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The holiday menace

Agents hard at work amid December bustle

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Christmas, gay news, Washington Blade
Christmas, gay news, Washington Blade

While most Washingtonians are preparing for Christmas, many real estate agents are still busy with work. (Washington Blade photo by Michael Key)

Most agents will tell you that the weeks between Thanksgiving and mid-January are some of the slowest in the real estate business, as people begin to focus less on housing and more on family and spiritual pursuits during the holiday season.

While that may be true in general, the transient nature of the D.C. metropolitan area and its continued low inventory of homes keep things humming along here more than in many parts of the country.

With interest rates creeping upward and new mortgage lending rules that could make qualifying for a loan more difficult in 2014, some buyers have stepped up their timetable.

And while many real estate agents are indeed baking cookies, scheduling family visits, planning trips to warmer climates or just sitting back and sipping eggnog, others are still hard at work.

It is with that thought that I wanted to share my recent experience with you.

’Twas the week before Christmas and here in D.C., I hadn’t found time yet to put up a tree or finish my shopping, or send out a greeting to clients by email, by text, or by tweeting. Instead of enjoying a long winter’s snooze, I had agents, attorneys and lenders to schmooze.

I sat at my desk as I tried to remember just when I last had such a busy December. I scheduled inspections and settlement dates while my Schnauzers slept soundly all snug in their crates. Their little legs moved as in dreams they gave chase to critters that ran at a frenetic pace.

I proofread a contract and then just for sport, reviewed the results of a termite report. I made a few phone calls and couldn’t resist checking off several things from my long “to do” list.

It seemed for a moment I might get a break for my beverage of choice and a Porterhouse steak when out on the street there arose such a clatter I sprang from my chair to see what was the matter.

Away to the window I flew like a flash with my doggies in tow like a hundred-yard dash. I parted the draperies and peered through the glass expecting to see what had caused the loud crash.

And what to my wondering eyes did appear but a red-suited man with six-pack of beer and a UPS driver all dressed up in brown whose eyebrows were narrowing into a frown. His truck, it was dented, his uniform, tattered, his packages strewn on the ground were all shattered.

The red-suited man was surveying the scene surrounded by reindeer and elves dressed in green. He bowed to the driver and said with chagrin, “What an awkward position we find ourselves in.”

Well, the driver, in no mood to be so polite, shook his fist and replied with his eyes shining bright, “Don’t try to pretend this is my fault! Enough! Now you tell me, just who’s going to pay for this stuff?”

But the red-suited gentleman seemed not to hear as he belched and he hiccupped and opened a beer. He raised up the can and he took a long draught while I watched from the window and had a good laugh.

Then much to my horror, he looked up and froze as the UPS guy punched him square in the nose. The force of the blow made him sit with a plop and he stayed on the ground ’til the dizziness stopped.

Then slowly he rose from his sitting position, assessing with care his most current condition.  “Hey, Rudolph,” he called, “I am still quite alive, but I think I should sleep in the back while you drive.”

From the rear of his transport he pulled out a sack filled with money to pay Mr. UPS back.  Then I heard him exclaim as he boarded the sleigh so he could get sober and be on his way, “This drinking and flying is really a bummer. Next year I’ll deliver my gifts in a Hummer.”

Have a safe and happy holiday season!

Valerie M. Blake is with Keller Williams Capital Properties. Reach her at 202-246-8602 or [email protected]. Each Keller Williams Realty office is independently owned and operated. Equal Housing Opportunity.

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Real Estate

My Best Of’s in D.C. real estate

Favorites in buyer programs, paint colors, and more

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Forget shiplap, wallpaper is back!

As I congratulate my colleagues and friends who have received the coveted Best of Gay DC awards, I thought it appropriate to share with you my own, subjective “Best of” list. 

Best Housing to Buy. With 233 of them on the market in D.C., the one-bedroom, one-bath condominium under $400,000 may be the best option for a personal residence or investment. Given a median price of $320,000 and 49 days on the market, there are deals to be made. You have your choice of areas around the city and of buildings large and small.

Best First-time Buyer Program. D.C.’s Housing Purchase Assistance Program (HPAP) is by far the best option to use if you are eligible. This program is based on household income and size and can provide up to $84,000 toward the purchase of a D.C. personal residence. For example, to receive the full amount, the income of a party of two is limited to a total of $51,600, 50% of the median family income for D.C. Other requirements may apply.

Best Tax Reduction Program. If you qualify, you may be able to take advantage of the DC Tax Abatement Program. Using the example of our party of two working adults buying a personal residence for less than $516,800, the income limit is $79,020 or $113,500 in designated Economic Development Zones.

Approval for the program exempts buyers from paying property taxes for up to five years and reduces the closing costs for the purchase by eliminating the buyer-paid recordation taxes and distributing the seller-paid transfer taxes to the buyer instead of to the DC tax office. For the buyer of that $516,800 personal residence, that can mean a savings of nearly $15,000 in closing costs.

Best Neutral Paint Color. First it was Builder Beige, then Gray was OK, then they blended into Good Grief Greige. While neutrals can be bland and boring, these days, expect to see a variety of off-whites gracing the walls of homes for sale. Sherman Williams 7008, Alabaster, did the trick for my most recent sellers. 

Best Wall Décor. Sponge paint and other effects are long gone. Forget shiplap unless you live in a house at the beach or on an actual ship. Distressed wood may still be suitable for a cabin in the woods, but in a modern, urban setting, wallpaper is back, baby! 

This is not your grandmother’s wallpaper. No chickens, tiny prints, borders, or faux grass cloth are in sight. Today’s wallpapers are bold, geometric, or a throwback to mid-century modern and are primarily used on an accent wall so they’re not overwhelming. Love vs. Design (lovevsdesign.com) can create custom wallpaper to match your color scheme in a peel and stick application that eschews the mess of wallpaper paste.

Best Indoor Plant. For us plant growing novices, the award goes to The Easy Care Bundle at The Sill (thesill.com). For only $45, you get two potted succulents that are very hard to kill, a Snake Plant and a ZZ Plant. 

You can also set yourself up on a subscription. $60 plus a $10 shipping charge buys a medium sized plant-of-the-month with a black or cream-colored planter. Choose classic plants or select pet-friendly, non-toxic plants for only $5 more with a 3-month minimum subscription. You can even purchase these as gifts.

Best Balcony Plant. For homes with a balcony or a deck, the winner is a potted Winter Gem Boxwood. It’s an evergreen that will turn a golden shade in the winter then green again in the spring. It also grows in both full and partial shade – almost a set it and forget it type of shrub – needing water only once a week or twice in hotter climates. Cut it as a topiary à la Edward Scissorhands for a little architectural interest.

Best Freestanding Refrigerator. I would be remiss if I didn’t include a best appliance category.An upscale fridge with see-through doors and built-in versions of computers, televisions and smart home elements holds a certain appeal until one of the glitzy attractions breaks and you spend as much for a new motherboard as you would for a whole new refrigerator. 

The winner of this category, therefore, is Samsung’s model RF28R7351SR. This bad boy is available in both standard and counter depth and features a French door top with external water and ice, a pull-out freezer with dual baskets, and a middle drawer that can be set to one of four temperatures to accommodate food or wine.

There you have it. Now, if you’ll excuse me, I’m off to judge the Best of Blake Miniature Schnauzers category. I’m thinking a 4-way tie is in order.

Valerie M. Blake is a licensed Associate Broker in D.C., Maryland, and Virginia with RLAH Real Estate. Call or text her at 202-246-8602, email her via DCHomeQuest.com, or follow her on Facebook at TheRealst8ofAffairs

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Real Estate

Helpful tips for homebuyers in seller’s market

2021 has been a great year for home sales

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COVID-19 housing market, gay news, Washington Blade

Without question, 2021 was a great year for home sales. Sellers across the country, in many cases, found themselves listing their homes and quickly having not just one, but multiple offers, many of which were at asking price or above. With limited inventory and high demand, it has been an ideal year to sell—and conversely, often a difficult year to buy. Buyers who are interested in a particular home, or even in a specific neighborhood, often find themselves facing stiff competition to have offers accepted. 

Fortunately, this doesn’t mean that many buyers haven’t had successful and rewarding home buying experiences—just that doing so often means making an extra effort and taking helpful steps to make an offer the most competitive that it can be. With that in mind, let’s take a look at a few helpful tips for buyers in a seller’s market:

  • Plan ahead with mortgage pre-approval: While there are certainly a wide variety of strategies that real estate agents and financial advisors may recommend, and while those strategies might vary depending upon the buyer and the circumstances of a particular market, one thing almost all experts agree on is that obtaining a mortgage preapproval is a smart decision. A mortgage preapproval is an ideal way to reassure sellers that a reputable lender has verified your credit and approved your buying power up to a certain limit. If you’re caught in a bidding war with another potential buyer, having preapproval establishing that you are ready, willing, and able to buy just might give you the advantage you need in a competitive market.
  • Be willing to look under budget so you can bid higher: In this highly competitive market, many home buyers find themselves in a situation where they are in a bidding war with another—or even several other—buyers. In that situation, you may find yourself having to make an offer at, or even in many cases, above, the asking price. This means that you may want to adjust your budget—and bidding—accordingly. Choosing to make an offer on a home that has an asking price that is already at the top of your budget may mean that you simply don’t have much wiggle room when it comes to making an offer over that price. Choosing a home slightly under the top of your budget means you’ll have more flexibility to make a bid that is more competitive and likely to be accepted.
  • Consider offering non-price-oriented incentives: Without question, making a highly competitive offer is going to be the key to increasing your chances of having that offer accepted. It’s important to remember that there is more to an offer than just price, however. Buyers may want to consider increasing the appeal of an offer by supplementing it with other incentives beyond just the dollar amount itself. Examples of such incentives might include things like foregoing the seller-paid home warranty that is often offered as part of the process, offering a shorter closing period, not making the purchase contingent upon the sale of a currently-owned home, or other such incentives. Doing so may give you the edge you need to have your offer selected over other competitive bids.
  • Retain the right real estate agent: Often, for LGBTQ buyers, especially in a competitive market, this piece of the puzzle is particularly important. In many, although certainly not all, cases LGBTQ buyers are drawn to specific areas of a city or community where other LGBTQ individuals live. That means that in a market where inventory is already limited and going quickly, there can be even fewer homes available upon which to bid. When that is the case, you will need a real estate agent who knows the community that you’re interested in, and who can quickly help you identify and take action toward making offers on homes that fit your needs. Having the right agent can make all the difference between a smooth and successful home-buying experience, and a stressful one

Jeff Hammerberg (he/him/his) is the Founding CEO of Hammerberg & Associates, Inc. Reach him at 303-378-5526, [email protected] or GayRealEstate.com

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Real Estate

Help, I’m under contract!  They accepted my offer?!

Buyer and seller need to work as a team

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What are the most common questions real estate agents, title companies and lenders get once a client is under contract? Well, luckily on my team we send out a next steps letter to all of our clients once an offer has been accepted and this helps them to know what to do the first week, the second week, and in any subsequent weeks before the settlement.  

For example, the letter will go out and say, “Make sure to get your EMD check to the title company in the agreed upon amount of time.” The EMD is your earnest money deposit, and most contracts have a buyer write a check for several thousands of dollars that will go the title company as sort of a “security deposit” on a contract that later gets applied to the buyers’ closing costs.

The letter will also instruct a buyer to contact their lender and confirm with them that they are under contract and to get the contract over to the lender so they can start preparing the loan and order the appraisal. The letter also states that later in the process the buyer will get the wiring instructions from the title company where settlement will be held for the down payment money. If there is to be a home inspection, we will also get that scheduled, usually in the first week after going under contract also.  

If selling, the letter is a different one with information about moving companies and getting any staging out of the listing. Both parties will receive instructions on how to change the utilities from the seller to the buyer the week of settlement. The title company will also follow up with the buyers and sellers to get any needed info. They will ask any questions necessary to possibly help the buyer to get any deductions or credits they might qualify for that could lower their closing costs. A good lender will do this also.

What each buyer and seller needs is good teamwork to make the dream work whenever a house is changing hands and a large transaction is going to be handled. For more information, you can contact me to attend my next Homebuyer’s Seminar on Oct. 12 in the evening, which will be on Zoom.  

Joseph Hudson is a Realtor at the Rutstein Group of Compass. Reach him at 703-587-0597 or at [email protected].

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