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Cash strapped and house hunting

Low interest rates make it a good time to find a loan

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homebuyers, gay news, Washington Blade

For first-time homebuyers who are renters right now, this is an advantageous period to look for a loan.

While many of my Realtor colleagues are telling each other about the woes of losing in multiple offer situations on single family homes that are flying off the market in a matter of days, I have a few inspiring stories that might be of particular interest for first-time homebuyers.

I recently got two of my clients under contract on two separate one-bedroom condos, without having to drop home inspection contingencies. We were able to offer a reasonable period with which to settle (the standard 30-day close) as well as both of my clients received money back at the settlement table. There were various reasons for these situations – but mainly because they were new construction condos and were one of the last units in the project to be sold. In one case we got the sellers to offer 3% toward the buyers’ closing costs, which saved them cash to close. In another instance we were able to write the offer for a few thousand dollars more than the sale price of the condo, and then ask for that same amount of money back toward the buyer’s closing costs.

For first-time homebuyers who are renters right now, this is a very advantageous period to look for a loan, with historically low interest rates, which as of Wednesday April 7 the average APR on a conventional 30-year fixed-rate mortgage fell 1 basis point to 2.975% (Nerdwallet.com). Coupled with the programs offered by the various jurisdictions in the area, such as DC Opens Doors, HPAP, EAHP, and the various programs offered in PG County, Northern Virginia, and Montgomery County, some buyers may find that they don’t need as much cash to close on a condo as they think they might. One question I get at many of my homebuyer seminars is: “Do I really need 20% to put as a down payment on a home?” The answer is “No.” Many programs will allow you to put as little as 3%, 3.5%, 5% or 10% down toward the purchase price of a home.

It helps to have a trusted local lender to help you navigate your way through all the various options you have when you are a first-time borrower. They will run the numbers of various scenarios using the information you have provided to them with regard to your income, taxes, credit score, and debt to income ratio to help formulate the best loan program for you.

They will also ask you what monthly payment you are comfortable with, and that will also help inform the type of loan program and down payment amount, or various other credits you might be able to receive or ask for as a buyer in a given situation. It helps to understand that these situations mentioned in this article were unique to the circumstances related to these particular buyers and sellers. But a good agent will help find out if there are any circumstances that might be advantageous to both sides of the transaction, and try to facilitate the best deal, along with the lender and cooperating agent, that the buyers and sellers can get.

If all this sounds interesting, but you might want more information, don’t hesitate to attend my next virtual homebuyer seminar on April 20. For sign-up info go to dcrealestate.com/seminar.  This will be hosted by me and an experienced local lender.

 

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

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Real Estate

Sustainability and smart home technology

The future of modern living is now

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Sustainable homes often feature solar panels.

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 — it’s 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 home’s 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 homeowner’s 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 — 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].

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Real Estate

Stylish solutions for furry friends

From a cozy dog bed to a chic cat tree, there’s a wide range of options

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Pet furniture has evolved from basic necessities to trendy, functional, and aesthetically pleasing pieces.

In today’s world, pets are more than just companions; they are family members. I know – 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 you’re 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 isn’t 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. Today’s 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 pet’s needs.

Before diving into where to buy pet furniture, it’s 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 you’re 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 pet’s furniture with their home decor. Look for options from the PawHut brand.

If you’re 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, it’s 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 you’re on a budget or looking for luxury pieces, your furry friend deserves the best, and with the right furniture, you can create a home that’s 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

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Real Estate

Let the beach house daydreams begin

There are many options for purchasing that second home

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Dream no more! A second home at the beach is more attainable than you thought. (Washington Blade file photo by Daniel Truitt)

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 Tito’s tastes on a Bernett’s 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 – while still needing to think through the lifestyle you maintain and what getting a second home with additional responsibilities might look like. If you’ve decided that YES you want to purchase a second home at the beach – 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, it’s 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 “off-season” 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 it’s 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. It’s 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 Noble is a Realtor with Sotheby’s 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, BurnsandNoble.com or [email protected].

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