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Smart selling in spring housing market

Your house may be worth more than you think

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nice house, real estate, gay news, Washington Blade
nice house, real estate, gay news, Washington Blade

The Washington DC Real Estate Market heats up in Spring! (Stock photo from iStock)

By SAMMY DWECK

Sellers may rejoice. Although the weather is just heating up, the market’s temperature is well ahead of the curve this year. Fabulous interest rates are keeping buyers excited, and the low inventory means it is time for sellers to capitalize on demand.

Washington, D.C. real estate has outperformed the nation through the recession and recovery and continues to grow. This is certainly still a government town but the last several years have brought more in technology and the arts. Entrepreneurs and creative types are flocking to D.C.

This is a sellers’ market, and our buyer clients have been highly cognizant of this as we go into the busiest time of year in the housing market.

Sellers who take a hard line stance against losing a dime on their current homes could do better to focus on capitalizing on the exciting opportunities in this marketplace. Sellers need to understand that as mortgage rates climb back to “normal” levels, their purchasing power is eroded on their next home.

Similarly, the purchasing power of their buyers is as well — unless salaries keep pace with mortgage rates, buyers have the same monthly budget at 3.5 percent and at 7 percent, but more of those payments go to paying interest at the higher rates and less to equity. In other words, it is OK to sell your home at a price that’s close to that which you paid, even if you do not come out with every dollar you invested. That is because you have an opportunity to buy at prices similar to the ones at which you bought last time, but with a much lower rate — and move into the place you want to live in.

Furthermore, your house may be worth more than you think. The days of bidding wars and escalation clauses are back. The key to selling your home for the most it’s worth right now is the proper price and the right kind of marketing. You need to work with an agent who knows what price will inspire buyers to bite and how to make your home look its best.

As much as people like to think otherwise, buying and selling a home is emotional. Polish your home before you put it on the market. Like dating, you want to put your best foot forward. Presentation is everything. If you present well, you may achieve a competitive bidding scenario in which buyers waive certain contingencies and shorten time frames to provide you with more of a “sure thing.” You can demand better-qualified buyers if you have people falling over themselves to buy your home. Picture a dating show with many bachelorettes wooing only one bachelor, but with buyers competing on one property and trying win over a seller.

It is easy to understand why buyers get stuck on certain numbers and prices, but homeowners are usually better off than if they were renting in one of the D.C.-area’s very expensive rentals. If, after seven years of ownership, your loss is a few percent in transaction costs, but you’ve saved in not having to pay non-tax deductible rent, you’ve won this round.

It is also easy to understand why sellers get stuck on certain numbers, but value is a moment in time. We tell our clients to live where they want to live and to move when they want to move. Your primary home as not just an investment, but rather an investment in you. Smart sellers are leaving what happened in 2005 where it belongs – in 2005 – and are looking forward to the next phase of their lives in their new homes. It’s time to seize this fabulous opportunity in our sellers’ market and get moving.

Sammy Dweck of The Amber & Sammy Group with Evers & Co. Real Estate, Inc., is a licensed real estate agent specializing in townhouse, condo and co-op sales in the D.C. metro area. Reach him at [email protected] or 202-716-0400.

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Real Estate

Down payment strategies: Financing your home purchase 

Understanding the options key to unlocking the door to a dream home

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Looking for your dream home? First, you need to understand how to make the down payment.

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].

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Autos

Glam rides: BMW X6 and Range Rover Velar

Impressive standard features elevate these lower-priced options

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BMW X6

Many sport-utes with ho-hum styling still impress me by offering scads of standard features and a low MSRP. But sometimes it’s hard not to be seduced by what I call glam rides—pricier vehicles with plenty of attitude. You know, like something Cassandro might drive. 

BMW X6 

$75,000 

MPG: 23 city/26 highway

0 to 60 mph: 5.2 seconds

Maximum cargo room: 59.6 cu. ft. 

PROS: Outré styling, posh cabin, raw power

CONS: Less rear visibility, limited storage, costly options

IN A NUTSHELL: Trust me, it’s hard not to fall in love with a BMW X6. This recently updated crossover, with its coupe-like profile, swept-back grille and breathtaking acceleration, had me at hello. High ground clearance and oodles of high-tech features turn this high-end hauler into one helluva wild ride.

Sure, the sharply sloped roof hampers rear-seat headroom and cargo capacity. But up front there’s more room than expected, along with a dramatically curved digital dashboard. And the ginormous panoramic moonroof helps make the interior feel quite spacious. 

How good is this BMW? Zipping up to Baltimore last month during a day of downpours and clueless commuters, my husband and I started rethinking our promise to never buy a budget-busting vehicle. For us, bad weather and heavy traffic usually result in clenched teeth, heavy sighs and my swearing like a sailor. Yet the hushed cabin, 16-way power front seats and ability to control the stereo and other functions simply by waving my hand were all very Zen. Ditto the finely tuned suspension, steering and braking, which anticipated my every move. Instead of shying away from rush hour on our return home, I leaned in. 

Myriad safety features — from forward-collision alerts and blind-spot monitors to lane-departure warnings and a 360-degree camera — batted away any concerns about fender benders. Same for the option packages that allow you to park the X6 automatically, store familiar maneuvers and drive hands-free at up to 85 mph.  

Power in the base-model — which is what I test drove — comes from a lively 375-hp turbo, with a 48-volt hybrid system to improve gas mileage. There’s also a smooth eight-speed automatic transmission and all-wheel drive for sure handling on slippery roads. Pricing begins at $75,000, but options on my test car brought it up to—whoa!—88,000. 

For more grit and growl, there’s the xDrive60i, with a 523-hp twin turbo that helps this Bimmer sprint from 0 to 60 mph in 4.2 seconds. And the top-of-the-line X6 M Competition with a 617-hp V8 is even faster at a blistering 3.7 seconds. But I am much too afraid to drive this gnarly high-test model—it starts at $128,000. 

RANGE ROVER VELAR

$63,000 

MPG: 19 city/25 highway

0 to 60 mph: 5.2 seconds

Maximum cargo room: 70.1 cu. ft. 

PROS: Refined design, chic interior, lotsa storage

CONS: Tepid base engine, more sedate handling, pricey

IN A NUTSHELL: While Range Rovers are known for being oh-so-classy, the Velar is much sassier than the rest of the lineup. 

The sweeping front fascia would make Ariana Grande proud: Svelte grille, sporty wraparound headlights and stretched, corset-like air ducts in the bumper.  

Inside, the look is spartan but elegant. All knobs and other switchgear are mostly hidden or activated by an 11.4-inch infotainment touchscreen that seems to hover in front of the dash. Even the ubiquitous cruise control and stereo buttons on the steering wheel seem to have vanished, though look closer and they are tastefully integrated into the design. 

While the Velar may be classified as a compact vehicle, it looks and feels much larger. Compared with the midsize BMW X6, both have ample seating for five people. Front-seat dimensions are practically the same, but the supposedly smaller Range Rover has better back-seat headroom and legroom. It also holds almost 20% more cargo. 

Built on the same platform as the popular Jaguar F-Pace, the Velar has a relaxed ride compared to the more athletic BMW X6. Power is less aggressive on the Range Rover, with choice of two competent but hardly rip-roaring engines. 

Build quality is impressive, including the optional leather-free interior that uses an upscale composite of wool and polyurethane. And while even the base-model comes with interior ambient lighting and a premium Meridian stereo, you can opt for the 17-speaker 3D system for an even more “Maestro”-like experience.  

Overall, the Velar may be less of a rabble rouser than the BMW X6, but there’s still plenty here to dazzle the senses. 

Range Rover Velar
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Dining

New D.C. restaurants opening just in time for spring

Mexican fare, burgers, fancy cocktails, and more on tap

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Many restaurants, bars, and hotels are planning events across the city for the National Cherry Blossom Festival later this month.

Shaking off winter slumber, the D.C. dining scene this spring is gathering steam. Just a taste of the openings and happenings are below:

Already Open

Pascual (732 Maryland Ave., N.E.): This modern Mexican restaurant is helmed by chefs Isabel Coss and Matt Conroy of Lutèce, and run by The Popal Group (which also owns Lapop and Lapis). Pascual gets its name from the patron saint of cooks and kitchens. The menu, which rests on fire-grilled dishes, is inspired by Coss’s Mexico City roots, and both chefs’ past work at top Mexican restaurants. Pascual plans to add a daytime bakery and coffee shop called Volcán.

Moon Rabbit (927 F St., N.W.): Chef Kevin Tien abruptly closed his Moon Rabbit restaurant on the Wharf a year ago during union negotiations by staff of the Intercontinental Hotel, where the restaurant was located. This reopening represents a welcome comeback of this fine-dining Vietnamese restaurant. The restaurant concept will be the same, but will have new dishes for the new space.

Joia Burger (3213 Mt. Pleasant St., N.W.): It’s smash patties and French fries that make up the entire menu of this fun-filled carryout spot. Run by Purple Patch chef/owner Patrice Cleary, she brings burgers (including veggie burgers) in a family-friendly and homey atmosphere, as well as vibrant ube soft serve as a nod to her Filipino heritage.

Coming soon

Press Club (1506 19th St., N.W.) is an intriguing new spot from industry old-timers including Will Patton (from Bresca and Jônt). Located in Dupont Circle, it will be a new bar and cocktail lounge based on the format of records (i.e. sides A and B). The a la carte “Track List” menu is a cocktail menu that rotates biannually featuring the team’s favorite spirits and techniques. The curated “Play List” menu is a bi-monthly rotating cocktail flights highlighting more seasonal ingredients, presented tableside with supplemental bites. The cocktails will draw inspiration from songs loved by the founders and are arranged to resemble the flow of a record.

Immigrant Food (4245 N. Fairfax Dr.): The restaurant group combining global dishes and advocacy is set to open a new spot in Ballston. Immigrant Food has three locations already: the Planet Word Museum, by the White House and in Union Market. The restaurant will feature both indoor and outdoor dining areas by the Ballston Metro.

 Bar Japonais (1520 14th St., N.W.): This restaurant is still forthcoming in the former Estadio space, set for later this spring. It will be a take on its sister restaurant Bar Chinois in Mount Vernon Square. Bar Japonais will bring together French and Japanese influences. Developed in the izakaya style, the restaurant will have Japanese-leaning food and French-leaning cocktails, and has weekly events in the works.

Dogon, at Salamander Hotel (1330 Maryland Ave., S.W.), is a highly anticipated opening from celebrity chef Kwame Onwauchi. The opening represents his return to D.C. with a concept inspired by D.C. Surveyor Benjamin Banneker and Onwauchi’s heritage to the West African Dogon tribe. Pronounced “Doh-gon,” the restaurant will serve vibrant cuisine through an Afro-Caribbean lens and draw from Onwuachi’s unique Nigerian, Jamaican, Trinidadian, and Creole background. 

Alfreda (2016 P St., N.W.): A pizzeria in Dupont Circle, named for the chef’s grandmother. The pizzas – made on a sourdough crust and including gluten-free options – are based on more traditional techniques, but using global flavors. The menu also includes salads, small plates, and a long wine list.

Beresovsky’s Deli: Gay-owned KNEAD Hospitality + Design is teasing a deli later this year. It will be located inside the preexisting Mah-Ze-Dahr Navy Yard location. 

Events

The Restaurant Association Metropolitan Washington (RAMW), is expanding from its winter and summer Restaurant Weeks to give diners another opportunity to celebrate the change of seasons with Spring Wine Fling. Spring Wine Fling is a platform for local eateries to highlight their wine programs with creative pairings. Participating locations will showcase their wine programs through curated wines paired with two-course prefix $55 menu offered during dinner service. 

National Cherry Blossom Festival: RAMW is also working with the National Cherry Blossom Festival. The National Park Service has anticipated peak bloom dates for 2024 between March 23–26. The festival has developed a full list (called “cherry picks”) of where to eat as part of the celebration. Many restaurants, bars, and hotels have also set up activations and events across the city.

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