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Real Estate Trends for the Rest of 2021

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It’s no secret that the COVID-19 pandemic has turned the real estate market into a wild domain. If you’re looking to buy or sell a home, you’re likely eager to know how long this will last and what the latest real estate trends are.

In June 2021, home prices across the U.S. surged 24.8% year-over-year — to a median sale price of $386,888 — according to Redfin. During the same time period, the number of homes sold increased 20.6% and the number of homes for sale tumbled 39.6%.

Mortgage rates have reached record lows during the pandemic and have once again been on the decline since late June. Specifically, the 30-year fixed-rate mortgage was 3.02% on June 24, dropping to 2.78% on July 22.

While an economic upturn was predicted, the Delta variant could send that to a screeching halt. On July 27, the Centers for Disease Control and Prevention reinstated their recommendation that fully vaccinated people in areas of substantial or high transmission wear a mask indoors.

Only time will tell if additional COVID-19 restrictions will return, and how this could impact the housing market and real estate trends. However, several real estate agents and experts have weighed in with their opinion of what the market will look like for the rest of the year.

Preparing Yourself in a Seller’s Market – Washington Blade

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home for sale and piggy bank - deposit photos

For the first time, Millennials are cutting back on spending money on multiple streaming subscriptions, $10 drinks, and avocado toast. They are dipping their feet into purchasing their first home. The current “seller’s market” conditions can be tough for some buyers though, so being prepared is more important now than ever. 

Buying in a Seller’s Market

The first step in the home buying process is finding the right real estate agent. Your agent should be trustworthy and someone who is knowledgeable about the area, sales contract, and local programs that may be able to save you money. Once you find the perfect agent, ask them to refer you to their preferred local lenders. When talking with lenders, not only should you focus on interest rates, but also ask about their in-house processing and underwriting. This may be able to give you a competitive advantage against other offers in a seller’s market. 

Once you’ve decided on your lender, they will need several documents to help them determine your eligible purchase price. Now is the perfect time to get your documents in order, including 30 days of pay stubs, two years of tax returns and/or W2s and 1099s, and two consecutive bank statements. Providing these documents in a timely manner can help expedite the pre-approval process and prevent delays once you’re under contract.

The lender will also look at your median credit score from the three major credit bureaus. Since your credit score has a direct effect on your interest rate, it’s important to pay close attention to your score. If your credit score needs a little help, talk to your Realtor and lender to see if they have recommendations on how to boost your score or programs that may be able to help.

Full Story From the Washington Blade

Best Home Pricing Strategies – Washington Blade

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Home Pricing Strategies - Pixabay

Pricing your home correctly from the start is imperative to a successful sale. We all love our homes and probably think it is worth more than it is. But that thinking can be a killer when it comes to pricing your home when you go to sell.

Home Pricing Strategies

There are three main home pricing strategies to think about when approaching finding the right price: Aspirational, Market Value, and Below Market Value.

The first thing to remember when pricing your home is you must think of it like a product. While it is still currently your home, in the minds of the buyers it is a product. And buyers will decide if that price you’ve set is worth what the house offers. If it isn’t, your showings will lag and offers will just not arrive. This will lead to longer days on market, which can be a huge turn off to buyers, especially in the D.C. market. 

So, what is the best of these home pricing strategies for you? It comes down to your specific property. What it offers, where it is located, the size, the condition, etc. It’s also helpful to see what the market norms are, so you are competitive. So before pricing any home, you have to do your research. You want to closely examine what similar homes have sold for in your area in the past year to six months. Seeing that data is a start to any good pricing discussion.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Sherri Anne Green
See the Full Story at the Washington Blade

REAL ESTATE TIPS: Should You Be an Aggressive or Cautious Home Buyer?

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Cautious Home Buyer - gay couple - Deposit Photos

If you are thinking of buying a home, some of your friends may have told you that you have to throw caution to the wind and just go all in. Or you may have heard of friends that bought a home and had to spend lots of money after the fact to repair things they didn’t know were wrong, and want you to be a cautious home buyer. How can you as a buyer feel protected yet also assert yourself in a competitive market? 

That’s where your agent comes in to help. The buyer agent will call the listing agent and find out what is important to the sellers. It is important in these transactions that both sides are aware of what is important to each side of the transaction. There are situations where more money is being offered to a seller, but what they really want is a one or two week or a one month rent-back so they can have time to get all the moving parts together and move on to their next home. Some of my clients once won an offer situation because they wanted to renovate and update the home, not demolish it like a developer wanted to do.  

A good agent knows the tools in their belt to keep their buyers confident in their purchase and assertive in a competitive market. Pre-inspections, negotiating techniques, and sometimes just a good reputation can go a long way.  A good agent wants to make their clients happy but also wants to make sure they stay happy long after they have moved into the house.

Full Story From the Washington Blade

Did You Know: Zillow Listings Show LGBTQ Housing Discrimination Protections

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Zillow - LGBTQ Housing Discrimination Protections

Online real estate behemoth Zillow now shows local LGBTQ housing discrimination protections for queer people on all listings.

Only 22 states and the District of Columbia have laws against housing discrimination that include sexual orientation and gender identity.

“It’s 2021, and yet, unfortunately, in many parts of the United States, LGBTQ+ home shoppers still face housing discrimination,” said Dawn Lyon, Zillow chief corporate relations officer. “That’s why we strongly support federal-level protections as part of the Equality Act.”

“In lieu of federal law and in the spirit of ‘turning on the lights,’ we want to give people the most information possible when buying, renting and financing a home, including which communities provide equal protection under the law for all.”

Full Story From LGBTQ Nation

Freedom From Housing Discrimination – The Washington Blade

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Freedom From Housing Discrimination - Deposit Photos

June 19. Freedom Day. Jubilee Day. Cel-Liberation Day. It commemorates the end of slavery when on June 19, 1865, Union general Gordon Granger finally made it to Galveston, Texas to read federal orders from 1861 announcing that all previously enslaved people were free. It is the oldest nationally celebrated commemoration of the ending of slavery in the United States.

Yes, this was two and a half years after President Lincoln’s Emancipation Proclamation that became official on Jan. 1, 1863. The Proclamation had little impact on Texas due to the minimal number of Union troops there to enforce the new order. With the surrender of General Lee and the arrival of General Granger’s regiment, the forces were finally numerous and strong enough to overcome the resistance.

On this year’s June 19, and with the world focused on equality for all, it is important for us also to talk about housing discrimination and equality in the home buying process. Despite being given the freedom from slavery in 1865, it wasn’t until 1968—52 years ago—that the Fair Housing Act was passed.

The Act, in simplest terms, protects people from housing discrimination when they are renting or buying a home, getting a mortgage, seeking housing assistance, or engaging in other housing-related activities. It prohibits discriminating against someone based on race, color, national origin, religion, sex, familial status, and/or disability.

Housing discrimination can come in two forms—direct and indirect. Direct is purposefully and impermissible basing the sale on a protected class/characteristic. Indirect is unconsciously applying a requirement or rule in the sale or rental of housing.

Full Story From the Washington Blade

The Buying & Selling Roller Coaster

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Lesbian Couple - Deposit Photos

One thing that has become evident to me in my role of a real estate agent over the past five years with so many of my clients is that I am not just handling paperwork and negotiations. I’m part therapist, part friend, part negotiator, part paperwork handler, and part creative idea generator.

In some cases I have spent more time listening to my clients vent or talk about their day and what goes on at work or about family members involved in the transaction than the actual paperwork took time to be completed. I can be asked questions as varied as what color tile to put in a bathroom, what kind of countertop should be installed, who the heck does this other agent think they are, how much should we escalate over the sales price, and “should I even consider putting in another offer? I feel so defeated.”

I have had clients refer to me as their “brother” or “cousin” and I have gotten to know my clients’ parents, siblings, best friends, and other assorted family and friends who are going to chime in with their opinion on the situation. Today I helped a client navigate the moving truck parking permit process in the District of Columbia, which involved multiple phone calls, missed connections, meeting at the police station to print them out and many texts and messages.

Full Story by Joseph Hudson at the Washington Blade

Home Downsizing Dilemmas – Washington Blade

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home downsizing yard sale - Pixabay

As a first-time buyer, you may have looked to your parents for down payment assistance, advice on what to look for in a home or as an extra sounding board during the process. As your parents get older and look to downsize their home, they may turn to you for the same support. 

Aging adults often need help with home downsizing so they can move into a more manageable home size, transition to an assisted living facility or relocate to a retirement community. When that time comes, you can return the favor your parents did for you and help them through their selling and buying experience. Trust me, they will need you.

It can be very emotional for older adults to leave the place they’ve lived in for years, raised their family in and have so many memories wrapped up in.

I’ve worked with numerous aging adults and parents. They have lots of questions, can get confused by the decisions to make, need questions answered more than one time and generally are overwhelmed by the financial decisions and emotional toll of home downsizing. So remember to pack your patience as you help them pack their belongings. 

Full Story From the Washington Blade