The Texas housing market In Q3 2020

Th e Texas Housi ng Market In Q3 2020

Johnnie Morine

The Texas housing market was gravely impacted by the global pandemic and the drop in the price of oil, which led to a significant drop in home sales and other real estate activities in the state.

However, with life gradually returning to normal, the market is expected to pick up from where it left off before the COVID-19 crisis started. And presently, there are signs that the market is already improving due to the growing interest of customers plus the demand which had been left unattended to during the pandemic lockdown.

Before the virus kicked in, Sales of singlefamily homes was up by around 14% in January when likened to last year, and it was significantly driven by the low mortgage rates and high demand for homes between $250,000 and $750,000.

The median price of a home sold shot up by 4.5 per cent to $234,000, and the average price increased by 4.6 percent to $291,034. Home sales experienced another double-digit gain in February as buyers where out in droves to enjoy the low mortgage rates that were prevalent in the market. The total dollar volume for March was slightly more than $2.6 billion.

This showed that the Texas market was on a good footing until the drop in oil prices and the pandemic kicked in which disrupted the market flows. The market had recorded an 8.2 percent increase in the number of home sold, and for the ninth consecutive month, the sales had been positive.

According to H.A.R., home sales, however, are gradually coming back to the level which is usually considered as standard for the summer buying season with homes between the price range of $250,000 and $500,000 leading the way with over 28.3 percent year-over-year. In contrast, the second-best performer consisted of homes in the $500,000 to $750,000 range, which jumped to 18.6 percent.

The fear of the pandemic is still at large across the Texas housing market as many still fear an increase in the number of infected people could force another round of lockdowns. This is because it would lead to uncertainty in knowing if home sales would continue to climb or plunge again in the third quarter of 2020.

Texas housing market is currently a buyer’s market because homes prices are not rising due to oil prices and the pandemic. This means that if an investor has the wherewithal to invest in the market, then he should because the price would not be rising as the home price appreciation rate in the market is currently at a negative.

If you are also seeking a long term investment, the Texas housing market would be an ideal market to place your investment. This is because the market can help you build your equity while also generating a steady cash-flow through rental income. In conclusion, Texans will hope that the housing markets continue with the growth and the historical trend that its market has always taken even during a recession. The state housing market had always fared better than most states during a recession and the current situation in the market points to the fact that the trend is not going to be bucked anytime soon.

Texans can also expect that home values would begin to rise slowly as the year rolls to an end, though the housing markets may experience a dip or two, investors can be sure that the market will not crash because the statistics point to the market rebounding.

Reference:

https://fortune.com/2020/07/17/where-to-invest-realestate-buy-sell-homes-best-worst-places-us-coronaviruspandemic-housing-market/amp/ https://www.cnbc.com/housing/ https://www.har.com/

The Power Is Now Med a I c. Now In The West , East and Central To Make Sure You Never Miss Out On Anything!

For the past ten years, The Power Is Now Media has impacted millions of Americans and changed people’s view of homeownership for good. Through active advocacy of homeownership, people are now finding it easy to move out of rental homes to becoming owners of even four-unit properties.

The wave of influence that we have created around homeownership has been so profound that we are now attracting new real estate agents daily. With the growth, new opportunities, new renters becoming homeowners, and skeptics are becoming believers. Today, through our invite-only membership program, we have over 20 listing agents from various parts across the country.

The company’s various ways of advocating and promoting homeownership are through our T.V. network, aired almost every day by the company’s President and founder, Eric Lawrence Frazier. The Power is now T.V. brings you inside scoop from the real estate industry to educate, inform, and inspire. The company has also been producing monthly national magazine and weekly real estate magazines filled with industry insights and important information to help you buy or sell real estate, from first-time homebuyers to seasoned real estate professionals. Lastly, through the company’s radio platform, which was created to empower consumers and educate real estate professionals in Orange County, California, the news about it soon spread worldwide. The Radio Talk Show is supported by National and State real estate associations and minority real estate trade associations throughout the United States. We’ve grown to one million listeners and counting!

Over the years, Eric has been interviewing industry leaders to bring you the highest quality information, not to forget that he is a 38-year professional in the real estate industry. And now, we are proud to bring you The Power Is Now East Coast Edition; The Power Is Now West Coast Edition, and The Power Is Now Central Edition. These are an addition to everything that we do and believe in here at The Power Is Now Media Inc. That means each of these editions will be independent sub editions of The Power Is Now Media. Yvonne McFadden will lead the West Coast Edition, and Emerick A. Peace will lead the East Coast edition. Lastly, the Central Edition will be led by Steve Peterson, a powerful triad to ensure that you do not miss out on anything!

Known for her professionalism and her real estate prowess, Yvonne McFadden, is a realtor at DeLex Luxury Realty and a committed V.I.P. Agent with The Power Is Now representing Arizona. Yvonne, a veteran in the real estate industry, has a business that has been extensive for more than 30 years. For the time she has been in the real estate business, Yvonne has served clients a diversified client base constituting clients from all walks of life. Most recently, Yvonne has extended her presence in the foreign market by getting licensed in Dubai.

Yvonne’s enthusiasm is evident with every client she meets or transacts with. She loves what she does and always makes the process fun for her clients while helping them make some of the most important decisions of their lives. Working with Yvonne is always satisfactory as she takes time to explain the process involved. You can be sure that Yvonne will guide you through it all and help you make the tough decisions where need be.

Going into the future, Yvonne will be the host of The Power Is Now Homebuyer TownHall West Coast Edition on The

Power Is Now T.V. and Radio Network, and the Editor in chief of The Power Is Now Magazine West Coast edition. Yvonne brings a mix of experience and professionalism, given that she has been in the industry long enough, which means she understands the industry’s dynamics. Catch up with Yvonne every first and third Tuesday of the month as she unwraps and brings you the latest real estate developments on the West Coast.

West Coast Edition with EMER ICK A. PEA CE

Emerick has a signature to his life-a certain style with which he lives. It is to make the most of every chance he gets and help others do the same. It’s a lesson he learned from his mother, and part of the reason his blessings continue to flow. The bottom line for Emerick is the difference he makes with the chance he’s given-and if he’s given the opportunity to be your agent of choice, he’ll work long and hard to make sure your dream happens precisely the way it should happen. When you are in the middle of something as crucial as a real estate transaction, you want professional services every step of the way. For your next real estate venture, “Give Peace a Chance.”

Li fe as an agent

Emerick began his real estate career in 1992. He is a certified R.E.O. representative, relocation specialist and received numerous sales awards, including; Rookie of the Year, New Home Sales Life Time Achievement, Prudential Leading-Edge Society, Coldwell Banker Chairman’s Circle, multiple ReMax and Local Board Platinum awards, Keller Williams Realty Quadruple Gold and 100% Plus Club. Emerick is the President of the Prince Georges County Chapter of the National Association of Real Estate Brokers. He has served on the Board of Directors and Vice President of the 5,000-member Prince George’s County Association of Realtors. Currently, he is a member of the Board of Directors for Housing Options Planning Enterprise, Inc. (HOPE), a local 501(c) (3) H.U.D. Approved housing counseling agency. Additionally, Emerick is one of only 68 real estate professionals ever to be inducted into the Prince George’s County Association of Realtors Hall of Fame.

Succ ess is the only option

Boasting a background in the real estate industry that stretches more than seventeen years, Emerick understands the value of communicating with and educating the public. “In order to make good decisions, people must be knowledgeable about the process and their options.” Whether people are buying or selling, Emerick remains committed to keeping the communication lines open at all times. His regional expertise and strong customer service orientation allow people to receive the quality service they want and deserve. Emerick’s work ethic and fundamental business principles can be attributed to his 21-year career in the U.S. Air Force and his niche market mastery.

Given Emerick’s success in the industry, you’ll agree that he is the right person on the driver’s seat of The Power Is Now Media East Coast Edition. And just like Yvonne McFadden, he will be the host of The Power Is Now Homebuyer TownHall West Coast Edition on The Power Is Now T.V. and Radio Network and the Editor in chief of The Power Is Now Magazine East Coast Edition. Catch up with Emerick every first and third Tuesday of the month as he brings you exciting news updates, interviews, and interesting real estate developments on the East Coast.

CENTRAL with STEVE Edition PETER SEN

Like the West and East Coast editions, Steve Peterson will be in charge of the Central Edition, mainly overseeing both central related shows and magazines’ production efforts. However, the Central Edition will be different in that much of the shows will focus on Commercial real estate, given Steve’s extensive background in commercial real estate.

Steve is the Broker/Owner of Infinity Investments, a commercial real estate brokerage and investment firm based in Oakland, California. His focus and expertise are in apartment buildings, but he has experience in office and retail property and works as both a broker and principal. Steve has been in the commercial real estate business for 15 years, both as an investor and a broker/agent. He started his company Infinity Investments in November 2009 amidst one of the worst real estate & economic downturns in history; however, the company has turned a profit each year.

How He Started Out

He started in commercial real estate working for an investment firm raising capital towards acquiring large apartment buildings and small N.N.N. leased retail property. Steve has raised over 10 Million dollars of equity capital for projects such as a 336-Unit Luxury apartment building in Houston; TX purchased for $24,000,000, a 248-Unit apartment building in Fort Worth, TX purchased for $5,000,000, a 4,000 square foot Lyon’s restaurant building in Turlock, CA purchased for $1 million, a $500,000 renovation of a tri-plex in San Jose, CA, a 24-unit building in Columbus, Ohio that required $500,000 towards the acquisition & rehab, a 58-Unit apartment complex being acquired for $1,050,000 in Columbus, Ohio and the acquisition of a Promissory Note from JP Morgan Chase on a 5-Unit building in Oakland, Ca. Steve has also sold several large R.E.O. properties in Oakland, such as an 81-Unit apartment complex from Chase, a 61- Unit apartment complex from Chase, a 31-Unit condominium project from Cathay Bank.

Th e Journey So Far

Steve has done so primarily by finding quality deals that are usually not listed on the public market and then identifying investors with an appetite for the existing deal. Born and raised in Oakland, CA, and attended San Jose State University from 2000-2004 majoring in Finance, Steve is a Bay Area native who has clients, colleagues, and associates from the Silicon Valley to the Peninsula, and throughout the East Bay. Steve has earned the CCIM (Certified Commercial Investment Member) designation, which is the highest designation in the commercial real estate field, and served as the President of the NorCal CCIM Chapter in 2018. Steve also became President of the Associated Real Property Brokers (ARPB) from 2015 to 2016, the Oakland REALIST Chapter of NAREB (National Association of Real Estate Brokers), the oldest Minority Trade Association any kind in the United States. Finally, he was also the President of the California Association of Real Estate Brokers (CAREB) in 2017 & 2018.

With the addition of these three editions, you can be sure that The Power Is Now is your real estate powerhouse. Stay tuned to find out more and also to be updated about these and many more developments.

Commer cial Rea l Estate Invest ing Trends In 2020:

What’sNew?

Steve Peterson

Like the residential real estate market, commercial real estate keeps evolving and growing with the tides of the world. Due to this dynamism that commercial real estate possesses, an investor must keep strategizing on how to corner the profits and edge out his competitors from the market.

In this informative article, we look at the 2020 trends in commercial real estate.

Demand for worksp aces

Before the advent of the novel Coronavirus, offices were open, and retail and restaurant operations were also in full force. However, the virus forced the government to order a lockdown of all of these commercial spaces in its effort to cut down the spread of the virus.

The virus has forced many businesses to ask their workers to work from home, leaving many offices empty and unused. The virus also caused a global pandemic that has affected the global economy and has led to a soaring unemployment rate that has negatively impacted households and investments.

Though the virus is yet to be exterminated completely, life is returning to what we used to know before. After the long hiatus, some businesses are asking their workers to resume back to the office while others have adopted the remote working option.

What commercial real estate investors can deduce from the foregoing is that as businesses begin to open back en masse, the once empty workspaces can be expected to fill up in little time.

Demand for a restructured desi gn of offic e sp aces

Part of coronavirus’s effect would be a surge in demand for a restructured office space that allows for more space and privacy

Workers would be more conscious of their environment and health because of the pandemic. Commercial real estate landlords can expect to have businesses demanding that their offices be restructured so that it can allow for more privacy.

Growth in the use of tech nology

Like every other human endeavor, commercial real estate has seen rapid growth in the use of technology in the industry. This is not looking like it is ending anytime soon; instead, it looks like it has come to stay permanently.

According to PWC, many industry leaders view technology as an enabling force for efficiency gains, not just for their business but in the work they undertake for clients and occupiers. This is whether it is building information modeling used by architects and developers or data management tools used by investors and asset managers.

Reliance on technology is only going to escalate as the years go by. It would be in every real estate investor’s best interest to incorporate technology into his dealings.

Growth in resi dential investment

Many investors are beginning to invest more in places people can call home. Due to the rising interest rates, this sector allows investors to tie their investment to essential human living.

Investors are now becoming more interested in investing in purpose-built student accommodation, residential care homes, and residential homes in areas where there is a sharp rise in job opportunities.

Focus on the climate

There is a growing focus on building homes and offices that are climate-friendly and compliant.

PWC notes that “climate change is seen as having the biggest impact on real estate over the next 30 years, but it is clear that some industry leaders are already rising to the challenge, not least because they bear some responsibility.”

Investors are careful not to run foul of laws of the state that protect the environment, and many are responding to national emissions target.

Reference:

https://www.cnbc.com/amp/2020/05/11/work-from-home-is-here-tostay-after-coronavirus.html https://www.zdnet.com/article/wework-chairman-says-operatingprofit-on-the-horizon-due-to-covid-19/ https://www.pwc.com/us/en/industries/asset-wealth-management/ real-estate/emerging-trends-in-real-estate.html

www.StopHigherPropertyTaxes.org

Split-Roll Property Tax Measure Hurts immigrant and Minority Communities Background: Prop 13 Has Helped All Californians for More Than 40 Years

• For more than 40 years, Prop 13 has provided certainty to homeowners, farmers and businesses that they will be able to afford their property tax bills in the future. Under Prop 13, both residential and business property taxes are calculated based on 1% of their purchase price, and annual increases in property taxes are capped at 2%, which limits increases in property taxes, especially when property values rise quickly.

Split-Roll Property Tax Measure Destroys Prop 13 and Makes Our Economic Crisis Worse

• Amid an unprecedented economic crisis, special interests submitted petitions to qualify a measure for the

November 2020 statewide ballot that will destroy Prop 13’s property tax protections and will be the largest property tax increase in California history. The measure will raise taxes on commercial and industrial property by requiring reassessment at current market value at least every three years. This type of property tax is known as a “split-roll tax” because it splits the property tax roll, assessing business property differently than residential property. • We should reject this measure and maintain Prop 13 protections that have kept property taxes affordable and provided every taxpayer who buys a home or business property with certainty that they can afford their property tax bills in the future. Now is not the time to raise taxes and bring more uncertainty to businesses and all Californians.

Gentrifies Our Longtime Communities

• A split-roll property tax will provide a huge financial incentive for local governments to approve business projects to replace existing housing so they can receive higher property tax revenue. It will also push small minority- and immigrant-owned businesses out of our communities when they can’t afford the higher property taxes. This unintended consequence will intensify the gentrification already occurring in much of the Bay Area and Southern

California coastal counties.

Hurts Small Businesses and Consumers

• Most small businesses rent the property on which they operate. The measure’s higher property taxes will mean soaring rents at a time when the federal and state government is trying to provide small businesses with rent relief to keep their doors open. Ultimately, the measure’s tax hike on businesses will get passed on to consumers in the form of increased costs on just about everything people buy and use, including groceries, fuel, utilities, day care and health care.

Hits Minority-, immigrant-and Female-Owned Businesses the Hardest

• Small businesses are already struggling. This measure will make it even more difficult for them to reopen their doors or stay in business as a result of this economic crisis. Increasing property taxes on businesses by up to $1 2.5 billion a year will hurt female- and minority-owned businesses the most and 120,000 jobs will be lost, according to a

Berkeley Research Group study. Voters are being asked to consider a measure that will only increase job losses at a time when millions of Californians are applying for unemployment benefits. • According to the latest data from the Harvard Business School, about 42% of new companies are founded by immigrants in California and the most recent 2012 Survey of Business Owners by the Census bureau found that 5% of businesses in the state are owned by African Americans. Additionally, the California Latino Economic Institute found that nearly one-quarter of all businesses in California are owned by Latinos, and they are the fastest-growing component of the state’s economy. Most of these businesses start small and stay small, meaning they often rent their property and are subject to higher rents when property taxes increase. • In the most recent 2012 Survey of Business Owners by the Census Bureau, 38% of all non-publicly traded businesses were owned by females and another 9% were owned equally by females and males.

increases the Cost of Living for Everyone and Makes the Homelessness Crisis Even Worse

• In 2019, US Housing & Urban Development data showed California led the nation with more than one-quarter of the country’s homeless population. • California’s cost of living is already among the nation’s highest. We shouldn't do anything to make it even more expensive to live here. The split-roll measure will only increase homelessness and make life more difficult for

Californians already living paycheck-to-paycheck.

Homeowners Are Under Attack

• If businesses lose their Prop 13 protections, homeowners will be next. Supporters of the measure even admitted that this initiative was the first step in a plan to end Prop 13, which could mean skyrocketing property tax increases for all California homeowners.

Ad paid for by Californians to Save Prop 13 and Stop Higher Property Taxes, sponsored by California homeowners, taxpayers, and businesses Committee major funding from Western Manufactured Housing Communities Association California Business Roundtable California Taxpayers Association Funding details at www.fppc.ca.gov