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A look ahead at 2023 housing market

Inflation, high mortgage rates slow the post-pandemic rush

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Curb appeal is important in attracting buyers in this newly competitive market.

Without question, the housing market during the latter half of the pandemic was red hot.  A combination of extremely low mortgage rates and limited inventory meant that homes were often sold as soon as they were listed. Bidding wars were common. It was not at all unheard of for multiple offers to come in well over asking price. In short, it was a home seller’s dream. 

Now, as we head into 2023, the real estate forecast is a bit different. Inflation and increasingly high mortgage rates mean that the market is slower. Understandably, this has left some sellers feeling worried – but there is still reason for optimism and plenty of steps that smart sellers can take to increase their chances of receiving great offers. 

A FEW TIPS FOR SELLERS

If you’re thinking of selling your home in 2023, it’s understandable that you may be concerned that you’ve “missed the magic” of 2022, but these tips can help:

  • Find a proactive Realtor: As with most situations in which you’re seeking to sell, marketing is important. Finding a Realtor who will be active and involved in promoting the sale of your home and communicating frequently will be essential. You may even want to consider getting in touch with a Realtor a few months before selling, in order to plan ahead for how best to promote your home and reach the most potential buyers. A proactive Realtor will know the market in your particular community and have first-hand knowledge of what you can do to make your home truly stand out in your area.
  • Set the stage: Staging is always important, but in a slower market, this is particularly true. To increase the chances of getting an optimal offer, show your home in optimal condition. Often, sellers worry that staging means spending too much extra money, but this isn’t necessarily true. In fact, more often than not, sellers profit from higher offers than they might otherwise have received, absent the staging. Staging doesn’t have to be complicated, either – well-placed furniture, tasteful decor, and clean, well-lit rooms – these are small things that can go a long way toward increasing your chances of a good offer.
  • Consider your curb appeal: Considering curb appeal goes hand-in-hand with staging. It’s important to showcase your home’s interior – but first, you have to get potential buyers in the door. This means that you want to ensure that your home is presentable and appealing from the exterior as well. Again, this doesn’t mean spending an excessive amount of money – it simply means taking care to ensure that your lawn is well-kept, that your trees and shrubs are trimmed, and that the exterior of your home is well-cared for. 
  • Be willing to negotiate: The simple truth of the matter is that we are no longer in a market where sellers could list their home and sell it in a day without having to do much if any, negotiation on price or other conditions. In the 2023 market, it will be important to show a willing and open attitude to consider repair requests, have flexible showing schedules, reasonable sales timelines, and to negotiate (within reason) on the sales price. Again this is where the true value of an experienced Realtor/negotiator comes in. Those sellers who are willing to be open, flexible, and reasonable will greatly increase their chances of a faster sale.

These are only a few tips of many. As a seller, you know your home best. Highlight its best attributes. Consider your community, and what potential buyers might be looking for. And most importantly, find an agent who can work with you to help you reach your goals. At www.GayRealEstate.com, we’re here to help.

At www.GayRealEstate.com We’re Here for You

Regardless of whether you’re buying or selling a home in 2023, one thing is true – to achieve your real estate goals, you’ll need the assistance of an experienced real estate agent who can guide you through the process with the expert assistance you need. This can make all the difference between a smooth real estate experience and a stressful one, and at www.GayRealEstate.com, we believe you deserve only the best. That’s why we’re passionate about our mission of connecting LGBTQ home buyers and sellers across the country with talented, full-time professional LGBTQ+ friendly agents who know, stand behind, fully support and love their communities. If you’re ready to take the first step toward reaching your real estate goals, there’s no day like today to get started. Get in touch with us soon and let us know how we can help.

Jeff Hammerberg is founding CEO of Hammerberg & Associates, Inc. Reach him at 303-378-5526 or [email protected].

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Real Estate

How to keep cool during a heat wave

Close blinds, use ceiling fans, and more tips

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It’s hot! Here are some ways to keep cool in a heatwave. (Photo by sonyworld/Bigstock)

Did you melt like the Wicked Witch of the West this week?

As summer temperatures rise, keeping your home or apartment cool during a heat wave can become both a comfort issue and a financial challenge. One of the most effective ways to keep a home cool is to prevent heat from entering in the first place. Sunlight streaming through windows can significantly raise indoor temperatures. Consider the following solutions:

• Close blinds or curtains during the hottest parts of the day. Blackout curtains or thermal drapes can reduce heat gain by up to 30%.

• Install reflective window films to block UV rays and reduce solar heat without sacrificing natural light.

• Use outdoor shading solutions such as awnings (yes, the ones you removed because they were “dated”) and shutters to limit direct sunlight.

Fans are a cost-effective way to circulate air and create a wind-chill effect that makes rooms feel cooler.

• Ceiling fans should rotate counterclockwise in the summer to push cool air down.

• Box fans or oscillating fans can be placed near windows to pull in cooler evening air or push hot air out.

• Create a cross-breeze by opening windows on opposite sides of your home and positioning fans to direct airflow through the space.

• For an extra cooling effect, place a bowl of ice or a frozen water bottle in front of a fan to circulate chilled air.

To optimize natural ventilation, open windows early in the morning or late in the evening when outdoor temperatures drop. This allows cooler air to flow in and helps ventilate heat that built up during the day. 

Appliances and electronics generate a surprising amount of heat. To reduce indoor temperatures:

• Avoid using the oven or stove during the day; opt for no-cook meals, microwave cooking, or grilling outside.

• Run heat-producing appliances like dishwashers and clothes dryers in the early morning or late evening.

• Unplug electronics when not in use, as even standby power can add heat to your space.

• Switching to energy-efficient LED lightbulbs can also reduce ambient heat compared to incandescent lighting.

If you do use an air conditioner, maximize its effectiveness by:

• Setting it to a reasonable temperature—around 76–78°F when you’re home and higher when you’re away.

• Cleaning or replacing filters regularly to maintain airflow and efficiency.

• Sealing gaps around doors and windows to prevent cool air from escaping. (Didn’t we all have a parent who said, “Close the door. You’re letting all the cool out?”)

• Using a programmable thermostat to optimize cooling schedules and reduce energy use.

If it is not cost-prohibitive, adding insulation in attics and walls can greatly reduce heat transfer. Solar panels that reflect heat can also help, as well as offset the cost of their installation. Adding weatherstripping around doors and windows, sealing cracks, and using door sweeps can make a significant difference in keeping heat out and cool air in.

Natural and eco-conscious methods can also help cool your home.

• Snake plants, ferns, or rubber trees can improve air quality and slightly cool the air through transpiration.

• White or reflective roof paint can reduce roof temperatures significantly.

• Cooling mats or bedding can make sleeping more comfortable without cranking up the A/C.

For renters or those who can’t make permanent modifications, there are still plenty of ways to keep cool.

• Use portable fans and A/C units instead of built-in systems, making sure they are the correct size for your space.

• Removable window film or static cling tinting can reflect heat without violating your lease.

• Install tension rod curtains or temporary blackout panels instead of hardware-mounted window coverings.

• Add draft blockers and weatherstripping tape that can be applied and removed without damage.

• Cover floors with light-colored rugs to reflect heat rather than absorb it.

• If allowed, use temporary adhesive hooks to hang reflective materials or light-filtering fabrics over windows.

Even if your space is warm, you can still take steps to help your body stay cool.

• Wear light, breathable fabrics like cotton or linen.

• Stay hydrated and avoid caffeine or alcohol during peak heat hours.

• Take cool showers or use damp cloths on your neck and wrists to bring your body temperature down.

Keeping your home or apartment cool in the summer doesn’t have to be expensive or energy-intensive. With a few adjustments such as blocking sunlight, optimizing airflow, using fans effectively, and making renter-friendly upgrades, you can create a more comfortable indoor environment while keeping energy bills in check.


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

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Real Estate

The world’s on fire and D.C. is on sale (sort of)

Prices are up, but then again, nothing makes sense anymore

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The housing market remains strong in D.C., especially in upper Northwest. (Photo by Stbaus7/Bigstock)

ICE is disappearing people, revered government agencies are shuttering, and who knows if we’ll be in World War III next week? But can you believe prices in D.C. are actually still up 6.3% since last year? It doesn’t make sense, and perhaps that does make sense, because nothing seems to make any sense any more.

That said, there are some parts of our market that are truly suffering. The interest rates, which have been up, up, up for about four years now, are the ongoing rain on our market’s military parade. Combine that with 75,000 federal employees taking a buyout nationwide, and DOGE cuts eliminating around 40,000 federal jobs in the District (per estimates by the D.C. CFO), not to mention thousands of other job losses in non-governmental organizations due to funding and program cuts, and you’ve got a case of uncertainty, and downright unaffordability in the pool of otherwise would-be buyers.

This has had a marked impact on properties that starter-home buyers and low- to mid-level employees would otherwise buy, most notably condominium and cooperative apartment units. These properties have already slowed in our market thanks to the profound impact that higher interest rates have had on their monthly carrying costs—pair that with job insecurity, and a lot of condos are proving to be very difficult to sell indeed.

So how is the average sale price up in our market?

The increase is almost entirely due to the resounding strength of the single-family home market, especially in upper Northwest D.C., where it is still quite common to see bidding wars, even on properties pushing past the $3M mark. It seems that buyers in that echelon are less impacted by a few percentage points in the interest rate, and less concerned about their job security. Notably, those buyers are often married with children and have an absolute need for more space, must stay in the area due to one spouse’s job, or the kid’s friend group, regardless of whether the cost of owning is thousands of dollars more per month than it would have been in 2020 or 2021. The continued appreciation in these neighborhoods defies imagination.

So, what to do if you are not one of those lucky enough to be shopping for a $3M home? The short answer: wait. If you want more space, rent your current place out and learn the joys of being a landlord while someone else pays your mortgage. Need the equity from your current home to buy your next place? Get a home equity line of credit, or loan, and pull the equity out of your current place to buy the next one. Or—and I have never recommended this before in 21 years of being a Realtor—rent for a few years. Sure, I’d love to list and sell your condo so you can climb the real estate ladder, but it might just be a waste of time, money or both if you could just ride out this storm and sell in a DOGE-less future.

All this said, there are some condos that seem to be immune from this recent negative news. Anecdotally, it feels like it’s the truly special ones that do just fine no matter the market. Our recent listing in Capitol Hill had a view from every one of its 15 windows of the Supreme Court. Sold in five days with six offers. Another condo was on the top two floors of a townhouse and had the coolest black wood floors that gleamed like a grand piano. Sold in four days at full price.

So, all is not for naught if you have a condo or home in an area that people want to be in, with nice space, light, amenities and a certain je ne sais quois. And, as long as we have a democracy in a few years, my experience says our market will be back, stronger than ever, really soon.


David Bediz is a Realtor and mortgage loan broker for the Bediz Group LLC and Home Starts Here, LLC. Reach him at [email protected].

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Real Estate

No Rose, your interest rate has nothing to do with how many likes you got on Hinge

Many factors help determine rates these days

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With the rise of interest rates in recent years, buyers must understand the many factors that go into the final number. (Image by HomeStead Digital/Bigstock)

Picture it, you’re sitting in the lunchroom at work, and your coworker just bought a house. Another coworker bought one a few months ago and you hear that she got a totally different interest rate than the other one did, even though they both bought houses not that far from each other. Homebuyers everywhere have been wondering what interest rates they are going to get, lately. It’s easy to read an article online or see an ad on social media stating specific numbers, but there may be more than meets the eye going into a particular buyer’s interest rate. 

What are the factors that can affect the interest rate a buyer eventually “locks in”?

  • Property details – certain properties may be in neighborhoods with higher rates of foreclosure, or there may be specific census tracts that allow a buyer to participate in the “Fannie Mae Home Ready” and “Freddie Mac Home Possible” programs, which carry more flexible requirements such as various income limits and lower interest rates, to help people begin homeownership.   
  • Type of loan / loan amount– a conventional, conforming loan or a jumbo loan can have differing interest rates, as well as FHA loans. 
  • Credit score – most people are aware that this affects what interest rate is quoted, just like on a credit card. Some lenders will work with you on ways to improve a credit score if the goal is to buy six, nine, or 12 months from now.  
  • Lock period – do you want to lock in the rate for 30 days? 45?  Market volatility can cause the rates to change so it will cost more money to hold onto a particular interest rate. 
  • Loan to value ratio – one can still buy a home with less than 20% down, but the rate that is quoted may be higher. 
  • Occupancy type – is this the primary residence or an investment property?
  • Points bought or credits taken – A buyer can pay the lender a fee to buy down the interest rate, or the seller can sometimes offer a credit. This has become more popular in recent years.
  • Market conditions – keep an eye on the news – as we are all aware, change is the only constant!

Lender Tina del Casale with Atlantic Union Bank says, “With jumbo fixed rates in the low 6’s, and first-time buyer down payment assistance loans such as DC Open Doors, rates are in the mid 7’s. With the added factors of your income, the address you are purchasing and your credit score factoring into the equation, interest rates are different from buyer to buyer these days. So, skip the online tools and make a few calls because that’s the only way to get an accurate quote these days!”

It might feel like an overwhelming amount of information to take on, but remember, there are people that help others take these big steps every day. A trusted lender and Realtor can guide their clients from start to finish when it comes to purchasing a home. And for that, you’ll be saying, “thank you for being a friend!”  


Joseph Hudson is a referral agent with Metro Referrals. Reach him at 703-587-0597 or [email protected].

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