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January Real Local Feature
HUMBLE BOUQUET
Laura is the Owner, Gardener and Floral Designer at Humble Bouquet. She creates seasonal florals for everyday deliveries, weddings and other special occasions from her studio in Bellingham, WA with all local flowers and her young children underfoot. She also teaches private and public floral workshops for small groups.
Laura Wheeler
www.humblebouquet.com
humblebouquet@gmail.com_wa
DESERT OASIS – Phoenix, AZ
Reservations & Information
4 Beds | 2 Bath | Sleeps 10
This beautifully updated, chic home is in a quiet neighborhood and boasts over 2,000 square feet of stylish living space. Enjoy the warm ambiance of the fireplace, or concoct a drink at the dry bar. In addition to this, your retreat offers ample room outdoors in a landscaped backyard with a private pool (pool heat can be added for an additional fee) along with two grills with a covered patio. You can also practice playing cornhole in the backyard or chipping around and putting the 4-hole putting green. This home is within walking distance to trails, 5 minutes to Paradise Valley, and 15 minutes to Scottsdale.
HUMBLE BOUQUET
Laura is the Owner, Gardener and Floral Designer at Humble Bouquet. She creates seasonal florals for everyday deliveries, weddings and other special occasions from her studio in Bellingham, WA with all local flowers and her young children underfoot. She also teaches private and public floral workshops for small groups.
Laura Wheeler
www.humblebouquet.com
humblebouquet@gmail.com_wa
December Real Local Feature
LUXURIOUS ARIZONA RETREAT
Reservations & Information
4 Beds | 2.5 Bath | Sleeps 12
Welcome to Agave, your luxurious Arizona retreat in Paradise Valley, minutes from downtown Phoenix and Scottsdale’s vibrant offerings. This resort-like property seamlessly blends indoor and outdoor living, featuring a heated pool, hot tub, putting green, and an oversized cabana with a bar. The spacious interior features elegant décor and a fully stocked kitchen creating a perfect setting for relaxation and entertainment. The primary suite offers a king-sized bed, a gas fireplace, and a spa-like ensuite bathroom, while additional bedrooms cater to various preferences, including a bunk bed room for the young and young-at-heart. Safety and convenience are paramount, with child locks, a pool fence, and an in-home laundry room. Agave isn’t just a vacation home; it’s a five-star resort experience waiting to be enjoyed!
Perennial Design
Erica Egner is the owner of Perennial Style, an interior design studio specializing in design for short-term rentals. With over 20 years of experience in the graphic design industry, Erica found that her design knowledge allowed a natural transition into interior spaces. After renovating a 1970s cabin and becoming an Airbnb host herself, she became certified as a Short-Term Rental Stylist and now offers virtual design services and in-person staging to homeowners and property managers looking to curate spaces that entice guests and elevate profits.
Email: ericaegner@gmail.com
Phone: 940-594-7558
Website: www.perennial.style
IG: @perennialstyle_wa
Top 10 Predictions for 2024
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data. With over 30 years of professional experience, he provides valuable insights into the real estate industry and housing market, including quarterly regional reports, monthly videos, and timely analysis of the latest trends.1 Still no housing bubbleThis was number one on my list last year and, so far, my forecast was spot on. The reason why I’m calling it out again is because the market performed better in 2023 than I expected. Continued price growth, combined with significantly higher mortgage rates, might suggest to some that the market will implode in 2024, but I find this implausible.2 Mortgage rates will drop, but not quicklyThe U.S. economy has been remarkably resilient, which has led the Federal Reserve to indicate that they will keep mortgage rates higher for longer to tame inflation. But data shows inflation and the broader economy are starting to slow, which should allow mortgage rates to ease in 2024. That said, I think rates will only fall to around 6% by the end of the year.3 Listing activity will rise modestlyAlthough I expect a modest increase in listing activity in 2024, many homeowners will be hesitant to sell and lose their current mortgage rate. The latest data shows 80% of mortgaged homeowners in the U.S. have rates at or below 5%. Although they may not be inclined to sell right now, when rates fall to within 1.5% of their current rate, some will be motivated to move.4 Home prices will rise, but not muchWhile many forecasters said home prices would fall in 2023, that was not the case, as the lack of inventory propped up home values. Given that it’s unlikely that there will be a significant increase in the number of homes for sale, I don’t expect prices to drop in 2024. However, growth will be a very modest 1%, which is the lowest pace seen for many years, but growth all the same.5 Home values in markets that crashed will recoverDuring the pandemic, there were a number of more affordable markets across the country that experienced significant price increases, followed by price declines post-pandemic. I expected home prices in those areas to take longer to recover than the rest of the nation, but I’m surprised by how quickly they have started to grow, with most markets having either matched their historic highs or getting close to it – even in the face of very high borrowing costs. In 2024, I expect prices to match or exceed their 2022 highs in the vast majority of metro areas across the country.6 New construction will gain market shareAlthough new construction remains tepid, builders are benefiting from the lack of supply in the resale market and are taking a greater share of listings. While this might sound like a positive for builders, it’s coming at a cost through lower list prices and increased incentives such as mortgage rate buy-downs. Although material costs have softened, it will remain very hard for builders to deliver enough housing to meet the demand.7 Housing affordability will get worseWith home prices continuing to rise and the pace of borrowing costs far exceeding income growth, affordability will likely erode further in 2024. For affordability to improve, it would require either a significant drop in home values, a significant drop in mortgage rates, a significant increase in household incomes, or some combination of the three. But I’m afraid this is very unlikely. First-time home buyers will be the hardest hit by this continued lack of affordable housing.8 Government needs to continue taking housing seriouslyThe government has started to take housing and affordability more seriously, with several states already having adopted new land use policies aimed at releasing developable land. In 2024, I hope cities and counties will continue to ease their restrictive land use policies. I also hope they’ll continue to streamline the permitting process and reduce the fees that are charged to builders, as these costs are passed directly onto the home buyer, which further impacts affordability.9 Foreclosure activity won’t impact the marketMany expected that the end of forbearance would bring a veritable tsunami of homes to market, but that didn’t happen. At its peak, almost 1-in-10 homes in America were in the program, but that has fallen to below 1%. That said, foreclosure starts have picked up, but still remain well below pre-pandemic levels. Look for delinquency levels to continue rising in 2024, but they will only be returning to the long-term average and are not a cause for concern.10 Sales will rise but remain the lowest in 15 years2023 will likely be remembered as the year when home sales were the lowest since the housing bubble burst in 2008. I expect the number of homes for sale to improve modestly in 2024 which, combined with mortgage rates trending lower, should result in about 4.4 million home sales. Ultimately though, demand exceeding supply will mean that sellers will still have the upper hand.
Thank You: Thanksgiving Blessings
I’d like to give a heartfelt thank you to all the generous souls who joined hands in making Tracie Gulit Homes Thanksgiving Food Drive an overwhelming success this year! Through your kindness and generosity, we were able to crowdfund a total of 18 full Thanksgiving meals, complete with special additions like Martinelli’s and a beautiful poinsettia, to bring joy and warmth to Lynden families in need. Your contributions have not only filled plates but also hearts, creating a ripple of positivity in our community. This Thanksgiving, your selflessness has truly made a difference, demonstrating the power of unity and compassion. Thank you for being the driving force behind this incredible initiative and for making the holiday season brighter for those who needed it the most.
October Real Local Feature
Waterfront Home Steps From The Beach – Birch Bay, WA
CLICK HERE FOR RESERVATIONS AND MORE INFORMATION
3 Bed | 2 Bath | Sleeps 6
This locally run Airbnb’s property has been in the family for over 80 years with the home built in 2008. It’s proudly managed by Don & Linda as well as their two daughters, Laura and Kristin.Come escape to this beautiful, fully furnished, waterfront home located in Birch Bay. Ideal for relaxing with family or a romantic retreat. With windows overlooking the water, the views from inside the house are only rivaled by the outside view and the sound of the water. Luckily, your commute to the water is short as the beach is across the street. With miles of the best beachcombing in the PNW, you’ll find it easy to fill your days chasing the tide, walking on the beach or watching the storms.
They offer a 25% discount for bookings that are 7+ days. The discount will be applied automatically.
MaryGold Tales
MaryGold Tales is a whimsical watercolor stationery and paper goods business, where Mary hand-paints sweet greeting cards and other bespoke illustrations. Nestled in her studio in Ferndale, Washington, Mary creates bespoke home illustrations and custom stationery.
hello@marygoldtales.com
www.marygoldtales.com
@marygold.tales
Receive 10% off on her website: THANKYOU10
7 Myths About VA Loans…Busted
There are a lot of myths swirling around about VA loans, so before you believe everything you hear, take some time to look into the facts about your benefit. Please reach out if you have any questions. I can put you in touch with one of the great lenders I work with if you’re looking for more details on your loan options.
MYTH 1: Only combat veterans are eligible.
FACT: Veterans, active duty servicemembers, reservists, National Guard members, surviving spouses, and other individuals can earn eligibility for home loan benefits. You may be eligible if you are a(n): Military Veteran, Active-Duty service member, Reservist or National Guard member, Surviving Spouse, Academy Cadet or Midshipman, National Oceanic & Atmospheric Administration (NOAA) Officer, Public Health Service (PHS) Officer.
MYTH 2: You need perfect credit to be approved.
FACT: While the VA encourages approved lenders to provide VA loans to all qualified applicants, it does not describe a minimum credit score. Each lender has its own credit requirements, which they use to verify that borrowers meet the ability to repay the loan. Lenders are expected to use good judgement and flexibility when applying the VA’s underwriting recommendations for credit, debt, and income. Typically, a score in the 620s or better is needed to apply for a VA loan.
MYTH 3: You can only use the VA home loan benefits once.
FACT: If you earn a VA home loan benefit it is yours for life. Many Veterans use it again and again for their home financing needs. Depending on the value of each property you buy, you may or may not need to restore entitlement to reuse your benefit. As long as you have enough entilement to back your loan, a VA loan can be a great mortgage choice for all stage of life.
MYTH 4: VA loans have a higher interest rate.
FACT: VA loan interest rates are usually as low or lower than competitive rates on conventional loans..
MYTH 5: VA home loan benefits are only for purchasing single-family homes.
FACT: VA loans can be used for: single-family houses, a condominium unit in a VA-approved complex, a multi-family property (up to 4 units per VA-eligible borrower), building a home, buying & improving property, making energy efficient improvements, buying a manufactured home and/or lot (certain lenders), refinancing your VA loan for a lower rate or payment, cash-out or regular refinance your VA or non-VA home.
MYTH 6: VA loans have unexpected out-of-pocket costs.
FACT: In fact, VA loans are known for their benefits, including no pricate mortgage insurance (PMI) and, in most cases, zero down payments. As far as other out-of-pocket costs go, you should recieve a Good Faith Estimate from your lender. And there should be no surprise fees at closing time. You can expect to pay a VA funding fee (unless exempt), an appraisal fee, an origination fee, title fees and some other cost approved by the VA.
MYTH 7: VA occupancy rule is too hard for active duty serving overseas
FACT: VA requires owner occupancy within a reasonable time after closing – usually 60 days. But those serving away on active duty can recieve an extension of up to 12 months if needed. If the active duty member still can’t satisfy the rule, a spouse or dependant child can.
Law Changes Benefitting You
On January 1, 2024, major changes to the Law of Agency will go into effect. These changes result from the real estate industry in the state of Washington wanting to elevate the level of transparency and consumer protection surrounding buyer representation. Senate Bill 5191 was voted into law requiring adjustments in how brokers operate when working with buyers.Before I get into the details of the specific changes below, I wanted to explain why these changes are being made and the benefits. It has been a long time coming for the buyer side of a transaction to be better defined in regards to representation, compensation, and the level of commitment the buyer and broker have to each other.The seller side of a transaction has always required a separate contract (a Listing Agreement) that outlines these three important items. It has always been a bit shocking to me that the state did not require such a contract for a buyer and broker. We will have a new required contract (Buyer Brokerage Service Agreement, BBSA) that is based on the new law starting in January. This new contract will provide a consistent and professional guidepost to help everyone understand the buyer and broker relationship, just like a seller and broker do when they enter into a listing agreement.The opportunity to set level expectations through this new agreement and give both parties the choice to willingly agree to them will help buyers understand how their broker gets paid, cover industry norms, dig into who represents who and where that advocacy starts and ends, and communicates a transparent commitment to each other. I think this is powerful and meaningful for both buyers and brokers. Buying a home is a serious matter and outlining via a contract what is mandated by state law legitimizes the relationship for both sides. Most importantly, it is a choice of who the buyer and broker enter into a contract with. The conversations that will surround these choices will be empowering for all parties involved.Let’s face it, buying a house is not an easy task, nor is guiding someone successfully through the process. It is about time the law follows the call of duty and requires a clear explanation of how buyer representation works and encourages a clearly communicated partnership. I’ve always believed that having consistent processes in my business leads to a better outcome for my clients. This advancement for our industry will elevate these processes and in turn, raise the bar.If you’ve worked with me recently, you know I’ve already embraced these cahnges as I see them as a benefit to my clients and our industry. The clarity these agreements provide will lead to fewer surprises, stronger bonds, and higher efficiency. I am prepared and excited to embrace this as a benefit for all parties involved in a real estate transaction.Key RevisionsFor years, real estate brokerage firms were only required to enter into written agreements with sellers, not buyers. Beginning on January 1, 2024, the Agency Law will require firms to enter into a written “brokerage services agreement” with any party the firm represents, both sellers and buyers. This change is to ensure that buyers (in addition to sellers) clearly understand the terms of the firm’s representation and compensation. The services agreement with buyers must include:
- The term of the agreement (how long the buyer and broker are committed to working together);
- The name of the broker appointed to be the buyer’s agent;
- Whether the agency relationship is exclusive or non-exclusive;
- Whether the buyer consents to the individual broker representing both the buyer and the seller in the same transaction (referred to as “limited dual agency”);
- Whether the buyer consents to the broker’s designated broker/managing broker’s limited dual agency;
- The amount the firm will be compensated and who will pay the compensation; and
- Any other agreements between the parties.
All of these options are outlined in the new BBSA contract and will be presented and discussed before deciding to embark on the home-buying journey together. It will eliminate any guesswork and encourage a strong work relationship surrounding an incredibly important task. This will help my clients understand my level of commitment and professionalism, and how I help my clients achieve effective results.I have provided the links to the new Agency Pamphlet and the revisions to Senate Bill 5191 below for your review. If you have any questions or are thinking about making a purchase in 2024, please reach out. It is always my goal to help keep my clients well-informed and empower strong decisions. I am happy to bring this information to you ahead of the change, so you are well prepared should you have any real estate changes coming your way in the future.Revised Pamphlet. The pamphlet entitled “Real Estate Brokerage in Washington” provides an overview of the revised Agency Law.Revised Agency Law. Substitute Senate Bill 5191 sets forth the revised Agency Law in its entirety.
September Real Local Feature
In the Heart of it All – Edmonds, WA
CLICK HERE FOR RESERVATIONS AND FOR MORE INFORMATION
2 Bed | 1 Bath | Sleeps 4
Stay in the heart of all that Downtown Edmonds has to offer! Conveniently located walking distance to everything, (including Ferry Terminal!) Whether you’re in the mood for a romantic dinner, exploring local entertainment/markets/shops, or a relaxing day at the beach, our vacation rental puts you right in the center of it all.This gem is just steps to the beach, where you can soak up all of the beauty that the PNW has to offer.We can’t wait to welcome you so that you can Experience Edmonds!
Red Barn Holiday Market – Lynden, WA
DATES: November 17-18, 2023
TIME: Friday 6-9 (VIP tickets available for early shopping 4-6)
Saturday 10-4
Location: Northwest Washington Fairgrounds | Lynden, WA
www.RedBarnMarketEvents.com
360-441-8084
IG: @redbarnmarketevents
Receive $5 Discount off VIP Tickets with discount code:
TGHOMES23
Red Barn Market started as a craft show at a small grange in Everson and has grown to include over 100 local vendors. Held at the Northwest Washington Fairgrounds in Lynden we have amazing Vintage, handmade, boutique and more vendors all together under one roof. VIP night includes early admission, food, drink and an awesome swag bag. Tickets can be purchased online for this event or at the door for general admission ($5)
Affordability Is Accessible
Lately, we have talked about life changes leading to real estate moves. Sometimes moves are brought on by joyful advancements in life and sometimes they are motivated by hardship. Then there are times when your actual house just doesn’t fit your life anymore and it is time for something different. Whatever might be calling someone to make a move, they also have to assess the affordability.There are three aspects to affordability: price, interest rate, and income. Price and interest rate will determine your monthly payment, and your income will provide the means to maintain and build your investment. One way I have been able to help my clients strategize affordability with higher interest rates are some creative financing options.
Most often a home buyer will procure a home loan with a 30-year term and the current interest rate. In the month of August, the 30-year conventional interest rate averaged 7.25%. While 7.25% is reflective of the average over the last 30 years, it is 2-3% higher than what we have experienced over the last 5 years. According to several experts, rates are predicted to decrease as we finish out 2023 and head into 2024. That also means that it is very likely prices will increase when that happens. I have helped some of my clients overcome the higher interest rates and secure today’s prices by helping them arrange with their lender an interest rate buy-down. Sometimes we have even been able to get the seller to financially assist in paying for the buy-down. There are two types of buy-downs: a permanent buy-down and a temporary buy-down. A permanent buy-down requires about 3% of the purchase price to buy the rate down by a point for the 30-year term of the loan. A good rule of thumb to remember is that every 1-point in rate equals 10% in buying power. For example, if the rate is 7% and you are qualified for a home at $800,000, if the rate went down by 1 point to 6% you could now afford $880,000 and have a very similar payment. Another way to look at this is simply the monthly payment itself. An $800,000 purchase with 20% down with a 6% interest rate would save a buyer $420.82 a month vs. the payment at 7%. A permanent buy-down is a useful tool and so is a temporary buy-down. It is actually one of the most powerful tools in today’s market. It costs far less than a permanent buy-down and with rates predicted to decrease over the next 12-18 months as inflation settles, you could easily find yourself in a position to refinance. 
Here is an example, let’s say you are shopping for a house and have the same $800,000 budget and a 20% down payment with today’s rate of 7%. The monthly principal and interest payment would be $4,257.94. You could do a 2-1 buydown (2 points lower in year one and 1 point lower in year 2) which would have your payment in year one be based on an interest rate of 5% with a monthly principal and interest payment of $3,435.66 – a savings of $822.28 a month. For year two, the monthly principal and interest would be based on 6%, resulting in a monthly payment of $3,837.12, a $420.82 savings. The total savings in monthly payments with the 2-1 buy-down over the two years would be $14,917.18. The roughly $15,000 in monthly payment savings is paid upfront at closing and in some cases paid by the seller. The buyer still needs to qualify based on the 7% interest rate as the payments will convert to the payment based on the 7% in year three moving forward. The strategy here is to never have the payment increase to 7% amount because the buyer plans to refinance when rates come down and will permanently fix their rate below 7%. A bonus is that if the entire $15,000 credit has not been used yet, in some cases those funds can be applied towards the refinance. This strategy has been effective in helping buyers secure a monthly payment that is more affordable so they can make a move now based on life’s needs and wants. It also helps them secure today’s prices. If we find a home that has had a little longer market time, a home seller is likely to assist with the $15,000 credit vs. reducing their price by 3% to accommodate a lower payment for 30 years. The temporary assistance in reducing the payment for 1 to 2 years is a viable tool for both the buyer and seller to create a win-win. I felt it was important to bring these options to light and to encourage people to not just take today’s market at face value. Creativity, collaboration, and calm have led to some of the most rewarding sales this year for both buyers and sellers. When people logically work together to accomplish moves in an environment that seems difficult, they find success. Ultimately, I am here to help my clients match their real estate to their lives despite where the rates are today. I love rolling up my sleeves and creating a plan to help my buyers and sellers accomplish their goals. It is my mission to help keep my clients informed and empower strong decisions. If you or someone you know are curious about how today’s market matches your needs, please reach out.
Fall Farms – Whatcom & Skagit County
It is finally MY favorite time of year!
As the leaves paint a kaleidoscope of colors and that delightful crispness fills the air, it’s time to unleash your inner autumn enthusiast. How, you ask? Well, what’s better than exploring the Fall Farms right here in Whatcom and Skagit counties? These farms are your one-way ticket to pumpkin-picking, apple-loving, and all-around autumn-vibing adventures- Let’s go!
1. Gordon Skagit Farms | Mount Vernon, Skagit County
October | Daily | 9AM-6PM
First up, is Gordon Skagit Farms! For over 50 years, they have cultivated pumpkins, becoming one of the prominent growers in the United States. People from across the Pacific Northwest and beyond are drawn to the farm every year to experience the stunning displays of pumpkins and squash tucked amongst hundred year old barns and gardens. The fields stretch out towards the horizon, the farm an island in a sea of pumpkins, dried corn stalks, and apple trees.
2. Bellewood Farms | Lynden, Whatcom County
October | Wednesday – Sunday | 9AM-4PM
BelleWood Farms is the go-to spot for apple adventures, with over 25 apple varieties to choose from. They also offer an array of pumpkins to choose from along with wagon rides for the kids and adults! Oh, and did we mention they make heavenly apple pie and cider doughnuts?
3. Schuh Farms | Mount Vernon, Skagit County
April – December | Daily | 9AM-6PM
Schuh Farms is a wonderland for fall fun for over 60 years! They have pumpkin patches, challenging corn mazes, and a farm market stocked with goodies for you to enjoy this season. It’s the ultimate destination for anyone seeking a dose of autumn excitement.
4. Willetta Farm | Everson, Whatcom County
October | Fridays(starting October 8th) 10AM-1PM | Saturday & Sunday 10AM-5PM
An experience you will never forget and memories that will last a lifetime. Let the kids check out the animals and activites around the farm while you enjoy a cup of carmel cider, hot chocolate or coffee paired with a pumpkin loaf or oliebollen treat. Then search for the perfect pumpkin or gourd together to carve or just use in your beutiful fall decor!
5. Stoney Ridge Farm | Everson, Whatcom County
Fridays October 13,20,27 from 12-5PM | Saturdays Oct 7,14,21,&28 from 10AM-5PM
Stoney Ridge Farm is all about crafting unforgettable fall memories. There, you’ll find pumpkin picking, hayrides, a petting zoo, food trucks and a mind-boggling corn maze. It’s where family fun meets autumn magic.
Before you embark on your autumn adventure, make sure to check out each farm’s website or give them a call for the 411 on hours, prices, and any special events they’ve got lined up. Remember to show some love to these and all our wonderful local farms this season – they’re the heart and soul of our communities.
Happy fall, y’all!
