APRIL 2022 Vol. 09 | Issue 4
Farrah Wilder California Association of REALTOR®’s Chief Diversity, Equity, and Inclusion Officer
HAVE YOU READ OUR PAST ISSUES YET? the power is now
magazine CENTRAL EDITION Vol. 09 | Issue 4
Eric Lawrence Frazier, MBA Publisher Office: (800) 401-8994 Ext. 703 Direct: (714) 361-2105 eric.frazier@thepowerisnow.com www.thepowerisnow.com EDITORIAL TEAM Sheila Gilmore Editor in Chief (800) 401-8994 ext. 711 sheila.gilmore@thepowerisnow.com Daniels George Managing Editor (800) 401-8994 ext. 712 daniels.george@thepowerisnow.com Goldy Ponce Arratia Graphic Artist and Design Manager goldy.ponce@thepowerisnow.com
CONTRIBUTORS The Power Is Now Research Team
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CONTENTS
APRIL 2022 FROM OUR VIP AGENTS:
POWER GREEN Pg. 8. Green and sustainability news: Calling for action on climate for California
POWER ECONOMICS Pg. 10. The U.S. adds more jobs in the first quarter. What this means for the Housing Market.
POWER REAL ESTATE Pg. 12. Homeownership equity at its highest level. CoreLogic research.
POWER LENDING Pg. 14. The effect of Fed interest rate hikes.
POWER TECHNOLOGY Pg. 16. Tracking down EquityCoin: The first digital token on the Blockchain backed by affordable housing. 4
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Pg. 19. 5 ways to protect yourself during a move in Texas, by Sharon Bartlett. Pg. 25. List price overrated? This is what you can do to improve your odds! by Emerick Peace. Pg. 29. All you need to know about Rental Application, by Adriana Montes. Pg. 33. Worried about bidding wars? Here’s how to outsmart your competitors, by Yvonne McFadden. Pg. 37. Buying into the Arizona Real Estate market in 2022, by Tamra Lee. Pg. 41. Is Colorado affordable? by Walter Huff. Pg. 45. The true cost of selling your home In Los Angeles, by Adrian Bates. Pg. 49. Real estate myths in Riverside: You cannot buy with no money down, by Ruby Frazier. Pg. 55. Farrah Wilder, California Association of REALTOR®’s Chief Diversity, Equity, and Inclusion Officer Pg. 59. Want to sell faster this spring? here are some tips for you! by Jenny Gonzalez. Pg. 63. 5 things you need to know about repurposing real estate in Placer County, by John Brophy.
Pg. 67. Want to Relocate? Maybe you should consider these 5 neighborhoods in Corona, CA, by Kamesha Keesee. Pg. 71. Want to hire a contractor? Watch out for these red flags in Long Beach, by Kate Nash. Pg. 75. Your Ultimate Guide to downsizing in Sacramento in 2022, by Serina Lowden. Pg. 79. Five ways you could save on home insurance in Chula Vista, by Candace Thrower. Pg. 83. How to make a good offer on an overpriced home in Riverside, by Briana Frazier.
PRESENTS:
The Fair Housing Act Series April 15 to April 30, 2022
POWER LEGAL Pg. 86. CFPB targets unfair discrimination in consumer finance
POWER MORTGAGE Pg. 88. A Tough Time For Lenders as Homes Sell Faster Than Ever Before!
POWER HEALTH Pg. 92. Let’s talk about Autism. What is it and how can we make it easy for our autistic children and adults?
Hosted by: Eric L. Frazier MBA
April 2022 FROM THE EDITOR
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he First quarter of 2022 is finally down, and so far, so good, except for the fact that Russia won’t stop its bullying rampage on Ukraine. Last month was women’s History Month, and I need to revisit that because I don’t feel this issue is being taken with the magnitude it deserves. We had Kentanji Brown on the cover, and in case you haven’t read that magazine, you are surely missing a lot! Her confirmation is extremely monumental to our community and women all over the world. Ketanji, 51, is one of the youngest Supreme Court justices, and she makes history as the first African American woman on the Supreme Court. The issues with diversity, equity, and inclusion seem like a 21st-century issue that has only been brought to light in the last decade, especially in the corporate world. What many people seem to be forgetting, minority communities have been fighting for equality for decades! Women have been fighting for their rights for years. African Americans have fought for their rights for so long, yet equality and diversity are only being achieved to some degree this decade! A study done by McKinsey found that companies that had ethnically and culturally diverse workforces outperformed those that did not embrace diversity by over 36%! And add to that, the research also discovered that companies that had 30%+ women representation at the executive level performed better by over 45%. That shows you how important diversity, equality, and inclusion are to the success of organizations. On the cover of this issue, our good friend Farrah Wilder is the California Association of Realtor as the Chief Diversity, Equity, and Inclusion Officer at the California Association of Realtors. Farrah supports C.A.R.’s fair housing and inclusion efforts. Find out more about Farrah’s perspective and her work on Diversity, Equity, and Inclusion at C.A.R. Moving forward, the good news for homeowners 6 | APRIL 2022
as their homeownership equity is now at its highest! I keep talking about; homeownership as the key to making generational wealth fast! I would recommend that you read this article and discover the incredible gains many homeowners are reaping from homeownership. In this issue, we have also covered the effects of the Fed Interest rate hikes, what that will do to our industry, and why minorities are still highly underrepresented in the banking industry. I’m so excited that April is finally here. We all know what this month means for the housing industry and African Americans. April marks National Fair Housing Month, which celebrates the passage of the Fair Housing Act in April 1968. This act prohibited discrimination in the sale, rental, and financing of housing based on race, color, national origin, religion, and gender. At
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the same time, California extends the protections to marital status, sexual orientation, ancestry, source of income, and arbitrary characteristics such as age or occupation. We are focused on educating and providing information surrounding real estate, including acquisition, management, and financing real estate. For consumers, we are a resource that will answer all your questions concerning real estate, while for real estate professionals, we’re a platform that will help you demonstrate your expertise and facilitate your brand growth.
ERIC L. FRAZIER MBA President and CEO The Power Is Now Media, Inc.
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SHARON BARTLETT
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APRIL 2022 | 7
POWER GREEN
Calling for action on climate for California
To that effect, the California State Assembly joint legislative committee on climate change met earlier last month to discuss the pathway for achieving climate neutrality. BUT WHAT IS CARBON NEUTRALITY? Last year, the United Nations issued a warning where it stated that it may be too late to stop the ravaging effects of global warming but amid this hopeless situation, the U.N. said that dramatically reducing the use of the fossils starting in
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this decade and zeroing it out by the mid-century could avert greater devastation. California has been at the vanguard of this movement where it has committed to cutting down the greenhouse gas emission by 40% in the next 8 years. In 2018, the then governor, Jerry Brown signed an executive order setting the goal even higher. In the order, the governor set a bolder plan where he proposed the state’s carbon neutrality goals by 2045. This means the state is committed to removing as many greenhouse gasses from the atmosphere as it emits. So far, the California government has done so much to make its plans good, but much of what needs to be done remains aspirational. While the
state is committed to 100% clean energy by 2045, electrical power generation accounts for at least 15% of the state’s greenhouse gas emissions. If the state is committed to its ambitious plans, then it would have to slash emissions from everything including cars, trucks, heating appliances, farms, and industrial operations. On March 10, 2022, Ben Grundy, a global warming Solutions Associate, provided testimony at the hearing by the California State Assembly’s joint legislative committee on climate change policies in support of the governor’s investments in Zero-emission vehicles, decarbonization efforts, and clean energy. “The California legislature must
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limate change is one of the challenges that the world is facing right now. It is a threat that many governments feel that they cannot sit down and watch while it happens.
accelerate the transition away from fossil fuels.” Environment California supports Dan Kammen’s call for an accelerated 100% EV timeline to 2030 or earlier, aggressive movement forward on offshore wind, and the continued protection of CA’s rooftop solar industry. Implementing a solar tax and making rooftop solar more expensive is not the pathway to ensuring access to all. Additionally, limiting or halting investments in ZEV infrastructure will slow down our state’s transition to zeroemission transportation. California has the worst air quality of any state in the country and our transportation sector accounts for over 50% of GHG emissions and produces toxic tailpipe emissions that place our environment and health at risk. As both the sunshine state and a coastal state, California and the California legislature must take full advantage of solar and offshore wind now.” If the state was to pursue its rigorous plans, it
would mean phasing out the gas and dieselfueled cars and trucks in the favor of zero emission vehicles thus reducing or eliminating the natural gas in both homes and businesses. It would also mean that the state terminates its oil and gas extraction, effectively cutting the methane emissions from oil wells, landfills, and farms. Of course, there are those emissions that cannot be easily eliminated and the state’s solution to such is pursuing technologies that would capture carbon dioxide from industrial facilities that remove the harmful gas and also the existing carbon dioxide from the atmosphere. At this point, the world must move fast if there is any hope to save the world from the pending climate crisis. No doubt, transitioning the entire economy from fossil fuels to clean energy will be extremely challenging, expensive, and timeconsuming for businesses and residents. But, we don’t have an option because the cost of inactivity is unthinkable. If we don’t accelerate the work right now, it will be impossible to zero out the greenhouse emission by the midcentury.
APRIL 2022 | 9
POWER ECONOMICS
The U.S. Adds More Jobs in the First Quarter
What this means for the Housing Market
At the time the survey was taken, there was a rapid spread which upended many parts of the economy. Schools were closed, and businesses were shut down forcing many working individuals and parents alike to scramble. Surprisingly, you would expect the labor market to perform poorly but new data shows that the market performed really well during the stretch. Applauding the U.S. economy and his government, the president said, “America is back to work. Our country is taking everything that covid has had to throw at us, and we’ve come back stronger. … America’s job machine is going stronger than ever.” He further said that the report proves the “extraordinary 10 | APRIL 2022
resilience and grit of the American people. And American capitalism.” In the past 12 months,, the labor market and the economy have grown so fast despite surges in the coronavirus at different time periods. Nonetheless, high inflation is countering the positive trajectory, posing a problem to many families and businesses. The president recognized these problems promising to keep trying to find solutions to address them. Meanwhile, the stock market had been strong throughout the year, only showing signs of weakness in the past few weeks as the Federal Reserve prepared to raise the interest rates. In addition to the good performance in January, the Labor Department has more than doubled its tabulations of job gains for November and December. In November last year, the economy added 647,000 jobs and in December, it added some 510,000 more. BUT WHAT DOES THIS MEAN FOR THE HOUSING INDUSTRY? More people are getting back to work and this is a good thing. In fact, the average hourly earnings increased by 23 cents in January this year bringing the wage to $31.63. This was the largest increase in the last year. But, with inflation on the rise, much of these earnings are being swept away by rising prices of goods.
“There’s all kinds of good news that suggests people are getting back to normal,” said Drew Matus, chief market strategist for MetLife Investment Management. “In the big picture, it’s a very encouraging report. People returning to the workforce is what you wanted to see, and the gains were pretty widespread across different groups. The most important thing is people want to get back to work, and they’re trying to get back to work.”
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mericans are back to work as evidenced by the addition of almost 7 million jobs over the past 12 months. In January alone, the U.S. added about 467,000 jobs amid the Omicron Variant crisis which proved that the job market is resilient and has enough momentum to pull through one of the biggest surges.
Obviously, with more people getting absorbed in the labor market, this means increased economic power hence more buying power. People can afford to buy more real estate because they can afford it. The challenge is, everything is being affected by inflation, and to add to this the housing market was already suffering huge blows mainly from constrained supplies of both new and existing units. This has led to massive increases in house prices which in turn has priced so many people out of the market. In addition, materials and labor costs are such a huge problem to many developers and this continually derails the construction of new units. In the end, while many people are getting employed, it does them no good when it comes to housing thanks to inflation and high prices of homes. Furthermore, with the mortgage rates rising, many people are feeling the need to postpone their aspirations of the American Dream and also I think right now people are more interested in bringing their lives and lifestyle to normalcy. Remember, thousands tapped into their savings just to survive, and therefore before making any
major investment decision feels like a wrong move. The Federal Reserve has also hinted at the possibility to raise the interest rates which will counter the harmful effects of inflation, in fact, FED officials are convinced that they have given the labor market enough support adding that any more delays to raise the interest rate might result in an overheated economy. If the interest rates are changed, this could greatly impact one’s ability to purchase a residential property. The lower the interest, the lower the cost of mortgage which in turn creates a high demand for real estate. This further pushes prices up. If the FED hikes the interest rates, the cost of obtaining the mortgage will definitely rise which and at the same time control inflation. If inflation is kept at minimal and employment soars, we might see crazy bidding wars in the near future assuming supply remains below the demand levels. With more Americans getting back to work, we can only that the housing market keeps up with the demand that’s about to blow out in the near future. APRIL 2022 | 11
POWER REAL ESTATE
CoreLogic Research:
Homeownership Equity at its highest level
According to the quarterly report from CoreLogic, leading global property information, analytics, and data-enabled solutions provider the annual price gains for homes averaged 15% in 2021 an increase of 9% year-over-year. The report claims that U.S. homeowners with mortgages have seen their equity increase by a total of over $3.2 trillion since the fourth quarter of 2020. The reason this is, 2021 was marked by increased buyer demand, record-low supply, and extremely low mortgage rates which all contributed to these hefty equity gains for homeowners. Many buyers are still flocking the markets making bidding wars the norm of the day. Interestingly, desperate buyers are competing for head to head with cash investors in hot markets. This is how crazy it has gotten. But that’s not the only anomaly we’ve seen so far! The housing market all over the country is still showing significant activity even in winter months despite them being historically the slowest season for the housing market.
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“While we expect this year’s buyers will eventually see some relief from the 2021 frenzy, home shoppers continue to face challenging conditions in the early days of 2022,” said Danielle Hale, chief economist for Realtor.com. “In fact, last week’s home price and time on market trends suggest competition intensified.”
According to CoreLogic, the home price growth reached their highest levels in more than 4 decades pushing the home equity to a new record. Additionally, the company reports that some 70,000 properties regained equity in the third quarter of 2021, providing a much-needed barrier against foreclosure for the 1.2 million borrowers who had reached the end of their forbearance in September. “Not only have equity gains helped homeowners more seamlessly transition out of forbearance and avoid a distressed sale, but they’ve also enabled many to continue building their wealth,” said Frank Martell, president, and CEO of CoreLogic. “This financial reserve will be especially helpful for homeowners looking to fund renovation projects.” The housing market saw relatively few sellers in 2021 and for those who listed their homes,
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ome values have been appreciating at a stunning rate but suddenly made a jump during the Covid-19 period giving the U.S. homeowners vast equity in their homes.
they did get good returns. Data from ATTOM, a National property database shows that the profit on a typical home sale was just over $94,000. This is up 45% from the profit in 2020 and up 71% from the pre-pandemic profits.
The homeowners that were not listing their properties also gained equity too. About 42% of homeowners were considered equity rich in 2021 which means their mortgage was less than half the value of their properties.
“Households that escaped job losses from the pandemic dove into the market, in large part as a response to the crisis,” said Todd Teta, chief product officer at ATTOM. “No doubt, there are warning signs that the surge could slow down this year. But 2021 will go down as one of the greatest years for sellers and one of the toughest for buyers.”
Generally, the more the equity, the more the spending power should a consumer decide to use all that wealth. Personal savings shot up during the pandemic according to the U.S. Bureau of Economic Analysis and is coming back to pre-pandemic levels.
It was the highest level of profit since 2008 which was the last housing boom built on faulty mortgages and homeowners with little equity on their homes.
“A shift to an equity-centric market is already underway, and as of the third quarter of last year, borrowers were pulling more cash out of their homes than they had in 14 years,” said Andy Walden, vice president of enterprise research and strategy with Black Knight.
APRIL 2022 | 13
POWER LENDING
The Effect of Fed Interest Rate Hikes
It is also expected that this year, we might be seeing as many as five or six more quarter-point hikes and a possible three or four more in 2023. These moves are meant to combat high inflation. BUT HOW EASY WILL THIS BE? NOT EASY AT ALL! Economists now say that raising the interest rates poses unique risks to the economic growth that the Fed may not be able to raise the interest rates as much as it would 14 | APRIL 2022
like to. The current conflict between Ukraine and Russia has made inflation in the country much worse creating more risks for economic growth. Furthermore, while Covid-19 may have been combated and kept at bay in most parts of the country, it becomes a problem in China where there are lockdowns and this could upset the supply chain balance causing disruptions. “There’s a dark cloud of uncertainty over this meeting, but at the end of the day, they know they’re at zero,” said Jim Caron, a chief fixed-income strategist on the global fixedincome team at Morgan Stanley Investment Management. “The economy is coming into full employment
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he FED is expected to raise the interest rates by a quarter-point. This comes as a major move to reverse the extraordinary easing it had put in place two years ago just to help the economy stay stable during the pandemic years.
behind the curve in its fight against the rapidly rising prices. “I think the world really changed with this war, and [it] would have been inflation that would have come down by the middle of this year. It would have come down to more normalized levels,” said Rick Rieder, a chief investment officer of global fixed income at BlackRock. “The impact on energy, commodities, food is real. I just think it really changed the inflationary paradigm to be significantly worse.”
rapidly and inflation is way too high,” he said. “You add that all up and that means they’ve got to raise rates. The degree of uncertainty is extraordinary. They told us what they were going to do. They did that to get rid of the uncertainty.” When the pandemic first broke out in the country, the Federal Reserve took steps to protect the economy and one of them was taking its funds target rate range to zero to 0.25% in early 2020. In addition, it took steps to add more liquidity including quantitative easing programs to buy the Treasurys and Mortgage bonds that it is just winding down this month. But with inflation now almost at 8%, some economists say that the FED is late and well
“This complicates things that they’re starting at zero. I suspect financial conditions are going to tighten significantly and do some of the work for the Fed,” said Mark Zandi, chief economist at Moody’s Analytics. “The Fed is desperately trying to balance things and avoid going into recession. It really does depend on what happens with the stock market, credit spreads, sentiment ... and whatever other geopolitical problems come down the road.” While Zandi is not expecting a recession, the odds of it happening have risen 1 in 3 in the next 18 months. “The Fed’s immediate reaction is going to be to fight inflation, but down the road, it has to look at slower growth from higher oil prices,” said Zandi. “That’s an important unique aspect of this, but at the same time we have to put this in context; the Fed is already late to the game.” APRIL 2022 | 15
POWER TECHNOLOGY
Tracking Down EquityCoin: The First Digital Token on the Blockchain Backed by Affordable Housing
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quityCoin, Inc was founded as a public benefit corporation. It created the first digital token on blockchain technology backed by affordable housing. What the company does is that it provides apartments to those who are most vulnerable to homelessness while also helping the community members to build generational wealth through fractional ownership of the property. 16 | APRIL 2022
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The first time we mentioned EquityCoin in this magazine was in 2021 when we were doing a profile of its founder, Vernon J. Its been a year now and we want to track the progress he has made with the coin seeing that its different from all others in that it allows people to purchase and retain their rights over real estate properties. According to Vernon, “on any given night in America, there are over 500,000 people sleeping on the streets even though studies show that increasing access to permanent housing has the potential to reduce homelessness by 50%. This is the crisis of our time, and we need more public and private programs that can directly address this basic necessity.”
Vernon is a commercial real estate professional and an investor with more than 16 years of experience. He launched EquityCoin in January 2021 after renting one of his units to a single mom and son who were living in a shelter. “I saw tears of joy in her eyes when I handed her the keys to her new unit. Never before that moment had I felt such
fulfillment. From that point on, my purpose was clear – to help thousands of families in need of affordable housing,” says Vernon. “When landlords step up to provide housing to the underserved, everyone wins. The tenant receives essential permanent housing, the city keeps families off the streets, and property owners guarantee their cash flow through government rent vouchers.” Research shows that real estate is one of the wellpaying investments of all time and has created wealth for many people more than other asset classes but, the challenge is, many minorities get excluded from this wealth-generating asset class.
“By marrying blockchain technology and affordable housing, we will revitalize urban areas from coast to coast, building a more healthy, livable, and sustainable society. It’s not only important to do the work, but also to have the cultural empathy to provide a holistic approach to community-building,” states Beatriz Durant, EquityCoin, Inc.’s Director of Property Management. “It was essential that we build a company with executives and board directors that actually represent the communities we serve”, Vernon declared. According to Deloitte’s Board Diversity Census Report, appointing women and minority directors provides benefits beyond just demographics. Diverse directors are “more likely than White men to bring experience with corporate sustainability and socially responsible investing, government, sales and marketing, and technology in the workplace to their boards. These skills are on the forefront of growth in a post-pandemic economy and less than 55% of board members in the Fortune 500 report having any one of these skills.” The company was named 2021’s Most Fundable Companies. To help streamline the tokenization process for other real estate operators, the company is developing a proprietary secondary market called EquityShare. This will logically process the terms and conditions of the real estate equity contracts for execution on the Ethereum blockchain. Currently, the average exchange period of real estate is 30 days, although EquityCoin aims to reduce that to 30 seconds. APRIL 2022 | 17
5 Ways to Protect Yourself During a Move in Texas By Sharon Bartlett
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hinking about moving? Here are some quick easy tips to protect yourself during the transition. Identity is one of the things that you ought to guard jealously. Any security system has its own vulnerabilities and weak spot and therefore, identity thieves know exactly what they are looking for. As a consequence, when you are moving to a new location, you will be very vulnerable. More than you think you are. More often, people leave important documents just lying behind. For instance, your personal correspondence. Which in many cases will not get rerouted fast enough to your new address. Before we can go on, it is important to mention that moving into a new home isn’t as easy as it seems on the surface. First, this is a process that requires a lot of systematic planning. Followed by a lot of packing, which for most is the hardest part. And finally, the crux of moving that most people lack is patience.
IDENTITY THEFT When moving into a new place, all of your personal information is shipped to a new location. This is the point where you get vulnerable to identity theft. There are different types of identity thieves with some of them targeting you on move. Therefore, it is important that you upgrade your guard and protect your personal data. It is particularly important to know that anyone, even the one that seems trustworthy can take advantage of your personal possession and therefore, be vigilant about how your personal information is protected. When moving, people will come in and out of your home all the time. This is the point where you are most vulnerable. When people come in, make sure that you have taken the necessary APRIL 2022 | 19
precautions to protect yourself. Some of the following tips below will be helpful for you to protect yourself during a move. 1. Change address form This is one of the most vulnerable areas while on the move. You should submit a change of address form when planning to move. Basically, set up a change of address with the postal service. More importantly, you should do this BEFORE you move. After submitting a change in the residence for your address form, you should wait for 8-10 business days for a confirmation that your mails have started being delivered to your new residential area. This should not stop at that, you should take a step further and notify all your financial institutions as well as the utility companies and the insurance that your address has changed. This should also incorporate the schools and any other affected parties by the change of address. Thus, changing an address is one of the single elements that will save you from falling victim to identity then as you move. However, it is important to emphasize that, this should be done even before you move. 2. Your moving company Better Business Bureau offers clients an opportunity to verify the credibility of the moving companies. Therefore, before you think about moving, it is advisable that you get a check with them about the moving company of your choice. The legitimacy of the company of your choice is something that you ought to take with heaviness. And the reputation the company has will direct you on the course of action to take. As a consequence, and when possible seek referrals from your family and friends. Choose a reliable company with the needed experience. Check the testimonials, this will back you up in choosing the company of your 20 | APRIL 2022
choice. Checking the company rating will also help you choose the right company that you will work with. To be more precise, check for a company that is registered Federal Motor Carrier Safety Administration (FMCSA). Also, it is important to verify that the company has the U.S Department of Transportation number. When transitioning from one location to another, it is important to make sure that all your transport-sensitive documents are well safeguarded. This will help you in making sure that the information doesn’t fall into the wrong hands and be used against you. 3. Before and after you move Always be vigilant. This is the rule of the day! After all, caution is the only guard you have right now. Some of the services offered across the vast web will help you to stay on top of your credit scores. A good example of such a service is LifeLock. Despite making your credit score information private, it also helps you protect your financial information. What makes it even more interesting is the fact that you will get a warning shot immediately there is a suspected breach of your personal information.
using WI-FI at a restaurant, a coffee shop, or any other location on your journey you should always be careful about the accounts you log in to. This will always incorporate the data that you transmit. If at all you will be using the internet, consider using a virtual private network that consequently encrypts your transmission.
Before and after you move, it is best to know that your personal information is well protected. And having a company that you can willingly trust will do you the magic so that you do not have to worry about that. Some items are worth being transported by the transport company. However, your own personal documents need to be transported by you and you alone. They are sensitive and therefore, you need to know their whereabouts before and after you have moved. 4. Keep your electronics secure This is where most people go wrong. During the move, this is where you become more vulnerable to electronic identity theft. When you are moving, it is important to make sure that you have all your electronics are password protected. Okay, I know you may not know this but when
5. During the move be present It is one thing to supervise the move and it is another to be actually there during the move. Do not release the items or the packed goods and trust that they will reach the destination safely. You need to be there when the move happens. Movers will help you with the heavy lifting. Even though, be there and remain present to supervise the move and all the process that comes with the transition. So much will be transported and the chances of something missing will be very high. You need to be there when this happens. Before you completely move, make sure that you have shredded all the documents that you do not require. Take this as an opportunity to reevaluate your home office and thus, you can move all the documents that you no longer need and shred them. When this happens, you need to be there. Following these steps will help you move out a lot more easily than you could have ever anticipated. However, it is worth mentioning to you that even before you move, it is important to make sure that you have followed up to the dot your credit reports. Just because you have moved swiftly, it doesn’t mean that you are risk-free from identity theft. You have to stay vigilant and follow up on everything. Still, continue monitoring your credit score. If anything suspicious arises, you need to report it. APRIL 2022 | 21
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List Price Overrated?
This is what you can do to improve your odds! By Emerick Peace
Recently, I read an article that justified buying a home for more than the list price. That’s ridiculous, but, still, there are people buying their homes above the list price simply because of the current market conditions. As such, is list price always overrated?
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n the current market conditions (a seller’s market), prices for homes are most likely to be covered, and sometimes by a very large margin. The seller’s market, also called a ‘hot market’ is characterized by high demand but low supply volume making home prices soar by the month. This results in ‘bidding wars’ among desperate buyers which means at the end of it, a higher offer on a home will most certainly win the bid. In such cases, buying a home above the list price is justifiable, which is happening all around the country. BUT, I WOULD CAUTION YOU! If you are not entirely sure about your financial position at the time you intend to buy the property, it is best to hold off the thought of buying. No matter how bad you want to become a homeowner, do not offer above the listing price if you cannot afford it! Additionally, the larger percentage of buyers in the market right APRIL 2022 | 25
now are the ones relying on financing to secure their dream home. Highball offers in this case may get you on a road you might never recover from. And also, there are circumstances when the bank will reject to finance your project simply because of the risk attached to it. This happens when the bank cannot determine the appraised value of the property. In such a case, you can always appeal to the bank or the appraiser to get another assessment or ask the seller to accept the appraised value, which I highly doubt they will. If the two options are not viable, negotiate with the seller to reduce the price slightly and then make up the rest of the difference out of pocket or simply pull out if the deal. Some markets are extremely competitive which makes the list price so astronomically high. In such cases, I would encourage you to use the escalation clause in the purchase offer. So what’s an escalation clause? Basically, a seller asks $200,000 for his house. As a buyer, you write an offer that would increase
your bid increment6ally to beat out other buyers. For instance, the clause could say that you will pay $1000 above the highest competing offer up to a max of $220,000. It is a clever strategy but, I would also caution against it because there is a downside to it. In such an arrangement, an unscrupulous seller could be taking advantage of you by pretending that there is a higher offer. In addition to that, such an agreement can lead you to actually pay more than you would otherwise pay in a normal negotiation. Lastly, just offer a higher bid! I think one of the worst, and most confusing moments for the buyer is really deciding when or not to make a highball offer on a home. But, the advantage of making a higher offer is that over the list price is that it nets your home. If you do not pay over the list price, more often than not that would mean missing out on your dream home. Still be very cautious because, in highly competitive markets, you may fall prey to manipulative tactics by sellers.
To close, if you decide to offer more than the list price, make sure to run your numbers by the agent or at least try to do some research into the market. Try to find out about comparable sales in the same area just to be sure that the list price makes sense. 26 | APRIL 2022
All you need to know about Rental Application Use These 5 Tips to Help Ace your Rental Application By Adriana Montes
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he real estate market is one of the highly competitive markets to invest in. In it, there are ‘sub-sects’ and one of these is the rental market that is continually becoming competitive and expensive all at the same time, and therefore, you need to show that you have all that it takes to make the perfect candidate, you want your application to be approved. I have been a real estate agent for more than ten years, and I have prepared these five tips to help your rental application go through. When it comes to the rental application process,
the first and perhaps most crucial step is to finally decide to settle into a new home finally. It means you are going for something you want, getting out of your comfort zone, and taking an initiative to change. However, the rental application process is not all that merry, and application rejection can happen. Rental application rejection can happen for several reasons. It could be as a result of your credit history or even lack of references, or perhaps like most of the first-time renters, you lack experience in rental applications. Whatever the reason, consider the following tips before submitting your next apartment application.
BE ORGANIZED One of the best ways to impress your landlord and to also ensure that the application process goes smoothly is the be as organized as possible. Beforehand, find out the documents that are required to complete your application. For a standard rental application, the main documents that you are required to have will usually include the last two years of your tax returns, a copy of your credit report, proof of employment, a copy of your bank statement, and a letter from your previous landlord. Nonetheless, these requirements will vary from state to state, and therefore it is essential first to find out all the documents you are required to have. APRIL 2022 | 29
GO ABOVE AND BEYOND IT SHOWS YOU ARE SERIOUS Landlords are comfortable with tenants who will pay them their rent on time and have a reliable source of income; however, not many will give them more than their basic expectations. You have to be the exception. If a landlord asks you for a one-year lease, go above and beyond, and consider signing for a year and a half or even two years. This will show the landlord that you are very serious about the apartment and plan on staying there for a while if they choose you. If you can pay a few months of rent upfront, do that too. Most landlords appreciate when they do not have to worry about collecting rent from their tenants. That, combined with the promise of staying in their apartment for more than a year, the landlord will be much more inclined to offer you the apartment. COMMUNICATION IS KEY Throughout the rental application process, you should always try to keep the conversation live with your potential landlord. Additionally, you should also keep in touch with your real estate agent. If you need extra time to do something with regards to the application, let them know. Your real estate agent and your landlord will be inclined to give a tenant who is in close
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communication with them the offer to their apartment. BE HONEST IN YOUR APPLICATION Most people tend to be dishonest in their application, especially when it comes to their history. Telling the truth is a wise decision. For instance, if your credit is in bad shape, or if you left the other apartment on bad terms, come clean and explain the circumstances. There is a good chance that your apartment manager or landlord has seen it all. It won’t do you any good to lie. If you are having trouble in your application, it may be best to seek out the counsel of your real estate agent. Therefore, to help streamline the process, always keep your agent in close communication. SHOW THAT YOU ARE AN AGREEABLE RENTER Usually, landlords will want to see from the previous landlord what kind of a renter you are. Did you abide by the pet policies? Were you stubborn? All these questions will be answered in a letter from your former landlord. And while it is not typically required, you may want to attach it, which will help in your application.
Worried about bidding wars? Here’s how to outsmart your competitors By Yvonne McFadden
The competitive nature of the housing market in Arizona is the buyer’s biggest nightmare. Right now, finding the ‘perfect home’ is almost an impossible dream. We are seeing homes stay on the market for not more than 10 days, and that’s a stretch. Bidding wars between desperate buyers and hungry investors in Arizona is just crazy, and that is an understatement. Ultimately, it is up to the seller to decide which offer is the best and who’ll close the deal. UNDERSTANDING BIDDING WARS If the term is new to you, a bidding war is a situation where two or more prospective buyers make offers on a home, and the seller has to decide which is the best offer. This decision is often easy to make when one offer is more attractive than the others. However, in instances where multiple buyers have made almost similar bids, sellers have to make a difficult decision, therefore, buyers are forced to up their offers in order to outbid one another. That is quite common in highly soughtafter neighborhoods. WWW.THEPINMAGAZINE.COM
To improve your chances of winning a bidding war, you have to have an edge over the competition. Here are a few tips that could help. 1. GET PREAPPROVED Moist sellers will want to see your preapproval letter in order to start the negotiation process. This letter proves to the sellers that you as a buyer are capable of obtaining financing. That shows the seller that the lender has done his/her due diligence and you’re fully capable of financing the purchase. Ordinarily, a preapproval takes much longer than a prequalification, but it is well worth the wait. l
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2. OFFER TO PAY IN CASH Offering an all-cash deal is a great way to get ahead of the competition. In actuality, this is where the investors are winning in the bidding wars as they offer sellers an all-cash deal. That’s something sellers cannot resist? And it is understandable! Cash bids are advantageous because they eliminate the need for a preapproval process. If you’re not capable of financing the entire purchase with cash, a good substitute is placing a large down payment on the house. That would make your bid more attractive and increase your chances of getting approval. 3. REMOVE CONTINGENCIES While this move could be risky, it speeds up the process, helping you get ahead of the competition.
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Contingencies in purchase contracts help to safeguard buyers from losing money if the deal falls through. However, in a competitive bidding situation, removing some or all of such contingencies can push your bid to the top of the list as the seller may like to avoid the drawback of a lengthy inspection. Still, it’s advisable to weigh the risks before making such a move to avoid buying a house with serious flaws. 4. MAKE A HIGHER OFFER In a bidding war, money is essential. Making a higher offer on a home can increase your chances of winning the bidding war. The amount of competition you have should determine how much you choose to add to your initial offer, and your real estate agent should be able to provide you with
some helpful insight. 5. WRITE A PERSONAL NOTE While money holds some sway, home sellers can be moved by the personal notes of potential buyers. Here, you can explain why you want to buy the house and how much it matters to you and your family to have a home in that location. Never underestimate the emotional pull of words. CONCLUSION Bidding wars in Arizona can be long and frustrating, but knowing the proper steps to take would increase your chances of getting your dream home despite the competition. Again, regardless of how tempting it may look, always remember to stay within your budget.
Buying Into the Arizona Real Estate Market in 2022 By Tamra Lee Ulmer
Congratulations! If you are reading this, it means you are interested in homeownership. It is the best decision ever and I am here to guide you through it all.
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uying a home is no easy feat and one has to consider so many tiny details that the process is almost overwhelming, especially for first-time buyers. The state of Arizona is one of the best places to buy a home. The weather here is perfect for almost any outdoor activity. The culture here is extremely welcoming, the people so full of love. I am quite sure you already love the place. But it is important to mention that just like so many other markets right now, the Arizona market is blazing hot. We are operating in a seller’s market and this is not meant to scare you. In fact, so many markets are in the seller’s domain. That said, it is important that you go into this market armed with the right information and the right mindset. Arizona Real Estate
So, why don’t we get started? MARKET Here is a snapshot of 2021… despite the awkward year 2021 was, the Arizona real estate market remained relatively strong, in fact growing at a moderate pace. The demand was extremely high, supply extremely constrained forcing prices to blow out the roof. This year, the real estate market will continue to remain strong. In October last year, the average sales price for a typical home in Arizona was $396,235 which was a decent 31.5% increase year over year. While there are signals showing a price stalling trend, we might be seeing the price rise 12.7% within the next year. As such, buyers should brace themselves! While prices of homes throughout the state are rising astronomically, the number of homes available for sale statewide is decreasing rapidly at 21.5% as of November 2021. My prediction is that inventory will remain relatively sparse. Remember, many buyers are in the market right now, especially after being attracted by the low rates last year. The rates are rising, and many want to lock in a decent rate before they could rise any further. On the other hand, there is a section of buyers who are giving up hope in the American dream which is actually sad. But, that’s good news for the market because as more people drop out of the market, the prices will start stabilizing and perhaps drop towards the end of the third quarter. APRIL 2022 | 37
It is also important to highlight that despite the crazy prices, 2021 experienced the toughest bidding wars I’ve ever seen which actually spilled into 2022. This trend might continue into the spring before eventually dying off. To sum up, the real estate market in Arizona is as strong as it has been in the last 10 years as more people flock to the city from neighboring states and counties. A large share of the homeowners are the ones, probably like you who are tired of renting a house. Homeownership is a vibrant dream in Arizona, as there are so many benefits, both social and financial of homeownership. There are some factors that you need to take into consideration when buying a home in Arizona. EVALUATE YOUR SITUATION One of the best entry strategies into any market must be informed by data. This simply means you must understand the numbers and figure out whether the odds are for or against you. I will suggest that you evaluate your financial situation before making any rash decisions. Don’t forget that homeownership is likely to be the biggest financial undertaking you’ll ever make in your lifetime. Any single misstep could cost you years. I advise my clients to go in when they are completely sure that homeownership is what 38 | APRIL 2022
they want. If there is any shred of doubt about it, no matter how small, do not overlook it or underestimate the impact it might have on your life. After you evaluate your situation, the next step is getting preapproved for a loan. This is important as it speaks volumes to the sellers. They are able to see that you are serious about homeownership. It also shows that you have the financial backing to buy the home. In Arizona, to get preapproved, lenders will have to see your credit score and any liabilities that you may be carrying. If feasible, make sure that you have cleared most of the debts which in turn raises your credit score. Preferably, most lenders look for an average of 620 or above to easily get loan approval. HOUSE HUNTING BEGINS After you’ve been preapproved for the loan, you can now start looking for your dream home. I suggest having a budget for this and sticking to the price range. I advise my clients to give an estimate of what they are comfortable paying at the end of the month. Use at least 3 times your income as the base point, a suggestion I highly recommend. It is also advisable that if you can, look for your next home in a trendy neighborhood, whereby the price for the homes will actually rise in the coming years.
MAKING A DOWNPAYMENT This is often one of the biggest challenges for many peopleraising the downpayment. Many people believe that they need at least a 20% down payment but that is a myth. In fact, you can secure your cream with a 0% down payment. Nonetheless, the current average nationally sits at around 10%. Being able to pay at least a 10% down payment means that you’ll be able to save yourself some cash that will cover your upfront costs. One other consideration you will have to make is the mortgage expense. This will largely depend on your current situation. It may be advantageous to go with a fixed-rate mortgage or even a 15-year term mortgage whatever works with your finances. Unfortunately, homebuying is not as easy as most people make it look, the expenses involved do not end there. There are expenses
that you will incur when closing on the home. These include the transfer taxes, attorney fees, inspection fees, appraisal fees among others. These will actually cost you around 3% of the sales price. KNOW YOUR MARKET WELL Buying a home should be a conscious decision made based on information. Remember, this is a place you have not just invested financially, but emotionally too. Therefore, I suggest investing even more in gathering information about your market. This also eliminates the chances of getting manipulated by unscrupulous sellers. Right now, when the world is grappling with the effect of COVID-19, Arizona’s real estate market remains relatively stable, which is attributed to the steady supply of housing units. In 2018 inventory went from two months’ worth of supply to nearly four months of supply.
Comparing this to the previous years, it means that real estate in Arizona is by far less competitive and much more affordable. The best time to hunt for your next home is during the summer months. It is during this time that you will fetch the best deals at a relatively lower price. Do not attempt to go into the market in January or February as they are the busiest months in Arizona. And while you will find more selections on the market, they will be pricier. One thing you have to keep in mind is that housing market trends tend to fluctuate from time to time and to get the best results and outcome that you will be proud of it is a good idea to always employ the services of an experienced local agent. Get in touch with me today to get started on your journey to homeownership. APRIL 2022 | 39
Is Colorado Affordable? By Walter Huff
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ecently, Colorado seems to be the place for everyone! And it makes a lot of sense. The weather here is perfect for almost every outdoor activity, the mountains, the culture…. What’s there not to love about Colorado? Between 2010 and 2020, the state’s population has grown tremendously from 14.8% to 5.8 million residents. This makes Colorado one of the fastest-growing states in the country. However, one of the questions I keep getting is whether it’s expensive to live in Colorado. As more people come into the state, the cost of living is bound to go up. BUT LET’S BREAK THIS DOWN Housing in colorado is the biggest and main factor in why the cost of living in the state is so high. According to estimates by Zillow, the median price for a home in Colorado at the beginning of the year was $528,211 as at the
time of writing this article, the price had risen to $558,210. This figure is expected to continue rising in the next few years. If we break the housing costs further to focus on the three most popular cities in the state, the situation gets worse! Take Denver for example, one article by The Denver Post claimed that the home prices in Denver’s metro area were as high as 5 times the median household income! In simple terms, take your monthly income and divide it by 2.5! That’s how much you can afford in Denver. More worrying is the fact that housing prices in Denver will continue to rise as months go by. The average cost of a home in Denver is $580,678 an excess of $22,468 over the state’s average. The good news is that the city’s real estate prices are cooling off mainly because APRIL 2022 | 41
prices have become so unbearable. If you find a unit you can afford right now, I wouldn’t suggest waiting! Take the opportunity while it still lasts. Colorado springs is another fastest growing city in the state. It is much more affordable compared to Denver as Zillow estimates that the average cost of homes in the city is $469,987. Unlike Denver, the real estate market in Colorado Springs is on the rise and red hot and it is likely that it will stay that way for a while. Real estate prices have been on the rise since 2019. According to Zestimate, if you bought a home in Colorado Springs in 2018 valued at $272,000, today that home is worth more than $394,600 in just a span of three years! Boulder is the last city we’ll look at. Overall, I feel Boulder is just a small town with inflated big city prices. By nature, Boulder is known as a college town, but it is home to many of Denver’s most successful residents. The housing prices in Boulder are out of control. You could end up paying upwards of $550+ per square foot! In addition, the Zillow home value index places the average cost of homes in Boulder at $1,027,432. That’s extreme and thankfully, Boulder’s housing market is cooling off and housing prices are expected to steady in the coming months. RENTING VS. BUYING Renting in Colorado is more expensive than buying. However, a 2020 report suggests that renting a home is better than buying in colorado. The report suggests that renting is a cheaper option in more than 53% of Colorado counties. BUT, LET’S BREAK IT DOWN FURTHER The average cost of buying a home in Colorado is $558,210 or at least $3,500 per month. On the other hand, the average cost of renting an apartment is $1,494 per month.
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Renting in the short term is cheaper but when you consider the benefits of home ownership, it would make sense to buy a home. One caveat of renting in Colorado is that renters are on their own as there is no visible renter representation from the agents of association whatsoever. Colorado renters have to find a good deal and negotiate for themselves. SO HOW MUCH DO YOU NEED TO EARN TO AFFORD A DECENT LIVING IN COLORADO? Well, according to a website; HowMuch.net, to live a comfortable life in Colorado, you need to earn over $100,200 annually that’s about $8,350 per month. But you need to account the inflation as well as so many other factors. This is just an estimate.
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The True Cost of Selling Your Home In Los Angeles By Adrian Bates
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MEANS OF SELLING HOMES
t is that time of the year again when the real estate industry usually experiences an increase in the rate of sales. It’s spring, a There are three well-known ways that homeowners season in which many home sellers put their use to make sales of their homes. homes out on the market, leveraging Nature’s beauty as she puts off the veil of winter. That, therefore, leads us to the question: “What exactly zz FOR SALE BY OWNER: Abbreviated as FSBO, this is a means by which does it cost to sell your home in Los Angeles?” you can sell your home directly to a buyer. In this way, you do not have to make use of a listing In this article, we shall be exploring all the nittyagent. The benefit of this means is that you would gritty and angles of home sales in Los Angeles not have to pay commission fees to a realtor. to give you an idea of what it just might cost to make that sale. zz CASH BUYER: A cash buyer wanting to purchase your home would have all the buying costs in cash. The buyer would not need to obtain a loan or mortgage to make the purchase. One of the benefits of selling to a cash buyer is that it reduces the closing cost expenses. zz TRADITIONAL REALTOR AGENTS: A common way of selling homes is to use listing agents and realtor companies. While you would have to pay fees in commission, employing an agent would make it less challenging to find a buyer. These are the three primary ways that you can deploy in selling your home. However, each of the methods comes with its advantages and disadvantages, each having effects on the pricing of the home. Whatever channel you chose to use depends solely on your preferences and how quickly you want to get your home sold. APRIL 2022 | 45
FACTORS AFFECTING THE COST OF HOMES NATURE, CONDITION, AND AGE OF THE HOUSE: The above factors are very key variables that determine the increase or decrease in the selling price of a home. Older homes may require renovation and additional prepping, which will increase the selling costs for you. That should be in the form of minor renovations and repairs, cleaning, staging, and landscaping. It is estimated to cost about 2-3% of the selling price of the house. REALTOR COMMISSION FEES: If you are to sell your home through a traditional realtor, you would be required to pay commission fees. These fees are estimated to cost around 5-6% of the selling price. That means that if you are selling your house for $364,000, realtor commission fees will cost between $18,000-22,000. BUYER’S INCENTIVES: For non-cash buyers who might want to purchase your home, you may want to give incentives. These incentives may be with seller concessions such as paying inspection fees, repair credits, and a part of the closing costs. You may even decide to pay home warranty as further incentives to the buyer. The total
cost for incentives should be around 1-3% of the price of the house. CLOSING COSTS: This covers the costs incurred when the final home documents are signed and when you finally transfer the ownership of the property to the buyer. The expense required to close the deal is dependent on several factors, including the type of buyer, and whether you are selling your home through a realtor or the FSBO. However, the closing costs may include title search, title insurance, appraisal, home inspection, survey, transfer taxes, among others like mortgage payoff, outstanding property fees, and loan payoff fees. Usually, the total cost of closing is between 1-3%. MOVING EXPENSES: Relocating may be expensive, depending on where you are relocating and the number of materials being moved. All in all, relocation expenses may take up to 1-2% of the selling amount. In the end, the selling costs may take up to 10-17% of the total selling price. Going by the Zillow average figure of $364,000, this could be between $36,000 to as much as $62,000.
Conclusively, the cost of selling your home in Los Angeles varies depending on the factors aforementioned. While the Zillow average figure for the price of homes in Los Angeles continues to increase year by year, you could take the price of your home just above that figure. One way to get more profit from home sales is to leverage on the right time to make the sale. As mentioned earlier, spring is always a good time for real estate, so if you want to make any sales, now could be just the time. Meanwhile, to get an amazing deal from your home, negotiation is central. If you are not experienced enough to achieve correct and financially-prudent negotiations, you may have to employ the services of a realtor agent. In doing this, however, you may want to be on the lookout for realtor agents who offer their services at a reduced cost. 46 | APRIL 2022
Real Estate Myths In Riverside: You Cannot Buy With No Money Down By Ruby Frazier
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ccording to the latest figures from Zillow, the typical home value for homes in Riverside is $608,078 with some companies pegging this figure to a high of $618K. Approximately, home prices in Riverside have risen 22.5% compared to last year with an average of 26 days on the market. Looking at the above, it is clear that we are in a seller’s market, and many buyers wanting to get into this market are oftentimes misguided. Many believe that they cannot buy without a downpayment. But, I want to dive into that misguided concept about our market. Regardless of what you see on TV shows like Fixer Upper: reality often presents a different story. Riverside has always presented itself as a county for the average citizen and therefore, buying a home here makes so much sense for a firsttime buyer. While you may be assuming that homeownership in Riverside is out of your reach, you may want to rethink that, the reality is, you do not have to have a lot of money down if you want to get into the real estate market in Riverside. On the other hand, is it still possible to get into this market as an investor… still with little to no money down?
The good news is, it is possible! Real estate investing simply refers to all operations that go on in the business with the intention of making a profit in the long run, including the purchase and management of properties for future sales or rentals.
This definition cuts across all categories of the diverse real estate market including; residential properties to commercial, special-use, and land properties. Two well-known characteristics of real estate that investors take into consideration are that: zz It has relatively limited liquidity. zz It is capital intensive. For that reason, beginners and persons unfamiliar with the terrain presume that one needs massive funds down before one can invest in the industry. However, moguls would tell you otherwise: that such isn’t impossible. All you need is the know-how, and that is what you would be learning here. It is important to understand that if you are going into this market as an investor that is totally different from buying as your primary residence.
APRIL 2022 | 49
Ways to Invest in Real Estate with Little or No Money Down zz FORM A PARTNERSHIP If you have limited funds to invest in real estate and are new to the business, forming a partnership might be your best bet. It involves partnering with other real estate investors who would provide a large portion of the financing to purchase a property. Note that to succeed at attracting partners, you must be willing to undertake to do most of the work: doing proper market research in finding properties with attractive ROI, purchasing, and management. On the flip side, these investors are usually more seasoned and experienced, so it is a win-win relationship. zz HOUSE HACKING House hacking is a top real estate investment strategy anyone can take advantage of and is a great idea when you do not have much money to invest. And what’s more, you can legally house-hack a property you reside in - which is mortgaged. If the property has multiple units, you can have one as your primary home and rent out the others. If it’s a single-family home, you can still rent out a bedroom or basement. The income you collect from the rents can then pay for your mortgage and perhaps renovations on the home, thereby increasing its market value. Nothing comes close to house hacking when it involves killing two birds with one stone: clearing your mortgage debts and starting real estate investing from scratch. zz PRIVATE EQUITY / CROWD FUNDING
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If you have a low credit score, or you want to avoid financial institutions and debts as a whole, you should consider private equity or crowdfunding. In private equity, you can reach out to venture capitalists if you have mapped out a brilliant business model for real estate investment and are willing to kick off a startup company to that effect. These investors would consequently own an agreed portion of the shares and the profits they generate. In crowdfunding, you can reach out to as many people as possible through publicity strategies that would be willing to invest a specified amount - usually a little bit of money - with a given ROI. If you are going to undertake this path, know that it takes a lot of grit and dedication. Nonetheless, many successful real estate investors started this way as well. zz REAL ESTATE WHOLESALING Can you invest in real estate without even purchasing an investment property? The answer is Yes! - through real estate wholesaling. All this strategy requires is for one to be highly opportunistic: you find a property that is being sold under market value, put it in a contract, and find a buyer willing to sign up for it. Then you earn your cut for quickening the process. To be successful with this method, it is vital that you have eyes and ears everywhere: a broad real estate network and easy access to info on cheap-selling avenues like bank sales and foreclosed properties.
If you want to get into the Riverside market as a homeowner, the following program will be extremely helpful;
not qualify if you aren’t a first-time homebuyer. But at GSFA, you do not have to be a first-time homebuyer to qualify for a DPA.
GOLDEN STATE FINANCE AUTHORITY (GSFA)? GSFA is a public agency/entity providing affordable housing programs. As a public entity in California, GSFA has distinguished itself as a leader in affordable housing finance, where it has helped over 80,000 individuals and families purchase a home over the last two decades. Moreover, the entity has provided more than $859 million in down payment assistance and has participated in the financing of over $13.7 million in first and second mortgages, according to Carolyn.
“You don’t have to be a first-time homebuyer to qualify,” Carolyn Sunseri, Marketing Director of the Golden State Finance Authority (GSFA). “So, it could be someone returning to the housing market that owned a home in the past and wants to purchase a primary residence, or it could be somebody who’s first-timer buying a home, or maybe even leaving a home today and want to buy a home they’re going to be moving into as their primary residence.”
GSFA has two affordable housing programs; the GSFA Platinum Program and the GSFA Open Doors Program, which are accompanied by down payment assistance up to 7% of the mortgage loan amount. WHAT MAKES GSFA UNIQUE. You might be wondering why I’m highly recommending GSFA programs to you. Well, there are many legit reasons, but the most important to note is their flexibility and accessibility. In most other programs, you do
Additionally, GSFA allows the FICO score, which goes as low as 620, further demonstrating its flexibility and another reason why I highly recommend it. “I think this is very flexible and allows a lot of people who may have perfect credit to be able to qualify with a mortgage loan with mortgage fund assistance,” Carolyn adds. Interestingly, GSFA also provides DPA on a fourunit property. This is a unique feature since there is no other program out there that offers this.
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FARRAH WILDER on Diversity, Equity, and Inclusion at the California Association of Realtors
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or any organization that wants to progress forward, having a diverse workforce that feels is treated equally is a must! Diversity, Equity, and Inclusion (DEI) especially at the top levels of management have shown to improve not just the mood of the employees or generally what they feel about the organization, but also it has been found to improve the financial footing of a business, according to a research published by McKinsey. The company’s research found that the companies where women made up more than 30 percent of executives outperformed the companies with fewer female representation in the top management by almost 50%. Additionally, the research further found that ethnically and culturally diverse organizations performed better by as much as 36% compared to those
that shunned DEI policies and practices. Seeing the importance of DEI to an organization, we decided to bring an expert on board to tell us more about why DEI is crucial for the survival of any business. Farrah Wilder is the California Association of REALTOR®’s Chief Diversity, Equity, and Inclusion Officer. She supports C.A.R.’s fair housing and inclusion efforts. She collaborates with internal and external partners and key stakeholders including C.A.R. members, REALTOR® associations, and others on initiatives that will dramatically heighten awareness, allyship, equity, and capabilities within the REALTOR® community, the real estate industry, and beyond.
Prior to working for C.A.R, Farrah was a Realtor with Compass and the founder of a real estate team based in Oakland, California. Farrah served on the Boards of the Oakland and Oakland Berkeley Association of REALTORS® from 2014 through 2017 and was the 2018 Chair of C.A.R.’s Federal Committee. Farrah was brought to C.A.R at a time when DEI was a really hot topic, especially coming on the backlog of cases of inequality in the justice system. She is also a volunteer leader whereby she has chaired a variety of committees, contributed to the development of residential real estate policy, and lobbied federal, state, and local lawmakers. Previously, she served on the Boards of the Oakland and Oakland Berkeley Association of REALTORS® from 2014 APRIL 2022 | 55
through 2017 and was the 2018 Chair of C.A.R.’s Federal Committee. She is also active in her community, supporting local schools and causes. Wilder earned a Bachelor of Arts in Sociology from the University of Michigan and a J.D. from the University of Wisconsin, Madison. She moved to Oakland 18 years ago to pursue a legal career, serving five years as a civil rights attorney, before becoming a REALTOR®.
HER JOURNEY TO BECOMING THE CHIEF DIVERSITY EQUITY AND INCLUSION OFFICER AT C.A.R Farrah began as a civil rights attorney before venturing into real estate becoming a realtor for 13 years in Oakland, California. Many of the people she served were people of color and from diverse backgrounds. In her interview with Eric l. Frazier on the Power Is Now TV, Farrah says, “I live in a very diverse community in Oakland, many of my clients were black folks buying their first home from the LGBTQ community.” THE 2008-10 FINANCIAL CRISIS One of the highlights of her career was the financial market crash of 2008-09 where predatory lending targeted the low-income communities, excessive risk-taking by global financial institutions, and the bursting of the housing bubble brought down the global economy. At the time, Farrah, still a realtor in Oakland found herself involved in first-time buyer’s affairs. It was an opportunity and a blessing in disguise. She recalls, “I was letting folks know what the basics of buying a home were, really learning myself and then passing that information on to folks in the community about homebuyer programs and some of them may be hidden costs or really how to do it and some strategies so that was the sensibility that I was really bringing to my work then.” SERVING ON REALTOR’S BOARDS It is important to note that Farrah had always been involved direct or indirectly with the
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National Association of Realtors and the California Association of Realtors. Coming into the backyard of the financial crisis, Farrah got more and more involved with the local, state, and national realtors association mostly as a board member. During this time, she tabled recommendations to help her community grapple with the adverse effects of the crisis.
“… It’s really important anytime you represent a group, anytime you’re bringing a different perspective to share that perspective.” She adds, “I saw my role there is to look at the challenges in my community and bring them to the role of being on these board of directors because what else my purpose for being there is?” While at the time Farrah was serving the boards in an unofficial capacity, she remained well connected to the California Association of Realtors and the National Association of Realtors. Racial injustice, discrimination, and bias have always been ingrained in the criminal legal, and law enforcement system since its earliest days. Unsurprisingly, it continues to permeate and pervade every level of the system today. Seeing how important it is to address the question of race and the impact N.A.R and C.A.R have on policies, especially since they deal with one of the most fundamental human rights, Farrah was outsourced to fill out this position.
“I was giving advice and talking and this position came up and I. it wasn’t something I was thinking I would do but I ended up applying…” BRINGING IMPACT IN VOID SYSTEM Farrah finally accepted the role where she is more involved in fair housing and looking at race and racial disparities in ways that the organizations had never done before. In her role, she supports C.A.R in their fair housing policy efforts with government affairs and works on diversity efforts. In addition, she helps educate members on issues around diversity, equity, and inclusion supports local associations around their diversity and fair housing efforts and also helps strengthen C.A.R’s relationships with its multicultural trade association partners. Lastly, she also helps internally with diversity efforts within C.A.R’s staff. In her role as a chief diversity, equity, and inclusion officer, this means she is actively involved in setting policies for the organization and helps steer the organization in the direction of diversity.
My hat’s off to CAR and their leadership team for making fair housing and diversity an absolute priority. TRANSITIONING FROM REAL ESTATE TO CORPORATE LEADERSHIP Farrah professes her love for the real estate industry and says that she wouldn’t leave the industry for anything. “I loved supporting my clients I’m in touch with so many of them they still thank me for helping them become homeowners especially since they’re stuck in their houses during the pandemic.” For her, being a position where she could influence change really tied together many facets of her career as an attorney and real estate agent.
“…it was a huge part of my ‘why’ as a realtor to expand the opportunity for homeownership to everyone and to make sure that folks were really well supported in their homeownership journey I was volunteering to develop closing cost grants and giving consulting on down payment assistance programs.”
“My role is to make sure that we’re educated about that so when our members are making their decision, I help them with the information that they’re going to need to make their decisions, and then once we have a policy directly from our members, I help our government affairs staff package that and communicate it to the lawmakers, Ms. Farrah adds.
Something else to note about Farrah is that she chaired the federal committee and was proactive in lobbying to make federal laws better for homeowners. Her undergraduate degree was in sociology where she tackled the issue of race, injustice, and inequality. As such, this position at C.A.R is the culmination of her aspiration.
Going back to the research by McKinsey.com, The report shows that not only do businesses that embrace diversity, Equity and inclusion flourish, but also the relationship between diversity on executive teams and the likelihood of financial outperformance increased over time. As such, it is important for organizations to understand that adopting diversity, equity and inclusion is the only way to go.
Farrah adds that “…this has been my ‘why’ for my entire life and for this opportunity it really was a special opportunity to get to do this really important work. and it’s not just about me there are so many people who care about this so it really is an honor to work with all of the people who have been working on these issues for so long and in a formal way now not just as a volunteer.”
APRIL 2022 | 57
Want to sell faster this spring? Here are some tips for you! By Jenny Gonzalez
F
inally, the spring season is here. time to go out and enjoy the summer shine! With plants blooming, flowers blossoming, and temperatures warming, Mother Nature comes to life again after the chilly winter months. That has made spring a powerful poetic symbol across various cultures.
PHOTO FROM 123RF
Traditionally, the spring season has been known to be full of activity for the real estate market. It is the busiest home selling/buying season. Springtime launches an influx of buyers into the real estate market more than any other time in the year, meaning that sellers - whether homeowners or agents - can sell at significantly higher prices and achieve more success at closing their sales. But over the last few years, the market has broken protocol. We are now seeing buyers and sellers busy in the winter months and a case to mention is this last winter.
But that said, it is quite essential to prepare for the spring selling season this year. As this season is a great time to sell, several people would put up their houses for sale, which means more competition. And of course, you have to beat the competition. Besides, it would be a sorry affair to miss out on opportunities provided by this market trend because of poor preparation. These reasons are why we would be taking you through some ways you can set the pace for the selling season this year. JUST BE READY FOR THE SEASON! PREP YOUR HOME ACCORDINGLY Take a cue from Mother Nature and renew your house, or rather, renovate and make repairs! Your living room and kitchens need not showcase the 1960s. Your plumbing, interior appliances, electricals should also be in working order. Again, you could try applying fresh paint to your walls primarily paints with neutral colors, or you could use elegant wallpapers instead.
APRIL 2022 | 59
Asides from giving the home you want to sell a new look plus a better appeal to buyers, renovations/repairs ensure you make better returns on your investment. For instance, replacing a garage door will cost about $3,600 but will result in an ROI of about 97%.
However, be prudent with your renovation expenses. Spending too much might still cut profits. In addition, it is important that you understand your home exteriors are all you have to make a first impression on prospective home-buyers. Some buyers even decide on the spot whether or not to buy a house based on the exteriors. So it is necessary to ensure that your exteriors are in excellent order: gardens and flower-beds should be well-manicured and attractive, the yard should be cleared out, patios and porches should be given an extra touch if needed. Entryways might also need to be refurbished or repainted. By all means, aim at achieving a wow look with your exteriors. DECLUTTER! DECLUTTER! DECLUTTER AND LET THE LIGHT IN! Deep cleaning and clearing up of clutter in the home you want to sell is not only common sense; it is also business sense. No buyer would be roped in by an array of shoes at corridors or windows that beg to be cleaned. Ensure that all the floors, windows, and living areas are properly cleaned up. Dust tables and chairs. Vacuumclean rugs and carpets. Clear out items you might no longer need - you could even arrange a garage sale for
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that. Again, before a prospective buyer comes to inspect the home, try to tidy up every area - from the living room to the kitchen. In place of clutter, you can add touches of warm interior deco like freshly cut flowers to reflect the spring season. It would be great to make the most of the spring weather by opening your windows and letting sunlight into your home. This simple act goes a long way in making your home feel alive as the spring and vibrant. Besides, brighter rooms do not only look better - they seem bigger - which is always a plus. So there you have it - five ways you can prepare for selling this spring. Try out these tips this time, and you would be sure to see significant positive results. DON’T UNDERESTIMATE THE POWER OF A BEAUTIFUL FRAGRANCE. Elizabeth Taylor once declared that the beauty of fragrance is that it speaks to your heart, and hopefully someone else’s. Heart-warming fragrances are not only useful for making you attractive and classy, but they also have the same effect on your houses. Sour smells like the smell of cooked food, damp rugs, or cigarettes can ruin a home sale. Making your home smell wonderful is really not difficult. You could add essential oils which are light-scented to your air filter. Then clear out your garbage disposal, of course. Dust your carpets with baking soda. You could even put vanilla in your oven! And like with personal fragrance, subtle and soft is more.
5
Things You Need to Know About Repurposing Real Estate in Placer County By John Brophy
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ealtors have noted that the South California real estate stock is presently experiencing an annual drop due to the COVID-19 pandemic. Interestingly, it has been identified that this state has pulled the attention of people to technology and entertainment, providing real estate investors in South California an opportunity to repurpose and benefit from the unique growth capacity of the economic base. THINGS YOU SHOULD CONSIDER BEFORE REPURPOSING REAL ESTATE PROPERTY Given that recent happenings - such as the Covid-19 pandemic - are leading to shifts in demand, repurposing your property might be your top consideration to maximize profit. Nonetheless, no matter how good or necessary an idea seems, APRIL 2022 | 63
123rf.com
Simply put, the remaking of a building to fit some other purpose other than why it was built, is a beautiful innovation. For one, it is a more economic and sustainable option to meet novel housing needs, compared to constructing new buildings. Besides, although nerve-racking, it gives one an edge over the competition. And with the changing landscape of the real estate, it just might be one of the best things to consider to make the most of investments.
you must examine it thoroughly to avoid taking reckless risks. That is because not every great thing will work for you. So, here are five essential factors you should consider before embarking on repurposing projects: zz zz zz zz zz
The economic viability of the project Environmental sustainability considerations Proper collaboration with the public sector Location, demand, and local infrastructure Incorporating Flexibility
Let’s look at these in detail. zz THE ECONOMIC VIABILITY OF THE PROJECT The chances a repurposing proposal has to thrive is an essential factor you must pay proper attention to. You may even have to hire an experienced realtor to check out the feasibility of the project - and whether it is something you can sell or rent at a competitive and profitable rate. Because if it’s not going to be viable on the market, what’s the point? zz ENVIRONMENTAL SUSTAINABILITY CONSIDERATIONS To guarantee a future-proofed atmosphere for a repurposing program, you must be willing to contemplate sustainability. As the world is generally going greener, you must have a fool-proof plan to implement sustainability best practices within your project design. 64 | APRIL 2022
zz PROPER COLLABORATION WITH THE PUBLIC SECTOR For a successful repurposing of real estate, a project must have the local administration’s support. Ensure that you have any required permits and are willing to meet any local regulations as you consider whether or not to repurpose. zz LOCATION, DEMAND, AND LOCAL INFRASTRUCTURE What will work in Orange, for instance, might not work in San Bernardino. You have to analyze the location of your property, and how that would affect demand. Also check out available local infrastructure: will it prove helpful if you were to embark on repurposing? These issues are germane to determine if a repurposing project would succeed - and how well it would. zz INCORPORATING SUFFICIENT FLEXIBILITY The long-term accomplishment of repurposing projects should be easily adaptable to subsequent changes in the market. If you choose to invest in one, you must continue to think creatively and flexibly, to ensure that the project adapts to a frequently fast-changing market force. CONCLUSION Repurposing real estate is now becoming a trend, heightened by the impact of the recent pandemic on consumer behavior. Nonetheless, and like all other trends, it is essential that you adequately evaluate what it would mean for you before jumping on the boat.
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Want to Relocate? Maybe you should consider these 5 neighborhoods in Corona, CA. By Kamesha Keesee
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orona, Ca is a city in Riverside County, California. As of 2020 census data, the city had a population of 157,136 up from 152, 374 at the 2010 Census data. The city is located along the western edge of Southern California’s Inland Empire region commonly known as “Circle City” due to the Grand Boulevard. It is one of the most residential cities in the Inland Empire Corona, CA is the 13th best place to raise a young family in Riverside County, according to Niche.com. With a population of more than 163,000— an increase of 8.7% from 2010— living in Corona comes with a dense suburban feel that makes the place lovable. Another interesting thing about Corona is that most of the families and young professionals who reside tend
to be liberals. While Corona has an overall grade of B, A- in public schools, and A+ for diversity according to Niche.com, which are its best neighborhoods for young homeowners? Below is a list you should consider:
1
SYCAMORE CANYON PARK. With an overall Livability Score of 87 out of 100— according to AreaVibes.com— Sycamore Canyon Park is among the best places for young homeowners to live in Corona. The neighborhood features crime rates 8% lower than the Riverside average, while its cost of living is 17% lower than the Riverside average. Moreover, Sycamore Canyon Park real estate prices are 46% lower than the average home prices in Riverside, according to Areavibes.com. APRIL 2022 | 67
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RANCHO SANTA MARGARITA. According to Areavibes.com, Rancho Santa Margarita is 86% family-friendly, 64% walkable to grocery stores, 93% pet-friendly, 100% quiet area, and has a 71% sense of community. The neighborhood has a population of about 49,000, from which 54% are kids below 18 years of age, while the area’s median age is 36.8. The neighborhood also comes with a livability score of 83, which is considered exceptional. Moreover, the cost of living in Rancho is 15% higher than the average in California, as its real estate prices are 43% higher than the average real estate prices in California.
3
MISSION VIEJO. With a population of about 96,000, and a median age of 44.2, Mission Viejo is also among the best places to live in Corona for young homeowners. The neighborhood also features a livability score of 79%, and an 18% higher cost of living compared to the average in California. Mission Viejo’s real estate prices are 49% higher while its rental prices are 54% higher compared to the average in California. The neighborhood is 1005 family-friendly, 55% walkable to grocery stores, 91% pet friendly, and has a 64% sense of community, according to Areavibes.com.
4
VILLA PARK. Villa Park features a livability score of 79%, a crime rate 70% lower than the average in California, a 2.5% unemployment rate, and a cost of living 59% higher than the California average. Moreover, real estate prices in Villa Park are 152% higher while rental prices are 125% higher than the average in California. Villa Park is also 100% family-friendly, 100% walkable to grocery stores, 100% pet-friendly, 100% walkable to restaurants, and 100% sense of community.
5
YORBA LINDA. With a B+ score in employment and a livability score of 80%, Yorba Linda is definitely an ideal place for young homeowners. Crime rates in the neighborhood are 65% lower than the average in California, while the cost of living is 26% above the average in California. The neighborhood is also 75% family-friendly, 75% pet-friendly, 83% quiet area, 75% sense of community, with 75% friendly neighbors. Real estate prices in the area are 78% higher than the average in California, while rental prices are 37% higher than the California average. Other excellent neighborhoods in Corona, CA that are also perfect for young homeowners include Newport Beach, Aliso Viejo, la Palma, Laguna Niguel, San Clemente, and El Cerrito.
Did you know that Corona means Crown in Spanish? 68 | APRIL 2022
Want to hire a contractor?
Watch out for these red flags in Long Beach By Kate Nash
Because the success of your home-building and improvement projects significantly depends on the competence of your contractor, hiring the right contractor is necessary. If you’re reading this, you may either want to build a home from scratch or consider a home renovation.
F
inding a contractor isn’t hard, but hiring a good one can be frustrating and nervewracking. Would you like to hire an incompetent contractor that could turn your idea into a nightmare? If not, how do you identify the right one for your project from a plethora of contractors? If you seek an answer to the question, you are in the right place. This guide will show you the five basic red flags you need to consider when hiring a contractor.
of the characteristics of a good contractor. A good contractor communicates openly and honestly. S/he gives clients insight into the advantages and disadvantages of a chosen solution to achieve the desired goal of the project. Whenever a contractor lacks this attribute, hiring such a contractor is like putting fire on the roof, he/she might turn your project into a nightmare(what you never wanted).
123rf.com
1. AUTHENTICITY OF INFORMATION To avoid falling into the mousetrap, verifying the contractor’s identity should be one of the key red flags for which to watch out. Before hiring a contractor, you need some information to confirm his identity. Information such as name(real/business name), office address, phone contact(that is registered with the business bureau), previous projects completed, e.t.c. will guide you to determine if the contractor is indeed competent or a mere imposter. Also (unlike the unverified contractor), if the contractor defaults, legal actions will be easily taken against him since his identity is known. 2. POOR COMMUNICATION Effective and timely communication is one APRIL 2022 | 71
3. EXCESSIVE UPFRONT PAYMENT In the name of trust and materials procurement, several construction companies demand an upfront payment. However, that doesn’t imply you pay every dime before the work begins. Only a certain percentage(preferably below average) should be paid upfront while the balance follows. But if the contractor requests the full payment or more than average, an explanation is necessary. You might consider another option if the reasons are made up. On the other hand, some construction companies can even trick you into getting your jobs by offering low bids initially. When the work then nears completion, some additional costs will be added that might even be more than the initial payment. Though their work may look professional and satisfactory, such red flags should be considered if you want a long-term relationship with the contractor. 4. LITTLE OR NO REVIEWS When was the last time you got a gadget without checking the reviews? Quite a while, right? The same applies when you want to hire a contractor. A trusted way of hiring a competent contractor is through recommendations from friends, neighbors, and previous people that have worked with
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him. Reviews serve as a measuring scale to filter out the good contractors. The more, the better. Contractors with few or no reviews are not likely to have enough experience. Hiring such contractors might be risky, so you might want to stay away. 5. LOW ESTIMATE Before contacting a construction company, try all you can to gather information about the market value of some of the materials you would use. If the contractor’s bid is lower than your estimates(market value of materials), it is time to ask some additional questions. Questions such as who bears the cost of the extra expenses should arise. Notwithstanding, it is advisable to choose a contractor whose bid is within your estimate. A proven means to know an incompetent contractor is through estimates. Beware of a contractor that provides quotations that are not reasonable. CONCLUSION Hunting for a competent contractor has never been easy. While there are a lot of Mr. Wrongs, there are few of Mr. Right. To save time and money, consider the above red flags whenever you want to hire a contractor.
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Your Ultimate Guide to Downsizing
in Sacramento in 2022 By Serina Lowden
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et’s agree on one thing, having a large living space is a great experience, but it does come with added costs of maintenance and this at times may pose a huge financial burden to many people. If you factor in the kids, the burden might quadruple. Yes, you may need the space to accommodate the family, but if the kids are clearly out of the picture, it wouldn’t make sense holding on to the big house. It’s time to think about downsizing. If you feel overwhelmed in your current large space, downsizing can be a great move both
mentally and financially. And while good, downsizing often means sorting things out that have accumulated over the years which is not a fun experience because then you’ll have to decide what to keep and what to throw out. Anyway, let’s not deflect…. Downsizing is a good option that will save you. SO, how do you make sure you’re doing it right? The process may not be a walk in the park, but there are plenty of tips that you can borrow to make it easier and do it right.
Start as soon as possible: if you are thinking downsizing, stop thinking and get right at it. Remember that there isn’t a golden rule for when you are supposed to start preparing for your downsizing process, although some like to put it at least 3 months prior. However, the sooner the better. Start the process as soon as possible to give yourself room and time to sort through your house slowly and carefully without getting overwhelmed. APRIL 2022 | 75
Starting the downsizing process early gives you enough time to keep your home free of clutter and things you no longer need using your preferred organization method. Some of the most popular organization methods include One-A-Day method, KonMari Method, Four-Box method, and the Closet-Hanger method. No matter the method you choose, the aim is to find a balanced workflow and end up with items you actually need. Deal with one step at a time: like i mentioned before, the process isn’t simply as walking out of a large space into a smaller room! It takes a lot more than that. As such, I suggest dealing with one step at a time. The thought of decluttering your whole home may seem overwhelming. You’re more likely to easily handle the whole process if you divide it into multiple and more manageable sub-tasks. You should also consider creating a schedule broken down into the identified sub-tasks or by rooms to ensure you stay on track without getting overwhelmed. For example, you can break down the project into the sub-tasks as shown below: zz Sort through your DVDs and video games. zz Separate your clothes and shoes you plan on giving away from those you want to keep. zz Put small kitchen items in one place. zz Deal with your dresser drawers.
How much space do you need for your next home? To make this process a success, you need to determine how much space you need for your new home. Ideally, find out how many square feet and shape of every single room so that you can easily figure out the kind of furniture you need and the kind to throw out before moving in. If you don’t have the accurate measurements of your new house or haven’t identified a new place yet, focus on sorting through the things you need and those you don’t. Contemplate your new lifestyle: Ideally, i think one of the primary reasons why many people will want to downsize is to change their lifestyle. As such, in as much as we want to find out how many square feet we need for our new home, it is equally important to really think about the essence of this move. What are you gaining by downsizing? In other words, consider not just what item will physically fit in your new space, but also if they will fit into your new lifestyle in your new space. Downsizing presents an excellent opportunity to reset and revamp, and you shouldn’t miss taking advantage of it. Consider selling or donating the nonsentimental items: For the non-sentimental items you don’t plan on moving into your new home, consider selling them to help you settle some of your moving costs or get new items you need such as for décor. Plenty of online marketplaces such as eBay and Craigslist are in place that will make selling your items online easy. On the other hand, if you lose interest in some items as you approach your moving day, consider donating them to the nonprofits and charities that accept and pick up home items and clothing including Goodwill, Salvation Army, Habitat for Humanity, The Arc, among others. The process of downsizing doesn’t have to overwhelm you anymore if you follow the tips discussed in above.
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5
Ways You Could Save on Home Insurance in Chula Vista By Serina Lowden
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wning a home is already expensive as it is, therefore, if there is a way to save on this cost, I think everyone would welcome it. Therefore, in this article, we are looking at some of the ways you can save on home insurance.
Provide the insurance companies with more security: This provision is practically one of the best ways to save money. Do well to strengthen your home security so that security breaches become less rampant. Then you would not have to spend so much on getting it insured.
While it is not everyone that subscribes to the idea of purchasing a home insurance policy, it is highly essential (if you’re a homeowner) that you find out whether or not you’re spending more than you should on your home insurance. Knowing this will help go a long way in cutting costs, and you would be glad you did.
You can fix a smoke detector in your home, some deadbolt locks, and even a burglar alarm system. Doing any of these would surely save you as much as 5% of what you would spend on insurance.
Now let’s take a closer look at the ways you could reduce your costs in insuring your home.
Shop around for more options and discounts: You can’t always expect the insurance company agent(s) to tell you about every discount package they’re going to offer you. There are other APRIL 2022 | 79
discount options for some special people, and you should ask if there are any. If you qualify for any less popular discount option, then why not? That’s a big plus on your part. Check your Deductibles… if possible increase them: That is another one of the best ways you can bring down your insurance expenses. If you get your insurance deductible increased, there’s a certain amount of money you would be saving monthly compared to when you don’t. Take home improvement seriously… pay for them! Giving your home some extra touches is not - and can’t ever be - a bad idea. That is especially so if there are some necessary changes or adjustments that need to be made. It is always advisable that you have your home improved or upgraded because there are some insurance-related discounts attached to it. Improvements such as window shutters, better roofing, electrical system upgrades, and plumbing adjustments will make your home easier to attract these discounts because by then, it would become less vulnerable to damage.
Forego High-risk Options: A lot of the time, we are attracted to spending money on something we may not need. Just because something is very attractive does not mean we should go ahead and spend big on it if we’re not going to need it. For instance, if all your kids are all grown up, you may not need to have a trampoline on 80 | APRIL 2022
your property. Having a trampoline would add more to your insurance plan, and that would cost extra money. Also, if you won’t be needing a pool, you should not entertain the idea of having one because it also attracts charges. Final Words Always remember that even if you can maintain high-end insurance costs, you could always cut these costs so that you can cover some other expenses. When you follow the steps listed above, you would surely get better at having more money aside for other things.
How to Make a Good Offer on an Overpriced Home in Riverside By Briana Frazier
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feel the last quarter was one of the busiest winter months we’ve seen in like never! And the reason I say this is because traditionally we know that winter months are a slow time for the real estate industry. Ideally, it is expected that the market will continue with this trend going into the spring season which is worrying to many buyers looking to get their first or second homes. For a fact, we know that the market is operating at all-time highs, the mortgage rates are rising which means many people are looking to get into the market right now just to take advantage of the low rates.
In such a frantic market, it is easy to panic and lose focus on the bigger picture. When you panic, you get intimidated, thinking there is nothing for you. Soon enough, you get out of the market. You don’t want to do that! Right now, many sellers are receiving countless offers, with the typical home staying on the market for an average of 26 days. so, how do you make your offer stand out? First, find out how other homes are selling in the same market. We know that sometimes the seller’s asking price can be ludicrous, but don’t APRIL 2022 | 83
let that get into your head. It is important that you first make your comparison with other houses in the area. Your agent can be in charge of making those inquiries. They will get you the exact statistics needed to decide if the home is worth the amount on the table. For instance, if the house you want is priced at $700,000 and similar houses in the area have sold for $550,000 - $650,000, you can use that as an opening point when making your bargain. The other factor that you need to consider is how long the house has stayed on the market. I mentioned that the typical home is staying on the market for an average of 26 days. Normally, If a house is overpriced, it is more likely that it will be in the market for a lengthier period than expected. That is a great way to know if a house is overpriced before moving in with your offer. The only situation in which that will not be the case will be if the owner luckily finds a buyer with more money on their hands at the time. Naturally, people will do their homework, and because they deserve to get equal value for their coins, they’ll pass on such offers. That can turn out in your favor because if the property has been on the market for longer, then the seller’s determination will begin to wane, and they will become more open to considering your offer at the very least. 84 | APRIL 2022
On your part, exercise diligence and this calls for strong negotiation skills. Ideally, I advise my clients to ‘play it cool… do not show so much interest, even though you are interested.’ but I understand this might not work anymore in today’s market. But, traditionally, this aspect is a well-known purchasing trick, particularly in the world of real estate. For something as sensitive and essential as a house, you have to be careful not to let your emotions get the better of you in the seller’s presence. If the seller knows they have you booked, there is a slim chance of getting a good offer on your part. The trick is to seem not too interested and, with this attitude, check the house and neighborhood thoroughly. This way, the seller knows that they cannot get you on your emotions and will be willing to negotiate further with you on your terms. lastly, be patient! You are already paying too much to blow your chances by hurrying
things up. When moving in to make an offer for your potential new home, you have to be patient because the seller will most likely not accept your offer at the first meeting. Doing your background research with the pointers listed above may take some time, but it will give you a high chance of getting that house. You may need to go back and forth on pricing with the seller until you both agree. Remember, many people back out of such deals because they do not wish to offend the seller - but do not hesitate to negotiate your price with the seller if yours is fair enough, and you can convince the seller that you are the best fit for that house. Sometimes it goes beyond just the asking price. Other factors can contribute to getting an initially overpriced home for a great amount, and you just might be one of those lucky people if you play your cards right.
Frazier Group Realty Inc. 3739 Sixth Street Riverside, CA 92501
“Your Real Estate Navigator” www.fraziergrouprealty.com rubyfrazier@fraziergrouprealty.com O: (951) 686-5261 F: (714) 908-7298 Lic# 01751773
POWER LEGAL
CFPB Targets Unfair Discrimination in Consumer Finance The Consumer Financial Protection Bureau last month made some changes to its supervisory operations which will better protect families and communities from discrimination, including situations where fair lending laws may not be applied.
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n a press release dated March 16, 2022, the agency states that it has changed its approach towards the examination of banks and non-banks to closely scrutinize discrimination practices. The announced changes are very significant as stipulated on CFPB’s newly updated exam manual for evaluating unfair, deceptive and abusive acts and practices (UDAAPs), both unintentional discrimination practices and practices that fall outside the scope of the Equal Credit Opportunity Act (ECOA)now may be held to meet the criteria for “unfairness.” this announcement represents a substantial expansion of the agency’s authority to police practices deemed as unfair and discriminatory. CFPB highlights that consumers can be victims of discrimination whether its intentional or not. Still, a practice may be deemed as discriminatory in nature as determined by ECOA as well as instances where ECOA does not apply. For instance, denying access to checking account because the individual is of a particular race. This could be unfair to the victims even in instances where ECOA may not apply. 86 | APRIL 2022
“When a person is denied access to a bank account because of their religion or race, this is unambiguously unfair,” said CFPB Director Rohit Chopra. “We will be expanding our antidiscrimination efforts to combat discriminatory practices across the board in consumer finance.” CFPB also clarified and outlined the scope of the new supervisory practices and the expected steps examiners will conform to so as to uphold this new mandate. The agency stated that it will examine for discrimination in “all consumer finance markets, including credit, servicing, collections, consumer reporting, payments, remittances, and deposits.” It is expected that examiners will require covered companies “to show their processes for assessing risks and discriminatory outcomes, including documentation of customer demographics and the impact of products and fees on different demographic groups.” in addition, the press release also stated that it will look at how companies test and monitor their decision making processes for unfair discrimination, as well as discrimination under ECOA. The following are instructions from CFPB to examiners to determine whether; The entity has a process to prevent discrimination in relation to all aspects of consumer financial products or services the entity offers or provides, which includes the evaluation of all policies, procedures and processes
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for discrimination prior to implementation or making changes, and continued monitoring for discrimination after implementation. zz The entity’s compliance program includes an established process for periodic analysis and monitoring of all decision-making processes used in connection with consumer financial products or services and a process to take corrective action to address any potential UDAAP concerns related to their use, including discrimination. zz The entity has established policies and procedures to review, test, and monitor any decision-making processes it uses for potential UDAAP concerns, including discrimination. zz The entity has established policies and procedures to mitigate potential UDAAP concerns arising from the use of its decision-making processes, including discrimination. zz The entity’s policies, procedures and practices do not target or exclude consumers from products and services, or offer different terms and conditions, in a discriminatory manner.
The entity has appropriate training for customer service personnel to prevent discrimination. Additionally, examiners will also now test to determine whether; A product is targeted to particular populations, without appropriate tailoring of marketing, disclosures, and other materials designed to ensure understanding by the consumers. zz The entity improperly gives inferior terms to one customer demographic as compared to other customer demographics. zz The entity improperly offers or provides more products or services to one customer demographic as compared to other customer demographics. zz Customer service representatives improperly treat customers of certain demographics worse or provide extra assistance or
exceptions to customers of certain demographics. zz The entity engages in targeted advertising or marketing in a discriminatory way. zz The entity uses decisionmaking processes in its eligibility determinations, underwriting, pricing, servicing or collections that result in discrimination. zz The entity fails to evaluate and make necessary adjustments and corrections to prevent discrimination. The new rules stresses CFPB’s commitment to strengthening enforcement of the fair lending issues. The new changes will certainly increase the potential that an examination might find ‘unfairness’ if discrimination conduct is found to exist. The Agency will now place its renewed focus on discriminatory conduct, and covered entities should review their policies and procedures in advance of future examination. APRIL 2022 | 87
POWER MORTGAGE
A Tough Time For Lenders as Homes Sell Faster Than Ever Before!
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didn’t think that two year into the pandemic we’d still be seeing crazy bidding wars! It sure seemed as if people would cave in to the fear of the pandemic, may be slow down to see how the health crisis plays out. Contrary to that, the market was frantic! It defied all odds resulting to a near market crash situation (which by the many experts believe that is a possibility). Still people are crazy abut homes, there are bidding wars everywhere, buyers are competing against well established cash Investors for homes, while some are looking for units in some unfamiliar places. On the other hand, builders are feeling the pressures in demand and cannot find enough materials for everyone who wants a home. When you look at the median prce for a home in America, you start getting a clear picture of what’s happening. For the last 12 months, the price has been up nearly 20 percent. The for sale inventory is at a new low. Many would be buyers are left on the sideline hoping for a miracle to happen and while so doing, they have also directly driven up the rents instead. 88 | APRIL 2022
All the markets seem chaotic at the moment and all of this seems unsustainable- a tight market, wild home price growth and dwindling affordability. And the bad news is that no reprieve is coming, at least not anytime soon. It seems that home prices will kkeep on rising as people who have waited long enough for prices to come down are jumping into the market due to fear of missing out on good prices now! According to Jenny Schuetz, a researcher at Brookings Institution, the current situation we are seeing right now is far from being a bubble. It’s all about market fundamentals. “It really is about supply and demand — not enough houses, and huge numbers of people wanting homes.” a report from the National Association of Realtors now confirm that more than 6 million existing homes sold in 2021, this is the highest number of units sold In that category since 2006. and while that was a significant number, it
contract found a buyer within two weeks! This is an all time high and comes at the same time as supply shrank to a new low. Sellers who got into the market enjoyed the biggest premiums ever seen with the typical home selling for 1.1% above the list price. Last year, at the same time, the typical home sold for 0.3% below the list price. “Homebuyers are in a frenzy,” said Redfin Deputy Chief Economist Taylor Marr. “Buyers are reacting to changes in mortgage rates but are so far unfazed by the war in Ukraine, stock market volatility and rising oil prices. However, these risks are reaching levels that could be dangerous for the economy, and the Fed is on the cusp of raising rates further to cool inflation. The silver lining for housing is that the spike in mortgage rates has paused for now.” was well short of satisfying the available demand. What’s worrying is the fact that the nation is still relaxed in its efforts to correct this imbalance between supply and demand. “My pessimistic view is that the economy is perfectly capable of running with unaffordable housing,” said Daryl Fairweather, the chief economist at Redfin.
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It makes a lot of sense… if anything, the housing agencies in the country were well aware of the dwindling supply of homes in the last decade, but did nothing. That didn’t stop the economy from growing. That alone was a recipe for the disaster we are seeing right now. “Another way to phrase that is people will still get up and go to their jobs, even if they’re housing insecure,” Ms. Fairweather said. “That’s one reason to think we’ll still just keep letting this problem get worse.”
So, what can be done? For now, more construction is needed. However, it is important to applaud the home building sector as it has been increasing its output for some time now, but since the nation has been underbuilding for so long, it will take some time to remedy the situation. Still, there are chances that many buyers will give up and get fed up with the soaring prices. That may be true for the local, but many new buyers coming from other places where prices are much higher see the local listing prices as reasonable, which upsets the balance. Buyers today have a lot of competition sources to grapple with. For instance, first timers have to compete against global capital, all cash iBuyers, institutional investors renting single family homes, small scale investors looking for Airbnbs… its crazy!
“It’s really hard for an owner-occupier to compete with the amount of money that’s flowing into this earlier last month, Redfin released a report that region,” said Dan Immergluck, a professor at shows that three out of five homes that went under Georgia State in Atlanta. APRIL 2022 | 89
“As a housing economist, it’s kind of depressing to think that there may not be an undoing of the hardships that have been brought upon young households trying to get their foot in the door of the housing market during the pandemic,” Ralph McLaughlin, the chief economist at Kukun, a company that tracks real estate investment activity. Unsurprisingly, the ravaging effects of hardships in the housing market are remarkably widespread. The last time such as home price growth occurred was during the precursor years of the financial crash of 2008. but even then, during the height of the bubble, only about 40% of the metros experienced greater than 10 percent annual home price growth. In the last 12 months, 80 percent of the metros have seen such spikes. A quarter of all metros have had price increases of more than 20 percent. It is also important to recognize the fact the the pandemic did a lot of reshuffling to the market where people didn’t have to go to work, but worked remotely. At some point, may be in the mid term, this geographical reshuffling of the workers will cool down, this might calm prices down in some places. But, investors are not going anywhere and neither is the technology that enables faster transactions. Going into the year, the rising mortgage rates should help slow the prices down. And while that may be good news, rising interest rates will not in any way affect the all cash buyers. In fact, higher rates will make owning a home much less affordable. Who stands to loose? First time buyers who will find it extremely difficult to get a home. And in the meantime, they will be forced to pay higher home rents which cripples their ability to save for a down payment. The working class families that were on the closing in on homeownership before the pandemic will now need at least five to ten years just to play catch-up. 90 | APRIL 2022
Note whatever happens in the single-family market has a direct impact on the rental market too. Since prices have risen significantly in most metros, this has affected the rental market quite significantly. In 2021, many communities in the country experienced a double-digit rent growth. The good news however is that, whatever is happening to the markets right now is not rooted to the risky borrowing that inflated the housing bubble in 2006-08. what are seeing now is a market flush with capable buyers who had a chance to save more money during the pandemic lockdowns. Many have strong credits and are using conventional loans, if at all they are taking any loans. The rental market on the other hand is flush with households that experienced a rise in higher incomes too. Finally, it is important to call out the local governments who have stymied new housing supply with the zoning and building restrictions. This will remain a problem even when the demand – supply chain is at equilibrium.
POWER HEALTH
About Autism Awareness Day
In 2020 alone, CDC approximated that 1 in 54 children in the country was diagnosed with Autism Spectrum Disorder (ASD) To break this down further; 1 in 34 boys was diagnosed with ASD. 92 | APRIL 2022
And 1 in 144 girls was diagnosed with ASD. This shows that boys are four times more likely to be diagnosed with Autism than girls. While in most cases diagnosis of Autism occurs after 4 years, children can be a screened for this disease as early as when they are 2 years old. 31 % of children that have been diagnosed with ASD have an intellectual disability where their IQ is less than 70, while 25% of these children fall on the borderline. 44% of the diagnosed children have an IQ score in the average of more than 85.
PHOTOS FROM 123RF
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ccording to the CDC, 1 in every 59 people in the country suffer from Autism Spectrum Disorder (ASD). About 2 percent of the U.S. population is on the spectrum which means there are high chances that your colleague at work will be neurodiverse thus thinks differently from others in your organization.
Enough with the statistics, let’s learn what Autism is and what we can do about it. April 2 will be the day the world will come together to observe World Autism Day. a time when people from all over the world join hands together and share as one the colors of blue, red, yellow, and purple that reflect the uniqueness and complexity of the Autism spectrum. Surprisingly, not many people know about this condition, or how to cope with it whenever they come across an autistic kid or adult. Therefore, there is no better way to celebrate this year’s World Autism Day than becoming aware of the characteristics portrayed by autistic people. This way, we can all partake in the process and do better to increase our knowledge and promote kindness. WHAT IS AUTISM Autism Spectrum Disorder, better known as ASD does not refer to a single disease or disorder per se. Rather, ASD is a range of conditions. These conditions share some commonalities, such as some degree of impairment in the
social behavioral interactions, communication, and language skills, and also, a narrow range of interests and activities both unique to the individual. A child with Autism tends to grow with the disorder into adolescence and adulthood. In most cases, children start showing signs of Autism during the first 5 years of their lives. Usually, autistic children also exhibit other co-occurring conditions including epilepsy, depression, anxiety, and attention deficit hyperactivity disorder (ADHD). And like we mentioned before, the level of intellectual capacity varies significantly extending from profound impairment to superior levels. CAUSES AND CARE FOR AUTISTIC PEOPLE Most of the studies that have been conducted on this subject point to many factors that cause ASD including environmental and genetic factors. There is no evidence suggesting any childhood vaccine may increase the risk of ASD. some studies that had been conducted before showed there was a causal association between measles, mumps, and rubella Vaccine and ASD, but these studies were nullified as they were filled with methodological flaws. In the early formative years of a child, it is crucial to promote the right environment for the optimal development and well-being of an autistic child. Constant monitoring of the development of these children is a part of the routine. Once an ASD child has been identified, it is important to offer the necessary support systems, with a special emphasis on the child’s primary care; parents. They must be offered relevant information, services, referrals, and practical support each according to their individual needs. Till now, there’s no known cure for ASD. but, a APRIL 2022 | 93
child could largely benefit from evidence-based psychological interventions such as behavioral treatment and skill development training for both the child and its primary caregivers. Doing this consistently will help reduce difficulties in communication and social behavior. The health care needs for autistic people are complex and require a range of integrated services. This will ultimately include health promotion, care, rehabilitation services, and collaboration with other sectors such as education, employment, and social care. AUTISM IN ADULTHOOD In the next decade, an estimate 707,000 to 1,116,000 teenagers will enter adulthood and will age out of school-based autism services. Most adults with autism do not receive any healthcare support for years after they stop seeing a pediatrician. More than half of young adults who
suffer from ASD tend to remain unemployed and unenrolled in higher education in the two years after high school. According to data from Autismspeaks.org, of nearly 18,000 people who have been diagnosed with ASD and who use the state-funded vocational rehabilitation programs in 2014, only about 60 percent left the program with a job. Of the 60 percent, 80 percent worked part-time earning a median-weekly rate of $160, which meant, most of them were well below the poverty level.
“Nearly half of 25-year-olds with autism have never held a paying job. Research demonstrates that job activities that encourage independence to reduce autism symptoms and increase daily living skills.”Website, AutismSpeak.org OBSERVING WORLD AUTISM DAY Go out on April 2nd and share some information online about this great day. Today, even though many people have access to the internet, not so many people are aware of Worl Autism Day. on April 2nd, why don’t you become an ambassador? Share information about Autism or Autistic children and educate the masses. Another way you could be a part of this day is by getting involved with autism associations. There are so many people who either have a family member with autism and are part of a communitywide, nation-wide, or even global-wide association. Reach out to them and get involved in the activities they have planned for this day. Show kindness to autistic people. This is a perfect time to have a good time with your friends who have been diagnosed with autism.
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Home Ownership by Eric Lawrence Frazier MBA Home ownership brings stability to individuals and families who have never had a dwelling place that they could call their own. There is something special about owning real estate that is unlike anything else on earth you can own. Real Estate you own is not like cars that decay over time and you have to replace them. Real Estate you own is not like clothes that go out of style and you have to buy new ones. Real Estate you own is not like expensive vacations or experiences that only last a moment in time. Real Estate you own is not like an apartment where the landlord may increase the rent until it’s no longer affordable. Real Estate you own is not like staying at your parents house where you know can’t stay forever.
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Home ownership is the beginning of wealth that increases over time and becomes your estate & legacy Home ownership is the pride of a mother nurturer and the kitchen her domain Home ownership is the pride of a father provider and protector of his territory and family. Home ownership is the foundation of permanence and the place where life happens, birthdays celebrated, deaths mourned. Home ownership is the place you build memories that can never be taken from you. Memories etched in walls and concrete, experienced in rooms and floors, Memories living in trees and shrubs planted by your hand. Howe ownership is the manifestation of you - your style, your colors, your smell, your stuff, your junk, your memories, your yard and your spaces, your life.
It’s the height markers on your first child’s bedroom wall. It’s the hearts drawn in the concrete slabs when you pour your patio floor It’s the birthday parties, and anniversaries in the living room and kitchen. It’s the back yard barbecue with friends, neighbors and family contentions it’s the high school and college graduation, and wedding receptions Its’ the family nights and block parties and the fellowship of family connections
Home ownership It’s more than real estate. Land, brick and mortar, wood frame construction and chicken wire. It’s more than money saved, gifts recieved and grants obtained It’s more than the debt you incur to buy it. It’s more than the payments you make to own it. It’s more than the appreciation that comes with keeping it over time. It’s memories, it’s family, and it’s life that can happen in one place Until you say it’s time to move.