Financial
Give your agent some R-E-S-P-E-C-T
Relationships centered around real estate can be complicated
A real estate transaction is just as much a human exchange as a business transaction complete with emotions, potentially discordant personalities, constant dialogue and a high stakes financial investment. It can be easily complicated by misunderstandings and can have serious long-term financial implications.
So it’s extremely helpful to have an agent represent you as a buyer. A buyer’s agent is a professional who ensures your needs are being met, that your rights have not been ignored and that your purchase is made with as much disclosure as possible. Their commission is paid by the sellers, but at times their role is to represent the position most at odds with those of the seller.
Sometimes, their efforts to work on behalf of the buyer may even end up canceling the whole transaction. Without the help of a buyer’s agent, many buyers would purchase homes for too much money, without enough insight as to the property’s condition and could even lose their earnest money deposits due to their inability to close the deal on their own.
When working with an agent, though, it’s important to observe some etiquette ground rules. Your agent will work best with you if there is a balance between the two of you based on respect. If you don’t show your agent the respect you would appreciate for yourself, his or her motivation to work as hard as possible for you may be undermined. Some of these easy ground rules are as follows:
Remember your agent is a human being. Humans are capable of amazing accomplishments, but they are also capable of mistakes. Don’t hold it against an agent if he or she makes a small honest error, unless it’s one that costs you a lot of money. Forgetting to return a casual email is an honest error, but missing a deadline to cancel a contract is a biggie.
Also remember that humans need to eat, sleep and have a life aside from real estate. Unless you have previous arrangements with your agent, or unless it’s truly urgent, try not to call your agent before 9 a.m. or after 9 p.m. Don’t fault your agent for taking a weekend off every now and then, or taking a vacation, even when you’re in the middle of a transaction. Just make sure your agent lines up a support system for you while he or she is away so you aren’t completely on your own.
Don’t cheat on your agent. Agents work long hours without the guarantee of a paycheck and often without even the guarantee of your business. It’s only fair, then, that you stay committed to an agent who has already worked hard for you. When you choose to engage an agent in your home search, sign an agency relationship agreement, even if it’s for a short duration. That gives your agent the confidence that you will give him or her a fair shot at keeping your business long-term and will encourage the agent to work hard on your behalf. Extend the agreement term when you’re confident that your agent and you are a good fit, and in the meantime, don’t ask other agents to work on your behalf. Technically, you should only call your agent with questions about any property, too.
If it doesn’t work, it doesn’t work. Nobody should be expected to get married on the first date, so if you’ve worked with an agent exclusively for long enough to know it won’t work, it’s OK to say goodbye. Just make sure you honor the terms of your agency relationship, and if you want out early, just ask nicely to be released. If things get hairy, call your agent’s office manager to discuss your options.
Agents need to have more than one client to survive. Unless you’re buying an embassy, it’s unlikely the commission from your paycheck would be able to sustain your agent’s livelihood on its own. Be understanding when your agent can’t accommodate your schedule every now and then due to other client obligations and try to be flexible with times that work for you. Most agents work such that they may be called at a moment’s notice for a showing, even after hours and on weekends. Every now and then they may have another client when you wish to see a property, so be patient if the plan must be postponed or be willing to get up early or take a lunch break the next day for a viewing, rather than seeing it one evening earlier.
These ground rules may make it seem like you should be completely accommodating if your agent makes mistakes, won’t show you property and doesn’t have time for you in general. On the contrary, it is simply a reminder that if these things happen every now and then, they should not be deal breakers.
You have rightful expectations as well, and if ever you are working with an agent who is less professional and more lazy, you should feel no compunction asking to cancel your arrangement and moving on. Ultimately, your standing in the transaction should be benefited by the role of your agent, but if it’s not, it’s OK to cut the cord.
David Bediz is a top-producing agent at Coldwell Banker, a founder of the Dwight & David Group, and director of the board of GCAAR. He can be reached at 202-352-8456 or dwightanddavid.com.
Real Estate
Down payment strategies: Financing your home purchase
Understanding the options key to unlocking the door to a dream home
Navigating the path to homeownership can be a complex journey, especially when it comes to accumulating the necessary down payment. For members of our LGBTQ community, understanding the available options for saving and financing this crucial aspect of home buying is key to unlocking the door to their dream home. Let’s explore effective methods and resources specifically designed to support LGBTQ individuals on their path to homeownership.
Traditional Savings Strategies
Saving for a down payment often begins with traditional methods such as setting aside a portion of your income into a dedicated savings account. High-yield savings accounts and automated savings plans, some offering up to 5% interest in today’s market, can expedite the process, providing a disciplined approach to accumulate funds over time. Additionally, exploring investment opportunities that match your risk tolerance can offer potential growth for your down payment savings.
Down Payment Assistance Programs
A variety of down payment assistance programs exist to help homebuyers with their initial costs. These programs often offer grants or low-interest loans to first-time homebuyers or those who haven’t owned a home in the past three years.
It’s essential to speak with a GayRealEstate.com agent to determine what programs may be available, plus online research into local and state assistance programs, as many are designed to support individuals in specific communities, including the LGBTQ+ community.
For medical professionals, police, teachers, firefighters, and other community heroes, there are several special loan and assistance programs designed to help with home purchases, often offering benefits like down payment assistance, reduced closing costs, and more favorable loan terms.
The Hero Home Loan Program provides first responders, including police officers, firefighters, and paramedics, with benefits such as lower interest rates and reduced closing costs. This program aims to make homeownership more accessible by offering more flexible credit score requirements and down payment assistance .
For educators, firefighters, law enforcement officers, and medical professionals, the Everyday Hero Housing Assistance Fund (EHHAF) offers closing cost assistance through gift funds. This program is designed to support those who serve their communities by making homeownership more affordable, with no repayment required for the grant funds.
The HUD Good Neighbor Next Door Program offers up to 50% off the list price of homes for law enforcement officers, pre-Kindergarten through 12th-grade teachers, firefighters, and emergency medical technicians. This initiative aims to encourage community revitalization by assisting these professionals in homeownership within the communities they serve.
Homes for Heroes provides assistance specifically to first responders and offers significant savings through Hero Rewards when buying, selling, or refinancing a home. On average, participants save $3,000, with the program offering real estate and mortgage specialist connections tailored to the needs of first responders.
LGBTQ-Friendly Lending Options
Finding a lender that understands and supports the unique needs of our LGBTQ community can make a significant difference. Some lenders and organizations specialize in offering inclusive financial products and resources to assist LGBTQ+ homebuyers. These may include specialized mortgage products, financial planning services, and guidance through the home buying process.
The journey to homeownership is a milestone that requires careful planning and support. Remember, every step taken towards saving and financing your home purchase brings you closer to the dream of homeownership.
(GayRealEstate.com offers valuable resources and advice tailored to meet the unique needs of our LGBTQ+ community in their journey towards homeownership. For more comprehensive guidance and support in navigating the home buying process, visit GayRealEstate.com choose an agent and start a no-obligation conversation today.)
Jeff Hammerberg is founding CEO of Hammerberg & Associates, Inc. Reach him at [email protected].
Real Estate
Turn your bare walls into captivating focal points
Paint, wallpaper, statement installations and more
Are you tired of gray walls and white kitchen cabinets with white granite or marble countertops? Have you gone back to the “Builder Beige” that was popular in the ‘90s?
Your walls are the blank canvases of your home, waiting to be transformed into stunning expressions of your personality and style. Whether you prefer vibrant artwork, paint, eye-catching wallpaper, or statement walls, there are countless ways to adorn and decorate your walls to elevate your space. Here’s a guide to help you turn those bare walls into captivating focal points.
Wallpaper: Wallpaper has again become a versatile option for adding texture, pattern, and color to your walls. Whether you prefer subtle designs or bold prints, there’s a wallpaper to suit every taste.
It now even comes in peel and stick rolls, so you don’t have a mess of water and paste. For some new designs, check out www.spoonflower.com.
Before selecting wallpaper, consider the scale of your room and the atmosphere you want to create. For small spaces, opt for light, airy patterns to make the room feel more spacious. Conversely, in larger rooms, you can go bold with intricate designs or vibrant colors to make a statement. Don’t be afraid to mix and match wallpaper with paint, or even wallpaper the ceilings for a unique and dynamic look.
Statement Walls: Statement walls are a bold way to add personality and drama to any room. From accent paint colors to textured finishes, the possibilities are endless. Consider using a contrasting color or texture to highlight a specific wall and create visual interest. For a contemporary touch, try incorporating geometric patterns or asymmetrical designs with strips of wood. Hand-painted murals are another option for creating striking statement walls. Choose a mural that reflects your interests or transports you to another world for a truly immersive experience.
Paneling/Brick: The shiplap phase may be dying out, but there are still many ways to use wood and paneling in your wall décor. Reclaimed wood is a popular option, as are wood slats such as the ones found at www.woodpanelwalls.com. Use them on walls or ceilings, or as a background for wall-mounted televisions and sconces. Amazon also has lots of options for wood veneer available and exposed brick is popular in many contemporary homes. If you don’t have a brick wall to uncover, select from options such as lightweight faux brick or stone.
Artwork: Art has the power to breathe life into any room. When choosing artwork, consider pieces that resonate with you personally and complement your existing décor. Experiment with a mix of styles, sizes, and mediums to create visual interest. Hang artwork at eye level to ensure it is easily visible and balanced within the space. Enhance gallery walls by arranging multiple pieces in a cohesive layout. Remember that art is subjective, so whether you choose an inexpensive poster or a gallery quality painting, select pieces that speak to you.
Photo Displays: Showcase your favorite memories and moments with a curated photo display. Whether it’s a collection of family photos, travel snapshots, or artistic prints, arranging photos on your walls adds a personal touch to your space. Try out different frames, sizes, and layouts to create a gallery-style display that reflects your unique style. It makes a nice presentation on that odd wall going up your stairs.
Mirrors: Mirrors are not only functional but also serve as decorative accents that can enhance the visual appeal of any room. Strategically placing mirrors on your walls can create the illusion of space, brighten dark corners, and reflect natural light. Choose mirrors with interesting frames or shapes to add an extra layer of style to your décor. Try different sizes and arrangements to find the perfect balance between form and function.
Textile Hangings: Textile hangings are a bohemian-inspired alternative to traditional wall art. From tapestries to woven rugs, textile hangings add warmth, texture, and color to your walls. Hang a large tapestry behind your bed as a dramatic headboard alternative or layer smaller textiles with framed artwork for a cozy, eclectic look. Consider mixing and matching different textures and patterns to create visual depth and dimension.
Adorning and decorating your walls is a creative and personal process that allows you to infuse your space with personality and style. The key is to trust your instincts and have fun with the process. Use different techniques, colors, and textures until you find the perfect combination that speaks to you and transforms your walls into works of art. With a little imagination and creativity, you can turn any blank wall into a stunning focal point that reflects your unique taste and aesthetic.
Valerie M. Blake is a licensed Associate Broker in D.C., Maryland, and Virginia with RLAH Real Estate/@properties. Call or text her at 202-246-8602, email her via DCHomeQuest.com, or follow her on Facebook at TheRealst8ofAffairs.
Real Estate
No, you really don’t have to put down 20 percent
There are many options when financing your new home
I was just out at brunch this weekend (I know a gay in D.C. at brunch — groundbreaking). Anyway, I was at brunch and naturally the subject of real estate came up and your boy’s ears perked up and as the resident real estate expert at the table, some of the newcomers were making conversation about some open houses they had been to in the past few weekends, some trends they had seen that they hated that developers seem to continually do in the D.C. area, how unaffordable things are and some comments about where the best areas to invest are in D.C. I just sat and listened while eating my food, which was rather under seasoned, but I digress. The one comment that came up several times that really got me was the affordability comment and what it was based around. It might very well shock you.
When we speak about affordability in the District we are typically speaking to the price of real estate and how expensive it is to purchase a place here in D.C. However, for this conversation – the affordability factor in particular that I was hearing about that piqued my interest was the specific line item of “we have to put down X as a down payment to purchase a home.” The consensus at this brunch table and even when speaking to some buyers on a daily basis is that you must put down 20% to purchase a home. While there are some perks to this, yes. The fact that you MUST put that amount down is just not true. When my parents purchased their first home for $60,000 it was much easier to put down 20% versus a first-time buyer in D.C. putting down 20% for a $600,000 purchase. Furthermore, most buyers are staying in their homes for as little as six years, according to the National Association of Realtors. If you do the math – does it make sense, for your personal situation, to put down 20% versus 5% or 10%? Yes, that’s right – you can purchase a home for as little as 5% down and in some cases as little as 3% down.
When my husband, who was a first-time homebuyer in D.C., purchased his condo, he was able to put down 3% and qualify for a conventional loan. We will stay in this condo for under the average 7-10 years so putting anything more than 3% down for our personal situation just didn’t make sense. Now, because we didn’t put 20% down we pay what is known as PMI, or private mortgage insurance, however it was still worthwhile for him to save the capital and only put the 3% down and pay the small PMI amount monthly as he could put the rest of the 17% he didn’t put into a house in an investment account to yield more. Again, he was a first-time buyer in the District so he qualified for a 3% down loan and the numbers made sense for him. Everyone’s personal situation is different.
According to a 2023 report from the National Association of Realtors the average down payment for a home was 15% while the average down payment when looking at first time buyers was right around 5%. Again, each situation is specific to each person, their credit, finances, debt to income ratio etc., so there is really no recipe that fits every single buyer. It is important to work with a local lender to ensure that you are well qualified and understand which loan packages are out there for you that make the most sense for you so that when you do find that home you are ready to go.
I say all of this to say that gone are the days when you are required to put down 20% in most cases. Depending on the loan type and loan amount – you likely can get away with putting down 5-15% down and save some funds for upgrading from that tragic Ikea dresser from college or hiring a painter because let’s be real, you are not a professional. Like with most things in life you can pick and choose the things that are right for you and a mortgage and its down payment are exactly that same. If you would like to and can put down 20% for a mortgage then please do so – however if you want to get out from under the power and money hungry landlord and buy a condo where you are paying yourself back with equity – you can do so in a manner that is much more affordable than you may have thought possible – especially if you are a first-time buyer in D.C.
Justin Noble is a Realtor with Sotheby’s international Realty licensed in D.C., Maryland, and Delaware for your DMV and Delaware Beach needs. Specializing in first-time homebuyers, development and new construction as well as estate sales, Justin is a well-versed agent, highly regarded, and provides white glove service at every price point. Reach him at 202-503-4243, [email protected] or BurnsandNoble.com.
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