-8294

Russ Lanker (360) 708-1117

$599,900

Brett Tacker (360) 840-7931

Elva Hunter

(360) 202-3086

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

3780 E. College Way, Mount Vernon

www.skagittraditionrealty.com 157475-1

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