Real Estate
Is fall the new spring for real estate in 2020?
Mortgage rates likely to remain at record lows amid pandemic
As the summer market ends and the start of the fall real estate season begins it looks as though the historically fast-paced summer and spring seasons will carry over to the colder seasons. So, does that mean fall is the new spring real estate season? It sure seems to look that way. With record-low mortgage rates, accelerated activity, high demand for homes with less inventory, and a change of buyer needs, get ready for a strong fall housing market in the D.C. metro area.
Record-Low Mortgage Rates Hovering Around 3%
In the last month, D.C. sale prices grew by 13.8% and the current median price of U.S. homes climbed to $323,807 which is a 5.6% increase from this time last year. In four short months, the U.S. housing market has fully recovered and is even looking better than in 2019. However, mortgage rates have stayed at record lows. The Federal Reserve has kept interest rates low throughout the pandemic in an attempt to keep the economy moving. Their attempt has been successful as 2020ās housing market has outperformed 2019 with a prediction from the National Association of Realtors Chief Economist Lawrence Yung that this yearās home sales will surge past the 5.34 million homes sold in 2019.
Accelerated Activity: High Demand With Less Inventory
The fall real estate season should drastically surpass previous seasons particularly due to increased activity. Along with low mortgage rates comes less inventory. Realtors across the country are seeing a surplus in clients and a decrease in available homes. Simply put, there just arenāt enough homes to keep up with the current demand. Because of the incredibly high demand, current projections forecast the aggressive competition among prospective buyers seen this summer to continue into the fall season. Average homes for sale are expected to continue the trend of multiple offers, causing the average home price to jump considerably. Along with the current trends, we are also seeing first-time homebuyers fearlessly make the jump to homeowner status.
Changing Needs
While our current norm of daily living has evolved so have the needs of our home. The need for multifunctional, spacious homes has increased. Before the pandemic, a three-bedroom, two-bath, kitchen with upgraded appliances, and a comfy living room was enough for homebuyers to sign their name on the dotted line. However, as the world-wide pandemic carries on life as we once knew homeownersā needs have altered. With an unprecedented number of Americans working from home and the strong indication that this will continue after the eradication of the COVID-19 pandemic, homebuyers are looking for a home, workplace, and school all in one. With the increase of Americans working from home, location becomes less of a deal-breaker as it once was allowing prospective buyers to expand their search parameters.
āZoom roomsā is an increasingly popular phrase being thrown around when searching for a new home. Zoom rooms are considered aesthetically pleasing rooms that are ideal for virtual meetings, not just rooms with 70-inch displays, camera, and noise-canceling microphone arrays, which is what a Zoom room technically is defined as. With students at home while virtually learning, having space for childrenās various needs such as a safe space outside has homebuyers altering their needs.
With the fast pace at which homes are being sold, mortgage rates likely to remain at record lows, and a pandemic that has altered how Americans live it is safe to assume that fall may be the new spring for real estate in 2020.
If youāre in the market for a new home, the Glass House team would love to help you buy and sell anywhere in the D.C. metro area. We offer a low, flat rate, commission fee for sellers and a commission rebate program for home buyers. Glass House Real Estate is a more modern and affordable way to buy and sell real estate and weāre here for you.Ā
Khalil El-Ghoul is principal broker of Glass House Real Estate. Reach him at [email protected], 571-235-4821. Glass House Real Estate is a modern, more affordable way to buy and sell a home in the DC Metro area. Learn more about what makes us different at glassshousere.com.
In the rapidly evolving world of real estate, two major trends are converging to shape the homes of the future: sustainability and smart home technology. As more people become aware of the environmental impact of their choices, and as technology continues to advance at a breakneck pace, these two trends are increasingly influencing buying decisions in the residential real estate market. For those looking to buy or sell a home, particularly within the LGBTQ community, understanding these trends is essential. At GayRealEstate.com, we recognize the importance of these developments and how they contribute to a better, more sustainable future for all.
Demand for Sustainable Living
Sustainability is no longer just a buzzword ā itās a key factor in the decision-making process for many homebuyers. The modern consumer is increasingly conscious of their carbon footprint and is seeking homes that align with their values. Sustainable homes, also known as green homes, are designed to be energy-efficient and environmentally friendly. They often feature solar panels, energy-efficient windows, and advanced insulation systems, all of which contribute to reducing the homeās overall energy consumption.
One of the primary benefits of sustainable homes is the long-term cost savings they offer. By utilizing renewable energy sources like solar power, homeowners can significantly reduce their utility bills. Additionally, many governments and municipalities offer tax incentives and rebates for homes that incorporate green technology, making the initial investment in sustainability more financially viable.
The Rise of Smart Home Technology
Simultaneously, smart home technology is becoming a must-have feature in modern homes. What was once considered a luxury is now becoming a standard expectation for many buyers. Smart homes are equipped with devices and systems that can be controlled remotely via smartphones, tablets, or voice-activated assistants like Amazon Alexa or Google Home. These technologies include smart thermostats, security systems, lighting, and even kitchen appliances, all designed to make life more convenient, efficient, and secure.
Smart home technology is particularly appealing for its ability to optimize energy use. For example, a smart thermostat can learn a homeownerās schedule and automatically adjust the temperature to reduce energy consumption when the house is empty. Similarly, smart lighting systems can be programmed to turn off when not in use or to dim based on the time of day or natural light levels, further contributing to energy savings.
Intersection of Sustainability, Smart Technology
The most forward-thinking homes are those that successfully integrate sustainability with smart home technology. This intersection is where the real innovation in real estate is happening. Homes that combine these elements offer not only reduced environmental impact but also enhanced living experiences.
Imagine a home where solar panels are not just installed but are also connected to a smart grid that optimizes energy use based on real-time data. Or consider a home with a rainwater collection system that works in tandem with smart irrigation to water the garden efficiently and sustainably. These are not just futuristic ideas ā they are already being implemented in new developments across the country.
In fact, this integration is becoming a key selling point in competitive real estate markets. Buyers are increasingly looking for homes that offer both energy efficiency and the convenience of modern technology. For sellers, this means that investing in these features can significantly increase the value of their property and make it more attractive to potential buyers.
Impact on Property Values
As sustainability and smart technology become more ingrained in the real estate market, their impact on property values is becoming increasingly evident. Homes equipped with these features are often valued higher than comparable properties without them. Buyers are willing to pay a premium for homes that offer lower energy bills, reduced environmental impact, and the latest in home technology.
For LGBTQ real estate buyers and sellers, particularly those who value innovation and environmental responsibility, these trends represent an exciting opportunity. By focusing on sustainability and smart home technology, you can find or create a home that not only meets your needs but also contributes to a better, greener future.
(At GayRealEstate.com, we are committed to helping our clients navigate these emerging trends. Whether you are looking to buy, sell, or simply explore the possibilities, our network of knowledgeable and LGBTQ-friendly real estate professionals is here to guide you every step of the way. Together, we can make sustainable, smart living a reality for everyone.)
Jeff Hammerberg is founding CEO of Hammerberg & Associates, Inc. Reach him at 303-378-5526 or [email protected].
Real Estate
Stylish solutions for furry friends
From a cozy dog bed to a chic cat tree, thereās a wide range of options
In today’s world, pets are more than just companions; they are family members. I know ā I have four dogs.
As pet owners increasingly seek to create comfortable and stylish living spaces for their furry friends, pet furniture has evolved from basic necessities to trendy, functional, and aesthetically pleasing pieces. Whether youāre looking for a cozy bed for your dog, a chic cat tree, or multifunctional furniture that blends seamlessly with your decor, the market offers a wide range of options.
Pet furniture isnāt just about luxury; it’s about improving your pet’s quality of life and making your home more functional. Traditional pet beds, scratching posts, and kennels have their place, but modern pet furniture goes beyond the basics to offer enhanced comfort and durability.
Well-designed pet furniture can provide several benefits.
Comfort and Support: Just like humans, pets need proper support for their joints and muscles. Orthopedic beds and ergonomic furniture pieces cater to the specific needs of aging pets or those with health issues.
Behavioral Benefits: Cats scratch, dogs chew, and pets generally need an outlet for their instincts. Specialized furniture, such as scratching posts, climbing trees, and chew-friendly materials, can reduce destructive behaviors.
Aesthetic Appeal: Gone are the days of unsightly pet beds and clunky kennels. Todayās pet furniture is designed to complement your interior decor, making it easy to integrate into your living space without compromising style. Many furniture pieces are customizable, allowing you to choose colors, materials, and even monogramming to match your personal taste.
Space-Saving Solutions: Multifunctional pet furniture, like beds that double as storage units or cat trees that also serve as bookshelves, are perfect for those living in smaller spaces. They help maximize space while providing for your petās needs.
Before diving into where to buy pet furniture, itās important to understand the different types available. Here are some popular options.
Pet Beds: From plush, cushioned beds to minimalist, elevated cots, pet beds come in a variety of styles. Some are designed for specific breeds or health conditions, such as orthopedic beds for older pets or heated beds for colder climates.
Cat Trees and Scratching Posts: Cat furniture is essential for felines who love to climb, scratch, and perch. Modern designs often feature multiple levels, cozy hideaways, and built-in scratching posts.
Pet Sofas and Chairs: These miniature versions of human furniture are perfect for pets who love to lounge. They often feature stylish upholstery and sturdy construction.
Pet Houses and Tents: Indoor pet houses and tents provide a safe and private space for pets to relax. They come in various materials, including wood, fabric, and even wicker, to match your decor.
Pet Stairs and Ramps: For older pets or those with mobility issues, stairs and ramps help them reach higher surfaces without strain. In fact, I just bought a set of foam steps so my aging dogs can still avail themselves of the family sofa. They also have a ramp to get to my deep mattress bed.
Multifunctional Furniture: These pieces serve dual purposes, like a coffee table that doubles as a pet bed or a bench with built-in pet storage. You can even hide food and water bowls in a pull out designed for the toe kick of your kitchen cabinets.
Chewy is a go-to destination for pet supplies, and they offer a wide range of pet furniture options. Whether youāre looking for a simple bed or a designer cat tree, Chewy has a variety of styles and price points. They also frequently offer discounts and free shipping on orders over a certain amount.
Known for its vast selection of home furnishings, Wayfair also offers a broad range of pet furniture options that are perfect for those looking to match their petās furniture with their home decor. Look for options from the PawHut brand.
If youāre looking for unique, handcrafted pet furniture, Etsy is the place to shop. Many independent sellers create custom pieces, such as personalized pet beds, handmade cat trees, and stylish pet houses.
Amazon offers an extensive range of pet furniture, from budget-friendly options to high-end, designer pieces. With fast and often free shipping, itās a convenient choice for pet owners looking to compare different products.
Petco and PetSmart are also popular pet stores that offer both in-store and online shopping. Their selections include functional and affordable options from well-known brands in the pet industry.
Whether youāre on a budget or looking for luxury pieces, your furry friend deserves the best, and with the right furniture, you can create a home thatās comfortable and beautiful for humans and pets alike.
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.Ā
Real Estate
Let the beach house daydreams begin
There are many options for purchasing that second home
As the summer winds down, are you still thinking about owning a second home at the beach? What if I told you that you could make those dreams a reality for very little cash?
What I mean is that there are several ways to creatively look at methods to purchase a second home at the beach and have very low overhead. First, you should realize that you will only be approved for what you can afford. While most of us have Titoās tastes on a Bernettās budget, we need to come back to reality and realize that a pre-approval with a reputable local lender will provide a budget for you ā while still needing to think through the lifestyle you maintain and what getting a second home with additional responsibilities might look like. If youāve decided that YES you want to purchase a second home at the beach ā let’s look at creative ways to pay for said beach house.
House shares are a great way to split up the cost of beach house ownership. If you have a few good like-minded friends that have similar beach house aspirations as you – then see if they would go halfsies with you. If you are not keen on the idea of three parties having an ownership interest in a piece of real estate, then think through a lease arrangement. You would be the owner of the residence but friend group A would have a lease stipulating they can use the house every other weekend and then friend group B can use the house every third full week in the month. This allows you as the owner of the home to buy down the mortgage and other home ownership expenses while still having a reasonable amount of time to use the home. This is a great option if your beach home is located in a town or community in which short-term rentals are not permitted.
Speaking of short-term rentals, I think almost everyone automatically thinks about Airbnb when thinking about a vacation home. Let me be clear: Each city, town, and community are so different in what they do and do not allow. For example, my community at the beach in Delaware does not allow any rentals less than one year. This is what attracted me to that community. That community, however, would turn off 90% of beach house buyers because they want the option to rent out a home. This is where the above mentioned friend house share would come in handy. If you have identified a home that allows for short-term rentals of a week or a three-night minimum then you are good to go.
This is a great way to offset a mortgage, however, itās always important to realize that if you are looking to have a beach house and rent it out some of the time to offset your expense that you will incur other expenses by having a high volume of guests in and out of the home. While your mortgage might go down your incidentals will likely go up.
Off-season rentals are still very much a thing. Those quaint beach towns that you only visit in the summer when they are thriving and serving orange crushes do actually calm down a bit in the winter months. While the tapestry of beach towns in Delaware has changed dramatically over the years, there are still rentals referred to as āoff-seasonā rentals. These rentals are available typically between Labor Day and Memorial Day. Renting your home in the off season instead of winterizing and closing up the home is a great way to have funds coming in all year long. This typically works for homes within close proximity to the beach or downtown districts and is not always guaranteed. You also offer this rental at a substantial discount.
The dream of a beach home is within reach for many. Like with most things in life itās all about compromise and how much you are willing to work for it. A second home in a sought after location within close proximity to metropolitan areas is always a great idea for an investment property. Itās important to ensure you are partnered with a Realtor in a secondary market that understands your clear intentions with a property and can assist with providing rental pro-formas for rental income, market statistics, lawyers etc., to ensure that you are making a sound decision in your beach dream future.
Justin NobleĀ is a Realtor with Sothebyās 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 provides white glove service at every price point. Reach him at 202-503-4243,Ā BurnsandNoble.com or [email protected].
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