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SEPTEMBER 2021 Vol. 08 | Issue 9

THE NATIONAL LABOR DAY

FHA INTRODUCES SIMPLIFIED COVID-19 RECOVERY “WATERFALL”

Page 124

Page 114

TIENA JOHNSON Executive Director of CalHFA

HAVE YOU READ OUR PAST ISSUES YET? the power is now

magazine CENTRAL EDITION Vol. 08 | Issue 9

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

SEPTEMBER 2021 CENTRAL EDITION: Pg. 23. Tips for Converting Commercial Property to Residential, by Steve Peterson. Pg. 27. A tour through San Francisco Market: What to do and What not to when investing in this hot market! , by Norman Green. Pg. 31. Here’s what you need to know about the Texas housing Market: Is it a seller or a buyer market?, by Johnnie Morine. Pg. 35. Expert Opinion: Can You Buy a FSBO Home With a Real Estate Agent in Texas? by Sharon Bartlett.

POWER GREEN

EAST COAST EDITION:

Pg. 8. California moves closer to net-zero cement CO2 strategy

Pg. 41. How much should you offer on a home? Should you go below or under the asking price?, by Emerick Peace. Pg. 45. The top 5 contingencies you should never remove when buying a house in Florida, by Adriana Montes.

Pg. 10. Tracking the State’s solar policy goals

POWER ECONOMICS Pg. 12. How will a full reopening of California affect the state’s economy amid rising cases of Covid-19

WEST COAST EDITION:

Pg. 51. Phoenix Real estate Market Data, Trends and Updates for Q4, 2021, by Yvonne McFadden. Pg. 14. The Ban on Evictions will end soon. How Pg. 55. Arizona Housing Market: Is it really safe to sell your house right now?, by Peggie do we protect these vulnerable groups? Simons. Pg. 59. Is it possible to buy your dream home and still save money in Corona, CA?, by Kamesha Keesee. Pg. 16. States Get Framework for Regulating Pg. 63. Waiting to buy your home right now Non-Bank Servicers could cost you more in the Future!, by Ameer Elahee. Pg. 67. A look at Riverside housing supply and what it means for sellers, by Ruby Frazier. Pg. 18. Powerful Real estate tech innovations in Pg. 70. Meet Tiana Johson Hall, Executive 2021 Director of the CalHFA.

POWER REAL ESTATE POWER LENDING

POWER TECHNOLOGY

Pg. 75. Market Update: real estate trends in Irvine to keep an eye on in Q4 and Beyond, by Cornelius Jackson. Pg. 79. How to qualify for a forgivable loan loan down payment and closing costs in Corona, CA, by Jenny Gonzalez. Pg. 83. Signs that now may be the right time to sell your home in San Bernardino, by Danon Burnside. Pg. 87. San Diego Market Update: Q4 Appreciation Data Trends and Forecasts, by Denise Matthis. Pg. 91. 5 ways to make banks say yes to your REO offer in Oakland today!, by Kenneth Session. Pg. 95. How to estimate your rental Property Expenses, by Robert Langston. Pg. 99. A guide for homeowners: What is private mortgage Insurance?, by Briana Frazier. Pg. 103. Los Angeles Market Update: Q4 Real Estate Trends to expect in LA, by Adrian Bates. Pg. 107. Are You Ready to Buy a Home in Southern California? Ask Yourself These 5 Questions, by Success Money. Pg. 111. A Glimpse in Richmond, CA real estate market in Q4 and Beyond!, by Joe Fisher.

POWER LEGAL Pg. 114. FHA Introduces Simplified COVID-19 Recovery “Waterfall” Pg. 116. CFPB Finds Credit Applications Have Mostly Recovered to Pre-Pandemic Levels

POWER MORTGAGE Pg. 118. The Plight of Small Independent Mortgage Issuers

POWER HEALTH Pg. 120. Newsom promised big on California health care. Where do his bold plans stand now?

POWER HISTORY Pg. 124. The National Labor Day l

FROM THE EDITOR

eptember is here folks! And it’s a great month… I can already tell! Well, we begin this month on a very positive note. Folks, help me welcome to the team Collete V. Smith and I know this name rings a bell, well at least for the sports enthusiasts but if it doesn’t, let me tell you who Colette really is. Colette is the Founder and President of Believe N You, Incorporated. She gained international notoriety when she became the NFL’s 1st African American female coach by way of being the 1st female coach in NY Jets franchise history. Collette made her NFL coaching debut with the NY Jets defensive backs in 2017 during Training Camp. Her professional football career started at the age of 42, playing for the New York Sharks, an all-women’s professional football team. After being sidelined by an injury, she served as Coach and Director of Marketing, PR, Promotions, and Events for the two Women’s Professional Football Leagues, the WFA, and IWFL. She joins the Power Is Now Media as the new host of the Motivational Monday Show, taking over from the founder and C.E.O of the company Mr. Eric Lawrence Frazier. we couldn’t be any more proud to have such an accomplished and remarkable individual on our platform. Trust me, this is something you really don’t want to miss out on, remember, it’s every Monday morning which will definitely help you kickstart your week on a positive high note. On some other great news, the Power Is Now Wealth initiative is coming on so well. This is an initiative that I am so proud of because minority communities in the United States deserve it! And not just the minorities but for everyone, only that minorities are particularly disadvantaged. The Power Is Now Media is committed to supporting minority groups achieve the dream of homeownership, with a particular focus on the African American Community. Homeownership is a dream for many African Americans denied because of the long history of racism and discrimination in the United States. While we recognize the devastating economic impact of systemic racism in the housing sector and the wealth destroying government-sponsored racism in denying access to credit, we welcome you to be part of 6

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

this revolutionary initiative. More information about this initiative can be accessed through our website. On our cover, this month is the new Executive Director of California Housing Finance Agency, CalFHA, Tiena Johnson Hall who was appointed to the position in July by California Governor Gavin Newsom. Tiena has been a member of CalHFA’s Board of Directors since November 2014. She has also served as a Senior Vice President and Manager of Community Development Finance for BBVA Compass Bancshares Inc. among many other top executive positions. Tiena’s story is a remarkable one and we have covered it in detail only on this issue of The Power Is Now Magazine. This issue is fully packed and blended with informational articles to keep you busy all through the month. We’ve also made sure to add a few perks for our real estate agents and

WWW.THEPOWERISNOW.COM

professionals, so read on to find out what this issue has in store for you. At this moment, I would like to thank our power team for their continuous hard work and commitment to making The PIN magazine a reality and also to you our readers. We would be nothing without you. Our team is dedicated to you. We want the best for you which means we are committed to bringing you the best from us. Take a moment and share this magazine with family and friends.

Remember, knowledge is power and The Power Is Now! ERIC L. FRAZIER MBA President and CEO The Power Is Now Media, Inc.

une this year, the California senate voted overwhelmingly, 31 to 9 votes, in favor of a bill that requires the state’s Air Resources Board to develop a plan for the state’s cement producers. A plan that will ensure that these producers achieved a net zero emission by the end of 2045- a revolutionary legislation. On top of that, the board is expected to achieve interim targets such as a 40% emission reduction compared to the 2019 levels by 2035. A step closer to a net zero Co2 strategy- seeing that it is a major contributor to global Co2. The bill was sponsored by an advocacy group, the National Resource Defense Council (NDRC) and in broad coalition with others. The group advocates for construction projects to use reduced Co2 cement and that there be established a performance-based specification that will legally define the amount of cement that will be adopted by the eventual strategy. It was presented to the senate by Senator Josh Becker. The bill is set to move to the next step, which is to the California State Assembly. What the bill has set in motion is taking the state of California towards a carbon neutrality future by 2045. Many buildings have taken initiative by going green by using carbon free energy sources, becoming fully electric and being energy efficient. It is commendable that the strategy will go deeper and address the construction materials that go into buildings. Perhaps, that will bring California closer at achieving at least an 80% reduction in greenhouse gases from the 1990 levels.

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California Moves Closer to A Net Zero Cement Co2 Strategy 8

For the state to become carbon neutral, all greenhouse gas (GHG) emissions emitted into the atmosphere must be in equal measure to those expelled from the atmosphere through carbon sinks, carbon capture or storage-bringing some sort of balance. To achieve that, the nation as whole must focus on emissions from energy use in building, transportation, and industry. State legislation will prove pivotal in the fight against global change. Cement is the second most consumed product after water and therefore, it accounts for about a quarter of all industry Co2 emissions. Cement

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

generates the most Co2 dollar revenue. It is perhaps because of these significant emissions that the industry is facing a lot of pressure from the government and investors to decarbonize. It will be difficult to achieve the targets set because some of the Co2 emitted are from unavoidable chemical reactionscalcination. And seeing it’s easy accessibility and performance characteristics, it is unlikely that it will stop being the building material of choice. The technology to decarbonize cement is yet to be developed and as so, it will take all available resources to develop it. Regardless of this fact, it is commendable that California has taken initiative to bring on global change. Hopefully other states will follow in these footsteps so that we all have a sustainable future. It is also good to see the globe awakening to the climate crisis and joining the new initiative Concrete Action for Climate. It will take a hands-on approach to bring transformation and the beginning might be addressing the 7% carbon emission from concrete.

and government policy since Sept. 1, 2009. The financial and real estate information is distributed through BlogTalkRadio, iTunes, TuneIn, and other online radio platforms nationwide, as well as online TV and eMagazines. Connect with Eric Frazier DRE 01143484 | NMLS 461807 | Office: 800-4018994 x 703 | Direct: 714-3612105. About the Power is Now Media, Inc. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all over the United States. We engage with various thought leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the

future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help your home ownership dream become a reality. Go to www. neverrentagain.com and get started today. Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807 President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com

Sources: https://www.prnewswire.com/news-releases/ california-cement-industry-releases-plan-to-reachcarbon-neutral-301259881.html https://ww2.arb.ca.gov/sites/default/files/2020-08/ e3_cn_draft_report_aug2020.pdf https://www.mckinsey.com/industries/chemicals/ our-insights/laying-the-foundation-for-zero-carboncement

About Eric Frazier: Eric Lawrence Frazier is President and CEO of the Power Is Now Inc. The Power Is Now is a multimedia company that has specialized in real estate and mortgage education for consumers and real estate professionals on various topics in real estate, lending, economics,

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Tracking the State’s Solar Policy Goals Several countries are investing in renewable energy to protect the climate and reduce carbon emissions. In the past year, states have been revising their Renewable Portfolio Standards to track the source of power coming from homes. RPS was created by these states to diversify energy, encourage domestic production, and develop the economy. RENEWABLE ENERGY IS KEY TO SAVING THE DEPLETING CLIMATE U.S. President Joe Biden and other presidents have voiced their opinions regarding the current climate and how it’s falling apart due to fossil fuels. In order to save it, the world needs to adopt more renewable energies like wind and solar in place of fossil fuels. In the United States, renewable energy policies have boosted the country’s market for renewable energies to about $64 billion. Since 2000, nearly half of the growth in renewable energy generation is attributed to these RPS. States like Iowa and Washington DC have adopted the RPS to set their renewable targets. However, some other states adopted the renewable energy standard to meet a specific target. Renewable Portfolio Standard Policies differ from state to state. In some states like Iowa and Texas, standards are measured by the amount of renewable energy and not by percentage, as it’s done in a majority of other states. Portfolio Standard Policies also differ in some states according to their targets and cost caps. California, New York, Maryland, New Jersey, and Washington have targeted greater than 50% by 2025 and upwards. To track renewable energy supply, states must obtain renewable energy certificates. RECs ensure that utilities (municipalities, investor-owned utilities) are properly verified to ascertain if they are meeting their targets.

Renewable energy has contributed to the growth of the real estate market. Homebuyers demand homes that use clean energy, but these homes are usually more expensive. With the current demand, it’s possible not to get these homes before other buyers snap them up. This is why you need to seize this opportunity to reach out to us to avoid getting into bidding wars. Contact Eric L. Frazier for assistance with purchasing a home or investment property. Eric L. Frazier MBA is a licensed Mortgage Advisor NMLS 461807 with First Bank and can be reached at 800261-1634 ext. 703. ABOUT THE POWER IS NOW MEDIA, INC. The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www.thepowerisnow.com. Published by Eric Lawrence Frazier, MBA. References https://www.ncsl.org/research/energy/renewable-portfolio-standards.aspx https://www.energy.gov/eere/solar/goals-solar-energy-technologies-office

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

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real estate

dark moment it has been, the world hasn’t been the same anymore since the beginning of the COVID-19 pandemic. Prevention is always better than cure, so California had to lock down to prevent a higher spread of the virus across the state. With the lock down, came some negative impacts. Most people lost their jobs since most businesses had to close down and this resulted in a 2.8 percent decline in California’s economic output. Working from home became the new routine for most California citizens. The lock down direction was a good measure that protected California’s economy and gave it a good base for an even swift recovery. As the cases of the virus Infections still count high in California, the people have one thing to be optimistic about, the opening of the economy. This is good news

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

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HOW WILL FULL REOPENING OF CALIFORNIA AFFECT THE STATE’S ECONOMY AMID RISING CASES OF COVID-19

Unemployment however is expected to remain high with an average rate of 5.9 percent since not all businesses are going to open. Most employees that work in areas with high degree of “human contact” may have to wait until the pandemic graph reads even lower. Therefore eateries, retailing businesses, bars and entertainment sectors will hire less to avoid congestion. The economy however will slightly rise as most California’s employers venture into scientific, technical online business, working from home.

to the citizens who have been for some time, experienced a different routine from the prepandemic life. A good recovery is expected since the citizens during the lockdown benefited from the pandemic stimulus and spending programs relief by the California government. The Gross Domestic Product of California is expected to rise by 7.1 percent due to easing of most business restrictions that will enable entrepreneurs to resume their pre-pandemic 8 activities.

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The housing market, due to low mortgage interest rates and low inventory will be heated up. The median prices and sales are expected to rise even more. However, there’s expected to have new home units constructed to help with raising the current low inventory. As forecasted by Jerry Nickelsburg, a forecast director, 122, 000 new units will be constructed. This will lead to residential construction growth. California has a good room for growth and affordable prices for homes, hence buyers demand in California will be high.It’s less challenging to own a home as the economy reopens. Reach out to Eric Lawrence Frazier MBA DRE 01143484 NMLS 461807 today and find out more! The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage in various thoughts of leaders to make sure that you are equipped with knowledge about our

economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help you make your home ownership dream a reality. Go to www.neverrentagain.com and get started today. Eric Lawrence Frazier MBA, Vice President and Mortgage Advisor of First Bank, NMLS 461807. President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com

References https://www-latimes-com.cdn.ampproject.org/v/s/ www.latimes.com/business/story/2021-06-02/ la-fi-california-economy-recovery-ucla-forecastjune-2021 https://www-latimes-com.cdn.ampproject.org/v/s/ www.latimes.com/california/%2Fcalifornia-aims-tofully-reopen-the-economy-june-15

The ban on evictions will end soon.

How do we protect these vulnerable groups?

he clock is ticking. The Moratorium put in place in September last year, unfortunately, expired on Saturday 31st, 2021. It was, however, extended temporarily to October 3rd. That is after President Biden refused to extend the Moratorium. Real estate policy experts predict that with the expiration of these federal bans, between 30 to 40 million homeowners could lose their homes. Another additional 29% to 43% of renter households will face the possibility of homelessness. According to an aspen report, the Moratorium was a saving grace to 50% of renter households who were already cost-burdened before the pandemic; this is according to an aspen report, with low-income earners and minorities being the demographic being most affected. The Moratorium has been bitter-sweet, it has saved many households from losing their homes, but at the same time, it has burdened Mom and Pops, who rely on rent payments to make mortgage payments on these properties. As it comes to an end, what happens to these vulnerable groups? Is there a way to mitigate this?

will struggle and ultimately end in homelessness. Federal rental assistance could reduce homelessness and other hardship. And more importantly, these programs have the potential of lifting at least 3 million Americans out of poverty, according to a study done by the Center on Budget and Policy Priorities. The programs will work for the best interest of children as well; by lifting these children from poverty, their health will be dramatically improved.

2. EXPAND THE CURRENT HOUSING SUPPLY

There is an acute housing shortage, as calculated by Freddie Mac. In 2020, America was facing a housing shortage of 3.8 million housing units. The government must look into boosting the 1.5 million units produced annually, especially in high opportunity areas. Home affordability should also be addressed, especially in high-cost coastal areas such as California’s Bay Area. It

1. RENTAL ASSISTANCE PROGRAMS

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Even before the pandemic hit, 18 million Americans had their income go towards rent. At least one person out of seven had 30% to 50% of their income toward housing expenses. That is well over the recommended 28%-meaning that most households were severely burdened, and with the lifting of the ban, these households THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

is expected that prices will drop when the pandemic subsides; affordable housing providers may have a rare opportunity to buy low-cost units and pass them onto their affordable housing portfolios. Some may require rehabilitation but will offer great housing alternatives.

3. STRENGTHEN AND ENFORCE LEGAL RENTER PROTECTION

Minorities for years have faced discriminatory housing policies that have hindered them from accessing housing. That is especially true when accessing financing through mortgages and renting. It is illegal to discriminate as stipulated by the Fair Housing Act, but it is still more difficult for people of color to get approval for mortgages. For this reason, the considerable housing cost and income gap make minorities more

likely to rent in the long term. Substantial renter rights have the power to reduce home instability, remove barriers to access housing, and prevent homelessness. A journal article in 2017, the Journal of Planning Literature, found that if sources of discrimination laws, those that prohibited landlords from renting to renters on subsidies, were abolished, there would be a 12% increase in the renters finding housing. Governments must therefore legislate laws that address the underlying issues causing the housing crisis. Policies that protect renters from eviction without a cause, laws guarantee a right to counsel, and laws that discriminate against homeless Americans from accessing housing. There is unfortunately not enough affordable housing for

America’s low-income owners. A great majority of Americans are struggling to pay rent and have fallen behind. With housing expenses taking a large portion of their income, some have to choose whether to buy groceries or pay rent. Nobody should have to make that choice. A housing crisis in America is looming, and if nothing is done to mitigate it, the results will be detrimental. Policymakers should legislate and enforce legal renter protection to end the cycle of discrimination against people of color and the homeless. Housing is not affordable, but there are down payment assistance programs that could help you with that. Eric Frazier, the CEO of Power Is Now Media Inc., has down payment assistance programs available with GSFA and CALFHA. Clients that want to make homeownership a reality. Reach Eric at Frazier MBA DRE 01143484 /NMLS 461807.

ABOUT ERIC FRAZIER: Eric Lawrence Frazier is President and CEO of the Power Is Now Inc. The Power Is Now is a multimedia company specializing in real estate and mortgage education for consumers and real estate professionals on various topics in real estate, lending, economics, and government policy since September 1st, 2009. The financial and real estate information is distributed through BlogTalkRadio, iTunes, TuneIn, and other online radio platforms nationwide, as well as online TV and eMagazines. Connect with Eric Frazier DRE 01143484 | NMLS 461807 | Office: 800-401-8994 x 703 | Direct: 714361-2105

ABOUT THE POWER IS NOW MEDIA, INC. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all over the United States. We engage with various thought

Sources: https://www.usatoday.com/pages/interactives/sponsor-story/rwjf/Oour-Homesare-Key-to-Our-Health-During-COVID-19-and-Beyond https://www.ohchr.org/documents/publications/fs21_rev_1_housing_en.pdf https://www.baystatebanner.com/2021/06/23/america-faces-a-housing-crisis/

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Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807 , President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com

STATES GET FRAMEWORK FOR REGULATING NON- BANK SERVICERS

The United States regulators, through the Board of Directors of, Conference of State Bank Supervisors (CSBS) approved new regulatory standards for non bank mortgage servicers on 23rd July 2021. These regulations were made so as to improve and align the already existing authority which has depicted a fast-growth in bank mortgage servicing areas. Mortgage servicing has grown to 60 percent of the government mortgage market from 6 percent over the past ten years. This is as shown in the Finale model state regulatory prudential standards for non bank mortgages. 16

According to CSBS, the mortgage servicers became accountable for the huge share of consumer mortgages which drove the regulators to get concerned about the absence of uniformity in the state standards that addressed the servicers’ liquidity and capital amount. Also, the regulators became concerned about the insufficient corporate governance and board oversight that was identified by the state and federal tests of the servicers. As result of these concerns, the regulators had incentives to practice and afterwards approve the new standards which mainly focused on two concepts ; • •

Financial condition Corporate governance

These standards could be used by the state THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

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onbank mortgage servicers are companies that originate and service mortgages. They do not take deposits or have banking charters but instead, fund mortgage originations by borrowing from banks.

requirements for non bank mortgage servicer regulation while preserving local accountability to consumers,”said John W. Ryan, the CSBS president and CEO. The CSBS further emphasized that the conditions in the standards can be effective only through implementation. However the implementation may require the state regulators to make new laws, regulations and offer guidance to the states on how to adopt them. CSBS assured that it will see to it that implementation is as uniform as possible among all the states. CSBS said that the standard would only apply to servicers operating in two or more states and also cover agency and non agency serving. The standards however, will not apply to small servicers who meet a de minimis cut off, housing agencies, servicers of reverse mortgage loans and not-cut for-profit servicers. regulators to formulate law, guidance and procedures as per their individual authority or according to the legislation. The significance of adopting uniformity was to minimize regulatory burden and control entities of multistate. The aim of the standards is to make sure that; the non bank mortgage servicers upheld the ability to provide services to both investors and consumers with liability, transparency and risk management abilities. “The standards provide states with uniform financial conditions and corporate governance WWW.THEPOWERISNOW.COM

MBA President and CEO Bob Broeksmit showed gratitude saying “MBA appreciates that CSBS has created model capital and liquidity standards for nonbank servicers consistent with our call for uniform standards that can be applied across all 50 states.” This is a sigh of relief for nonbank mortgage servicers after a long while of negative impacts caused by lack of uniformity in their sector. These standards will help

provide flexibility to state agency commissioners , to either offer more or suspend the necessities of nonbank mortgage servicers depending on the economical, environmental or societal temporary changes. This is a chance especially for every nonbanker mortgage servicer who needs to find out more about the new standards. Reach out to Eric Lawrence Frazier MBA DRE 01143484 NMLS 461807 today and find out more! The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage in various thoughts of leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help you make your home ownership dream a reality. Go to www.neverrentagain.com and get started today. Eric Lawrence Frazier MBA, Vice President and Mortgage Advisor of First Bank, NMLS 461807. President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com References http://www.mortgagenewsdaily.com/07282021_ loan_servicing.asp http://www.csbs.org

Powerful real estate tech innovations in

2021

he future is digital. As much as this statement is true, the real estate industry has lagged behind other industries embracing technology. However, in recent years, the industry has begun to enjoy the fruits of technology. That being through technologies such as ProTech, Property technology. Whereby technology has reinvented how we interact with our property. It has made it easy to rent, sell, buy and manage the property remotely. On top of this, there are CREtech and ReTech, commercial real estate technology, and real estate technology. Technologies that make it easier to interact with our properties, may they be in construction or otherwise.

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Innovations have made making decisions easier— platforms such as Zillow that use real-time and historical information to provide real estate trends in specific areas. The real estate industry is growing and has an exciting market future. Real estate technology must evolve to meet changes in the industry as those posed by the pandemic. 1. DIGITAL TWIN TECHNOLOGY What is a digital twin? A digital twin, according to Spacewell.com, is a real-time replica of a real-world object. In this case, a replica of a real estate property. This technology uses a 3-D model of a property and data needed to visualize the property. It is not limited to only depicting a property’s physical attributes but also the modeling of occupancy and utilization, occupant experience, economic efficiency, ecological impact, and the property’s relation to other built objects in an infrastructure system. According to the MIT Real Estate innovation lab, those in the commercial real estate industry will enjoy these benefits thoroughly. When employees 18

started working from home, offices were left vacant. The pandemic has helped the technology be adopted faster, and with it, owners of the vacant offices were able to monitor their buildings. 2. VIRTUAL REALITY Virtual reality (or VR) tools have proved helpful in marketing real estate properties, especially in the pandemic. Virtual tours and virtual staging technologies are both beneficial to property developers but also buyers. Virtual tours, for example, provide a simulated tour of a property through 3-D imaging and without leaving the comfort of their home. At the peak of the pandemic, some homes were shown by real estate agents to potential buyers through virtual showcases. On top of this is Augmented Reality (AR), where digital elements are added to a mobile device and allow a buyer to view space, even before it is built. These tools save the investor a ton of money and save the buyer time.

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

3. ROBOTIC PROCESS AUTOMATION (RPA) Despite firms adopting digitalization, a lot of their processes are still carried out manually. The pandemic did change the real estate landscape, and with employees working from home, real estate firms had to find a way to automate their processes. RPA is software that links with end-user software like ERP systems, MS-Excel, internet pages, or email programs. Allude, for example, developed software that automated the renting process. The software runs background checks, document collection, online signature, and insurance purchases. Companies that adopt RPA enjoy the benefits provided by the software, such as automation of manual, repetitive, and rule-based processes and tasks. Real estate firms such as these enjoy efficiency and high productivity levels. Time is not wasted in keeping track of invoices, payments, renewals, and credit applications. And most important of all is that the software minimizes human error. 4. CLOUD-BASED PLATFORMS Real estate firms have had to adjust the way they provide their services. The pandemic has necessitated firms to adopt a more location-flexible workforce quickly and reliably. Technology firms have already launched tools and cloud services to streamline communication and collaboration among work teams in response to the pandemic. Property Apps is one company; it developed a cloud-based app with features that allow service requests management, payment collection, tenant communication services, and building operation management. These cloud platforms are essential when managing a lot of tasks at the same time. They save you time, reduce the risk involved, and save you money in the long term. Technology is at the core of real estate. It provides a chance to integrate the physical and digital environment seamlessly. Innovations such as digital twinning, robotic process automation, cloud-based platforms, and virtual reality save the company money and save clients’ time. The risks involved in the daily real estate processes such as WWW.THEPOWERISNOW.COM

buying and selling are reduced. The productivity and efficiency in these processes will be effortless. In light of the pandemic, realtors need to adopt technology to ensure their safety and that of their clients without compromising their work quality. At Power Is Now Media, we fully embrace technology and use it to provide better services to our clients. Contact Eric Lawrence Frazier MBA DRE 011433884/ NMLS 461807 and let him find you the perfect home. ABOUT ERIC FRAZIER: Eric Lawrence Frazier is President and CEO of the Power Is Now Inc. The Power Is Now is a multimedia company specializing in real estate and mortgage education for consumers and real estate professionals on various topics in real estate, lending, economics, and government policy since Sept. 1, 2009. The financial and real estate information is distributed through BlogTalkRadio, iTunes, TuneIn, and other online radio platforms nationwide, as well as online TV and eMagazines. Connect with Eric Frazier DRE 01143484 | NMLS 461807 | Office: 800-401-8994 x 703 | Direct: 714361-2105 ABOUT THE POWER IS NOW MEDIA INC. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all over the United States. We engage with various thought leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help your homeownership dream a reality. Go to www.neverrentagain.com and get started today. Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807 President and CEO of The Power Are Now Media Inc. www.thepowerisnow.com

Sources: https://home.kpmg/xx/en/home/industries/real-estate.html https://appinventiv.com/blog/technologies-disrupting-real-estate-sector/ https://spacewell.com/resources/video/spacewell-real-estate-digital-twin/

SELECT A VIP AGEN Adrian Bates Los Angeles

Adriana Montes Florida

Ameer Elahee Fontana

Cornelius Jackson Irvine

Danon Burnside San Bernardino

Denise Matthis San Diego

Joe L. Fisher Richmond

Johnnie Morine Texas

Jenny Gonzalez Corona

Kamesha Keesee Corona

Kenneth Session Bay Area

Briana Frazier Los Angeles

Emerick A. Peace Maryland

Julius Cartwright Ohio

NT IN YOUR AREA Monica Hill Menifee

Norman Green San Francisco

Ruby Frazier Riverside

Sharon Bartlett Texas

Yvonne McFadden Arizona

Peggie Simmons Arizona

Robert Langston Fairfield

Steve Peterson Oakland

Success Money LA Area

By Steve Peterson

nvesting in real estate comes in different shapes and forms. And it is absolutely possible to convert from one type of investment to the other depending on the projected cash flows, in this case, commercial to residential. Residential properties are a great source of passive income and are lucrative in the long run. It has the advantage of building on an existing building instead of starting from scratch. However, it is important to remember that different zoning laws restrict this conversion in different areas and that you are required to get planning permission from your local authority. So, if WWW.THEPOWERISNOW.COM

you are considering acquiring commercial property in Oakland and converting it to a commercial property, then familiarizing yourself with Oakland’s zoning laws will be a great place to start. In addition to this, here is a guide to help you transition smoothly. 1. FINDING THE RIGHT PROPERTY Transforming a commercial property in itself is a good idea, but even more important is the location. One might be dead center of the city or distant from the bustle of the town. When acquiring a commercial property, consider how close

2. ACQUIRE FINANCING Have your finances in order before starting the conversion process. There are different methods of getting the funds you need. For example, bridging finance can cover the money needed for refurbishments. That kind of financing and others give you a chance to begin the conversion process without any delay. l

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Tips for Converting Commercial Property to Residential

the property is to essential infrastructure. It is ideal for rental properties to be close to transportation, restaurants, and stores. Your future renters should have the convenience of accessing these facilities readily. But that could mean that there will be noise from nearby businesses to contend with. Another consideration is to focus on properties with high traffic; such areas tend to have very many interested renters.

3. BUDGET FOR THE COST OF CONVERSION Conversion will need a substantial amount of money-ranging administrative costs and renovation costs. The one-time costs are those you will encounter upfront, and you need to be aware of them before starting the process. An application fee will be charged in the rezoning process. The fee depends on the property’s size or the lot you are rezoning. Renovation costs and structural changes will cost a large amount of money, therefore, make it a priority to budget your funds to stay on track. You might need to find a seasoned contractor who will appraise all processes and will help you budget. Another cost to consider is the exterior costs-costs relating to the parking lot or any landscape changes. If your property is going to have curb appeal, be prepared to spend more. 4. GET ZONING APPROVAL After finding a building that suits your needs, the next step is assessing whether it is eligible for conversion. It shouldn’t be hard; local governments often favor such developments in the community and may support you wholly. First, you will need to fill all the paperwork provided by the local planning department. You will be charged an application fee that varies from one area to the next. Secondly, the department will closely analyze your application, and they will reach out to you to adjust your plan if need be. Thirdly, residents will be notified of your rezoning petition. After which, a committee meeting will be held where the residents will be given a platform to express ABOUT THE AUTHOR Steve Peterson CCIM 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, working 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. Steve has earned the CCIM (Certified Commercial Investment Member) designation, 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 24

their thoughts-you too will have an opportunity to pitch your idea. Finally, the commission will make a recommendation to a legislative power regarding your application. If it is denied, you might have to wait a certain period before making another application. If it is accepted, you can move to the next step. 5. START RENOVATION To save you cost, preserve existing features, they might be what attracts renters. Another essential consideration to make is obtaining renovation insurance. The insurance will safeguard the building in the course of the renovation. Lastly, safety is critical, and therefore, your construction standards should not compromise on quality. Residential properties are lucrative, that is, if you get it right on location. Conversion of commercial property to residential supplements housing options at a lower cost. That is because a conversion builds on the existing features of an existing building. Something important to remember is that local governments such as in Oakland have designated land for commercial and residential use. Therefore, before moving ahead with any acquisition, be sure to check the zoning laws-that will save you a lot of money. Additionally, the process takes time, be patient and use the time to do your due diligence. The Power Is Now CEO, Eric Frazier, is also a Vice President of First Bank and has the experience to guide you through acquisition and financing options. Reach Eric Frazier MBA DRE 011433884/ NMLS 461807.

(ARPB) from 2015 to 2016, the Oakland REALIST Chapter of NAREB (National Association of Real Estate Brokers), the oldest Minority Trade Association of any kind in the United States. Finally, he was also the President of the California Association of Real Estate Brokers (CAREB) in 2017 & 2018 ABOUT THE POWER IS NOW MEDIA INC. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all over the United States. We engage with various thought leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare

better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help your homeownership dream a reality. Go to www.neverrentagain. com and get started today. Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807 President and CEO of The Power Is Now Media Inc. Sources: https://www.fortunebuilders.com/tips-for-convertingcommercial-property-to-residential/ https://www.entrepreneurshipinabox.com/25023/4tips-for-converting-a-commercial-property-toresidential/ https://gsi-insurance.com/converting-commercialproperty/

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We help you achieve the American dream of homeownership!

ONLINE HOMEBUYER SEMINAR JOIN THIS SATURDAY Register at https://joinnow.live/s/a3o0dm Learn about: • • • •

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Home Purchase Strategies and Programs to Help You Buy Now! What you need to know about California Housing Crisis and why you must buy now. Projected Home Prices in Califonia and why you must buy Now. How Easy it is to Qualify for a Forgiveable Loan for Down Payment and Closing Cost from The Golden State Finance Agency up to 27,500 dollars. How Easy it is to Qualify for a Loan with No Payment for Down Payment and Closing with The California Housing Finance Agency. How Doctors, CPA, Ph.D.’s and Attorney can Qualify for a Purchase loan to 750k and only 5% down with No Mortgage Insurance. How Interest-Only loans work and can increase your purchasing power. Why a Construction Loan may be the right move for you now?

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JENNY GONZALEZ Real Estate Agent CALDRE 01249788 c: (951) 316-0374 jengonzalezre@gmail.com

Speakers: ERIC FRAZIER MBA NMLS ID: 461807 Vice President and Mortgage Advisor First Bank NMLS ID: 551928 o: (619) 476-3269 c: (714) 475-8629 eric.frazier@fbol.com

CAROLYN SUNSERI

Director of Marketing Golden State Finance Authority o: (916) 384-1619 f: (916) 444-3219 csunseri@rcrcnet.org

By Norman Green

A tour through San Francisco Market. What to do and what not to when investing in this hot market The San Francisco market has been stressful for buyers but paradise for sellers and this doesn’t seem to change any time soon. As it has been in all cities of the United States, COVID-19 saw the real estate world in a different dimension.

The home prices have skyrocketed in San Francisco for the last 10 years. Real estate in this market WWW.THEPOWERISNOW.COM

appreciated 91.99% over the last decade, marking a 6.64 percent average annual home appreciation rate. This figure has placed San Francisco in the top 10 percent countrywide for real estate appreciation. Selling a home in San Francisco sometimes can be a complex process, making it stressful for the seller. To avoid this, investors should set and apply some do’s and don’ts.

Here are some of the do’s when investing •

Interview some realtors and work with the one you can trust – San Francisco has great real estate professionals that can help home investors in every step of the selling process. Choose a realtor who has high experience, and is familiar with the neighborhood you plan to invest in and can lead you towards a successful home sale. l

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ow mortgage rates by lenders and banks directly affect the affordability of houses by buyers. The low inventory due less constructions of new homes brought about the crazy supply – demand imbalance. California Association Realtors has recorded that for a while, the city has shown increased demand in suburb homes than single family homes. This is because most people were moving from the city to the suburbs causing the prices of homes in suburbs rise compared to single family homes in. The average median sale in San Francisco has now increased by 35percent year to year and 0.75 percent MTM. Housing Supply inventory is at 2.1 months indicating a higher buyers demand. The home value has risen by 14 percent.

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Determine if the time is right for you to sellwhether or not it’s a seller’s market, making a plan first is always the best thing. Sellers should do some research and plan prior to the process to avoid the after stress. Comprehend the costs of selling your houseThere are different costs that come with home selling. The biggest costs associated with home selling in San Francisco include; realtor’s commission, escrow and closing costs, city transfer tax and any renovation costs.

The don’ts when investing in San Francisco •

•

Don’t ignore selling at the best of the year – basically, during spring is the busiest and appropriate time in the San Francisco market. This is in mid January to May. Prices are quite high and more buyers at this particular time and sellers should put their houses on market. Don’t invest in low staging – It’s always important for sellers to stage their home, and showcase what makes the homes special than other homes. This allows the buyers to have an emotional connection with the property. Wrong pricing – In San Francisco, home prices and value are the first impression to a buyer. Investors should price according to the San Francisco average home prices.

San Francisco market is amongst the markets good track record for long term real estate investments. This is a lucrative market environment for investors. Are you an investor and you have doubts whether to invest now or later? Reach out to Eric Lawrence Frazier MBA DRE 01143484 NMLS 461807 today and find out more! The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage in various thoughts of leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help you make your home ownership dream a reality. Go to www.neverrentagain.com and get started today. Eric Lawrence Frazier MBA, Vice President and Mortgage Advisor of First Bank, NMLS 461807. President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com References https://realsfproperties.com/resources/top-ten-tips-for-selling-your-home-in-sanfrancisco/ https://www.noradarealestate.com/blog/san-francisco-real-estate-market/ https://www.millionacres.com/market/california/san-francisco/

Every Other Friday

10:00 AM - 11:00 AM

Promote Your Listings Online CALL ME FOR MORE INFORMATION ERIC LAWRENCE FRAZIER MBA (714) 361-2105 eric.frazier@fbol.com www.thepowerisnow.com

YOUR VOICE IS YOUR BRAND! INCREASE LEAD GENERATION, AND GIVE YOU THE POWER TO CLOSE MORE DEALS!

They told us to “Live someplace else.”

We have rights. We called HUD.

SCAN HERE FOR MORE INFO

We found a three-bedroom apartment we loved in a great neighborhood with good schools and a beautiful park. But the landlord told us to live someplace else that would be better for our family. We filed a complaint with HUD, and now we have a wonderful place to live.

Here are some telltale signs of housing discrimination against families with children:

• • • •

Allowing only one child per bedroom Charging a higher security deposit for families with kids Limiting families with children to the first floor or certain buildings Refusing to rent to families with children

Fair Housing Is Your Right. Use It. Visit www.hud.gov/fairhousing or call the HUD Hotline 1-800-669-9777 (English/Español) 1-800-927-9275 (TTY)

A public service message from the U.S. Department of Housing and Urban Development in partnership with the National Fair Housing Alliance. The federal Fair Housing Act prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. For more information, visit www.hud.gov/fairhousing.

By Johnnie Morine

Is it a buyer or seller market?

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buyers market occurs when there are more homes for sale than there are buyers in the market hence, favoring the buyers. On the other hand, a sellers market refers to when there are more buyers looking for homes than there are homes available. This market favors the sellers, since they receive more offers from buyers. What are the determinants of housing market conditions? To start with, the available inventory- Basically, if the inventory is more than seven months worth the sales , it’s a buyer’s market. If the inventory is less than five months worth of the sales it’s a sellers market. A market is said to be balanced when the inventory is between five and seven months worth of sales, this type of market is favorable for both the seller and the buyer. Interest rates-when mortgage interest rates are low, more buyers can afford to pay for houses therefore the house demand is high as more buyers . Contrary, when the mortgage rates are high, it becomes difficult for buyers to enter the housing market since they can’t afford buying the house. This is a buyers market.

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Here’s what you need to know about the Texas housing market

Home price sales-When the home prices are high, that is a buyer’s market but when the home prices are low it automatically becomes a seller’s market. AS RELEASED BY NORTH TEXAS REAL ESTATE Information System estimates Texas inventory rates have decreased to 2.1 months due to reduced number of homes added to Multiple Listing Services. Total Texas housing starts has declined by 6. 1 percent per capital due to hiked prices of lumber which has increased to 60 percent. In Austin inventory decreased to 0.4 months, in North Texas inventory decreased to 0.9 months while Dallas and Fort Worth decreased to 1.0 months and 1.4 months for Houston. The mortgage rates in Texas decreased to 3.0 percent in May till now . This is as per the Federal Home Loan Mortgage Corporation 30-year fixed rate. This has led to lower prices of homes for sales. The total sales for Texas homes rose by 2 percent in May as a result of low mortgage interest rate. The sales of homes in Dallas and Austin increased

The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage in various thoughts of leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home 32

by 23 percent, while sales of San Antonio increased by 1.9 and 1 8 for Houston. As a result of low mortgage rates and less inventory , the Texas median home prices rose to 23 percent. Dallas indicated a home price rise to 26. 8 percent, Houston home price increased to 20.6 while San Antonio’s home prices rose to 16.1 and 24.0 for Fort Worth. All these factors and data lead to a conclusion that the Texas housing market is currently a seller’s market. Home owners should therefore take advantage of the market status while they still can before it shifts to a buyer’s market. Also home buyers in Texas have an opportunity to buy homes since the mortgage rates are low, which makes house affordability easier despite their high prices. Changes in the economy may occur anytime, affecting the real estate world by shifting it to the buyers market. This an ideal time to become a homeowner, seize this opportunity! Reach out to Eric Lawrence Frazier MBA DRE 01143484 /NMLS 461807 today and find out more!

buyers. The Power Is Now Media Inc. can help you make your home ownership dream a reality. Go to www.neverrentagain.com and get started today. Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807. President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com

References https://www.nbcdfw.com/news/nbc-5-responds/howbuyers-can-compete-in-hot-north-texas-housingmarket/2671995/ https://www.recenter.tamu.edu/articles/technicalreport/Texas-Housing-Insight

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

YOU DESERVE TO LIVE SAFE FROM SEXUAL HARASSMENT.

Sexual harassment by a landlord or anyone related to your housing violates the Fair Housing Act. If you receive unwelcome sexual advances or are threatened with eviction because you refuse to provide sexual favors, you may file a fair housing complaint. To file a complaint, go to

hud.gov/fairhousing or call 1-800-669-9777 If you fear for your safety, call 911.

FAIR HOUSING IS YOUR RIGHT. USE IT. A public service message from the U.S. Department of Housing and Urban Development in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. For more information, visit www.hud.gov/fairhousing.

By Sharon Bartlett

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he average realtor commission rate in Texas is 5.78 percent according to publication by Texas Average commission rate. However, FSBO houses usually have no realtor’s commission since there is no real estate agent involved. Based on research, the prices of FSBO houses are 6% less compared to Multiple Listing Services (MLS) houses. This is because FSBO eliminates the listing agent’s commission. Most Buyers in Texas do not usually have intentions to buy homes that are FSBO but as these properties normally pop up in the real estate market, buyers sometimes consider them. Apart from the less expensive aspect of FSBOs other benefits that make buyers prefer FSBOs to listed homes are; direct and effective negotiations and simplified schedules with the sellers. Contrary, FSBO has disadvantages and risks that outweigh the pros. For this reason, buyers tend to involve a real estate agent in the buying process. l

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Can you buy a FSBO home with a Real Estate Agent in Texas?

Before buying a FSBO in Texas, the buyers should first consider the stage at which they are in the buying process. If the buyer is just starting or in the preceding stages, they are not at all legally bound to use a particular buyer’s agent. However, if they have already signed the buyer’s agent contract, they are bound to work exclusively with the agent for the whole home buying process period (Usually around six months). Nevertheless, cancelation of the contract is allowed for specific valid reasons. This is mostly in case the buyer is not content with the agent’s work or the agent acts unprofessional. WHO SHOULD PAY THE REAL ESTATE AGENT FEE? Typically, the buyer contacts the real estate agent to ask the home seller to sign the fee agreement. In Texas normally, the home seller is supposed to pay for both buyer and realtor agent’s fee but in some cases, sellers may decide to pay for the buyer’s agent fee only. This is acceptable since it is a FSBO and it is not listed. As explained by Heather Richmond, a real estate agent with Century 21 Prestige Realty, homeowners selling their property usually tend to only pay for either the real estate agent‘s fee or the buyer’s agent’s fee in order to save more. Some sellers, on the other hand, may pay for both agents. “Many private sellers are willing to cooperate with buyer’s agents for they know that the paperwork will be handled correctly and that the buyers have been properly qualified to make the purchase. It is therefore possible to buy a home with real estate in Texas provided the seller will work with an agent. It is unfortunate that most sellers avoid working with agents so as to save on the money used to pay the buyer’s agent. It is nonetheless important to have an agent whenever buying FSBO homes since they are ultimately helpful throughout the home buying process. Buyer’s agents are mostly representatives of the buyer and can always be contacted by homeowners on behalf of the buyer. Most of the Texas agents do not enjoy working on FSBOs without a real estate agent involved. This is due to the fact that they do not want 36

the liability which comes along when only one agent is involved in the home buying process and also because working without a listing agent would mean more work for the buyer’s agent. As much as Texas agents are willing to help any buyer who wants to buy FSBO, they would not offer this service for free.

“None of my buyers have purchased an FSBO at this point; however, it is something I would be open to helping them with. They would just need to understand that if the seller isn’t willing to pay a commission for my services that it would fall to them. While I’m open to negotiating my commission based on the services I provide in a transaction, I’m not open to working for free. In fact, without having a real estate agent on the listing side of the transaction my level of involvement would probably be higher with an FSBO.” Sharon Bartlette, the National Director of Operations for US REO Partners. With all the possibilities of buying a home FSBO, there are several risks that come with it. I don’t think that this mode of buying homes perfectly suits everyone in the Real estate market. Currently, there are fewer buyers considering FSBO in Texas, this may be due to the myths about FSBO which are clearly misleading. I believe that it is the responsibility of every buyer in Texas to understand and apply the tips for buying an FSBO home before considering the option to buy a house FSBO. Prospective buyers always look into the home options that are cost-effective and FSBO is not less of these options. It is easier and less risky to buy an FSBO home when you work with an agent. You need to work with an agent who has knowledge and experience in the real estate market. An agent that you can trust enough to offer you the legal advice you need to know about the market but mainly, you need an agent with expertise in establishing property values or has the power to negotiate for the best terms for a sale. Alternatively, it

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

is more preferable to choose the better option. You can just buy listed homes in MLS. You have the opportunity to become a homeowner without having to spend more than you can afford. You can own your dream home in one of the best MLS-listed homes right away especially with the

current low rates. Avoid the risks Of FSBO homes while you still can! Wondering how? Reach out to Eric Lawrence Frazier MBA DRE 01143484/NMLS 461807 or Sharon Bartlett, the National Director of Operations for US REO Partners and one of our VIP Agents in Texas today and find out more!

ABOUT THE AUTHOR Sharon Bartlett is a real estate and mortgage industry expert with almost 40 years of experience. After spending 35 years at Freddie Mac, Sharon set out on a path to create her dream job. She started with her consulting firm, Sharon Bartlett Consulting, LLC, which lead to obtaining her real estate sales license, and then the creation of a real estate training company, the Real Estate Academy for Learning (REAL). Most recently, Sharon became the National Director of Operations for US REO Partners, a nationwide real estate trade organization that connects and trains REO professionals. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage with various thought leaders to make sure that you are equipped with the knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you better prepare for the future. We are also advocating for first-time –home buyers. The Power Is Now Media Inc. can help you make your home ownership dream a reality. Go to www.rentagain.com and get started today. Eric Lawrence Frazier MBA, Vice President and Mortgage Advisor of First Bank, NMLS 461807. President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com WWW.THEPOWERISNOW.COM

References https://www.thebalance.com/buying-for-sale-by-owner-1798295 https://listwithclever.com/real-estate-blog/how-to-sell-a-house-by-owner-intexas/ https://listwithclever.com/average-real-estate-commission-rate/texas/ https://www-realtor-com.cdn.ampproject.org/v/s/www.realtor.com/advice/buy/ can-you-buy-a-fsbo-home-with-a-real-estate-agent/amp/?amp_js_v=a6&amp_ gsa=1&usqp=mq331AQKKAFQArABIIACAw%3D%3D#aoh=1628182407316 7&referrer=https%3A%2F%2Fwww.google.com&amp_tf=From%20%251%24s&am pshare=https%3A%2F%2Fwww.realtor.com%2Fadvice%2Fbuy%2Fcan-you-buy-afsbo-home-with-a-real-estate-agent%2F

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EMERICK A. PEACE

#320004 240-882-0198 EmerickPeace@KW.com Your #1 Referral Source for Phenomenal Service in Washington, DC & Maryland

By Emerick Peace

How much should you offer on a home? Should you go below or over the asking price?

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1. WHAT KIND OF MARKET ARE YOU IN? A real estate market is either a seller’s or buyer’s market. There is a slight chance of a balanced market, but most times, the market is either a seller’s or buyer’s market. In a buyer’s market, the inventory supply is greater than the demand. In this kind of market, the homebuyer has some negotiating power, seeing that people aren’t exactly lining up to buy the home. The home seller would be willing to accept a below-list price offer. Remember, the offer should be so low that the seller disregards you altogether. In a seller’s market, the tables are turned. The seller has the power, so it is unlikely that the seller will go below the asking price. The market will be very competitive, with multiple offers on a home, so go in gun blazing and offer the best offer. In this market, it is easy to get carried away in the bidding wars and end up overpaying on a property. Remain grounded; to do so, have a budget that dictates how much more you are willing to pay for a home. Agreed, a home may be perfect in your eyes, but with the closing costs and other unexpected fees, is the house really worth it? l

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he pandemic has changed the playing field. The supply and demand dynamics have been out of sync, and with the supply being so small and the demand being great, the housing market for the past year has been very competitive. Price appreciation has gone through the roof, and multiple offers are made on the same property. In a market this competitive, it is easy to get outpriced. It is, therefore, crucial when making an offer that will topple the competition. One that will not offend the buyers and one that will not have you overpay on purchasing the home. It’s all about finding the right balance. That is easier said than done, so here’s a small useful for both the pandemic and postpandemic guide to help you determine what to pay.

2. HOW LONG HAS THE HOUSE BEEN ON THE MARKET? It is a treat to work with a motivated buyer. To find one shouldn’t be difficult; this information is available on most real estate listings, and if not, your real estate agent should be able to find this information for you. The longer the time a house has spent on the market, the more negotiating power you have. The duration makes the seller motivated, and they would be open to a lower offer. Conversely, don’t go making lowball offers to properties that have barely stayed on the market. These sellers are very unwilling to compromise on the price. If you are going to make an offer on such a property, offer the list price or over the list price-with limit, of course. Factor in your monthly mortgage payments and all other expenses; can you afford it? 3. HOW ARE SIMILAR HOMES SELLING ON THE MARKET? If you have reviewed the market and the length of time homes are spending on the market, the next step will be to conduct a comparable analysis (comps) or a comparative market analysis (CMA). Your focus should be on homes sold within three months, within a half-mile and one-mile radius, and with the same square footage as your prospective home. You will carefully go through the list price and sale prices of these homes. With this information, you will be able to make a great offer and get your home at a fair price without overpaying! The common denominator in all these factors is affordability. To know how much to offer on a home, you must know how much you can afford. That will save you and your realtor valuable time. Finding a suitable home needs work, so don’t be afraid to go looking for that motivated seller, don’t be lazy, analyze the market and finally do a comparative analysis. A limit is essential; you want to buy a home that you can afford in every regard. Therefore, have an informed price cut above which you can’t go beyond. All these tasks may seem tedious, but it should be a breeze with the right real estate agent. The Power Is Now Media Inc. has a host of very talented agents willing to walk you through the homeownership journey. Head on to www.thepowerisnow.com and choose one in your locality. To find more tips on homeownership, check out The Power Is Now media Inc.’s youtube page. 42

ABOUT THE AUTHOR. Emerick has over 28 years of real estate sales experience with over one thousand eight hundred (1,800) successfully negotiated settlements from all aspects of the business (REO, probate, short sales, auctions, and traditional sales). Emerick Peace is the Operating Partner and owner of Keller Williams Preferred Properties (KWPP). KWPP is a multi-billion dollar residential, luxury, and commercial real estate sales brokerage with more than 570 associates located in Upper Marlboro, Maryland (Prince George’s County). Keller Williams Preferred Properties is the undisputed #1 real estate brokerage (market share, transaction, and sales volume) in Prince George’s County, Maryland, and one of the largest single office brokerages on the eastern coast. KWPP is ranked #443 of 84,000 residential brokerages in the United States, according to the 2018 Swanepoel Real Trends Report and #35 in Keller Williams worldwide. Its operational footprint runs throughout the Baltimore and Washington DC Metropolitan Area, operating primarily in Washington DC, Prince George’s Maryland. He oversees “The Peace Team,” a twenty million dollar plus sales and marketing team. His career highlights include Prince George’s County Association of Realtors Hall of Fame and a host of sales, leadership, and community service awards. ABOUT THE POWER IS NOW MEDIA INC. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all over the United States. We engage with various thought leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help your homeownership dream a reality. Go to www. neverrentagain.com and get started today. Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807 President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com Sources: https://www.thebalance.com/making-an-offer-to-buy-a-home-1798307 https://www.opendoor.com/w/blog/how-to-determine-what-to-offer-on-a-house

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

By Adriana Montes

The top 5 contingencies you should never remove when buying a house in Florida

Some contingencies can be negotiated upon but there are those that are very essential in a contract and buyers should never remove them in any given situation. They are; WWW.THEPOWERISNOW.COM

HOME INSPECTION CONTINGENCY: Buyers request thorough inspections in the house they are about to purchase. Multiple inspectors may be involved depending on the scope of the inspection being carried out. There are various inspection types that include; home pest, water and sewerage systems, roofing, just to mention a few. In Florida, pest inspection is highly recommended due to the high infestation of termites. After the inspection, the buyer negotiates with the seller on the repairs to be done. Alternatively, the buyer might cancel the contract if the house needs a lot of remediation. FINANCING CONTINGENCY: this is especially for buyers buying their home using a mortgage. The mortgage process takes time before one can be granted the loan. Sometimes the mortgage loan may be denied for some reason. This contingency therefore can be of help to the buyers, in that if the loan is not granted within the contingency period they or the buyer has no finances to pay for the house, they can just cancel the contract. As said by Dave Herman, President of EZ Surety Bonds, “This clause asserts that your offer is dependent on being able to secure finances. If you remove l

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n the real estate world, contingencies refer to a contract that states conditions that must be met before finalizing the sale of a home. Contingencies protect both the buyer and the seller and give them a chance to cancel the contract without any penalty if the conditions are not met. Florida is currently at the seller’s market phase. The inventory is low compared to the buyers willing to purchase houses. For this reason, buyers are making the best and irresistible offers to sellers in order to get the house. Some buyers are even removing contingencies as a way of making their offers more persuasive. This, however, is a risky decision.

it, you may not get your deposit back if you can obtain a loan.” APPRAISAL CONTINGENCY – mostly this contingency works together with financial contingency because mortgage companies consider an appraisal as one of the conditions to grant the loan to the buyer. The fair market value of a home is typically determined by an appraisal and therefore, appraisal contingency protects a buyer if the home sale price doesn’t fall to the level of fair market value. In such cases, the buyer negotiates with the seller to reduce the price but if it doesn’t work, the buyer cancels the contract. INSURANCE CONTINGENCY – This contingency usually provides protection to a buyer for inevitable natural calamities such as fire, hurricanes,

earthquakes, and molds. Florida has an increased chance of hurricanes and mold. This is why it’s important for Florida home buyers to have this contingency in their contracts. The buyer can cancel the contract if the house is affected by hurricanes and mold within the contingency period. TITLE CONTINGENCY – The title is a legal document that indicates the current and previous property homeowner. Similarly, it shows any disputes and liens associated with that home. Before presenting the title to the buyer, the seller should make sure that it is clear with no issues. If the seller doesn’t solve and clear the title issues before the contingency period ends, then the buyer can cancel the contract. Any contingencies to be included

in a contract should be written and agreed upon by both seller and buyer. In Florida, it is advisable to have a Florida real estate agent as part of this agreement to ensure that the process runs smoothly and that all contingencies are properly negotiated. As much as the contingencies are important, the buyer should limit the contingencies and allow a reasonable time limit to make the offer appealing. The proper and best way to be sure that real estate transactions contracts you are making are ideal is to look for reliable real estate consultants, mortgage and financial advisors. You don’t have to look further! Reach out to Eric Lawrence Frazier MBA DRE 01143484 /NMLS 461807 or Adriane Montes one of our VIP Agents in Florida today and find out more!

ABOUT ADRIANA MONTES

ABOUT THE POWER IS NOW MEDIA, INC.

Adriana Montes is a real estate broker/owner and director of divisions of REO Listings, Acquisitions, Rentals, Flips at Florida Dreams Realty Group. A dedicated professional with a long tenure in the default sector that includes over 20 years of experience servicing and selling over 1300 homes and over $200 million in volume within the last 10 years. Adriana Montes and Florida Dreams Realty Group, Inc. have over 50 years of collective experience in the real estate field and corporate environment. They have nurtured an impressive sales and marketing career where understanding that customer service, market knowledge, and experience are the key to success. She is well-known for performing beyond expectations and offering first-rate services to all her customers. To read more about Adriane, follow this link; https://thepowerisnow.com/adrianamontes/

The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all over the United States. We engage with various thought leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help your home ownership dream a reality. Go to www. neverrentagain.com and get started today.

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807 President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com References https://raygarcialaw.com/2020/08/contingencies-in-a-florida-real-estate-contract/ https://www.hg.org/legal-articles/contingencies-that-homebuyers-should-include-in-apurchase-contract-in-florida-39103 https://raygarcialaw.com/2020/08/contingencies-in-a-florida-real-estate-contract/ https://guamhome.com/real-estate-news/5-contingencies-you-should-never-removewhen-buying-a-house/

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*The Annual Percentage Rate (APR) is a variable rate based upon an index and a margin. The APR will vary with the Prime Rate (the index) as published in the Wall Street Journal. The variable rate APR will range from Prime + 0% to Prime + .425%, depending on the applicant’s credit score. This variable rate is based on auto-debit of payments from a First Bank checking account. If not auto-debiting payments from a First Bank checking account, add .75% to the rate. The APR may increase or decrease but will not exceed 18% nor will fall below 4.25% except during the 12 month promotional period. During the promotional period the rate will be based on applicant’s credit score with either Prime - 0.26% or Prime + 0.34% and both promotional rates requires auto-debit of payments from a First Bank checking account. As of September 1st, 2020, the APR ranges from 4.25% to 4.425% and the promotional rate is 2.99% or 3.59%. Rates are subject to change. This promotional rate is available only for consumer checking account clients of First Bank who do not have a HELOC with First Bank as of August 31st, 2020. Offer available for applications accepted during September 1st – September 30th 2020. No closing costs on lines up to $1,000,000 for standard documentation; third-party fees to be paid by borrower for loans over $1,000,000. Member FDIC

THE POWER IS NOW

MAGAZINE

WEST COAST EDITION

By Yvonne McFadden

hoenix is one of the hottest housing markets in the United States of America. After a quarterly survey by Pulsenomics LLC under Zillow was conducted, a group of economists and experts predicted that Phoenix would rank second hottest market in the U.S. behind Austin in real estate before the year ends. 84% predicted that Austin would witness tremendous growth in home value. 69% voted Phoenix second, 67% voted Nashville third, while 60% of real estate experts and economists believed Tampa would perform better than the national average. Some experts think that Phoenix will take the WWW.THEPINMAGAZINE.COM

number one spot before the end of 2021, but will that happen? Yvonne McFadden brings you to speed with the market data, trend, and forecast for Q4, 2021 in Phoenix. HOUSING MARKET TREND IN PHOENIX Looking at the market data, shows that Phoenix is a force to reckon with in the real estate world. Over time, the city has shown its resilience to recover from a slump - the 2008 market crash and now to the Coronavirus. In Greater Phoenix - a metro area in Phoenix, records show that average sales price increased to about $510,000 in June, while median sales price surged to approximately $400,000. In addition, new house listings went up 10.4% in April, while total active listings saw a 5.3% increase l

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Phoenix Real Estate Market Data, Trends, and Updates for Q4, 2021

in MoM. In June, it took just a month to sell a property at the current price according to the Months Supply Inventory. Rental prices aren’t left out, with twobedroom apartments going for an average of $1100. It shows that the real estate market in the sunny city is a seller’s market, and has bounced back from the slump inflicted by the pandemic. In Arizona, people are looking to buy a home in Maricopa County, especially in Phoenix due to the favorable living conditions and culture. So, it’s expected that people will continue to move to the city. These people will force demand to skyrocket, and the higher the demand, the costlier the houses. Judging by the current upward trend, Phoenix will remain a seller’s market till June next year, and any price reduction, whether soon or not, is unlikely. WILL THE Q4 FORECAST FOR PHOENIX HOUSING MARKET HAPPEN? With all things being equal, it’s becoming likely that house prices in Phoenix will continue to rise. Since 2011, home median prices have appreciated a whopping 238%. According to Zillow, the home value went up 24.6% from

last year. Even with the slump in demand during the lockdown, home prices remained high. Now, demand has even reached a record height. The primary factor that fueled this demand is population. Phoenix is ranked fifth largest city in the United States. Since the start of the millennium, the city has added an estimated 1.6 million people. These people are drawn to the city because of the improved quality of life, job opportunities, affordable familysized homes, culture, and slightly low cost of living. The skyrocketing population caused the housing market to experience low home availability and supply, which created the bubble that has been happening over the years. Surprisingly, Phoenix is still a much more affordable city than others. However, being more affordable doesn’t mean it isn’t expensive. As long as demand increases and the shortage of affordable homes continues, you shouldn’t expect home prices to decline anytime soon. Home sales declined 5.8% in May, but it didn’t mean that price declined. The reason for the slow pace in home sales

ABOUT YVONNE JETT MCFADDEN I am a veteran in the real estate industry. My business has been extended for over 30 plus years. My clients range from all walks of life. I recently added a foreign presence by becoming licensed in Dubai. I have fun with my clients while making one of the most important decisions of their lives. I take time to explain the process to guide them through tough decisions.

is because many homebuyers couldn’t keep up with the outrageous cost of houses. However, one thing that might change the Q4 forecast and slow the real estate market down is if the current deadly Delta variant of the Coronavirus forces the country into lockdown. If this happens, investors and sellers will be scared to conduct business. For homebuyers, it would be a massive mistake to wait for sale prices to drop before purchasing a house. We have already stated that the Phoenix real estate market will not cool off, especially with the current inventory and low supply of homes. Mortgage rates might plummet in the next few months, and that’s why you need to take advantage of the current rate to purchase a home before it appreciates. Why don’t you reach out to Yvonne McFadden, one of our Agents in Arizona today, or contact Eric L. Frazier for assistance with purchasing a home or investment property? Eric L. Frazier MBA is a licensed Mortgage Advisor NMLS 461807 with First Bank and can be reached at 800-261-1634 ext. 703.

and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www.thepowerisnow.com. Published by Eric Lawrence Frazier, MBA. References

ABOUT THE POWER IS NOW MEDIA, INC. The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA,

https://azbigmedia.com/real-estate/residential-real-estate/phoenix-no-2-among-hottesthousing-markets-of-2021/ https://www.noradarealestate.com/blog/phoenix-real-estate-market/ https://potempateam.com/is-it-a-good-time-to-buy-a-home-in-arizona-2021/ https://www.yourvalley.net/stories/experts-arizona-rents-will-continue-rising-at-recordpace,226045

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

By Peggie Simmons

Arizona Housing market:

Is it really safe to sell your home right now.

The pandemic might have caused a real estate slump early last year, with fewer active listings, but the market bounced back like never before. The Arizona market is now hotter than this time last year, scoring a 76 out of 100 on Redfin’s competitive scale. It is leaning heavily on being a sellers’ market. That means that people on the market are paying well above the median listing price. As such, the market is favouring sellers more. But even so, with the pandemic still lingering, sellers are wondering whether it’s a good time to list their homes. Let’s look at the trends. DEMAND. A common fear among home sellers is the fear that WWW.THEPOWERISNOW.COM

their homes could stay on the market for months. It might put you to ease that the Arizona housing market is very competitive. Houses are, therefore, flying off the shelf. An average home in Arizona is spending a mere 22 days on the market. That is a big leap from last year’s 41 days. And according to Redfin.com, the most desirable homes are spending less time on the market, that is, six days only. This demand should remain steady as more and more millennials peak and reach thirty. At age thirty, most people need to set roots and buy a home. And as we speak, a great number of real estate transactions are being made by millennials. So yes, the demand for housing is there for the next three years. HOME PRICES. Another significant concern is whether selling now will give you returns, and not just any returns, good returns. The Arizona l

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rizona is drawing in homebuyers in droves. And it’s easy to see why. Arizona is one of the few states where there is a low cost of living without compromising the quality of living. It is among the cheapest metro cities to live in. Additionally, the Arizona housing market provides a wide portfolio catering to those in the market, whether a condo or a castle.

market, as most markets are now, has a unique supply and demand dynamic. The market is seeing a shortage in supply for homes, and this supply is being met by stiff demand. That dynamic has provided a perfect environment for price appreciation. As of June 2021, home appreciation increased by 30.0 % statewide, and experts say prices could continue rising in the coming months. This price appreciation is being met equally by an increase in home values. Home values have gone up by a whopping 22.7% from last year. And as a seller, it is important to note that you will get good returns on your sale. That is because an average home in Arizona is selling over list price. In Phoenix, that’s 2% over the median list price and 7% for the hottest homes. HOME SALES. There is safety in numbers. It is comforting to know that other people are listing their homes as well. The number of homes sold in Arizona in June this year rose by 9.7%, and, in Phoenix alone, there were 2,797 homes sold in June, an improvement from the 2,484 sold last year. Unfortunately, the number of homes for sale dropped by 31.3%. An indication that the supply in Arizona is still very slim. With the supply being so low, the demand could work in your favour. The high demand for homes is causing a lot of bidding wars, and as such you are likely to get more than the median list price.

ABOUT THE AUTHOR:

Peggie Simmons has 34 years’ experience as a real estate agent and broker in Tempe, Arizona, and currently serves as the Founder and CEO of Realty Marketing Group specializing in relocation, new homes sales, traditional homes, marketing & sales, short sale negotiations, foreclosures, luxury rentals, investments among many others. Peggie has a heart of gold, boldness and unbridled enthusiasm that drives her passion. She has been a resident of Arizona since 1983 which makes her the perfect choice and your go-to real estate agent in Arizona. She is an Accredited Buyer Representative (ABR), a Certified Residential Specialist (CRS), a Multi-Million Dollar Producer, a Certified Short Sale Property Expert (CSSPE), and a Certified Distressed Property Expert (CDPE), all of which means you will be dealing with a highly qualified professional who knows what she’s doing. Mrs. Simmons’s hard work, charisma and a true passion for her business have helped boost her reputation as a qualified realtor. In fact, she has a strong ethos that pushes her to exceed her client’s expectations by delivering exceptional services. Mrs. Simmon’s area of interest is real estate, whether it be navigating the way for your first home, or even trying to score a perfect distressed property, or providing help in the luxury market, Peggie knows and has had a taste in it all.

ABOUT THE POWER IS NOW MEDIA, INC. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all over the United States. We engage with various thought leaders to The housing market trends in Arizona are make sure that you are equipped with knowledge about our indicating that now is a good time to sell. economy. We have partnered with First Bank to provide you The demand in Arizona is ripe and the with products and services that will help you prepare better supply of homes is slim, but that works in for the future. We are also advocating for first-time home your favour. You are more likely to sell your buyers. The Power Is Now Media Inc. can help your home home for much more than you expected. ownership dream a reality. Go to www.neverrentagain.com And most importantly, the housing market and get started today. in Arizona is safe; sell now! You might not know where to begin and the process may Eric Lawrence Frazier MBA DRE, feel overwhelming. It doesn’t have to be Vice President and Mortgage Advisor of First Bank, that hard. Head on to the Power Is Now NMLS 461807 Media Inc. and connect with our VIP agents. President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com. www.thepowerisnow.com If you are looking to sell in the Arizona region, reach out to Peggie Simons https://www.thepowerisnow.com/peggiesimmons/ 56

Sources: https://www.redfin.com/state/Arizona https://youtu.be/nHbzJwHLzxQ

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

By Kamesha Keesee

Is It Possible to Buy Your Dream Home and Still Save Money In Corona, CA?

he state of California has become synonymous with the rising cost of houses for the last decade, considering the booming real estate market. Over the years, the state has become a real estate hub for potential investors to profit due to the ever-increasing demand and population influx. The demand is the primary cause of the skyrocketing price of homes in the state.

CORONA IS A LOW-COST CITY COMPARED TO OTHERS IN CALIFORNIA The quest for affordable housing is driving many first-time homebuyers out of major metros in the United States. Homebuyers do not only want a lowbudget house but a large-spaced one. Large and family homes are too expensive in major cities like Sacramento, and it’s driving homebuyers to search for less costly family-sized houses. Corona is a decent, relatively quiet city in Riverside WWW.THEPOWERISNOW.COM

County with a low population index. It’s also an unpopular city compared to Sacramento or Los Angeles, but a good area if you want to purchase a home at an affordable price and still save money. Housing costs are still high but incomparable to other California cities like Los Angeles and San Francisco. According to Redfin, the Corona real estate market scored 81 out of 100 in competitiveness, which shows that it ranks among the competitive l

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High prices have made it difficult for first-time homebuyers to purchase their dream home in California, but in cities like Corona, it’s somewhat different. Homebuyers are asking if it’s possible to buy a house and still save money in the city. This is our expert’s opinion on the topic.

cities where one could still afford a decent living. Currently, average homes sell 4.3% above the asking price, going as high as $680k at the time of writing this article. In Los Angeles, median sale prices of homes went up in May by 10.6%, selling for over $950k. Comparing the two cities, you can see that house prices are more affordable in Corona than in LA. There are several reasons housing is less costly in Corona compared to other big cities. Firstly, the cost of living is relatively lower, and the economy in Corona is not reliant on the tech industry. The tech boom is a significant factor contributing to the high cost of living and houses in the Bay Area. Corona thrives on a diversified economy. The major occupations include office administration and sales. If your job centers on that, you will enjoy living in Corona. Another factor that contributes to the low home prices is the commute time. Unlike Los Angeles, where most neighborhoods are close to recreation spots, office buildings, and malls it takes people quite a while to move from their houses to offices in Corona. A commuter spends an average of 36.7 minutes on the road, which is above the national average of 26.4. Plus, the roads witness heavy traffic between 7-9 am and 3-6 pm.

Not everyone will find Corona attractive, especially if you are coming from a big city. Job opportunities and quality of life are significantly better in Los Angeles and Sacramento, but if you want to purchase your dream home at a lesser cost, you might consider moving into this city. Yes! You can still save money in Corona after purchasing your dream home. You can find several beautiful homes in neighborhoods like Knabe Road, Liberty Avenue, Cleveland Avenue, etc. But before you decide to relocate, ensure that you check all the boxes. Don’t be deceived by the current home prices in Corona. The housing market in California and other U.S. states is in a frenzy mode, and houses are expected to continue increasing, as long as demand continues to surge. In a few months, median house prices in Corona might rise above $750k. Take advantage of the current price and reach out to us to help you secure your dream home. If Corona sounds like the place you want to move to, Contact Eric L. Frazier for assistance with purchasing a home or investment property or get in touch with Kamesha Keese, one of our VIP Agents stationed in Corona. Eric L. Frazier MBA is a licensed Mortgage Advisor NMLS 461807 with First Bank and can be reached at 800-261-1634 ext. 703.

ABOUT KAMESHA KEESEE Kamesha’s journey in the real estate business began when she was 15 years old, where she was employed as a teller at Security Pacific Bank. Being energetic and as curious as she was, she quickly adapted to the changing employment environment and became a personal loan officer. This would be a remarkable point in her life as it was her first contact with the real estate industry. Even though her early career in real estate was not by choice, but by somewhat an accident, it would turn out to be the best turn of events for her. To find out more about Kamesha, go to; https://www.thepowerisnow.com/ kamesha-keesee-2/ ABOUT THE POWER IS NOW MEDIA The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www. thepowerisnow.com. Reference Links https://www.niche.com/places-to-live/corona-riverside-ca/reviews/ https://www.neighborhoodscout.com/ca/corona https://www.redfin.com/city/4249/CA/Corona/housing-market https://www.bestplaces.net/city/california/corona

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

3 TOURS. 2 PURPLE HEARTS. 1 EVICTION NOTICE.

SCAN HERE FOR MORE INFO

When my landlord found out I had Post-Traumatic Stress Disorder (PTSD), I received an eviction notice. That’s when I called HUD for help. If you feel that you’ve been discriminated against because of a mental or emotional injury or disability, report it to HUD or your local fair housing center.

Visit hud.gov/fairhousing or call the HUD Hotline 1-800-669-9777 (English/Español) FAIR HOUSING IS YOUR RIGHT. USE IT!

By Ameer Elahee

WAITING TO BUY YOUR HOME RIGHT NOW COULD COST YOU MORE IN THE FUTURE

Many renters are trying to decide if now is the perfect time to get out of their monthly rent and get a beautiful home. Even homeowners consider getting a new home to meet their needs but wonder if the timing is ideal. Well, this is an honest opinion of the current housing market.

WWW.THEPOWERISNOW.COM

Home Value Will Appreciate By 7.7% According to major players in the industry, forecasters, and experts, the home value could rise by almost 8% in 2022. It means that homes valued at $300,000 could be worth about $325,000 a year from now. If the mortgage rates rise above 3%, it means you would be paying a substantial amount of money monthly for the duration. Currently, mortgage rates still linger at 3%, but Freddie Mac and Fannie Mae forecast that they could go as high as 3.5% in 2022 as the economy continues to recover from the pandemic. Mortgage Bankers Association also predicts that the rate could reach 3.9%. l

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et’s face the fact. The housing market is in a crazy, red hot state and perhaps it will stay that way for quite some time. The real estate market is getting back to its pre-pandemic level, and only one group is constantly smiling to the bank - the sellers. For the buyers, it just keeps getting worse. It’s a question of ”when will this quagmire be over?” but will it really be over?

If the rate gets higher, purchasing costs will also increase. IS IT BETTER TO BUY NOW OR SAVE UP FOR LATER? The fact is, waiting is dangerous, and could cost you a great deal in the future. If you are hoping for the prices to crash before purchasing a home, I’m sorry because it won’t happen anytime soon. There’s no forecast from experts that house prices will decline. Even if they do decline, it would only be a slight decline, which means prices would still be high. What should be your next step? Grab the bull by its horns. The price may be a little outrageous, but it will keep getting pricier moving forward, except an unforeseen, devastating incident occurs. With bidding wars and counteroffers commonplace plus low inventory, prices will keep shooting up. Of course, other buyers think otherwise about purchasing a home now. They think holding off a bit is the best decision, considering that the economy is still in a recovery phase, and many people who lost their jobs are yet to have a steady income. Home price isn’t the only thing to factor in when purchasing a home. Even though the interest rate is historically low and you have the down payment, if you don’t have a steady job for the repayment, your home will go into foreclosure if you default. Demand right now is sky-high and the market is unbalanced. To this group of buyers, it would make sense to wait a little more until the market is more even. However, this might not happen anytime soon. Even if the pandemic is totally gone, prices will continue to skyrocket provided inventory is low. While it’s advisable to purchase a home now, you must ensure you check the boxes before going into homeownership. You must have a steady income, a good credit score, and enough savings for the down payment. You should also know the house budget and consider the current state of the market. Right now, buyers engage in bidding wars by making offers above the asking price to win a house. Buyers who are not ready to compete

are pricing out other buyers with cash offers and incentives. The market is competitive, but with a reliable realtor, you should get a good deal. For those who have the financial means, now is the time to buy yourself a home. Who knows? The interest rates could go higher than 3% in a couple of months, weeks, or even in the next few days. When it does, the price of houses will rise again. That’s why you need to take advantage of this opportunity to reach out to us to give you the best house deals available. If you are looking for good deals in Fontana, reach out to Ameer Elahee, a VIP Agent of the Power is Now Media, Inc. in Fontana or, contact Eric L. Frazier for assistance with purchasing a home or investment property. Eric L. Frazier MBA is a licensed Mortgage Advisor NMLS 461807 with First Bank and can be reached at 800261-1634 ext. 703. ABOUT AMEER ELAHEE Mr. Ameer Elahee is a very successful realtor, consultant, international speaker and motivational life coach. One of Ameer’s true passions is real estate sales, first time homebuyers, and homeownership education. Currently Ameer is fulfilling his life long passion in real estate at Keller William’s, where he has achieved every milestone he could as a market leader in the organization where he is very involved. To read more about Ameer go to; https://www.thepowerisnow.com/ ameer-alahee/ ABOUT THE POWER IS NOW MEDIA, INC. The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderateincome and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www.thepowerisnow.com. Published by Eric Lawrence Frazier, MBA. References https://www.google.com/amp/s/time.com/nextadvisor/mortgages/should-i-buya-house/amp/ https://www.google.com/amp/s/amp.cnn.com/cnn/2021/07/12/homes/us-realestate-market-not-buying-a-home-now-feseries/index.html https://www.credible.com/blog/mortgages/when-to-buy-house/

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

Do you know

Peppermint Ridge? We provide a community of loving homes and empowering support services for individuals with intellectual and developmental disabilities.

support and encourage our residents to live their

lives and fulfill their dreams by fully embracing their indvidual abilities and interests. With 24-hour specialized care and staffing, we provide comfortable, secure homes and recognize that everyone feels a sense of belonging when they have familiar places in which to spend time with family and friends.

There

is a true sense of family at Peppermint Ridge. Of the 94 adults who

live at The Ridge, 38 have lived here for more than 20 years, with 10 of those calling The Ridge home for 40 years or more. Residents have the opportunity to flex their muscles of independence while developing rich lives of their own away from their loved ones. About 30% of our residents have no family, so other Ridgers and our staff have become their family.

Many

caring companies, organizations and individuals in

the community enjoy getting to know The Ridge by helping on small projects, hosting fundraisers, lending a hand at events, volunteering in our office, and assisting residents in activities such as arts and crafts, pool days, horseback riding, music and piano lessons, and exercise classes.

825 Magnolia Ave • Corona CA 92879 • 951.273.7320 www.PeppermintRidge.org • Tax ID: 95-2409851

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By Ruby Frazier

A Look at Riverside Housing Supply and What It Means for Sellers

LOW INVENTORY IS SHOOTING UP THE PRICES OF HOMES Riverside is experiencing a short supply of existing and new inventory. Homes available for sale are few to meet the ever-increasing demands from the stable population growth, and this is why we are in a sort of boom. Buyers are outbidding each other to clinch a home, leaving others who opt for house refinancing out of the market.

ousing supply is one of the most talkedabout topics in the real estate world today, and for a good reason. Currently, there is low inventory count in the country because there are more buyers in the market making it a seller’s market, almost everywhere! The demand is still outpacing supply, even with the slow home sales.

Of course, the biggest winner in this whole saga is the seller. Low inventory is good news to sellers because they can adjust the price of houses as they deem fit for buyers ready to cash in. They understand that these buyers would make offers and counteroffers, and as a result, increase the cost. To buyers, the low availability of homes is a nightmare.

But how is the housing market faring in Riverside County of California? How is the current housing supply in the underpopulated area? We take a look at all these in this article.

The pandemic may have contributed to the abrupt increase in housing costs, but it shouldn’t be the scapegoat. The housing market has been experiencing a shortage of homes long before the

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United States confirmed the presence of the first Covid variant. The root cause of the price increase and shortage of homes is the decline in house construction, especially single-family homes. Before 2008, constructors completed approximately 1.5 million housing units in the U.S. every year. Currently, the housing construction is just below a million. If we are to bridge the recent underbuilding gap, we would need to build more than two million homes per year for the next ten years, which doesn’t look feasible. Judging from today’s market prices in terms of building materials, it will take a while before we can achieve our aim of having a good home inventory.

ABOUT RUBY FRAZIER Ruby Frazier, President and CEO of Frazier Group Realty Inc., a full service real estate company with a dynamic team. Our approach is tailored for each of our clients; our solutions are never one-size-fits-all!

In addition, the construction of singlefamily homes declined as a result of the zoning laws. These laws restrict the building of single-family homes in some areas. If we are to accelerate the construction pace, these laws need some modifications as well.

Frazier Group Realty is located in the heart of Downtown Riverside, California, servicing the Inland Empire, Orange and Los Angeles counties. Focusing in residential and commercial real estate as well as property management. Ruby’s objective is to assist buyers and sellers reach their real estate goals.

The good news is new construction has started taking place. Experts expect Riverside’s tight inventory to slightly decrease as 2021 ends and 2022 approaches. Even though the newly built homes won’t bridge the enormous gap, they can ease current low supply constraints. Because of the new constructions, there are early signs of gradual growth in home inventory. Still, it doesn’t mean that the demand will reduce to the barest minimum.

ABOUT THE POWER IS MEDIA, INC. The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderateincome and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www. thepowerisnow.com.

At the moment, it’s still a seller’s market. If you are a seller, you can still make money selling your property, and if you are hoping to buy a home in Riverside, there’s no better time to buy than now. Seize the current market opportunity and low mortgage rates to get home.

Published by Eric Lawrence Frazier, MBA.

If you need the best house deal in 68

Riverside, don’t hesitate to make a move by reaching out to Ruby Frazier, one of the VIP Agents in Riverside County or contact Eric L. Frazier for assistance with purchasing a home or investment property. Eric L. Frazier MBA is a licensed Mortgage Advisor NMLS 461807 with First Bank and can be reached at 800261-1634 ext. 703.

References https://journal.firsttuesday.us/riverside-housingindicators-2/29239/ https://www.bpfund.com/riverside-california-housingoutlook-2021/ https://evandowneyrealestate.com/a-look-at-housing-supplyand-what-it-means-for-sellers/ https://www.google.com/amp/s/fortune.com/2020/10/04/ housing-prices-outlook-2020-mortgage-forbearance/amp/

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

choosing where you live is a right. housing discrimination is wrong. discrimination because of race, color, religion or national origin is illegal. e only way to stop it is for you to report it. Visit www.hud.gov/fairhousing or call the HUD Hotline

1-800-669-9777 (voice) 1-800-927-9275 (TTY) A public service message from the U.S. Department of Housing and Urban Development in partnership with the National Fair Housing Alliance. The federal Fair Housing Act prohibits discrimination because of race, color, religion, national origin, sex, family status or disability. For more information, visit www.hud.gov/fairhousing.

MEET

TIENA JOHNSON HALL

n July 2021, California Governor Gavin Newsom appointed Tiena Johnson Hall as the new Executive Director of the state’s housing finance agency, the California Housing Finance Agency

WHO IS JOHNSON HALL? Professional Background and Appointment Johnson Hall has been a member of CalHFA’s Board of Directors since November 2014. She has served as a Senior Vice President and Manager of Community Development Finance for BBVA Compass Bancshares Inc. since 70

October 2014 where she managed a team of community development finance professionals responsible for the deployment and oversight of equity and equity equivalent capital in support of the Bank’s Community Reinvestment Act investment and lending objectives. The CD Finance Program was launched and developed in 2014 under Ms. Johnson-Hall’s leadership. Her main areas of concentration included investments to CDFIs, Private Equity Real Estate Funds, and the Affordable Housing Competitive Program in participation with the Federal Home Loan Bank of Atlanta and Dallas. THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

wire.com/ https://www.business

Prior to that, she has held various housing positions in both the private and public sectors. Speaking during her appointment, Lourdes Castro Ramírez, Secretary of the Business, Consumer Services, and Housing Agency had this to say about Tiena, “Tiena Johnson Hall brings a passion to helping people build community, and I am excited to have her at the helm at CalHFA,” he added, “That commitment, coupled with her strong background in housing and finance, will galvanize the CalHFA team as it works to expand mortgage assistance, increase the number of first-time homebuyers, and give greater access to financing for innovative housing programs, such as Accessory Dwelling Units.”

“Tiena’s background makes her the perfect person to lead a mission-driven agency like CalHFA that relies on partnerships with all levels of government, as well as the private sector,” said CalHFA Board Chair Michael Gunning. “As a longtime Board member, Tiena has already used her extensive experience and knowledge to help lead CalHFA through some of the most successful years in the history of the organization and we are excited about the future!” That background includes stints as a Vice President and Community

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Development Manager at Bank of the West; a Senior VP and Relationship Manager in U.S. Bank’s Commercial Real Estate Group; Director of Housing in the Major Projects Division of the Los Angeles Housing and Investment Department; Project Manager for Abode Communities and more. For Johnson Hall, living in an affordable housing project a few years after graduating from college and organizing a group to work with the state-owned building to make improvements to the property was a formative experience that made her decide to work in the affordable housing industry. “I believe CalHFA plays a critical role in the state’s efforts to help Californians find an affordable place to call home,” said Johnson Hall. “My time on the CalHFA board has given me an excellent overview of the organization and the opportunity to help shape some of the Agency’s most successful initiatives, such as the innovative partnership with Apple, the national award-winning MixedIncome rental housing program, the widely used down payment assistance program and CalHFA’s commitment to Affirmatively Furthering Fair Housing.” Johnson Hall was selected after a nationwide search to replace Tia Boatman Patterson, who left the position of Executive Director in February to join President Biden’s Administration in the Office of Management and Budget. CalHFA’s Chief Deputy Director Don Cavier

has been serving as the Agency’s Acting Executive Director. “Between California’s housing affordability crisis, the pandemic’s disproportionate effect on lower-income residents and people of color, and the unprecedented amount of Federal and State resources going into housing, now is the time for organizations like CalHFA to make an even more meaningful impact,” Johnson Hall said. A PROFILE OF CALIFORNIA HOUSING FINANCE AGENCY The agency exists to serve the underserved communities in California. CalHFA promises to use its housing resources and expertise to Affirmatively Further Fair Housing in California. These efforts are driven by data that shows how Blacks, Latinos, Asian-American/Pacific Islanders, Native Americans, and other groups continue to be under-represented when it comes to owning homes, and the historical context that has led to that underrepresentation. INITIATIVES BY CALHFA CalHFA has launched a series of programs and initiatives to educate and provide resources that can help close the housing gap for underserved communities. One of the programs CalHFA has undertaken is the Building Black Wealth campaign which is an initiative meant to increase the rate of African American homeownership in California. The African American rate of homeownership especially in the state of California is so far behind which makes this initiative by CalHFA one of the most important goals by the agency.

“Our campaign provides educational materials, and connections to resources such as free housing counseling and down payment assistance to help close that gap.”

BUT WHY DOES THE BLACK RATE OF HOMEOWNERSHIP MATTER? We all know that the bedrock of the American dream is homeownership. This has been the most effective way to build wealth in America and the fact that it can be passed from one generation to the next means that future generations will have better opportunities, including easier access to education and easier access to employment and other social benefits. Understanding the importance of homeownership is where we have to begin because for a long time now, not all Americans have had the opportunity to build wealth through homeownership.

“Historical discrimination through exclusionary housing policies and practices, plus a dwindling supply of housing and a variety of other factors have limited Black families from purchasing homes at the same rate as their White counterparts.” For an entire decade, in the 2010s the rate of homeownership for the African American population has been lower than it was in the 1960s when all other ethnic groups were experiencing massive gains in homeownership. If we are to address fairness in housing, we have to begin with African Americans which makes this initiative by CalHFA a paramount initiative. For more than 40 years, the Agency (CalHFA) has supported the needs of renters and homebuyers by providing financing and programs so more low to moderate-income Californians have a place to call home. Established in 1975, CalHFA was chartered as the state’s affordable housing lender. The Agency’s Multifamily Division finances affordable rental housing through partnerships with jurisdictions, developers, and more, while its Single-Family Division provides first mortgage loans and down payment assistance to first-time homebuyers. CalHFA is a completely self-supporting State agency, and its bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars.

Sources https://www.calhfa.ca.gov/about/board-members.htm https://www.linkedin.com/in/tiena-johnson-hall-032078a4/ https://www.calhfa.ca.gov/about/press/press-releases/2021/pr2021-07-13.htm https://www.calhfa.ca.gov/about/press/press-releases/2021/pr2021-07-20.htm

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

By Cornelius Jackson

ndoubtedly, we are in a bit of a housing market bubble. Real estate experts, speculators, and investors know that, and judging by the rate of incline, everyone is already stating the obvious - that house prices will double before the end of the last quarter of 2021, but will it?

WHY THERE IS A RED-HOT HOUSING MARKET IN IRVINE Typically, some factors contribute to a housing market boom in cities and states, such as population, weather, job opportunities, etc. Irvine, seems to be the converging place for all these factors.

Irvine, one of the cities in Orange County, California, is one of the places that experienced a tremendous housing market boom in the last decade. Despite the Coronavirus affecting the real estate market and offsetting transactions, the city remained among the most competitive cities in California and nationally. Our expert looks at the real estate market in Irvine and what you should look out for in Q4.

Over time, Irvine has continued to remain an incredible place for people, especially for families. The FBI ranks Irvine as the safest city to live in because of its low crime rate. It is one reason a single-family home is the most sold type of home in the city. With families migrating to the city, there’s bound to be a population increase. That drives home prices upwards, especially singlefamily homes.

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Market Update: Real Estate Trends In Irvine to keep an Eye on In Q4 and Beyond

The weather is another factor. Irvine has exceptional warm weather and plenty of sunny days. On average every year, Irvine sees almost 281 sunny days with no snowfall. The average annual high temperature is 73°C, and its average low is 52°C. This shows that the weather is consistently low throughout the year, making it an ideal spot for outdoor activities. The outdoor adventure and nightlife are some reasons people move to Irvine, which drives home prices up. The job market in Irvine is solid too. The tech industry is booming, thanks to tech giants like Google and retailers like Amazon. Although the pandemic disrupted the job market, tons of job opportunities are still available to choose from. These companies pay their employees good wages and salaries. It makes people want to migrate to Irvine. The presence of Amazon and Google contributes to the booming housing market in Irvine. MARKET TRENDS IN IRVINE IN Q3: WHAT YOU SHOULD LOOK OUT FOR IN Q4 In Q3 2021, the median home sale price jumped to $1M, a 23% increase YoY. Even though sales activities slightly declined with only 92 deals closed, the property market is still red-hot, as evidenced by the skyrocketing home prices. According to Redfin, Irvine house prices went up approximately 25% from 2020 in June only, selling at $1.1M. Compared to last year, where 184 homes were sold, 365 homes were sold in June, almost double. Hot homes sold about 6% above the asking price and stayed in the market for 15 days, while average homes sold 2% above the asking price and stayed in the market for 29 days. Judging by the data, we expect home prices in Q4 and beyond to continue rising, especially if demand remains high, bidding war persists, and inventory remains low. Single-family homes and two-bedroom condos will experience the highest rise and buyer demand, as more families continue to relocate to the city. Price decline will unlikely happen, except inventory improves and more houses are listed which will not happen any time soon.

in Irvine, it’s likely that you will be drawn into a bidding war with other aggressive buyers who won’t be willing to negotiate. Take advantage of the opportunity and reach out to an experienced realtor to help you get the best deal and bypass the bidding war. Reach out to Cornelius L. Jackson, one of our top VIP Agents in Irvine or contact Eric L. Frazier for assistance with purchasing a home or investment property. Eric L. Frazier MBA is a licensed Mortgage Advisor NMLS 461807 with First Bank and can be reached at 800-261-1634 ext. 703. ABOUT CORNELIUS JACKSON As a highly successful realtor, broker, credit repair expert, and former law enforcement officer, Cornelius Jackson uses his wealth of skills and experience to run his company, CLJ Enterprise Inc. Cornelius has worked in real estate for fifteen years and started his company, CLJ Realty Group in Orange County, California, just over five years ago. He created his business with the original intent to assist asset managers with selling REO properties (property that the lender has repossessed for nonpayment of the mortgage loan) – but he shifted his focus and explains, “While going through the process, I saw a lot of people lose their house so I shifted gears and started helping people in pre-foreclosure by using my unique marketing techniques to help them sell.” So in addition to selling these properties, he helps people that may be losing their homes. Read more about Cornelius here; https://www.thepowerisnow.com/corneliusjackson/ ABOUT THE POWER IS NOW MEDIA The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderateincome and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www.thepowerisnow.com.

With the rising prices of homes and low inventory

References https://www.propertyshark.com/mason/market-trends/residential/ca/orange/ irvine https://www.neighborhoodscout.com/ca/irvine/real-estate.amp https://www.redfin.com/city/9361/CA/Irvine/housing-market https://www.extraspace.com/blog/moving/city-guides/things-to-know-aboutliving-in-irvine/

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

2021

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By Jenny Gonzalez

How to Qualify for a Forgivable Loan Down Payment and Closing Costs In Corona, CA

s a first-time homebuyer, it can be difficult to purchase a home, especially if you can’t afford the down payment. Making down payments is the norm when it comes to home purchases, but given the exorbitant prices of homes in Corona, CA, raising the money for down payments is not easy. Closing costs can also pull some surprises on you. Even if you have saved enough for your down payment, you might just realize that you still owe some thousands of dollars in closing costs, which you might not afford at that particular point in time. The good news is you might qualify for a forgivable WWW.THEPOWERISNOW.COM

loan down payment and closing costs through down payment and closing cost assistance programs if you meet certain criteria. WHAT IS DOWN PAYMENT AND CLOSING COST ASSISTANCE PROGRAMS? Coming up with cash for purchasing a home is often a hurdle that most first-time homebuyers pass through. Although some mortgage programs require no down payment, a vast majority do require that you make a down payment. The down payment is a substantial amount of cash equal to a certain percentage of the home’s final price. This is where down payment and closing cost assistance programs come in. If you are a first-time l

homebuyer, these programs will help you cover your down payment in the form of grants and forgivable loans. Down payment and closing cost assistance programs can relieve the cost burden on homebuyers so that they don’t have to spend so much on the final purchase of the home. Every state has its assistance programs for firsttime homebuyers. Most times, the state housing commissions under the HUD offer these assistance programs to low and middle-income homebuyers. Non-profit organizations and private mortgage lenders also offer assistance. TYPES OF ASSISTANCE PROGRAMS OFFERED Down payment assistance programs offer money in the form of grants or loans, which include; • • • •

Grants Forgivable loan Low-interest loans Deferred-payment loans

Low-interest loans allow you to cover your down payment and closing cost while you pay back every month. Forgivable loans, deferred-payment loans, and lowinterest loans are called second mortgage loans and are usually offered to the homebuyer once the first mortgage is concluded. HOW TO QUALIFY FOR A FORGIVABLE LOAN DOWN PAYMENT AND CLOSING COSTS ASSISTANCE PROGRAMS The requirements to qualify for a forgivable loan down payment and closing costs differ from state to state. Some states have less strict requirements than others. Aside from the income, the other requirement you must meet is the credit score. These assistance programs require you to have a minimum FICO score of 620 and above. Other requirements include;

Homebuyers don’t have to repay the money offered through grants, forgivable loans, and deferred payment loans, but the forgivable loans come with a condition for the non-repayment. You won’t have to repay forgivable loans if you stay in the home for a number of years, as specified by the program. The number of years can range from five years to twenty.

• •

However, if you move before the period ends, refinance the home, or sell it, you will have to pay back everything or a certain portion of it.

•

• • •

You must be a first-time homebuyer You must reside in the home for a number of years The home must be situated in a particular place according to the program The borrower must complete their classes in finance and homeownership The property choose must be a single-family home You must choose a suitable lender ready to work with the program

HOW TO APPLY FOR A FORGIVABLE LOAN DOWN PAYMENT AND CLOSING COST ASSISTANCE The best way to apply for assistance programs is to look for available DPA programs in your area on the HUD website. Chenoa Fund, Fannie Mae and Freddie Mac, FHA Loans, and USDA Loans are some down payment assistance program options you can look up. In california, we have two that the Power Is Now Media Inc, is affiliated with; 1. THE GOLDEN STATE FINANCE AUTHORITY California’s Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home. Available Assistance GSFA’s Platinum Program provides applicants with down payment and/or closing cost assistance in the form of a non-repayable grant up to 5 percent of the total loan amount. This is a gift in the true sense, which means it is not a second mortgage, does not create a lien against the property, and there are no terms for repayment. The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs, which include the down payment, 80

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

as well as the closing costs and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters trap.to find out more about this program, go to; http://www.gsfahome.org/ 2. CALIFORNIA HOUSING FINANCE AGENCY FHA: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs, with a cap of $11,000. USDA, Conventional: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs, with a cap of $11,000. VA: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs. Note that the $11,000 cap does not apply to school employees and fire department employees, or those purchasing new construction homes, manufactured homes, or homes with ADUs Review the sections below to find out more about the MyHome program. To find out more about this program, go to; https://www.calhfa.ca.gov/ Alternatively, you can also check your city or county’s website for more information on available assistance programs. You need to ensure that your mortgage lender is willing to work with the program. The amount of money awarded to you depends on the program. While some offer a percentage of the home’s price, others have an assistance limit. So, when looking for these programs, ensure they suit your needs. CONCLUSION Coming up with a down payment is the most difficult thing when purchasing a home. However, you need not rack your head about how to raise funds to purchase a home in Corona, CA with the plenty of options available. With assistance programs, you can get help raising funds for the down payment and closing cost. You WWW.THEPOWERISNOW.COM

can qualify for a forgivable loan and avoid paying closing costs once you fulfill all the requirements. If you are unsure if you would qualify for a forgivable loan down payment and closing cost, or don’t know where to look for the right one, don’t hesitate to reach out to Eric L. Frazier for assistance with purchasing a home or investment property or Jenny Gonzalez, one of the VIP agents in Corona, CA. Eric L. Frazier MBA is a licensed Mortgage Advisor NMLS 461807 with First Bank and can be reached at 800-261-1634 ext. 703. ABOUT JENNY GONZALEZ I have been happily helping clients since 1998. I started out with three boys 5 and under and wanted to raise my children from home and be a contribution to my family as well. I first started at a company that did Real Estate and Loans. I first learned the loan business as Real Estate revolves around loans and it is an important part of learning Real Estate. After 6 months of mastering that craft (I’m a numbers person) I dove straight into Real Estate. My first listing was a couple in their 30’s that responded to a handwritten letter to them like all the other letters. To read more about jevvy, go to; https://www.thepowerisnow.com/jennygonzalez-3/ ABOUT THE POWER IS NOW The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www.thepowerisnow.com. References https://themortgagereports.com/65878/closing-cost-assistance-where-to-getit-and-how-it-works https://www.credible.com/blog/mortgages/first-time-home-buyer-programs/ https://www.rocketmortgage.com/learn/down-payment-assistance l

By Danon Burnside

Signs That Now May Be the Right Time to Sell Your Home In San Bernardino

t’s no news that house prices are soaring across all the states in the U.S. with some states and counties recording more increase than others. San Bernardino County is one of those that recorded an increase in the housing market prices recently. JUNE MARKET UPDATE REVEALS FAST-RISING HOME PRICES The booming housing market in San Bernardino is a highly competitive one for first-time homebuyers. The median sale price of single-family homes rose to $485k, with homes spending approximately less than 18 days on the market. The price is expected to rise before the end of the fourth quarter. This shows that the real estate market in San Bernardino is a seller’s market. Of course, the reasons for this increase in house prices are the limited inventory and low house construction. Limited construction is one problem that the United States has been battling for more than a decade, and the coming of the pandemic has worsened things further. In addition, the high prices of lumber and zoning laws contributed to the low construction of houses, further driving home prices upwards. IS IT THE RIGHT TIME TO SELL YOUR HOUSE IN SAN BERNARDINO? Summer is always the best time to sell a property. It is where

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the influx of foreign tourists is highest. In addition, it’s this time that buyers make top offers, especially those moving from one city to the next in search of more affordable housing. Summer weather is warm and friendly, and this is why business is strongest here. Now that home prices are high, you can profit a lot from listing and selling your property. However, you will face stiff competition from other sellers who are also listing their properties. The housing market in San Bernardino is highly competitive, so don’t be surprised if your home stays more than 20 days in the market. If you are lucky, you can close a deal quicker. Selling a property is not always easy, especially if you have not done it before. With the competition out there, it can get really scary. However, you don’t have to face all that if you take action now to reach out to Danon Burnside, one of the VIP Agents in San Bernardino, or alternatively, you can contact Eric L. Frazier for assistance with purchasing a home or investment property. Eric L. Frazier MBA is a licensed Mortgage Advisor NMLS 461807 with First Bank and can be reached at 800261-1634 ext. 703. ABOUT DANON BURNSIDE A winning attitude and a total commitment to clients’ goals are hallmarks of the professional philosophy that drives Danon Burnside’s work with The Power Is Now. Danon is a native of San Bernardino who deeply appreciates how the beauty and tranquility attract people from around the world, and his nuanced knowledge ensures that expectations are consistently exceeded for buyers and sellers alike. To find out more about Danon Burnside, go to; https://www.thepowerisnow.com/danon-burnside-2/ ABOUT THE POWER IS NOW MEDIA, INC. The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www. thepowerisnow.com. Published by Eric Lawrence Frazier, MBA.

References https://www.firstteam.com/san-bernardino-county-real-estate-market-update/ https://www.sbsun.com/2021/07/22/12-trends-behind-san-bernardino-countys-77750-price-jump-or-9-an-hour/

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

Diversity is working. Shouldn’t it also be living?

Your workplace thrives on diversity, so why shouldn’t your neighborhood? Diversity expands horizons, promotes understanding, prepares our kids. It promises us all a richer life. To better understand how neighborhood diversity will benefit you and your family, please log onto www.ARicherLife.org.

Celebrating the 40th Anniversary of the Fair Housing Act

By Denise Matthis

Appreciation Data Trends and Forecasts

s per the California Association Realtors resale housing report in June 2021, San Diego’s current median price is at 865,000, a 27.6 percent gain over last year’s price marking a 29.2 percent sales increase. This has made San Diego the second most expensive real estate market in California after Orange county. Also from the CAR report, the existing single-family home sales increased by 16 percent MTM, a 29.2 percent increase over last year while the condominium market hiked in the median price to $550000 with a gain of 1.4 percent as compared to last year. Over the past ten years, San Diego has shown an appreciation rate of 82.7percent which is a 6.22 percent annual rate, and a home value increase of 22.5percent as recorded by NeighborhoodScout. com, a real estate data provider placing San Diego in the top 10 percent countrywide for real estate appreciation. The city has depicted an annual appreciation rate of 7.95 percent for the last one WWW.THEPOWERISNOW.COM

and a half years. This is due to the limited supply of homes which has forced buyers to compete leading to higher prices that benefit the sellers. As per Zillow.com, a real estate database company, home prices skyrocketed in late 2012 and there has been a steady growth in home prices since then to mid-2017. From late 2017 to 2018, home prices sharply declined due to high mortgage rates and less buyer’s demand for houses. In mid-2019, the prices rose again and this has been the case to now. Low inventory and low mortgage rates have led to high buyer’s demand resulting in higher prices. The median sale price of single-family homes in March was $675000, indicating an 8.2 % increase year-over-year. In April median prices rose by 10,000 and the appreciation rate by 1.5 percent to 7.2 percent higher than last year. The appreciation rate in l

May rose by 0.8 percent while the home sales declined by 43.2 percent marking a 42.7 yearover-year drop of active listings. As per NeighborhoodScout.com and two-bedroom, single-family detached houses are the most common housing units in San Diego. Rentals show the average increase in prices for different houses from last. In order to be well informed on the housing market trends in San Diego, you have to understand the percentage change year-overyear for June 2021. Despite the pandemic, the San Diego market is still hot and shows no signs of shifting to the buyer’s real estate market. The city can only shift to being a buyer’s market only if the supply rises to 5months of inventory. This, however, is unlikely to happen due to an imbalance between supply and demand. As of now, the inventory supply is at 1.5 months which means that the San Diego market is dominated by buyers. Also, Mortgage rates are still low. They declined to 2.98 percent compared to 3.16 percent last year. With all these circumstances, it is therefore unlikely for the housing prices in San Diego to fall any time soon. It additionally may be hard for the housing prices to fall since there is less or no construction of houses as depicted in Single Family Residential (SFR) Construction in San Diego. The Coronavirus pandemic has impacted the San Diego housing market in that, most buyers have withdrawn their offers and sellers removed their homes from the housing list. There are hence not enough homes listed to satisfy and meet the high levels of demand. San Diego is an ideal place for 88

investment and dwelling due to its beautiful beaches, unique culture, favorable weather, and academic facilities. The city will therefore continue being in high demand as far as real estate is concerned. San Diego has recently shown great real estate market trends that may be in favor of investors. These trends include employment, increased home values, and low long-term mortgage rates, and increased Gross Domestic Product. Looking at the market trends, it is still a good time to invest in San Diego. As San Diego continues to be one of the fastest-growing cities in the United States, there will be more demand for buyers and investors. With the coronavirus pandemic on, most sellers may not be willing to put their homes on the list, and mortgage rates are not likely to fall. Moreover, the construction of new homes may take a while as construction materials are a bit expensive. For this reason, supply will still be less than the present demand which means housing prices will still be high. Buyers who want to become homeowners in San Diego should take advantage of the current low rates and buy now before rates rise again to pre-pandemic rates. This is your time to live in one of the best cities in the United States. This is the best time for you to become a homeowner in a location you have always desired in the most affordable way. Do you want to know how? Reach out to Eric Lawrence Frazier MBA DRE 01143484/NMLS 461807 or contact Denise Matthis, one of our VIP agents located in San Diego today and find out more! ABOUT DENISE MATTHIS Although not a true “San Diego Native”, Denise E Matthis has been a resident of San Diego since the age of 2. Denise is

the Owner/Broker of DEM Financial Services & Real Estate, a boutique brokerage dedicated to promoting community pride through homeownership and building & preserving generational wealth with real estate. As a buyer’s representative, she is passionate and works with first-time home buyers and veterans educating them on the home buying process and works with investors. As a seller’s representative, she specializes in seniors, probate, and distressed property sales. To learn more about Denise, go to; https:// thepowerisnow.com/denisematthis/ ABOUT THE POWER IS NOW MEDIA, INC. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage with various thought leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Inc. can help make your homeownership dream a reality. Go to www. neverrentagain.com and get started today.

References https://www.noradarealestate.com/blog/san-diegoreal-estate-market/ https://www.sandiegorealestatehunter.com/ blog/san-diego-real-estate-market-forecast/ https://journal.firsttuesday.us/san-diego-housingindicators-2/29246/ https://www.fortunebuilders.com/san-diego-realestate-market-trends/

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

123rf.com

By Kenneth Session

5 Ways to Make Banks Say yes to your REO Offer in Oakland today! REOs provide a perfect way of getting into real estate investment at a low cost. REO properties are properties that a bank fails to sell during the foreclosure auction. The bank takes ownership of them, and an REO agent within the bank is given a mandate over them and is responsible for finding a local agent who will sell the property on the bank’s behalf.

hese kinds of properties are nonprofiting to the bank, and they are essentially “money-sucks.” And because of this reason, banks are usually very motivated to make a fast sale to dispose of them. They are usually priced very low as the bank tries to recoup money lent to the defaulter of the mortgage. Since the properties are “cheap,” be prepared to face a lot of competition. If you are interested in making the bank an offer, you should stand out. Here’s how: WWW.THEPOWERISNOW.COM

1. OFFER A QUICK CLOSING. Remember that the bank wants to rid itself of the property and is a very motivated seller. As so, make the smart move of making an offer based on the closing date. Typically, the closing dates ran up to thirty days but could be shorter. To stand out, offer to close within five days or a week. It is unlikely that the process will take that short amount of time, but it will let the bank know that you are serious about buying the property. 2. WAIVE ALL CONTINGENCY. This is a risky one but entices the bank to your offer. l

Unlike the normal buying process where the seller can offer to make repairs on a home, banks don’t repair REO properties. And for that fact only, some buyers are put off from making an offer. If you decide to go down this route, make sure that the property you wish to buy has a greater chance of making a profit than the risk it comes with it. It is also important to remember that there is wiggle room for negotiations since the bank is eager to make a quick sale. 3. OFFER IN CASH. A buyer who offers to pay in cash beats any other buyer offering a higher amount to be paid through financing. Paying in cash by far supersedes any waiver of contingencies. No bank will pass up a cash offer! 4. MAKE YOUR OFFER STAND OUT. Go big or go home. Make an

offer that draws attention to your offer. You could offer an odd number, such as $150,568 instead of the usual $150,000. Additionally, you can offer to split fees with the bank. The bank will be interested in an offer where the buyer is willing to split transfer fees, escrow fees, and title insurance fees. You could also shorten the inspection period if you decide to do one- go below what other buyers are offering. 5. HAVE A PREAPPROVAL LETTER. When making an offer, be fully prepared and submit a preapproval letter. A prequalification letter won’t cut it if you are to win a bid. This is because if you later discover that you can’t finance the mortgage, you will have wasted valuable market time for the bank. On top of this, consider getting one from the bank from whom you

ABOUT THE AUTHOR. Kenny Session, is a veteran Real Estate agent with over 28 years of continuous years Real Estate Service in the Bay Area. Kenny has served the President of Oakland,s Associated Real Property Brokers (ARPB), and President of The California Association of Real Estate Brokers (CAREB). He is a highly sought-after real estate speaker, and one of the highlights of his vast career in real estate is PRODUCER & HOST of the popular “In Session Real Estate TV Show”. The show airs every Saturday morning @ 8:30am on KOFY TV Channel 20. To see previously aired shows, visit Session Real Estate’s Youtube page. ABOUT THE POWER IS NOW MEDIA INC. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all over the United States. We engage with various thought 92

are buying the property. To be clear, you do not need to get a loan from them, but banks tend to trust their departments more. REOs offer great returns and come at a low cost. However, it is important to conduct a market analysis before getting one. Ask around what properties around the area go for, find out what the previous owner got it for and how much the bank is listing the property for. Considering these factors will go a long way in helping you figure out whether the investment is right for you. When you are considering investing in REO, you need to make an informed decision and to do so alone may cost you. Play it safe and contact our reliable real estate agents, mortgage consultants and brokers at www.thepowerisnow. com . Alternatively reach out to Kenny Session at https://www. thepowerisnow.com/kennethsession-2/ and get your offer accepted!

leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help your home ownership dream a reality. Go to www. neverrentagain.com and get started today. Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807 President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com Sources https://www.thebalance.com/winning-reo-foreclosure-offers-1798483 https://www.fortunebuilders.com/reo-offer/

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

Frazier Group Realty Inc. 3739 Sixth Street Riverside, CA 92501

“Your Real Estate Navigator” www.fraziergrouprealty.com rubyfrazier@fraziergrouprealty.com F: (714) 908-7298 Lic# 01751773

nytimes.com

O: (951) 686-5261

By Robert Langston

nvesting in rental properties is not only lucrative but also has its benefits. When an investor invests in rental properties, they get to enjoy tax benefits and substantial returns. As attractive as that may sound, it would be naïve to ignore the costs that come with owning and running a rental property. An investor must consider the initial costs involved and the recurring expenses that will run through the investment’s lifecycle. Before buying rental properties, it is a good idea to know every possible price, whether projected or not and how much that could be. Why is that important? These expenses tend to influence the rental property’s cash flow directly. Additionally, these expenses will significantly affect what kind of financing option you choose. So how do you estimate your rental expenses? WWW.THEPOWERISNOW.COM

1. DETERMINE THE PURCHASING COSTS These are the initial costs you will incur during the property acquisition. They heavily rely on the kind of investment route you choose to follow. The routes available are based on how you will use the property. Option one is renting out the property from the word go. Option two is referred to as owner-occupied. Under this option, you can live on the property for the required 12 months as a prerequisite of your loan’s terms and conditions. The two options have different financing options. As an investor, you will have to provide the bank with a 20 to 30 percent down payment for the first option. If you cannot meet this requirement, option two is a sort of respite. You will only have to put down as little as 3.5 percent through an FHA loan with option two. Remember, however, that both these are being financed through mortgages, shop around and find a lender that offers you the best terms. l

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How to Estimate Your Rental Expenses

2. KNOW THE EXPENSES THAT COME WITH RUNNING A RENTAL PROPERTY This stage is very important as it will determine if the investment is worthwhile. If the expenses outweigh the revenue from the property, then it is wise to back away from the investment. These expenses can be grouped into three; initial costs, monthly costs, and long-term expenses. Initial costs include appraisal fees, home inspection fees, and closing costs. On the other hand, it has; mortgage payments and property taxes, insurance, and HOA fees. Finally, the long-term expenses comprise rental income taxes, permits, property management fees, utilities, maintenance, and cleaning fees. 3. ESTIMATE THESE FEES There exists several variables that make an accurate valuation of the fees difficult. That, however, should not put you off from investing in these kinds of properties. There are alternative methods that can help you get a clearer picture. First, you can talk to property managers in that locality. Property managers have experience with these kinds of properties and have valuable information regarding these expenses. Secondly, get in touch with local income property owners. They will provide real-time figures of their costs, and if you hit it off, they can offer you advice and tips. Finally, ask the local utility companies to give you their rates and quotations. This information will provide you with a clear picture of what your expenses will look like. 4. LOOK UP WHAT EXPERTS PROJECT THE FEES TO BE Real estate experts have been in the market for a long time and have invaluable experience when it comes to estimating costs for different expenses. For example, Fannie Mae recommends that the maintenance fee for a rental property should be 2 percent of the annual rental income. Experts at Mashivor. com, a project that property management fees cost between 8 to 12 percent of the monthly rent. List all the expenses alongside your projected revenue income and run these figures through the experts’ rates. By doing so, you become fully aware of what it will cost to run the property. 96

It is easy to find all this very overwhelming, but the process should be easy with technology. Biggerpockets.com and Mashivor.com have excellent rental property tools that will make all the calculations easy. Please make use of them to avoid falling into the pitfalls of underestimations. Additional costs could crop up that you weren’t prepared for; leave room on your budget for such. Also, do not be afraid of reaching out to investors such as yourself; their input is priceless. Additionally, consider contacting real estate experts; they have experience in the area, and with their guidance, jumping the loops should be easy. The Power Is Now Media Inc. has a vast team with expertise at www.thepowerisnow.com. ABOUT THE AUTHOR Robert Langston has years of experience in the real estate industry. If you are thinking of investing in the Sacramento area, he is your man. Consider reaching out to Robert Langston as well at: (916) 836-1762 Email: bobbyreinc@gmail.com ABOUT THE POWER IS NOW MEDIA INC. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all over the United States. We engage with various thought leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help your homeownership dream a reality. Go to www.neverrentagain.com and get started today. Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807 President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com

Sources. https://www.fortunebuilders.com/rental-property-investment/ https://www.biggerpockets.com/blog/2014-12-02-rental-property-expenses

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

I WAS DENIED

HOUSING BECAUSE I HAVE AN

ASSISTANCE

ANIMAL. SO I CONTACTED

HUD FOR HELP.

SCAN HERE FOR MORE INFO

When a landlord tried to deny me housing because of my assistance animal, I contacted HUD and learned about my fair housing rights. For instance, landlords must make reasonable accommodations for persons with disabilities, such as allowing an assistance or emotional support animal in a no-pets building. If you believe you have experienced discrimination, contact HUD or your local fair housing center and file a complaint.

Visit hud.gov/fairhousing or call the HUD Hotline

1-800-669-9777 (English/Español) 1-800-927-9275 (TTY)

Fair Housing Is Your Right. Use It!

By Briana Frazier

A Guide for Homeowners: What is private mortgage insurance?

eing able to put down a down payment is difficult and you are not alone. According to a 2017 survey conducted by the Urban Institute, at least 53% of Americans cited the difficulty in saving for a down payment as the number one barrier to homeownership-something that makes the dream of owning a home just that, a dream. It is important first to understand why banks require a down payment. For banks, lending to individuals is risky. If a person defaults on the loan for whatever reason, the bank will take the brunt of this financial loss. The banks, therefore, need the homebuyer to prove their financial commitment to the loan. Additionally, it shows that the home buyer can comfortably make monthly mortgage payments. But all this is dependent on how much a homebuyer puts down. FHA loans require as low as 3.5 percent of the total loans. As low as this may seem, it does attract an additional fee, the Private Mortgage Insurance (PMI). WWW.THEPOWERISNOW.COM

WHAT IS PRIVATE MORTGAGE INSURANCE? Private mortgage insurance is also referred to as lender’s mortgage insurance. It is an insurance policy that a homebuyer must purchase if they cannot put at least 20 percent of the loan as a down payment. It is usually a condition of a conventional mortgage loan. The 20% rule is based on the mortgage’s loanto-value (LTV) ratio. The higher the ratio, the higher the risk for the lender. Therefore, putting down anything less than 20 percent, the ratio is significantly higher and will need additional coverage. The PMI, though purchased by the homebuyer, protects the lender’s investment. WHAT DETERMINES THE PMI? The costs associated with PMI range from 0.25 percent to 2 percent of the home buyer’s loan balance. The rate at which the homebuyer will be charged is dependent on three things. The loan size and the homebuyer’s credit score will be put into l

consideration. Finally, there are the risk factors associated with the homebuyer. The higher they rank on the lender’s risk profile, the higher the rate. IS PMI A LONG-TERM EXPENSE? YES, the PMI is an added expense, but it provides a reprieve to homebuyers that cannot make the 20 percent down payment. There is a downside to this; homebuyers have to make monthly payments until the house accumulates enough equity on the home. At which point, the lender will no longer consider them a risk. The homebuyer can request for the elimination of the insurance payments if the LTV drops to 80 percent. The lender is required by the Federal Homeowners Protection Act to cancel the payments when the LTV drops to 78 percent and only if the homebuyer is current on their mortgage payments.

TYPES OF PMIs. There are four types of Private Mortgage Insurance. The first and most common type is the Borrower-Paid Mortgage Insurance (BPMI). With this kind of insurance, a homebuyer pays a monthly fee together with their monthly mortgage payment. The second type is the SinglePremium Mortgage Insurance (SPMI), where a homebuyer pays the mortgage insurance in a lump sum upfront. The third is the lender-paid mortgage insurance. As the name suggests, the lender pays the insurance premium. The condition to this is that the homebuyer will have to pay a higher interest rate to cover the loan, and because of this, you can’t cancel the PMI when you have enough equity in the home. Split-Premium Mortgage Insurance is the final and least type of PMI. It is born of the BPMI and SPMI, in which case the home buyer pays a portion of the premium in a lump sum and

the remainder they pay monthly. Being unable to make a 20% down payment should not keep you from achieving the American dream. With as low as a 3.5% down payment you have access to a FHA loan and one step closer to homeownership. The private mortgage is a small price to pay. It is an additional short-term expense, but it beats paying rent long-term. As a homebuyer, start believing that homeownership is achievable. You do not have to have the recommended 20 percent. With the PMI, you can become a homeowner a lot sooner than you expected. Another great thing with PMI is that it’s not a one-size-fitsall; there are different types to choose from- Get the best one for you. The process might sound hard to do alone but with qualified counsel from the processionals at The Power Is Now Media Inc., it will be a burden off your shoulders.

ABOUT THE AUTHOR. Briana Frazier Cannon, Broker of Frazier Group Realty, has over 15 years of real estate sales and property management experience. She is well known in the industry and with her clients as Broker Bree. Briana specializes in home buyers and home listings. She has sold millions of dollars in real estate and takes pride in helping first time buyers enter homeownership. Briana has a Bachelor’s degree from the University of California, Riverside and a Master of Business Administration from Chapman University. Her corporate office is located in downtown Riverside, but she covers all of Orange County and Riverside county. Briana is a member of the California Associations of Realtors and her local Realtor associations. When Briana isn’t taking clients on showings, holding open houses or managing her clients’ transactions she is a busy mom to her three beautiful young children and wife to her husband of 10 years. Briana also loves adventure, traveling and baking on her free time.

ABOUT THE POWER IS NOW MEDIA, INC. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all over the United States. We engage with various thought leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help your home ownership dream a reality. Go to www. neverrentagain.com and get started today. Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807 President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com

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Sources: https://www.investopedia.com/terms/m/mortgage-insurance.asp https://www.urban.org/sites/default/files/publication/99028/barriers_to_ accessing_homeownership_2018_4.pdf

By Adrian Bates

Real estate trends to expect in Los Angeles

eleased by California Association Realtors in June 2021, Los Angeles the median price is a 23.1 percent gain over last year’s price. This has placed Los Angeles in the top three most expensive cities in California. As per the report, Los Angeles has a housing demand and the market is moving fast. The single-family median prices have increased by 31.1 percent to 725,680. This has marked a sales increment of 80.7 year over year. The condominium median price has increased by 23.1 percent. A sales increment of 148.1 year over year. As published by NeighborhoodScout.com, Los Angeles has appreciated by 99.05 percent which is equivalent to a 7.13 percent rate annually. For this, it has been placed in the top 10 percent nationally for Real estate appreciation. Like most economies in the country, Los Angeles’ economy was impacted by the 2020 coronavirus pandemic. The shutdown during the first phase of coronavirus resulted in a 31.5 year-over-year WWW.THEPOWERISNOW.COM

decrease. The Existing Single-family home sales showed a drop of 5.2 percent year over year and the median price increased by 7.9 percent. Los Angeles has a Monthly Supply Inventory (MSI) of 1.9 months, making it a seller’s market. This is according to statistics released by Realtors.com in May 2021. This supply inventory is not likely to rise soon. For the demand-supply to be at a balance, the supply inventory should be between 5 to 7 months worth of supply. There’s, therefore, no hope of shifting from the seller’s market any time soon. In a seller’s market there exists a higher number of buyers than the houses available for sale. One of the main reasons for low supply is little to no or few constructions of new homes that have led to fewer homes available for listing. The increased number of home buyers has been caused by the low mortgage rates offered. Most buyers are therefore able to borrow l

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more from banks or mortgage lenders making home affordability easy despite the hiking prices. Zillow forecast released in June 2021, predicts that Los Angeles home value will appreciate by roughly 18 percent come next year. Prices might also rise by double digits. The rise in price will be a result of the Supply and demand imbalance dynamic. Home pricing is at a higher rate and buyers are offering appealing offers to sellers so as to get the houses available. This is a favorable market phase for sellers. Also due to the pandemic, most sellers are not willing to put their homes with the Multiple Listing Services which is also another factor contributing to the low inventory supply. The real estate industry has already adopted the new norm of the pandemic. Technologies have taken a part in carrying out most real estate processes and events. Real estate in Los Angeles continues to show improvement despite the fact that the economy was affected by the pandemic. Los Angeles is the largest city in California and The second largest in the United States. It is considered an ideal market for both home sellers and home buyers. It offers great long-term investment opportunities. For these reasons and more, Los Angeles has a good ground to attract anyone who wants to invest especially in real estate. This may be a good time to buy a home In Los Angeles. You don’t have to wait and buy a home later, buy now! Reach out to Eric Lawrence Frazier MBA DRE 01143484/NMLS 461807 or Adrian Bates one of our VIP Agents in LA today and find out more! ABOUT ADRIAN BATES Adrian Bates graduated from Cal State University with her B.A. in Psychology (Business Management minor) in 1980. The former aerospace contract negotiator became a real estate sales agent in 1985 and then a broker in 1990. In April of 1995, property sales across America were on a serious downturn, yet a young and determined Adrian Bates opened A-1 Realty in Los Angeles, CA. With her fortitude and divine help from God above, her team two grew into a team of eleven agents by November 1996. To find out more about Adrian, go to https://thepowerisnow. com/adrian-bates-2/ ABOUT THE POWER IS NOW MEDIA, INC. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage with various thought leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help you make your home ownership dream a reality. Go to www.neverrentagain.com and get started today. Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807. President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com References https://www.noradarealestate.com/blog/los-angeles-real-estate-market/ https://www.neighborhoodscout.com/ca/los-angeles/real-estate

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By Success Money

Are You Ready to Buy a Home in Southern California?

Ask yourself these 5 questions

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HERE ARE SOME QUESTIONS YOU SHOULD ASK YOURSELF. 1. DO I NEED A REAL ESTATE AGENT? Trying to DIY in this current market can be detrimental. It does hold the allure of cutting back on agent costs, but in the long run, you could be looking for a home for up to six months. You do therefore need a real estate agent- a professional one at that. It is perfectly alright to check their credentials. One who has your best interests at heart. A real estate agent with much experience who will see faults in a home that you on your own couldn’t. Get yourself a real estate agent that is a great negotiator who will get you the best deal and, best of all, save you money! 2. WHAT ARE YOUR EXPECTATIONS? When buying a home, a person tends to have a picture of what they want, and that’s okay. But in this market, you are going to need to adjust your expectations. Your dream, be it a condo or a single-family home, comes with a higher price tag. Nationally, people have been paying 50,000 to 100,000 over the list price. The market might be cooling off, but chances are you will still pay a steep price when buying a home. Therefore, assess your financial situation and see whether you can comfortably meet the seller’s demand. If not, it’s okay to rethink your expectations and make them a lot more realistic. 3. ARE YOU READY TO MEET THE MARKET DEMAND? Houses are receiving multiple offers on account of the low l

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uying a home in itself is very intimidating. But purchasing a home in this very competitive market is an extreme sport. And even though the market is decelerating, home prices are still very high and out of reach for some homebuyers. The housing market as a whole has been characterized by low supply and high demand. Factors that have seen home prices rise to astronomical levels. However, there is an uptick in inventory, which is expected to take off some competitiveness from the market. It is also important to keep in mind that 70% of homes in California are still selling above the list price. Price appreciation in South California went up 30.3% in June this year, setting a new record high. With the Median home price being $680,000 in June, homes in southern California aren’t exactly cheap. It is, therefore, important to make sure that you are a hundred per cent ready.

supply. If you intend to enter the housing market, you will need to put your best foot forward. As a homebuyer, you will have to make the best offer you can-one that sets you apart from the bids. It would be a waste of time if you kept making offers and they kept getting rejected. But before then, refer to the question above, are you able to afford it? Know your limit! In addition to this, some sellers have a 15-day, 20-day or 30-day closure window; are you able to meet that? If the market requires you to have the inspection or appraisal waived, are you willing to? Know the answers to these questions before making an offer. 4. CAN YOU MEET ADDITIONAL COSTS? Making an offer on a home over listing price is one thing, and encountering additional costs is another. During an inspection, unexpected roof repair, electrical, or termite expenses may come up. You might not want to lose the home but is it within your budget to fix these things? Remember, in this kind of market, any delay could mean another buyer. But that doesn’t mean you agree to buy the home if you can’t afford the repairs, see if the seller is willing to negotiate and if not, it is alright to walk away. 5. ARE YOU READY TO MAKE COMPROMISES? Flexibility is key in the housing market. You might find a diamond in the rough for below your budget- A home in need of some TLC, labor and money to make it feel like home. It might be worth your consideration. With the low-price tag, there is room to make it your own. And if you need additional funds, a renovation loan is always on the table. Another interesting thing is to see if you qualify for an FHA loan that will couple with The Energy Efficiency Mortgage- A product that will help repair the home. Finally, have an open mind when entering the market. It is possible to enter wanting one thing and getting something else instead. Case and point, you might get a duplex that allows you to make money on one half while living in the other. Your mortgage would be determined by the rent you earn on the extra property. But above all, make sure you can afford the home and that you are completely sure that that is what you want to do! Buying a home is a milestone, a difficult one at that. To make the process a lot easier, look for reliable real estate consultants, mortgage and financial advisors. You don’t have to look further! Reach out to Eric Lawrence Frazier MBA DRE 01143484 /NMLS 461807 or other qualified VIP agents at www. thepowerisnow.com today and find out more. 108

ABOUT THE AUTHOR. Success Godis Money is a creative and passionate entrepreneur. Success started her career in the mortgage and real estate industry in 2005 while studying Business Administration and Communication in college. Success has assisted with establishing and serving on numerous boards throughout her career, including; The Black Chamber of Commerce and NAREB National Association of Real Estate Brokers at the city, state, and national levels. Success is the Founder of House of Success, a Non-Profit organization established to assist entrepreneurs, artists, and creatives with building and expanding their business, brand, product, or service. We help individuals and families from homeless to homeownership through various professional services, credit restoration, financial education workshops, events. Success Money Management Inc. and Super Agents WorldWide, Success, and her associates provide professional consulting and coaching in business, credit, funding, real estate, taxes, and advertising. Success hosts delicious Lunch & Learns and Prosperity Dinners providing group consultations and educational workshops. ABOUT THE POWER IS NOW MEDIA INC. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all over the United States. We engage with various thought leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help your home ownership dream a reality. Go to www.neverrentagain.com and get started today. Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807 President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com Sources: https://youtu.be/MGsl8CkfzCY https://www.prnewswire.com/news-releases/despite-a-new-record-pricegrowth-slowed-and-pending-sales-dipped-for-first-time-since-may-2020-carreports-301335769.html

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

By Joe L. Fisher

A glimpse in Richmond CA, Real Estate in Q4 and beyond!

he Richmond real estate market is bustling just like most cities in the United States. A data by Richmond housing market trends, the median sale price in Richmond is $310,000, 17 percent increase from last year, marking a sales increment of 14.6. The trends are a decline in mortgage rates, decline in house supply leading to an increase in house prices. As published by Zillow, over the past ten years, Richmond home value has appreciated by 65 percent which is 3.47 percent annual rate. The monthly supply Inventory is 0.8months marking 53 percent drop from last year. This is due to the higher buyers demand than the available houses for sale concluding that Richmond is a seller’s market. It has been a sellers market for the last 4 years According to Laura Lafayette, CEO of Richmond Association of Realtors ``A house goes in market, a house sells, It’s one thing I always say, buyers have to pack their patience.” She commented.

The median price for a single family in Richmond is $950, 000 which is an 8 percent increase from last year. Average sales rose by 18. 2, home inventory dropped by 43.5 percent depicting a monthly supply inventory of 0. 7 months. On the other hand, the condominium median average sales rose by 24.1 percent from last year while home inventory dropped by 41.7 percent resulting in a monthly supply inventory of 0.9 months. From this data it is clear that condominiums are more preferred to single family homes in Richmond. Relating to Rentcafe’ the average rent apartment in Richmond is $1,268, 11 percent increment from last year. The most affordable neighborhoods in Richmond are Austin Heights, Brookland Park, and Austin parks where the rental price is $886 per month. Contrary, the most expensive neighborhoods are Still Meadow, Westmont – pine vie and Westbourne with a rental price of &$1467 per month.

The Richmond Association of Realtors house unit shows single family and condominium trends.

With Richmond’s interest rate all low, the strong demand, low monthly supply inventory and a

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higher price, it is hard for this market to shift to a buyer’s market soon. What are some of the predictions in the remaining quarters of the financial year for the Richmond market? •

•

First and foremost, rise in home prices- It is with no doubt that the law of the demand and supply will cause prices to skyrocket even higher The inventory will be tighter and challenging – There are less yet to be constructed, maybe because home builders are finding the construction materials expensive. This means that the houses available will be way much less than buyers. Also a positive affordability will be on- mortgage rates go hand in hand with affordability. The mortgage rates are still low and expected to stay low. Hence, houses will be affordable for buyers.

Forbes. Com predicted that home prices might rise and home value might increase by 7.8 percent and 45 percent respectively. Richmond is amongst the hottest housing markets and one among the super cities to live and retire in the United States. Investing in Richmond is almost an assurance that you’ll earn high returns as the market has shown an up trend year over year. This is definitely the best time for any homeowner to

put their homes in the list and any home buyers to purchase a home in Richmond. It would be quite frustrating especially for home buyers to wait till the market favors them by shifting to buyers market, but then, it doesn’t. Maybe this is the right time . Go ahead, sell that home, but that home. Reach out to Eric Lawrence Frazier MBA DRE 01143484 NMLS 461807 today and find out more! The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage in various thought of leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help you make your home ownership dream a reality. Go to www.neverrentagain.com and get started today. Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807. President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com References https://www.housebuyersofamerica.com/blog/richmond-virginia-housingmarket-2021https://www.bpfund.com/richmond-housing-market-update-2021/ https://learn.roofstock.com/blog/richmond-va-real-estate-market

Every Tuesday Night

7:00 PM - 8:00 PM CALL ME FOR MORE INFORMATION ERIC LAWRENCE FRAZIER MBA (714) 361-2105 eric.frazier@fbol.com www.thepowerisnow.com

IT’S YOUR TIME TO BUY YOUR FIRST HOME. LET US HELP YOU BECOME A HOME OWNER!

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FHA Introduces Simplified COVID-19 Recovery “Waterfall”

oreclosures are inevitable! Once the moratorium ends, there is a high likelihood that many homeowners will lose their homes, and not just that, with rents on the rise, many renters will also lose their homes. Seeing the worst on the horizon, the U.S. Department of Housing and Urban Development published a fully revised version of the “Waterfall” loss mitigation options for the borrowers who are almost to the end of their forbearance period. WHAT IS WATERFALL LOSS MITIGATION? Basically, these are loss mitigation options to help vulnerable renters and homeowners from being evicted and falling into foreclosure. The loss mitigation measures by FHA apply what is 114

known as the “waterfall method” which assesses the homeowner’s eligibility if they do not qualify for FHA’s National Emergency Standalone Partial Claim. The Federal Housing Administration compared this version of loss mitigation to that of a filter which means that, when the homeowner fails to meet the qualification of the servicing interventions, they will be streamlined down to a series of waterfall options as the servicer attempts to get the borrower into the sustainable mortgage payment. “Due to the fact that servicers are facing an unprecedented number of loss mitigation actions on the backside of this, we want to make it as easy for them as possible to get borrowers in a feasible situation on the other side forbearance,” said a HUD official. In order to streamline this process, the Federal Housing Administration intends to scrap off their old model and instead of providing servicers with two options for processing the borrowers who are coming out of forbearance that is; •

The recovery standalone partial claim for the borrowers who are able to continue with their mortgage payments.

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

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A recovery modification option for the borrowers who cannot.

The HUD claims that these steps have been taken in order to “to support a sustained and equitable recovery as well as to protect the Mutual Mortgage Insurance Fund (MMIF).” NEW CHANGES For the borrowers who are comfortable continuing making their payments, this is a good thing because the new recovery standalone partial claim replaces the previous one and offers to help the borrowers “quickly resolve the outstanding delinquency and arrearages through a zerointerest subordinate lien,” The FHA noted in a letter. These changes are a continuation of some earlier programs initiated by the FHA to control the damage of the evictions and foreclosures. According to HUD, the new Covid-19 Recovery Waterfall “streamlines and revises FHA’s previous options for struggling homeowners, reduces required documentation, and allows mortgage servicers to provide greater payment reduction for eligible homeowners with FHA-insured Single Family Title II forward mortgages.” It is to be noted that earlier, the department announced the Covid-19 Advance Loan Modification (Covid-19 ALM) review program that will take effect even before the rollout of the new waterfall program. For the ALM, servicers are required to proactively offer the Covid-19 ALM to the eligible borrowers who are delinquent but can achieve a 25% reduction to the principal and the interest portion of their monthly mortgage payment through a 30-year rate and term loan modification. Meanwhile, the Covid-19 recovery modification option will extend the terms of the mortgage to 360 months at a fixed rate while attempting to decrease the borrower’s monthly principal payment and interest by 25%. According to FHA, this option must include a partial claim, if at all it is available. Marcia Fudge, the HUD Secretary said that “these options for FHA borrowers will ensure equitable relief and recovery” WWW.THEPOWERISNOW.COM

“As Americans get back to work and our economy continues to recover, we are taking targeted steps to make sure homeowners impacted financially by COVID-19 have the support they need to remain in their homes,” Fudge said. In addition,, according to the letter by HUD, servicers have to review the homeowners for the new Covid-19 recovery options in circumstances where an existing retention option that was not completed, where the homeowner was previously ineligible for a home retention option, or where the homeowner has re-defaulted after a Covid-19 retention option. The forbearance period was extended and would be ending in September. The fact is, foreclosures are inevitable but I like what the FHA is doing. At least, by providing the waterfall loss mitigation options, many borrowers will have a softer landing. Right now, many borrowers are acting cautiously because one wrong move could mean disaster. Therefore, if you risk your home from being foreclosed, it is time to start taking action. Right now, you may be covered by the forbearance moratoria, but what happens when that comes to an end? While there is still some bargaining ground provided by the HUD, it is all up to you to take all the necessary steps to save yourself and your home. To learn more about your options to avoid foreclosure, talk to Eric Lawrence Frazier MBA today. Eric Lawrence Frazier MBA Founder | President | CEO The Power Is Now Media Inc.

Sources https://www.housingwire.com/articles/fha-introduces-simplified-covid-19recovery-waterfall/ https://www.housingwire.com/articles/fha-employs-waterfall-method-to-expandhome-retention-measures/ https://www.natlawreview.com/article/hud-announces-new-covid-19-recoveryloss-mitigation-options https://www.nolo.com/legal-encyclopedia/help-homeowners-fha-loans.html https://fortune.com/2021/07/26/2021-housing-market-real-estate-foreclosuresmortage-forbearance/

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CFPB Finds Credit Applications Have Mostly Recovered to Pre-Pandemic Levels

he Covid-19 pandemic wreaked havoc on so many levels and one of the areas most affected was the mortgage industry. According to a prepandemic report published by the CFPB in May 2020, the pandemic brought a substantial drop in credit applications. However, credit applications have since improved and recovered to match the pre-pandemic levels for all the credit types considered by May 2021. The new CFPB brief shows that consumer application for new mortgages, auto loans, and revolving credit cards has improved quite significantly. To explain this rise, CFPB notes that the prime and near-prime consumers are driving the recovery even as applications remain low from the borrowers with subprime

and deep subprime for all types of credit, and for the borrowers with superprime credit scores, applications are down for all types of credit except for the mortgages. Additionally, while we note a remarkable increase in credit applications, CFPB notes that the recovery has been different across types of credit. March 2020, immediately after the first cases of Covid-19 to be reported in the country, auto loan applications recovered most of their initial drop by late May 2020. However, through the fall of 2020, auto loan applications remained relatively sluggish but soon recovered to their usual levels by the beginning of 2021. Contrary to this growth, the credit applications stayed relatively low after their initial

decline. By the fall of 2020, credit applications were still 30 percent below the pre-pandemic levels. One year later, CFPB reports that credit card applications were back to their pre-pandemic levels. Still, after the initial decline in new mortgage applications, the application for new mortgages was above their usual levels in the pre-pandemic years and this continued through May 2021.

“While consumer credit applications have generally recovered to pre-pandemic levels in the aggregate, we see important differences across consumers,” says David Uejio, CFPB’s acting director. “Both borrowers with superprime and subprime credit scores are still not applying for credit as much as they were pre-pandemic.”

Summary of the key finding; • •

• •

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Auto loans: applications saw a drop of 52 percent by the end of March 2020 and by January 2021, auto loan applications returned to their pre-pandemic levels Mortgage credit applications: by march 2020, the applications saw a slight decline and then surged. In fact, the applications have exceeded their usual, seasonally adjusted volume by almost 10 to 30 percent which is a true reflection of the unusually high activity in the mortgage market through the pandemic. For the revolving credit card debt, the inquiries took a long time to recover from the initial decline in March 2020 but later recovered by March 2021 when the levels returned to their normal levels. The consumers with deep subprime credit scores recorded the biggest declines in auto loan inquiries compared to the previous years. This was closely followed by subprime credit score. These consumers also showed declines in new mortgage and revolving credit card inquiries.

THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

Even though we are still in the thick of the pandemic, the recent spike in mortgage applications shows that people are still very eager to buy. This can only mean one thing, we are headed in very turbulent times. With a low supply of new and existing homes, it will get chaotic before it gets betters. It is time you take advantage of the opportunities that exist right now. Did you know that it is possible to get your own home right now while the rates are down with no money down? Wondering how? Reach out to Eric Lawrence Frazier MBA today to find out more! The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage with various thought leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you

WWW.THEPOWERISNOW.COM

with products and services that will help you better prepare for the future. We are also advocating for first-time home buyers. The Power Is Now Media, Inc. can help you make your homeownership dream a reality. Go to www.neverrentagain.com and get started today. Eric Lawrence Frazier MBA Vice President and Mortgage Advisor of First Bank NMLS 461807 President and CEO of The Power Is Now Inc. www.thepowerisnow.com

Sources: https://www.consumerfinance.gov/about-us/newsroom/cfpb-finds-creditapplications-have-mostly-recovered-to-pre-pandemic-levels/ https://files.consumerfinance.gov/f/documents/cfpb_recovery-of-creditapplications-pre-pandemic-levels_report_2021-07.pdf

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ollowing the financial crisis of 2008-10, nonbank mortgage companies have been very crucial in maintaining direct access to mortgage credit. According to the Brookings Institute, nonbank lenders originated more than half of all mortgages in 2016, which is 20 percent more than the share of their originations in 2007. Part of the reason for this growth is the fact that banks withdrew from giving mortgages to people with low credit scores following the Financial Crisis, but nonbank mortgage companies felt the need to take advantage of the technological innovations and trends in mortgage lending further-reaching even the people banks could not. Even though this was a positive shift, reaching more people and helping them become homeowners, this growth poses risks to borrowers, the communitie, and even the government (both state and federal governments). Small nonbank mortgage issuers operate on the principle of short-term credit to finance their operations. This credit can become expensive and when the financial markets tighten up, this credit will definitely dry up. On the other hand, some non-bank lenders depend on mortgage refinancing, and in most cases, this revenue will diminish as the interest rate rises. In addition, what you will realize about the nonbank mortgage servicers is that they tend to service mortgages that have a higher rate of default which means, they are exposed to greater risk of loss should the prices of the housing decline. Nonbank mortgage servicers, mostly originating the mortgages insured by FHA or guaranteed by the Department of Veterans Affairs are prone to these issues.

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THE PLIGHT OF SMALL INDEPENDENT MORTGAGE ISSUERS THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

The nonbank lenders were particularly hit harder by the 2008 financial crisis forcing so many out of business. In fact, at the time, the number of mortgage companies fell in half from 2006 to 2012 which means a drop of nearly 1,000 companies (both nonbank and independent issuers).

The mortgage market today is somewhat stronger and more robust and suppose the events of 200810 were to happen again the nonbank sector, especially those originating mortgages insured or guaranteed by FHA or the VA would be very vulnerable, suffering a huge loss.

SO, LET’S FOCUS ON THE ‘WHAT-IF’ SCENARIO OF A 2008 CRISIS HAPPENING AGAIN TODAY. First, today’s mortgage market is more robust and if a 2008-crisis were to happen agai, securitization activity would occur currently through the entities that have governmental support. Indeed, today underwriting guidelines have also improved thus improving the mortgage credit quality. But, the federal government, communities, and borrowers would also suffer huge losses. The government must keep its promise, and in the process of following through on its guarantees on the mortgages, it would incur some losses. Borrowers would suffer too and even though the mortgage servicing sector is in a better condition than it was more than a decade ago, the loss on the part of borrowers would mostly occur as a result of disorderly servicing transfer when a servicer fails. In addition, let’s not try to underrate the importance of nonbank lenders. In the event of a reduction in the nonbanks, it could result in reduced access to credit where financial institutions are not comfortable with extending mortgage credit at similar rates and terms and if this reduction was large enough,

it definitely would have an impact on the home prices. The reduction in the home prices would be more felt in some communities than others. I think the question should not be of whether the nonbank mortgage companies have the resources to help them withstand and overcome the shock, rather it should be if the regulators have the information and tools to spot the issues early on and resolve the problems effectively. As such, it is best to understand the room in which these nonbank servicers operate. Most have fairly low amounts of ‘unencumbered’ assets or assets that are not currently used as collateral for a loan which means, supposing unexpected emergencies occur, they could tap into that resource. But still, unlike many financial institutions, non-bank lenders do not have access to the government institutions such as the Federal Reserve System or the Federal Home Loan Bank System which provide short-term credit to depository institutions with liquidity needs. Additionally,

the regulatory framework for monitoring the nonbanks for safety and soundness is less developed compared to the framework governing the banks, and also, the data on the financial condition of the nonbanks is less standardized and not widely available. In response to these ‘flaws’ in the nonbank sector, Ginne Mae unveiled a set of proposals meant to alleviate some of the liquidity strains faced by some of the nonbank mortgage companies. In a separate press release, the CSBS approved the new regulatory framework to enhance and alo align the states’ existing authority over the growing nonbank mortgage market. These proposals would ensure that there is enough publicly available information about the financial conditions of the large nonbank lenders. Additionally if well implemented, these steps would improve the resilience of the nonbank mortgage market reducing the risk to the government, communities, and borrowers.

ABOUT THE POWER IS NOW MEDIA, INC. The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage with various thought leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help you make your home ownership dream a reality. Go to www.neverrentagain.com and get started today. Sources https://www.brookings.edu/blog/up-front/2018/09/10/mapping-the-boom-in-nonbank-mortgage-lending-and-understanding-the-risks/ https://www.csbs.org/policy/research-data-tools/nonbank-mortgage-servicer-prudential-standards

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That was in 2019 and could the plan have worked, California’s health care system would have been unmatched!

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arly on, and even in his campaigns, everyone could tell that Newsom was more into championing healthcare more than any other thing. And ye he was and he did, well at least he tried. In fact, in January of last year, Newsom unveiled his big healthcare plans, an ambitious plan it was called! So ambitious that he intended on getting every Californian health care coverage! l

It seems Newsom had discovered this early one because to of his healthcare agendas was affordable medication and universal, state-funded health care. In addition, he had a plan to create a blueprint that would ensure that California’s growing population of seniors is better served.

ENTER COVID-19 Its been almost 3 years since Newsom took over the governorship of California. Because of the COVID-19, which we are still in the thick of it, given the rise of a new deadly variant - the Delta Variant,

Image Source

Newsom promised big on California health care. Where do his bold plans stand now?

California’s health care system isn’t the best in the world and if there is one ‘positive’ outcome of the Covid-19 is that it uncovered the flaws in a supposed perfect system, but to be fair, it wasn’t just in California, but everywhere - globally! While this wasn’t something unique for the state, some things were rising prescription costs, shortage of health care workers,s and a rising cost of health care!

the governor had to put his ambitious health care plan aside to deal with the pandemic. Ever since, so little has been done about his affordable medication and universal, state-funded health care. In addition, there are his plans for the seniors. In a nutshell, if the governor was to actualize this plan, it would take ten years, at least which means, this might come after his term ends. The $47 billion health care agenda which was mainly backed up by steady economic growth sought three things in particular; •

Expand the millions of undocumented immigrants covered by Medicaid.

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Help California in its efforts to manufacture its own drugs.

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Expand Medicaid programs to address issues like mental health and addiction treatment as well as cater for chronic homelessness.

Soon after the Pandemic hit, it dawned on the Californians that the governor’s plan would have to be put aside. In fact, the governor warned of a “budgetary crisis that is starting to manifest.” About his plans, he said that they had to be “recalibrated.” However, the Democrats are having none of that. In fact, many were not convinced that they had to abandon the plan. “If those workers providing the products, the services, the food that we eat don’t have health care, we’re all in danger,” said state Sen. Maria Elena Durazo (D-Los Angeles), who has pressed Newsom to expand Medicaid coverage to WWW.THEPOWERISNOW.COM

unauthorized immigrants ages 65 and up. “Our reasoning is a lot stronger now because if they don’t have health care, it weakens our ability to stop the spread of COVID-19.” In addition, health advocates have also come out to support and praise the governor’s efforts. However, some are less optimistic about Newsom’s ability to deliver these goals especially creating a statefunded, Single-payer healthcare system. “It’s important not to lose sight of some historic steps taken in expanding coverage,” said Thad Kousser, a political science professor at UC San Diego. “But to be clear he campaigned on a singlepayer pledge that a lot of people didn’t think was realistic, and I think the last few years have shown us that it will be incredibly hard to achieve.” The Dilemma in Single-payer healthcare system The Californian who supported the governor in his bid for the gubernatorial seat now demands that the Governor keep his campaign promises and take a progressive step in making the singlepayer healthcare system a reality. For years now, Californians have been calling for a move away from private insurance and for the government to take on all the health care responsibilities, and they are not about to give up now. Progressive state advocates, including the prominent labor union California Nurses Association, now drive the motion to make the governor make good on his word. “We don’t really have a public health system,” l

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said Shirley Toy, a retired nurse and an organizer with the Sacramento chapter of the Democratic Socialists of America. “Some peoples’ lives seem to count and some peoples’ don’t, and it’s just very sad.” One thing that is for sure, this system is not cheap, and in addition, critics of the system say that getting everyone covered will not ensure timely and equitable access to healthcare. The political pressure has been insurmountable, and taking the lead earlier this year, Democratic Assemblymember Ash Kalra from San Jose introduced legislation meant to push the state towards adopting a single-payer system. While the legislation by Ash is good in so many ways, it leaves out so many critical details for instance;

•

How hospitals will be paid and how much.

•

How much the doctors, nurses, and caregivers will actually be paid.

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How to effectively reroute the federal healthcare dollars into a single program - a governing body in charge of the system.

•

Lastly, this legislation doesn’t state its funding source.

These pressures come at a bad time for the governor especially with the recent build-up of the recall campaign becoming inevitable. Still, even if it was possible, scrapping the entire state’s healthcare system only to replace it with a statesponsored program could cost more than the budgeted amount. The conflict for and against the single-payer system and also the many recalls presents a vexing problem for the governor.

According to Thad Kousser a University of California San Diego political science professor, for the governor to o=move forward, there will be two theories to contend with: THEORY NUMBER 1

THEORY NUMBER 2

“The best way to defend yourself against a recall in a state the Democrats just won by 5 million votes is to lock down the left — and some movement toward single payer, some strong commitment, could do that.”

“This is not the right time to take on a very controversial and very costly policy that may not even find a welcome audience in DC.”

Still, proponents of a single-payer system say that there aren’t really any conflicting issues when it comes to the system because a state-funded system is already very popular. In fact, polls regularly echo this statement showing that many Californians support the single-payer system. A 2020 UC Berkeley Institute of Governmental Studies poll showed that 55 percent of registered California voters surveyed either somewhat or strongly agreed that the single-payer system “would improve the nation’s ability to respond to disasters and pandemics such as COVID-19.”

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DO WE REALLY NEED TO SCRAP OFF THE EXISTING HEALTH CARE SYSTEM? I mean its working and its what Californians have been used to. It may not be perfect but, it is working and i think that matters. Some analysts and consultants believe thatthe reults from the poll are overstating the public’s interest in this matter. One of them is Garry South, a Democratic political consultant who says, “‘Do you think that health care is a right and not a privilege and that every American or every Californian should have health insurance?” you’re going to get an overwhelmingly strong response, South said. But those ideals often come with another set of convictions, he said: “In achieving that, don’t ask me to give up anything. Don’t ask me to give up my private health insurance. Don’t ask me to pay more in taxes.” He continues to emphasize that the state governments main priority should be to expand the health insurance coverage both in the private and public sectors. So many people seem to be paying too much attention to technical terminologies rather than what matters. “It’s not about some other terminology you want to stick on it. It’s about universal coverage,” South added. However, be that as it may, the fight in the Democrat’s camp is more than the technical terms. They argue that the only way the state will be able to provide cost effective insurance coverage to everyone is through a universal, state funded program, but according to a report by Kaiser Family Foundation, some 7.8% of californians in 2019 had no health insurance cover which by the way is down by a whooping 17.2% from 2013 data, which was largely due to Californians embracing the Affordable Care Act.

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For many supporters, the current health crisis only highlights the need for radical changes in the health system. “If there’s an argument for single payer it’s certainly the pandemic…the current system doesn’t work,” said Michael Lighty, a policy consultant working for the National Union of Healthcare. But, critics of the same seem to have a convincing case against the single payer system. They argue that much like the flimsy rollout of the Covid-19 Vaccines and the humiliating failure of the State’s Employment Development Departmet, Californians should think really hard before entrusting the the healthcare docket to the state. “People in general have a pretty jaundiced view of government’s ability to deliver,” said South. How this will all end, i guess we’ll have to wait and see. And i think the Governor needs to take charge and become more visible and vocal about his plans. Remember, he was voted for by many Californians because of his ambitious plans and i d not think it would be fair to just leave things as they are. I also think that the plan hasnt really been carefully thought through. Many health advocates have also called for the healthcare system to be more robust and provide coverage for everyone because as it stands out, undocumented minorities are the ones taking huge blows from this failing system. Sources; https://www.capradio.org/articles/2021/04/29/with-latestcalifornia-single-payer-health-care-bill-shelved-advocatespush-newsom-for-support/?__cf_chl_jschl_tk__=pmd_a4d5603b 1615893d0848933dacb61dc21a2466f4-1628262489-0gqNtZGzNAqKjcnBszQnO https://californiahealthline.org/news/newsoms-ambitious-healthcare-agenda-crumbles-in-a-radically-changed-world/ https://calmatters.org/health/2021/07/california-health-newsom/ https://calmatters.org/politics/2021/02/newsom-single-payerhealth-care-dilemma/

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THE NATIONAL LABOR DAY

e often see some folks throw parties and festivals to celebrate the end of summer vacation on the first Monday in September, while mixed reactions trail several others because the end signifies that school activities would soon resume. So, what’s the idea behind this celebration? It’s called National Labor Day. National Labor Day is one of the most celebrated days in the United States of America because of its significance. The day is designated to celebrate and reflect on the contributions the American workers have made to society. The United States and most countries celebrate National Labor Day on the first Monday of September, while other countries choose another day to celebrate the event. 124

WHY DO WE HAVE NATIONAL LABOR DAY? Every worker has reasons to celebrate National Labor Day. If you are not going to work on Saturdays or spending 18 hours in your workplace every day, it’s thanks to the years of battles fought by American employees and Labor Unions a century ago. At the peak of the Industrial Revolution, the average American employee spent 12 hours a day at work and worked seven days a week to earn a living. These people mainly comprise poor immigrants and black employees. Adults and children as young as five worked at fields, mines, and several mills. These children earned a more meager living than the adults. The workers faced harsh working conditions, with THE POWER IS NOW MAGAZINE | SEPTEMBER 2021

Chicago was another bloody incident that enveloped as a result of low working conditions. Pullman Company dealt with the manufacture of railroad cars. The owner, George Pullman decided to cut the wages of the workers as a result of the 1893 depression, but the workers vehemently refused, resulting in the protest. Before the protest, nearly 10,000 workers had marched in New York City in 1882 for the same harsh working conditions - the first labor parade in the United States.

access to poor ventilation and no sanitary breaks. They were subjected to working even when some of them were sick. As the manufacturing industries started replacing agriculture as the bane of employment, Labor Unions voiced their vituperations and began to organize strikes, demanding better working conditions of the workers and pay. Of course, strikes like this wouldn’t go on to be successful without turning violent. The strikes castigated the infamous Haymarket Riot in 1886 in Chicago, which saw policemen and employees killed. The Pullman strike of 1894 in WWW.THEPOWERISNOW.COM

The Haymarket saga, the boycott of Pullman railway cars by the American Railroad Union in 1894, and other unrest led Congress to pass the National Labor Day law on June 28, 1894, 12 years after several states had passed the legislation. No one knows the face behind the Labor Day holiday legalization. However, many believed that Peter J. McGuire of the American Federation of Labor and Matthew McGuire of the Central Labor Union were the forces behind the creation of the holiday. The holiday is celebrated on Mondays to give workers three-day weekends. The three-day weekend is also the reason the United States has a uniform Monday Holiday when celebrating Columbus Day and Washington’s Memorial Day.

Planning a long weekend vacation to celebrate National Labor Day with your friends and families? We can help you secure great deals only if you take action by reaching out to us. Contact Eric L. Frazier for assistance with purchasing a home or investment property. Eric L. Frazier MBA is a licensed Mortgage Advisor NMLS 461807 with First Bank and can be reached at 800-261-1634 ext. 703. ABOUT THE POWER IS NOW MEDIA, INC. The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www. thepowerisnow.com. Published by Eric Lawrence Frazier, MBA.

References https://www.google.com/amp/s/www.history.com/. amp/topics/holidays/labor-day-1 https://www.google.com/amp/s/nationaltoday.com/ labor-day/amp/

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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. 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.

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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.