Financial
The China syndrome: a tale of downsizing
What to keep and what to purge when changing homes
With all the discussions about tariffs between the U.S. and China lately, I am reminded of my wedding in 1976. No, we didn’t honeymoon in China and I’ve never been there. There’s a slightly different twist to this tale.
When I was in my 20s, women still had hope chests. For those of you who weren’t born then, a hope chest, also known as a dowry chest or a trousseau chest, was a piece of furniture in which a young, single woman would place items she was collecting for a future marriage.
It might contain a grandmother’s wedding dress, an antique ring, clothing to be worn on a honeymoon, linens for a new home, and even dishware. The chests themselves were often passed down from mother to daughter. The custom has mostly gone out of style, supplanted by scrapbooks like Queen Latifah’s “Book of Possibilities” in the movie “Last Holiday.”
I never had a hope chest, not because I’d lost hope, but because my hopes and dreams involved my career, the original feminist movement, and developing into a confident, nasty woman boss. Still, the romance of a wedding called to me and I succumbed.
As part of the tradition, my mother offered me the “good china,” which she had picked out for her wedding in 1944. A floral affair with a scalloped edge that was hand painted in gold leaf, it was way too froufrou for me and required (gasp!) washing by hand.
I summoned all my courage and told my mother I didn’t want the china. I think I broke her heart a little, then went on to buy a dishwasher safe stoneware pattern that is still popular today. I did, however, take her more subdued sterling silver service for eight, figuring if I held on to it long enough, it would make a nice down payment on a house. More than 40 years later, it would probably pay for a new refrigerator should I need one.
Thereafter, I took a trinket to remind me of my mother each time I visited her. It turned out that antique cups and saucers were my thing, and when I was running a Victorian bed and breakfast, they always got compliments when filled with my guests’ morning coffee or tea.
In 2017, Richard Eisenberg made headlines with his nextavenue.org article entitled “Sorry, nobody wants your parents’ stuff.” I wish that article had been available when I needed to explain that to my mother, with one exception: she managed to save from the throes of a garage sale a seven-piece Art Deco, inlaid walnut bedroom suite that she had used as a child. I paid to have it shipped to my Capitol Hill rowhouse where it was right at home. It was in our family for 70 years. Sadly, I have no idea where it is now.
I’m a house junkie and each one I buy seems to have its own distinct style and personality. I tend to change furniture to suit each house, so when I moved from Capitol Hill to a contemporary split-level in 16th Street Heights in 2000, I went back to my ‘50s roots and furnished it in mid-century modern.
At the time, you could get tons of mid-century furniture on eBay for very little money. I bought pieces from Eames, Knoll, Heywood Wakefield, and other well-known furniture designers. I had egg chairs, tulip chairs, and dining chairs that looked like upside-down pyramids.
I shudder to think what my collection would be worth now (perhaps enough for that down payment) and I still long for my semi-circular sofa that I upholstered in leopard print chenille and sold on consignment when I moved to a condo in Cleveland Park. I kept the Heywood Wakefield pieces. They went with me from there to a California ranch and never came home. I don’t blame them; they’re probably surfing somewhere up the coast.
I have embraced the minimalist style now and, save for the garage, I don’t have a lot of stuff that will survive me. But if the time has come for you to downsize, before you pass along “the good stuff” to your children, siblings, or friends, show them the items and watch their faces closely for fake smiles and signs of acquiescence. Chances are, there’s an estate sale in their future.
As for me, I think my “good china” is still available at Ikea, but you can have it if you want.
Valerie M. Blake is a licensed Associate Broker in D.C., Maryland and Virginia and Director of Education & Mentorship at RLAH Real Estate. Call or text her at 202-246-8602, email her via DCHomeQuest.com, or follow her on Facebook at TheRealst8ofAffairs.
Real Estate
Yes, Virginia, there is down payment assistance
Tax abatement, homestead deductions among options to research
Let’s be honest – the average person in the Washington, D.C. area has not been living under a rock, knows how to Google whatever they are looking for, and probably has plenty of connections in their graduate program, place of employment, or at their family holiday dinner who can help them figure out how to purchase a home.
But there were lessons learned as I was working in real estate, that, otherwise, I wouldn’t have even known to ask about. In other words, “How do you know what you don’t even know?”
For example:
- Some lenders can help you find ways to pay off certain amounts of student loan debt before going to settlement. Depends on the jurisdiction you plan to buy in.
- Some down payment assistance loans are available in almost every state. Certain cities and counties have their own versions of this assistance. Some of these programs can be stacked up.
- In D.C., and in many other places, you are required to get a home inspection if you are receiving money from the government to buy a home. That way they aren’t giving you (or lending you) money to buy what Tom Hanks and Shelley Long would call a “Money Pit.” (If you haven’t seen that movie, do yourself a solid and watch it.)
- Did you know that certain lending institutions have what are called “Doctor’s Loans” for people with higher amounts of student loan debt?
- Some jurisdictions have various types of tax abatement for first-time homebuyers. Ask about topics such as “Tax Abatement” and “Homestead Deductions.” This will reduce your tax bill for a property that is owner occupied, OR delay paying property taxes for a set period of time.
This is by no means an exhaustive list of topics to consider. But it is meant as an idea generator. There could be some programs where you live that would help you find a way to get into homeownership, get out of paying high monthly rents, and start socking away a monthly investment. Is homeownership for everyone? Probably not. But for some people, including many of the clients I’ve worked with, it was an easy way to put a large sum of money away monthly. Eventually that money could become a nest egg for leveling up their housing, taking the money back for other purposes, or just one of the tools in their tool belt of personal wealth building.
Joseph Hudson is a referral agent with Metro Referrals. Reach him at 703-587-0597 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, we’re 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 you’ll 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 you’re 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 they’re 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 you’ll 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 state’s 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. It’s 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 — 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 you’ll 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 you’re just starting your real estate journey or ready to make your next move, we’re 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 nation’s 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 décor, 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 “home” becomes particularly poignant. It is more than just a physical structure; it’s where people gather, memories are made, and traditions are passed down. For those involved in real estate — whether as professionals or as individuals embroiled in the market — this emotional dimension of home is a driving force.
When buying a house, it’s 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 — 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 Thanksgiving’s 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. It’s a time to focus on gratitude for what is within reach — whether it’s 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, it’s about being thankful for the chance to find a home that meets their needs, even if the journey is challenging. For sellers, it’s 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 it’s the home you currently have, the one you’re 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.
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