Living
To buy or not?
The rental market has gotten increasingly competitive as people wait out the economy
The decision to rent or buy a home is a highly personal one. It includes many factors such as the status of your savings (or access to gift funds from a family member or friend), preference for housing location, job stability or expected length of residency in your geographic location as well as many others.
Here in the Washington area, we are blessed with a relatively stable economy and housing market. While we see shifts and changes in the market at times, the market has been mostly consistent compared to other cities around the country and it has progressed without major declines.
This can be attributed to a wealth of federal jobs, which provide steady incomes and strong job security, as well as an extremely high percentage of residents with college degrees, which in most cases translates to higher incomes. According to CNN Money, D.C. workers enjoyed the highest salaries of any major U.S. city in 2010 with a median household income of $85,198. Additionally, there is a constant transition in Washington with many people moving in and out of the area each year from other towns and cities. All these factors combine to sustain a healthy housing market, even in the midst of national economic problems.
Generally speaking, if you are planning to live in a certain location for around five years or more and you have a stable income, you should consider making a home purchase. Right now interest rates are at a historic low making money “cheap” and allowing for lower monthly payments than in recent years. Also, being a homeowner saves you money in taxes, which can be enjoyed on your total tax bill or can be adjusted for each paycheck based on your deductions. If you live within the District of Columbia, first time buyers also qualify for a $5,000 tax credit which comes off your total tax bill, allowing for an additional savings to the general homeowner savings.
Rents are also on the rise in our area, making buying a home an even more attractive prospect. Since more would-be first time homebuyers are “waiting out” the economy and housing market problems, the rental market has become saturated, making it more expensive and more difficult to find a rental. As a test case, I looked at one-bedroom rentals in Dupont Circle that have rented in the past 90 days. In that time, nine properties have rented – each of them in 15 days or less for an average of six days on market. Four of the nine even rented within the first day.
The prices for these properties ranged from $1,800 to $3,050, with an average rent of $2,450. All of them except for the most expensive of the bunch rented for full list price. In previous years when the rental market was not as strong, renters had more flexibility in negotiating for a lower price and often were not competing with multiple applications. Today, most properties see multiple rental applications, allowing landlord to be more selective and causing more difficulty for renters, especially those who have pets or do not have perfect credit.
Conversely, purchasers are still getting great deals on home purchases and as mentioned previously, have the opportunity to buy with the lowest interest rates in history. While we are starting to see some multiple contract situations and even some escalation clauses for home purchasers, these are still not the norm and buyers can still find good properties at good prices.
For example, a recent client purchased a one bedroom/one-and-a-half bath condo in excellent condition in the Kalorama Triangle neighborhood of D.C. for $399,900. Using an FHA loan, they were able to put down 3.5 percent and now have a monthly payment (including the condo fee) of roughly $2,350 – $100 less than the average rental in that area. The monthly savings would be even more significant if they were to do a conventional loan with 20 percent down. When you add in the $5,000 first time homebuyer credit plus about a $350 per month in tax savings just for owning a home, this is a great investment.
If you are debating whether to rent a home or to purchase one, it is always a good idea to talk to both a real estate agent and a lender to review all the options and see what makes the most sense for your personal and financial situations at the given time. If you have any questions about the article or the housing market in general, please don’t hesitate to contact me – I am always happy to help.
Sue Goodhart is the top-producing agent at McEnearney Associates in Alexandria and is licensed in D.C., Maryland and Virginia. She can be reached at 202-507-7800 or sue@suegoodhart.com.
Real Estate
The rise of virtual home tours
Adapting to changing consumer preferences in spring real estate
In today’s dynamic real estate market, the spring season brings not only blooming flowers but also a surge of activity as buyers and sellers alike prepare to make their moves. However, in recent years, there’s been a notable shift in how consumers prefer to explore potential homes: the rise of virtual tours.
For the LGBTQ community, these virtual experiences offer more than just convenience; they provide accessibility, safety, and inclusivity in the home buying process.
Gone are the days of spending weekends driving from one open house to another – unless that’s your thing of course, only to find that the property doesn’t quite match expectations. With virtual tours, you can explore every corner of a home from the comfort of your own space – find something interesting? Schedule a showing with any LGBTQ Realtor at GayRealEstate.com.
This is particularly significant for LGBTQ individuals, who may face unique challenges or concerns when attending in-person showings. Whether it’s the ability to discreetly view properties without fear of discrimination or the convenience of touring homes located in LGBTQ-friendly neighborhoods across the country, virtual tours offer a sense of empowerment and control in the home buying process.
Moreover, virtual tours cater to the diverse needs of the LGBTQ community. For couples or families with busy schedules or those living in different cities or states, these digital walkthroughs provide a convenient way to view properties together without the need for extensive travel. Additionally, for individuals who may be exploring their gender identity or transitioning, virtual tours offer a low-pressure environment to explore potential living spaces without the added stress of in-person interactions.
At GayRealEstate.com, we understand the importance of adapting to changing consumer preferences and leveraging technology to better serve our community. That’s why our agents offer an extensive selection of virtual tours for LGBTQ individuals and allies alike – visit our website, choose an agent and within minutes you’ll have access to the Multiple Listing Service (MLS) via their website.
From cozy condominiums in bustling urban centers to sprawling estates in picturesque suburbs, virtual tours showcase a wide range of properties tailored to diverse tastes and lifestyles.
In addition to virtual tours, GayRealEstate.com provides comprehensive resources and support to guide LGBTQ buyers and sellers through every step of the real estate journey. Our network of LGBTQ-friendly agents is committed to providing personalized service, advocacy, and representation to ensure that all individuals feel respected, valued, and empowered throughout the process. Plus, we are happy to provide a free relocation kit to any city in the USA or Canada if you are a home buyer.
As we embrace the spring season and all the opportunities it brings in the real estate market, let’s also celebrate the power of virtual tours to revolutionize the way we find and experience our future homes. Whether you’re searching for your first apartment, forever home, or investment property, GayRealEstate.com is here to help you navigate the exciting world of real estate with confidence, pride, and inclusivity.
Jeff Hammerberg is founding CEO of Hammerberg & Associates, Inc. Reach him at [email protected].
Advice
Should I divorce my husband for the hot new guy in our building?
Debating whether to leave or stay after the sex goes cold
Dear Michael,
I’ve been with my husband for 10 years and the sex is pretty much gone. It stopped being exciting a long time ago and pretty much the only time we ever do it is with the occasional third.
A really hot guy moved into our building about a year ago. We would see each other sometimes in the elevator or at our building’s gym and we started talking and really hit it off. Mark is 15 years younger than I but we seem to have a lot in common. We started hooking up and the sex is amazing.
I haven’t told my husband because it’s breaking our rule about no repeats. I have to say that the secrecy is hot. It’s kind of a thrill to take the elevator upstairs when I say I’m going on an errand. But it’s more than that. I have a connection with Mark that is far more amazing than what I have ever felt with my husband. Not just the sex. We just enjoy being together, talking about anything and everything.
My husband went to visit his family last weekend and I spent the whole time with Mark. Since then I can’t stop thinking that I want to leave my husband and be with Mark.
Part of me thinks this is a crazy mid-life crisis. I mean, this kid’s in a totally different place in life. But we have mind-blowing sex and a fantastic connection. I’d like your thoughts on how to proceed.
Michael replies:
You’ve got a lot to consider.
First: Sex with a long-term partner changes over time. It tends to be less about erotic heat and more about the connection with a person whom you love. In other words, it’s being with the person you’re with that makes the sex meaningful and even great. Having a good sexual relationship with a long-term partner comes far more from a heart connection than from a crotch attachment.
Second: You seem ready to throw your relationship under the bus pretty quickly, without addressing other problems in the relationship besides sex. When you are sneaking around, lying, and rule-breaking , I don’t see how you can look your husband in the eye; and if you can’t look him in the eye, you certainly can’t have even a half-way decent relationship.
Yet another point to consider: Affairs pretty much always seem more exciting than marriage. The partner is new, which almost automatically makes the sex hotter; the secrecy is a thrill; and you don’t have to deal with paying the rent, house chores, and all the petty annoyances of living up-close with someone day-in, day-out.
You are bringing lots of energy to your affair, and everything about it is exciting. You are bringing no energy — at least no positive energy — to your marriage. You get what you put into a relationship.
Divorce is not something that should be entered into lightly. Be aware that if you leave your husband for Mark, you will no doubt find over time that the sex becomes less exciting and that the connection is not always fantastic. No surprise, 75 percent of marriages that begin with affair partners end in divorce. While I don’t think statistics predict what will happen to any particular couple, believing that you will have a significantly better relationship with your affair partner than you did with your husband sets you up for likely disappointment.
Many gay men focus on “hot sex” as the big draw, pursuing a lot of sex with a lot of men, and/or pursuing an ongoing series of relationships that last until the sex cools. If that’s what you want, that’s fine. But it’s a different path from pursuing a close and loving long-term relationship, which involves knowing someone well and having him know you well; collaborating on getting through the hard stuff life throws at us; finding ways to make peace with disappointment; and consistently striving to be someone worth being married to.
How to proceed? While you are the only person who should make that decision, I would suggest that whatever your choice, keep in mind that marriage can be more than what you’ve made of it, so far.
Michael Radkowsky, Psy.D. is a licensed psychologist who works with couples and individuals in D.C. He can be found online at michaelradkowsky.com. All identifying information has been changed for reasons of confidentiality. Have a question? Send it to [email protected].
Autos
Sport haulers: Jeep Grand Cherokee, Mercedes GLE-Class
Updated cabins, adept handling, and more
Now that March Madness and the Masters are over, it’s time for, well, everything else. For my husband and me, this means water sports, as in kayaks and rowing sculls, which is why we trekked to the Potomac for the George Washington Invitational regatta last weekend.
Alas, high winds splashed cold water on the event, canceling much of it. But there was still plenty of spirited camaraderie to rival “The Boys in the Boat.”
And I was reminded of my time years ago as a rower with D.C. Strokes, ferrying teammates to races up and down the East Coast. Back then my ride was a dated, rather cramped four-door sedan.
If only we could have paddled around in a sporty SUV like the two reviewed here. Now that would have been some smooth sailing (wink-wink).
JEEP GRAND CHEROKEE
$40,000
MPG: 19 city/26 highway
0 to 60 mph: 7.5 seconds
Maximum cargo room: 37.7 cu. ft.
PROS: Updated cabin, adept handling, strong towing
CONS: So-so gas mileage, no third row, pricey trim levels
IN A NUTSHELL: Rough, tough and buff. It’s doesn’t get much more butch than a Jeep. This year’s Grand Cherokee is no exception, with rugged looks, expert off-road capability and better-than-average towing capacity of 6,200 pounds.
There are a dizzying number of trim levels—more than a dozen—starting with the barebones base-model Laredo at an affordable $40,000. The lineup tops out with the Summit Reserve 4xe PHEV, which is almost twice the price at $76,000 and one of various plug-in hybrid versions available. Those plug-in hybrids can drive up to 25 miles on all-electric power before the four-cylinder gas engine kicks in. Otherwise, you can choose from a standard V6 or V8. Gas mileage on all trim levels is basically the same as the competition.
Where the Grand Cherokee really shines is in the handling. More refined than a Wrangler but less lavish than a Land Rover, this Jeep maneuvers just as well on city streets and highways as it does on bumpier terrain.
I tested the mid-range and mid-priced Overland, which comes standard with four-wheel drive and large 20-inch wheels. It also boasts a slew of niceties, such as quilted upholstery, panoramic sunroof and high-tech digital displays. These include a 10.25-inch infotainment touchscreen and rear-seat entertainment system.
The nine-speaker Alpine stereo, designed specifically for the Grand Cherokee, is pleasing. But I really wanted to hear the boffo 19-speaker McIntosh surround-sound system that Jeep also offers. Sigh, it’s only available on the premium Summit trim level.
MERCEDES GLE-CLASS
$64,000
MPG: 20 city/25 highway
0 to 60 mph: 6.6 seconds
Maximum cargo room: 33.3 cu. ft.
PROS: Lush interior, silky-smooth suspension, speedy
CONS: Some confusing electronics, tight third row, many competitors
IN A NUTSHELL: For a more high-class hauler, there’s the Mercedes GLE-Class. This midsize SUV is similar in size to the Jeep Grand Cherokee. But instead of seating five passengers, the GLE can carry up to seven. Sure, legroom in the optional third row may be tight for taller travelers, but it’s perfect for a cocky cockswain or two.
Six trim levels, ranging from the base-model GLE 350 to two high-performance AMG models. For eco-conscious buyers, the GLE 450e plug-in hybrid arrived earlier this year and can run on battery power alone for almost 60 miles.
My test car was the top-of-the-line AMG 63 S 4Matic, a head-turner in every way. Priced at a whopping $127,000, this GLE looks best in glossy black with the Night Package, which includes tasteful jet-black exterior accents and matte-black wheels. To complete the Darth Vader effect, there’s a deep, menacing exhaust rumble that’s downright threatening.
You expect such a ride to be wicked fast, and it is: 0 to 60 mph in a blistering 3.7 seconds. Yet the carbon ceramic brakes with their devil-red calipers are equally impressive in slowing things down quickly.
Inside, each GLE comes with two large digital displays on the elegantly sculpted dashboard. My favorite feature is the “Hey Mercedes” digital assistant, which responds to voice commands such as opening or closing the sunroof, operating the infotainment system or activating the climate controls.
It’s hard to find sport seats that are more comfortable, especially with the heavenly massage function (though those massage controls could be a bit more user-friendly.) For AMG models, the seats come with red-contrasting stitching and red seatbelts—a nod to the devilish demeanor under the hood.
Considering all the SUVs available in showrooms, few make quite the splash of a GLE.
Judy Shepard to receive Presidential Medal of Freedom
Blade Summer Kickoff Party returns to Rehoboth
Andy Cohen coming to D.C.
Want to dance for a good cause?
Calendar: May 3-9
HHS reverses Trump-era anti-LGBTQ rule
4th Circuit rules gender identity is a protected characteristic
Pride season has begun
PHOTOS: Capital Pride Pageant
