Real Estate
Preparing your home for sale
Consider cost versus value when making improvements
Last spring, I had a client list his boutique, one-bedroom condominium in the heart of Dupont Circle. My client, relocating for work, debated how to receive the most equity from his property, a home that included more than 50 stairs to enter and limited storage. Thus, my client pondered which improvements, both large and small, could be made to his property in order to achieve the highest sales price the market could offer him.
Yes, Washington, D.C. is a sellerās market with inventory always low compared to an influx of buyers. However, the value of a property cannot solely be determined by simple supply and demand of the market. Thus, sellers should be prepared to make a plan and set goals when listing their property in advance of putting it on the market. For example, some sellers primarily prioritize equity (and perhaps only) in selling their home; for others, the seller may need a quick close in order to remove a kick-out contingency on a future purchase. In both cases, sellers must make clear goals in the sale of their property.
It may seem surprising, but small-scale renovations may produce the biggest bang for your buck in selling your property. Deferred maintenance is common for all homeowners. After living in a property for years, normal wear and tear is common. However, the elements of the home that are often forgotten are many times the quickest fixes at a low cost for many sellers. For example, painting your home can often lead to a full return on investment if a propertyās paint (either interior or exterior) is in disarray. In properties with highly taste-specific accent walls or paint displays, neutralizing tones is always a safe way to show your property.
Furthermore, great rates of return can be found in replacing old carpet for a neutral tone or with hardwood flooring, though the hardwood may raise cost slightly. Overall, small fixes to the aesthetics of a home, especially the paint and flooring, may lead to better overall value in selling a home. Additionally, if your home has common elements such as hallways or common entryways, consider updating these finishes for potential buyers to the condo or homeowners association.
Next, consider de-cluttering or staging more appropriately prior to listing your home. A grand living area may appear dense to some buyers if your furniture or tchotchkes obscure the bones of the room. For homeowners with limited storage (as with my past client), consider renting a storage unit and storing larger items before a move to a larger home or even contemplate throwing away unwanted items. The creation of space will always be more attractive to a buyer in allowing him or her to visualize how they will arrange their new home.
Of course, it is worth noting the large-scale projects when talking about selling. Buyers almost always look first at two places in a listing: kitchens and bathrooms. Thus, the greatest rate of return on major renovation can be found in these two areas. However, sellers do not always need to break the bank when renovating these areas; instead, think of maintenance to these areas as a āfaceliftā of sorts by painting, refinishing surfaces or maybe even upgrading appliances to the next model up in quality. Altogether, these improvements, both large and small, factor into the grand scheme of the housing market.
In the end of my clientās story, my client accepted an offer that included the highest sales price in his buildingās history, despite having the drawback of several large staircases and lack of storage. The point of this anecdote is simple: Preparation is key for sellers who would like to achieve the highest sales price for their property. Setting goals and understanding the importance of cost versus value in renovation can be the key determinant in selling your property for the highest sales price.
Tim Savoy is a real estate agent with Coldwell Banker Residential Brokerage, Dupont Circle. Reach him at 202-400-0534 or [email protected].
Real Estate
What LGBTQ buyers, sellers need to know about new real estate rules
Regulations are reshaping how transactions are conducted
In recent months, the real estate landscape has undergone significant changes, with new rules and regulations reshaping how transactions are conducted. These changes affect buyers and sellers across the board, but LGBTQ individuals and couples navigating the housing market should be particularly aware of how these updates might impact their decisions and opportunities. At GayRealEstate.com, weāre here to keep you informed and empowered.
1. Transparency in Agent Compensation
One of the most notable changes involves how real estate agents are compensated. New rules aim to increase transparency, requiring agents to clearly disclose their commissions and how they are paid. For LGBTQ buyers and sellers, this means youāll have a better understanding of the financial side of your transaction, making it easier to avoid hidden fees or misunderstandings.
Tip: Make sure your agent explains their compensation structure up front. Working with an LGBTQ-friendly real estate agent through GayRealEstate.com ensures youāre connected with professionals who prioritize clarity and fairness.
2. Contracts Before Home Tours
In some areas, buyers are now required to sign a representation agreement before touring homes. While this adds a layer of formality, it can also help you establish a stronger relationship with your agent and ensure theyāre working in your best interest.
What It Means for LGBTQ Buyers: Choosing an agent who understands your unique needs is critical. Signing a contract ensures that your agent is committed to helping you find a home in a community where youāll feel safe and welcome.
3. New Protections Against Discrimination
Recent policy changes reinforce anti-discrimination measures in housing, which is particularly relevant for LGBTQ individuals. While federal laws like the Fair Housing Act prohibit discrimination based on sexual orientation and gender identity, some states have gone further by implementing additional protections.
How to Navigate: Familiarize yourself with your stateās specific laws, and rely on LGBTQ-friendly agents who are committed to advocating for your rights throughout the transaction process.
4. Market Conditions: Buyers vs. Sellers
The current housing market is in flux, with inventory levels, interest rates, and demand varying widely by region. Sellers may face longer listing times, while buyers could encounter more competitive environments in desirable areas.
5. Mortgage Updates for LGBTQ Couples
Lenders are becoming more inclusive in recognizing diverse family structures, but disparities still exist. Itās essential to work with lenders who understand your unique situation and ensure fair treatment during the mortgage process.
Advice: An LGBTQ-friendly agent can connect you with lenders who are sensitive to your needs and knowledgeable about programs that support equal access to home financing.
Why These Changes Matter
The new rules emphasize fairness, transparency, and accountability ā values that align closely with the mission of GayRealEstate.com. However, navigating these changes requires expert guidance, especially for LGBTQ buyers and sellers who may face additional challenges in the market.
Take Action Today
Buying or selling a home is one of the most significant decisions youāll make, and having the right support can make all the difference. At GayRealEstate.com, we connect LGBTQ buyers and sellers with experienced, LGBTQ-friendly agents who are committed to protecting your rights and helping you achieve your goals.
Whether youāre just starting your real estate journey or ready to make your next move, weāre here to help. Visit GayRealEstate.com to find your perfect agent and get started today.
This article is brought to you by GayRealEstate.com, the nationās largest network of LGBTQ-friendly real estate agents.
Jeff Hammerberg is founding CEO of Hammerberg & Associates, Inc. Reach him at 303-378-5526.
Real Estate
Your holiday home journey
Real estate decisions often tap into our deeper desires for connection
Thanksgiving and real estate share an essential theme: the importance of home. It is traditionally a time of gratitude, togetherness, and reflection. While its hallmark symbols may include turkey dinners, family gatherings, and autumnal dƩcor, it also invites us to think deeply about our values and who and what we hold dear.
For some people, the family home connotes a place of safety, comfort, and community. For others, visiting with family over the holiday can be a contentious and stressful ordeal best avoided. Countless of my friends have severed toxic relationships that can rival an exploding, deep-fried turkey. They have opted instead for dining out or hosting a gathering of food and football with like-minded people.
During Thanksgiving, the idea of āhomeā becomes particularly poignant. It is more than just a physical structure; itās where people gather, memories are made, and traditions are passed down. For those involved in real estate ā whether as professionals or as individuals embroiled in the market ā this emotional dimension of home is a driving force.
When buying a house, itās not just about square footage or the number of bedrooms. It’s about envisioning a Thanksgiving dinner in the dining room, imagining children playing in the backyard, or hosting friends in the cozy living space. Real estate decisions often tap into our deeper desires for connection, stability, and legacy ā values closely tied to the spirit of Thanksgiving.
Thanksgiving falls in the quieter part of the real estate calendar, with spring and summer being the traditionally hot seasons for buying and selling. Yet, for those who choose to list their homes in November, the holiday offers unique opportunities. Sellers can use Thanksgivingās warm, inviting atmosphere to their advantage, staging homes with seasonal touches like autumn wreaths, a cornucopia of fruits and nuts, the sparkle of a dining room chandelier, and the scent of freshly baked pies.
A well-decorated home during this time can evoke an emotional connection with potential buyers. A cozy environment can help them imagine spending their future holidays in that very space. Additionally, homes listed during the Thanksgiving season often face less competition, as fewer properties are on the market. This can lead to more serious offers from motivated buyers.
For buyers, Thanksgiving can function as a reminder of why they are on the hunt for a new home in the first place. Perhaps they are looking for a bigger space for a growing family. They may be downsizing to retire or to simplify life. They might be looking for home to accommodate both children and aging parents simultaneously. The holiday season underscores the importance of finding a home that aligns with lifestyle needs and future goals.
In our tight real estate market, buyers still face challenges such as limited inventory and higher interest rates; however, Thanksgiving encourages a shift in perspective. Itās a time to focus on gratitude for what is within reach ā whether itās finding a starter home, securing a dream property, or taking incremental steps toward long-term, financial goals.
Interestingly, Thanksgiving weekend has become an increasingly popular time for real estate research. Families can gather around the table and begin discussing the future, including moving to a new city, upgrading their home, or purchasing an investment property. Digital tools like web searches and virtual tours can help buyers and sellers stay connected to the real estate market without disrupting their Thanksgiving traditions.
Whether you are buying or selling, Thanksgiving offers an opportunity to reflect on the role of gratitude in real estate. For buyers, itās about being thankful for the chance to find a home that meets their needs, even if the journey is challenging. For sellers, itās a moment to appreciate the memories made in a home while looking forward to new opportunities.
For real estate agents and other industry professionals, Thanksgiving is a time to express gratitude to clients and colleagues, build stronger relationships, and highlight the human aspect of a business often driven by transactions alone.
If you are staying put this Thanksgiving, you have a chance to celebrate your current home, no matter its size or condition. Simple gestures like decorating with fall colors, rearranging furniture for a cozy feel, or preparing a special meal can deepen your connection to your space. Inviting neighbors, friends, or family to share in the festivities can reinforce the sense of community that makes a house a home.
Whether itās the home you currently have, the one youāre searching for, or the one you are leaving behind, each holds a unique place in your life story. Take stock of the journey so far, recognize the progress made, and look forward to the possibilities ahead.
Real Estate
Who are the people involved in a real estate transaction?
Lenders, agents, inspectors, and more play a role
When buying a house for the first time, people may wonder if their life is going to be like what you see on HGTV or another TV show. Yes, some real estate agents drive nice cars, put photos on social media of beautiful countertops, luscious landscaping, stunning backsplashes, high-end appliances with bespoke details, and price tags that seem like they belong on a television show ā stuff that āvision boardsā are made of.
Real estate can be sexy. There is also the experience of what I call, āthe everyday transaction.ā This is the situation where someone may be the first in their family or friend group to buy a property. Or maybe this is the last one of their friends to buy a home. It could be the person that just got a notice from their apartment community that their rent was going up by $500 a month next year, and they decided it was time to start putting this inevitable amount of money into an investment each month. As my previous broker calls it, homeownership is a āforced savings plan.ā It can be hard to force oneself to save at times, but your rent payment is going into equity. At some point, you can sell the investment and get back the money you put into it. Rent that is $2,400 a month can easily turn into over $115,000 during one presidential term.
The cast of characters in a real estate transaction includes:
ā¢ The buyer agent and the sellerās agent (if the house is for sale by owner, then no seller agent)
ā¢ The lender (mortgage officer) and their team
ā¢ The title company (a company of attorneys and staff to help with the legal aspects of transferring ownership, recording the deed with the municipality or state and transferring water utilities, paying off the old mortgage with the proceeds from the sale, etc.)
ā¢ Any employees of a city or county that might be brought in (e.g. a down payment assistance loan funded by a municipality)
ā¢ A home inspector (if an inspection is requested by a buyer)
ā¢ Any contractors that are brought in for estimates for repairs or work projects.
These are the people that are brought into the transaction to help bring it to completion. A good agent usually has recommendations on title companies and attorneys, home inspectors, lenders, may have contacts with city or county departments for processing permits, etc. and will utilize the network they have built over the years to help coordinate a smooth transaction (as smooth as possible) and result in a happy seller and a happy buyer.
Who you work with matters. If you have more questions about this, please do not hesitate to ask. Yes, real estate CAN be sexy, but you also want competent people working on your behalf, who know how to navigate the process smoothly.
JosephĀ HudsonĀ is a referral agent with Metro Referrals. Reach him atĀ [email protected]Ā or 703-587-0597.
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