The Power Is Now Magazine

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magazine VOL 14 | SEPTEMBER 2023

Jerome Powell

Federal Reserve Chairman.

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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

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CONTENTS

SEPTEMBER 2023 with Too Few Homes

LEGAL NEWS CFPB Unveils Comprehensive Data Initiative, Prompting Swift Criticism from Banks

POWER TO YOU 5 Productivity Hacks For Real Estate Agents

GREEN/SUSTAINABILITY NEWS California Assembly Passes Landmark Energy Efficiency Bill for Commercial Buildings

MORTGAGE NEWS

COMMERCIAL NEWS

The Impact of Rising Mortgage Rates on the

Real Estate Investing: How To Find A Partner

Real Estate Market

For Your Business Plan

ECONOMIC NEWS Navigating Economic Waters of Rising Interest Rates

LIVING AND LIFESTYLE Best Interior Paint Colors for Selling Your House

LIVING AND LIFESTYLE REAL ESTATE NEWS 2024 Housing Shortage: Navigating a Market

How Is NAACP Committed to Helping Black Borrowers Tackle Student Loan Debt

FROM OUR VIP AGENTS

Adriana Montes: How To Get a Loan for a New-Construction Home: What Homebuyers Need To Know pg 52

Francine Marsolek: Minnesota Market Update: The Housing Market Insights for Q2, 2023 pg 72 Monica Hill: Unlocking Tax Ben efits: The Complete Guide to Deductions for Investment Properties pg 82 Steven Rivkin: The Pros and Cons of Renting vs. Buying a House pg 88 Walter Huff: 4 Surprising Things That May Increase How Much Your Home Is Worth pg 96 Yvonne McFadden: 7 Reasons Why You Do Not Need to Downsize pg 102 Brandy Nelson: A Comprehensive Guide: How Long Does It Take to Close On A House pg 110

DaShunda Morris: 6 Tips for Selling Your Home Quickly in Today’s Wild Market pg 130 Ruby Frazier: Riverside Housing Market Update in Q2, 2023 pg 146 Briana Frazier: Seller, Beware! 6 HalfTruths That Can Destroy the Odds of Selling Your Home pg 152

September 2023

FROM THE EDITOR

Welcome to our latest issue of The Power Is Now Magazine! In this edition, we delve deep into the ever-evolving world of real estate, exploring the critical factors that influence this dynamic industry.

Our dedicated team of writers and experts has curated an array of articles that tackle the most pressing issues and trends in the real estate market today. From the financial implications of rising mortgage rates to navigating the challenges of housing shortages, we’ve got you covered.

As you may have noticed, Chairman Powell graces our cover, symbolizing the influence and significance of economic policies on the real estate market. Inside, you’ll find articles that analyze the impact of rising mortgage rates, the economic implications of interest rate changes, and the challenges posed by housing shortages.

In The Impact of Rising Mortgage Rates on the Real Estate Market and Navigating Economic Waters of Rising Interest Rates, we analyze the shifting financial landscape and its effects on both homebuyers and sellers. For those interested in real estate investment, Real Estate Investing: How To Find A Partner For Your Business Plan offers valuable insights into building successful partnerships, while 6 Tips for Selling Your Home Quickly in Today’s Wild Market provides practical advice for sellers looking to make the most of this exciting time.

Our magazine isn’t just about numbers and data; we also explore the human side of real estate. In How Is NAACP Committed to Helping Black Borrowers Tackle Student Loan Debt, we shed light on important initiatives aimed at addressing equity in homeownership. Plus, we’ve included tips for homeowners looking to spruce up their spaces with Best Interior Paint Colors for Selling Your House and guidance on securing loans for new construction homes in How To Get a Loan for a New-Construction Home: What Homebuyers Need To Know.

With market updates, pros and cons of renting versus buying, and advice for those considering downsizing, this issue is a comprehensive guide to the diverse facets of real estate.

So, grab a cup of your favorite beverage, settle in, and let us be your trusted companion as you navigate the exciting and often complex world of real estate. We hope you find our articles informative, insightful, and inspiring.

Thank you for choosing The Power Is Now Magazine for your real estate insights. We look forward to being a part of your journey through the pages of this issue.

Happy reading!

Eric L. Frazier

SEPTEMBER 2023

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The Impact of Rising Mortgage Rates on the Real Estate Market PHOTO FROM 123RF

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MORTGAGE NEWS

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he real estate market, like a finely tuned instrument, is highly sensitive to economic shifts and financial trends. In August 2023, a significant tremor was felt in this market, as home sales stagnated near recent lows, and prices continued their relentless ascent. The culprit behind this slowdown? Rising mortgage interest rates. This article peels back the layers of this complex relationship, exploring how the surge in mortgage rates is impacting the real estate market and the individuals who participate in it: buyers, sellers, and investors.

Join us on a journey through the dynamics of a market where the cost of borrowing plays a pivotal role in shaping the dreams of homeowners, the strategies of property sellers, and the decisions of real estate investors.

PICTURE OF THE CURRENT SCENARIO SEPTEMBER 2023

In the backdrop of the bustling streets of the real estate market, the landscape in August 2023 appears both promising and challenging. The sun casts long shadows over a market that has been the center of dreams, aspirations, and financial strategies for countless individuals and families.

At first glance, the scene is one of optimism.

For-sale signs dot the lawns of homes, and newly constructed properties gleam with the promise of a bright future. Real estate agents, armed with data and charisma, eagerly await potential buyers, armed with hopes and budgets.

The market, as it always has, beckons with opportunities.

However, as we delve deeper, cracks in this optimistic facade become evident. A palpable tension hangs in the air. The once frenetic pace thepowerisnowmeida

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of home sales has slowed, like a pendulum homebuyers and the broader dynamics of the gradually losing momentum. The numbers tell a housing market. sobering tale: sales of previously owned homes have dipped by 0.7% from July, settling at a seasonally adjusted annualized rate of 4.04 million ●RISING MORTGAGE RATES: units. These figures, while not catastrophic, hint at The average contract interest rate for 30-year fixed-rate mortgages has recently increased a market in transition. from 7.21% to 7.27%. While this may seem like a relatively small change, it has significant The most prominent player in this unfolding drama consequences for homebuyers. Mortgage rates is the rising mortgage rate, casting a long shadow are essentially the cost of borrowing money to over the real estate landscape. In the background, purchase a home. When rates rise, the cost of the ticking clock of mortgage rate fluctuations financing a home purchase also goes up. This adds an element of uncertainty. During June and translates to higher monthly mortgage payments July, mortgage rates soared to levels not seen for buyers, which can be a substantial burden, in recent years, with the average rate for a 30particularly for those on a tight budget. year fixed mortgage reaching the high 6% range.

As July came to a close, it crossed a significant ●IMPACT ON HOMEBUYERS: threshold, breaching the 7% mark. Since then, The surge in mortgage rates is hitting it has steadfastly remained at these elevated homebuyers hard. It directly affects their levels, squeezing the affordability of homes and purchasing power. As rates rise, potential amplifying the challenges faced by those in search buyers may find that the homes they could once of their slice of the American dream. comfortably afford are now moving out of reach.

This situation has led to a notable dip in demand, In this nuanced scenario, buyers find themselves especially in the lower end of the market, where at a crossroads, their dreams of homeownership affordable housing options are already scarce. seemingly at odds with the reality of higher borrowing costs. Sellers grapple with a shifting ●INVENTORY CHALLENGES: landscape, where pricing decisions require a The real estate market is a delicate balance delicate balance between profit and market between supply and demand. In this context, the dynamics. Investors, too, must recalibrate their scarcity of available homes is exacerbating the strategies as financing costs climb, while also impact of rising mortgage rates. Lower inventory recognizing new opportunities born from shifting levels create a highly competitive environment demand. among buyers, which can drive up prices even further. In this scenario, sellers may benefit from It’s against this backdrop of rising mortgage higher prices, but the pool of qualified buyers rates that we dive into the intricate relationships dwindles. between buyers, sellers, and investors in the real estate market. As we explore the intricacies of this ●REFINANCING ACTIVITY: market in flux, we aim to illuminate the challenges It’s not just homebuyers who are affected. and opportunities that come to the forefront when Current homeowners who might have considered the cost of borrowing becomes a dominant player refinancing their mortgages are also feeling the in the real estate arena. pinch. The increased rates have led to a 5% drop

THE CURRENT SCENARIO The current surge in mortgage rates, as reflected in the average contract interest rate for 30-year fixed-rate mortgages, is a pivotal factor shaping the real estate market in August 2023. These rate increases are profoundly impacting both potential thepowerisnowmeida

in demand for refinances. Many homeowners who would have benefited from lower monthly payments through refinancing are now less inclined to do so, given the less favorable interest rate environment.

●ECONOMIC OUTLOOK: In the midst of this short-term turbulence, SEPTEMBER 2023

In conclusion, the surge in mortgage rates is a significant factor contributing to the challenges faced by the real estate market, particularly for homebuyers and those seeking to refinance.

The short-term impact is evident in decreased demand and disrupted affordability. However, the long-term stability of the housing market will depend on a combination of factors, including job growth, which can counterbalance the immediate effects of rising mortgage rates. As the market continues to evolve, stakeholders must navigate these changes with an eye toward both the present and the future.

EFFECTS ON BUYERS The surge in mortgage rates has far-reaching effects on prospective homebuyers, reshaping their strategies and decisions in the real estate market. Here’s a closer look at how rising mortgage rates impact buyers: ●REDUCED PURCHASING POWER: Higher mortgage rates translate into higher monthly mortgage payments. As a result, buyers may experience a reduction in their purchasing power. The same budget that could afford a certain home at a lower interest rate now buys less house or may require buyers to stretch their finances to make ends meet. In essence, the dream home that was once comfortably within reach may now seem elusive. ●REASSESSMENT OF BUDGETS: Many buyers will need to reevaluate their budgets and potentially lower their expectations. This can SEPTEMBER 2023

lead to a shift in priorities, with some opting for smaller homes, different neighborhoods, or even delaying their home-buying plans until rates become more favorable. The need for more significant down payments or adjustments in the type of property sought may also arise. ●INCREASED COMPETITION: Rising mortgage rates often intensify competition among buyers, especially in the lower end of the market where affordable housing options are limited. With more buyers vying for fewer homes, bidding wars can become commonplace. Buyers may find themselves in situations where they need to offer above asking prices to secure a property, further driving up prices in certain segments of the market. ●IMPACT ON FIRST-TIME BUYERS: First-time homebuyers are particularly vulnerable to the effects of rising mortgage rates. They often have less financial flexibility and may be less prepared for higher monthly expenses. For many, this can lead to difficult choices, such as postponing homeownership, exploring alternative financing options, or considering homes in less competitive markets. ●SHIFT IN HOUSING PREFERENCES: Higher rates can prompt buyers to reconsider their housing preferences. Some may opt for more energy-efficient homes or those that require less maintenance to offset the increased cost of borrowing. Alternatively, there may be an increased interest in homes with rental potential to generate additional income. ●IMPACT ON THE MOVE-UP MARKET: Buyers looking to upgrade or move to larger homes are not immune to the effects of rising rates. They may find that the financial leap required to move up the property ladder is steeper than anticipated, causing them to rethink their plans or postpone their move. ●ADJUSTMENT PERIOD: As rates fluctuate, there can be a period of thepowerisnowmeida

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economists like Lawrence Yun, chief economist at the National Association of Realtors (NAR), emphasize the importance of job gains in the long run. While mortgage rate changes have an immediate and direct impact on the housing market, the health of the job market plays a crucial role in sustaining the real estate sector over time. As the economy continues to grow and job opportunities expand, it is expected to have a positive influence on the housing market in the future.

adjustment for buyers. It may take time to adapt to the new financial landscape and recalibrate their expectations to align with their changed budgets. This period of adaptation can contribute to market volatility and uncertainty.

The surge in mortgage rates has a significant impact on sellers in the real estate market, shaping their strategies and decisions in response to changing conditions. Here are some key effects of rising mortgage rates on sellers:

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In conclusion, the impact of rising mortgage

rates on buyers is substantial and multifaceted.

It influences not only their purchasing power but also their housing preferences, timelines, and strategies. As buyers navigate this challenging terrain, careful financial planning, flexibility, and a keen understanding of market dynamics become crucial in securing a place in the evolving real estate landscape.

EFFECTS ON SELLER thepowerisnowmeida

●PRICING DYNAMICS: One of the most immediate effects of rising mortgage rates is the pricing of properties. While sellers may be tempted to capitalize on the hot market and list their homes at higher prices, they must strike a delicate balance. Overpricing can deter potential buyers, leading to longer listing periods and potentially lower sale prices.

Underpricing, on the other hand, may result in missed opportunities to maximize returns.

SEPTEMBER 2023

●EXTENDED TIME ON MARKET: Higher mortgage rates can lead to longer listing periods for properties. As buyers face increased financial constraints due to higher monthly payments, they may take more time to make decisions or explore alternative housing options. This extended time on the market can be frustrating for sellers, particularly those seeking a quick sale. ●NEGOTIATION DYNAMICS: In a market with rising mortgage rates, sellers may find themselves engaging in more negotiations with potential buyers. Buyers may be more inclined to request concessions, such as repairs or credits, to offset the higher cost of borrowing. Sellers may need to be flexible with their terms to close a deal, including accommodating varying closing dates or adjusting their selling price. ●ADJUSTMENT OF SALE STRATEGIES: Some sellers may choose to adjust their sale strategies in response to rising rates. For example, they might consider offering seller financing or lease-to-own arrangements to attract buyers who are struggling to secure traditional financing at higher rates. These creative strategies can help sellers stand out in a competitive market. ●TIMING CONSIDERATIONS: The timing of a sale becomes more critical in a rising rate environment. Sellers may contemplate whether it’s the right time to list their property or whether they should wait for a more favorable rate environment. Strategic timing can impact the level of buyer interest and the final sale price. ●MARKET SEGMENT FOCUS: Sellers may need to assess which market segments are most active and receptive to their properties. In some cases, certain segments of the market, such as entry-level or first-time homebuyers, may be more affected by rising rates. Sellers may need to tailor their marketing and pricing strategies accordingly.

SEPTEMBER 2023

●PROPERTY VALUATIONS: Given the changing market conditions, sellers should keep a close eye on property valuations.

Regular appraisals can help ensure that their properties are priced competitively and that they remain aligned with market trends. ●REALISTIC EXPECTATIONS: Managing expectations is crucial for sellers. In a market where rising mortgage rates may slow down buyer activity, sellers should be prepared for a potentially longer sales process. Setting realistic expectations regarding the time it takes to sell and the final sale price can reduce stress and disappointment.

In summary, rising mortgage rates introduce challenges for sellers in the real estate market.

Strategic pricing, flexibility in negotiations, and an understanding of market dynamics are essential for sellers to adapt successfully to changing conditions. Ultimately, sellers who can navigate the complexities of the market while meeting the evolving needs of buyers stand a better chance of achieving their real estate goals.

CONCLUSION The real estate market is a complex ecosystem where rising mortgage rates have multifaceted effects on buyers, sellers, and investors.

As interest rates continue to influence the affordability of homes, it’s crucial for all stakeholders to adapt their strategies to navigate this evolving landscape. Buyers must carefully assess their budgets, sellers should remain mindful of pricing dynamics, and investors should be prepared to adjust their strategies to achieve their real estate goals in an ever-changing market. Ultimately, the real estate market will continue to be a balancing act in the face of fluctuating mortgage interest rates.

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ERIC LAWRENCE FRAZIER MBA Mortgage Consultant NMLS#: 461807 | CA-DFPI461807

11175 Azusa Court, Suite 110-107 Rancho Cucamonga, CA 91730 O: 951-374-4986 ext. 4986 M: 714-475-8629 eric.frazier@onqfinancial.com www.onqfinancial.com/eric-frazier

Offered through our Broker partner. Loan approval is subject to applicant’s qualification for a loan program. On Q Financial does not guarantee that each applicant will receive a loan.

Some program restrictions and requirements apply. Please contact your On Q Financial, LLC Mortgage Consultant for more information. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. Some restrictions may apply. On Q Financial, LLC is an Equal Housing Lender. NMLS 5645 | CA-DBO RMLA 4131336 | ONQ0809230685d00000gogpo-WW thepowerisnowmeida

SEPTEMBER 2023

ECONOMIC NEWS

Navigating Economic Waters of Rising Interest Rates

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n the ever-evolving landscape of global economics, few factors carry as much weight and influence as interest rates. These seemingly small percentages can set in motion a series of events that ripple through economies, affecting everything from lending practices to consumer spending. In recent times, the world has been watching with keen interest as interest rates have begun to climb steadily, leaving economists, investors, and policymakers pondering the implications.

Rising interest rates, often

SEPTEMBER 2023

considered a double-edged sword, hold both promises and perils for the economy. On one hand, they can signify a healthier, more robust economy, reflecting greater confidence in the future. On the other hand, they can also stir concerns about their potential to stoke inflation, slow down borrowing and spending, and reshape the real estate market.

In this blog, we delve deep into the complex web of cause and effect that surrounds the phenomenon of rising interest rates. We’ll explore their impact on inflation, a key indicator of an economy’s

health, and dissect how real estate markets, long seen as a barometer of economic stability, are responding to this shifting financial landscape. As we navigate the tumultuous waters of monetary policy, we’ll seek to shed light on the implications, both positive and negative, of this economic reality and offer insights to help individuals and businesses make informed decisions in this dynamic environment. So, fasten your seatbelts and get ready to explore the multifaceted relationship between rising interest rates, inflation, and real estate markets in our everevolving economic world. thepowerisnowmeida

THE MECHANISM BEHIND RISING INTEREST RATES Understanding how and why interest rates rise is essential for grasping their far-reaching impact on the economy. In this section, we will delve into the mechanics of interest rate hikes, the role of central banks, and the factors that drive these changes.

UNDERSTANDING THE FEDERAL RESERVE’S ROLE The primary driver of interest rate changes in the United States is the Federal Reserve, often referred to as the Fed. This central bank plays a pivotal role in influencing short-term interest rates through its monetary policy decisions. When the economy is booming, the Fed may raise interest rates to cool down excessive borrowing and spending, aiming to prevent runaway inflation.

Conversely, in times of economic uncertainty or recession, the Fed may lower rates to stimulate borrowing, spending, and investment.

FACTORS INFLUENCING INTEREST RATE CHANGES

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Several key factors influence the direction of interest rates. Here are some of the most important: ●ECONOMIC DATA: Indicators such as unemployment rates, GDP growth, and consumer spending provide signals to central banks about the state of the economy.

Strong economic data may lead to rate hikes, while weak data can prompt rate cuts. ●INFLATIONARY PRESSURES: Central banks closely monitor inflation rates.

When inflation begins to rise significantly, central banks may raise interest rates to curb spending and borrowing, which can help mitigate inflation. thepowerisnowmeida

●GLOBAL ECONOMIC CONDITIONS: International economic factors, such as geopolitical events or global financial crises, can also influence interest rates. A crisis in one part of the world can lead to a “flight to safety,” causing investors to seek refuge in assets like U.S. government bonds, which can impact rates. ●MARKET SENTIMENT: Investor sentiment and expectations can affect bond markets, which, in turn, influence interest rates. If investors anticipate rising inflation or economic growth, they may demand higher yields on bonds, leading to higher rates.

THE RELATIONSHIP BETWEEN BOND YIELDS AND INTEREST RATES To fully grasp the relationship between interest rates and bond yields, it’s crucial to understand that as interest rates rise, bond prices fall, and vice versa. This inverse relationship is fundamental to the bond market. When new bonds are issued with higher interest rates, older bonds with lower rates become less attractive to investors, causing their prices to drop.

This bond market dynamic can have a cascading effect on various financial instruments and investment strategies. For instance, rising interest rates can lead to shifts in investment portfolios, as investors may seek higher returns in bonds and other fixed-income assets.

Additionally, it can affect the affordability of loans, impacting consumer spending and business investment decisions.

In summary, comprehending the intricate workings of interest rate adjustments, driven by central bank policies and influenced by a range of economic factors, is essential for predicting and responding to their implications on inflation and the real estate market. This understanding forms the foundation for the subsequent sections, where we explore how rising interest rates are shaping the economic landscape.

SEPTEMBER 2023

IMPACT ON INFLATION: TAMING THE PRICE DRAGON Inflation, often described as the silent tax on our savings, is a constant concern for both individuals and policymakers alike. It’s the steady rise in the prices of goods and services over time, and its consequences can be far-reaching, affecting everything from the cost of living to the health of an economy. As interest rates begin to rise, a complex interplay between monetary policy and inflation expectations emerges.

THE LINK BETWEEN INTEREST RATES AND INFLATION The relationship between interest rates and inflation is an intricate dance. Traditionally, central banks like the Federal Reserve use interest rates as a tool to control inflation. When inflation is on the rise, central banks may raise interest rates to cool down spending and borrowing. Conversely, during economic downturns, they lower rates to stimulate spending and investment.

However, this dance isn’t always so predictable.

Sometimes, inflation can persist despite interest rate hikes, leading to what economists call “stagflation,” a scenario where economic growth stagnates even as prices keep rising. In such cases, central banks face a tough balancing act, as aggressively raising interest rates can potentially stifle economic growth.

On the other hand, rising interest rates can also signal confidence in the economy. Investors may interpret them as a sign of future growth and, as a result, pour more money into the market.

This influx of investment can stimulate economic activity and, in some cases, push prices higher.

The outcome often depends on the broader economic context. If rising interest rates are accompanied by robust economic performance, inflation might be tamed. However, if they are seen as a response to escalating inflation, they may not be as effective in curbing it.

COPING WITH INFLATIONARY PRESSURES IN A RISING RATE ENVIRONMENT For individuals, navigating an environment of rising interest rates and inflation requires careful financial planning. Here are a few strategies to consider: ●Diversify Investments: Diversifying your investment portfolio can help mitigate the impact of inflation. Assets like stocks and real estate have historically been good hedges against rising prices. ●Review Debt Management: If you have variablerate debts, such as adjustable-rate mortgages or credit card debt, consider refinancing or consolidating to fixed-rate options to protect against future interest rate hikes.

WILL RISING RATES TAME OR FUEL INFLATION?

●Strengthen Savings: Increasing your savings and emergency fund can provide a financial cushion to help absorb rising costs.

The impact of rising interest rates on inflation is a subject of ongoing debate among economists and policymakers. On one hand, higher interest rates can make borrowing more expensive, which, in turn, can dampen consumer spending and slow down economic growth. This could potentially have a cooling effect on inflation.

●Inflation-Indexed Securities: Explore investments in inflation-protected securities like Treasury Inflation-Protected Securities (TIPS) to safeguard your purchasing power.

In conclusion, the relationship between rising interest rates and inflation is nuanced, and its

SEPTEMBER 2023

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effects can vary depending on numerous factors.

Keeping a close eye on economic indicators and adjusting your financial strategy accordingly can help you navigate these uncertain waters and mitigate the impact of inflation on your financial well-being.

REAL ESTATE MARKETS IN FLUX: BUYING, SELLING, AND INVESTING The real estate market, often considered a bellwether of economic health, experiences both direct and indirect effects when interest rates begin to rise. Whether you’re a prospective homebuyer, a homeowner, or a real estate investor, understanding these dynamics is crucial for making informed decisions in a changing financial landscape.

HOW RISING INTEREST RATES AFFECT MORTGAGE RATES

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One of the most immediate and tangible impacts of rising interest rates is the effect on mortgage rates. Mortgage rates tend to follow the movement of long-term government bond yields. As interest rates increase, so do the costs of borrowing for lenders, which they often pass on to borrowers in the form of higher mortgage interest rates.

For potential homebuyers, this means that the cost of financing a home purchase goes up.

Higher mortgage rates can reduce affordability, making it more challenging for buyers to enter the market. However, it’s important to note that rising rates can also cool off overheated housing markets, potentially leading to more sustainable price growth.

THE REAL ESTATE INVESTOR’S DILEMMA: PROS AND CONS Real estate investors face a unique set of challenges and opportunities when interest rates thepowerisnowmeida

rise. On the one hand, higher interest rates can increase the cost of financing investment properties, potentially squeezing profit margins.

However, there are some potential benefits for investors as well.

Firstly, rising rates can slow down the rate of home price appreciation, which can make it easier for investors to find properties at more reasonable prices. Additionally, rental demand tends to remain strong even when interest rates are on the upswing, as homeownership becomes less attainable for some individuals due to higher mortgage rates. Investors who own rental properties may find that demand for their units remains steady or even increases.

NAVIGATING THE RESIDENTIAL AND COMMERCIAL REAL ESTATE MARKETS The impact of rising interest rates isn’t limited to the residential real estate market; it also extends to commercial real estate. Higher borrowing costs can affect businesses’ decisions to lease or buy commercial spaces, potentially leading to fluctuations in demand and pricing.

For residential and commercial real estate professionals, adaptability is key. Staying informed about interest rate trends and their potential implications is essential for making informed recommendations to clients. Buyers, sellers, and investors should work closely with real estate experts who can provide guidance tailored to their specific circumstances.

In conclusion, rising interest rates introduce a layer of complexity to the real estate market.

While they can make homeownership less affordable and challenge real estate investors, they can also contribute to a healthier, more sustainable market environment. Staying informed and working with experienced real estate professionals can help individuals and businesses navigate these fluctuations and make the most of their real estate endeavors in a changing interest rate landscape.

SEPTEMBER 2023

REAL ESTATE NEWS

2024 Housing Shortage: Navigating a Market with Too Few Homes

I PHOTOS FROM 123RF

n the ever-evolving landscape of the real estate market, the year 2024 is poised to bring about a significant shift that homeowners, buyers, and industry experts alike need to be prepared for. The headlines are resounding, the predictions dire: “There are simply not enough homes” to meet the surging demand, according to leading economists. As we venture further into the new year, this pressing issue is becoming increasingly evident, painting a vivid picture of a real estate market at the precipice of a fundamental change.

For years, the dream of owning a home has been a cornerstone of the American Dream, and indeed, a universal aspiration around the world.

However, this aspiration is now facing a daunting challenge – the scarcity of available homes. The consequences of this scarcity are far-reaching, affecting not only the dreams of hopeful buyers but also the dynamics of the entire real estate industry.

In this blog, we’ll delve into the underlying factors

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driving this unprecedented shortage of homes and explore how it’s expected to impact the real estate market in 2024. From the perspectives of economists, homeowners, and prospective buyers, we’ll dissect the intricate web of influences shaping the current housing crisis and shed light on the impending implications for home prices and the broader real estate landscape.

Join us as we navigate this unfolding story, one that promises to shape the way we think about homeownership, investments, and the place we call “home” in the coming year and beyond.

THE HOUSING SHORTAGE DILEMMA ANALYZING THE SUPPLY-DEMAND IMBALANCE The housing market is no stranger to fluctuations, but the challenges it faces in 2024 are unparalleled. At the heart of this upheaval lies a glaring disparity between the supply of homes and the insatiable demand from potential thepowerisnowmeida

buyers. Let’s delve into the housing shortage dilemma, dissecting the factors that have brought us to this pivotal momen

FACTORS CONTRIBUTING TO THE HOUSING SHORTAGE 1.POPULATION GROWTH: One of the primary drivers of the housing shortage is the ever-expanding population in many regions. As more people seek to establish households, the demand for homes naturally increases. This surge in population, whether due to urbanization or migration patterns, has left housing markets grappling to keep up.

2.CONSTRUCTION CHALLENGES: The real estate industry, although resilient, has faced its fair share of hurdles. Supply chain disruptions, increased material costs, and labor shortages have made it increasingly difficult for developers to bring new housing units to the market. These obstacles have slowed down construction timelines and led to a backlog of housing projects.

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3.COVID-19 PANDEMIC EFFECTS: The COVID-19 pandemic has brought about unforeseen consequences for the housing market. Remote work arrangements and changing lifestyle preferences have driven more people to reconsider their living spaces.

As a result, there’s a growing demand for larger homes, suburban properties, and even second homes, exacerbating the housing shortage.

investment trusts (REITs) has led to the purchase of single-family homes for rental purposes. This trend has reduced the availability of homes for sale, further intensifying the shortage.

6.ECONOMIC FACTORS: Economic conditions, including low mortgage interest rates, have encouraged more people to enter the housing market, further fueling demand.

However, these favorable rates have not been matched by an equivalent increase in the supply of affordable homes.

As these factors converge, the housing shortage dilemma becomes increasingly complex. The consequence is a competitive market where buyers find themselves in bidding wars, prices continue to surge, and homeownership remains an elusive dream for many. In the sections that follow, we will explore how these dynamics are expected to play out in 2024, as well as strategies for both buyers and sellers to navigate this challenging landscape.

ECONOMISTS’ PERSPECTIVE INSIGHTS FROM LEADING ECONOMISTS To gain a deeper understanding of the looming housing crisis in 2024, it’s crucial to consider the insights provided by leading economists.

These experts have been meticulously studying the housing market, crunching numbers, and forecasting trends. Here, we’ll explore their perspectives and findings on how the unprecedented supply-demand imbalance is shaping the real estate landscape.

4.REGULATORY CONSTRAINTS: Stringent zoning regulations and land use policies HOW RISING DEMAND AND LIMITED in certain areas have constrained the ability to SUPPLY AFFECT HOME PRICES build new homes. While these regulations serve various purposes, they have inadvertently limited Economists have long emphasized the the supply of housing, contributing to rising fundamental economic principle of supply and prices. demand, and its impact on prices. In the case of the housing market, this principle is particularly 5.INVESTOR ACTIVITY: pertinent. Here are key insights from economists: In some markets, increased investment activity from large corporations and real estate thepowerisnowmeida

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●PRICE SURGE PREDICTIONS: Economists universally agree that the shortage of available homes, coupled with a robust demand, will inevitably lead to price surges. The extent of these increases varies by location, but many metropolitan areas are expected to witness double-digit percentage increases in home prices. This can pose challenges for prospective homebuyers, especially first-time buyers with limited budgets.

housing market in 2024, one where the shortage of homes is expected to push prices higher, potentially making homeownership more elusive for many. However, their insights also highlight the need for proactive measures to address affordability and ensure that the dream of owning a home remains attainable for future generations.

In the next sections of this blog, we’ll delve into the practical implications of these economic forecasts for homebuyers and explore strategies to navigate this challenging market.

●AFFORDABILITY CONCERNS: As home prices continue to climb, economists express growing concerns about affordability.

The widening gap between income levels and housing costs can lead to housing insecurity and hinder individuals and families from achieving homeownership. Economists stress the importance of addressing these affordability issues through targeted policies and initiatives.

IMPLICATIONS FOR HOMEBUYERS

●REGIONAL DISPARITIES: Economists also highlight regional disparities in the impact of the housing shortage. While some areas are experiencing acute shortages and price spikes, others may see more moderate effects.

These regional variations depend on factors like population growth, job opportunities, and local housing policies ●IMPACT ON RENTAL MARKET: The scarcity of homes for sale has a ripple effect on the rental market. As potential buyers face challenges in purchasing homes, they often turn to renting. This increased demand for rental properties can drive up rents, making housing less affordable for renters as well. ●INVESTMENT OPPORTUNITIES: Economists note that while the housing shortage poses challenges for buyers, it presents opportunities for real estate investors. Investors may benefit from rental income and property appreciation in markets with high demand and limited supply. However, this can further exacerbate the shortage of homes for sale.

Economists paint a sobering picture of the SEPTEMBER 2023

NAVIGATING A COMPETITIVE MARKET The housing shortage of 2024 presents a formidable challenge for homebuyers. As the demand for homes continues to outstrip supply, prospective buyers find themselves in a fiercely competitive environment. Here, we’ll delve into the implications of this competition and strategies to navigate it successfully.

THE COMPETITIVE LANDSCAPE FOR HOMEBUYERS ●BIDDING WARS: In a market with limited inventory, bidding wars have become increasingly common. Multiple buyers vying for the same property can drive up prices beyond the initial listing, putting pressure on homebuyers’ budgets. ●FASTER DECISION-MAKING: To secure their desired homes, buyers must act swiftly. The days of leisurely home shopping may be behind us, as hesitation can result in losing out on a property.

●CREATIVE FINANCING:

In a competitive market, exploring creative financing options can be advantageous. Buyers may need to consider pre-approval, larger down payments, or even alternative lending sources to strengthen their offers. ●PRIORITIZING NEEDS VS. WANTS: thepowerisnowmeida

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Buyers may need to prioritize their housing needs over their wants. Flexibility in terms of location, size, and features can be key to finding an available and affordable home. ●WORKING WITH REAL ESTATE PROFESSIONALS: Engaging the services of experienced real estate agents becomes even more critical in a competitive market. Agents can provide valuable insights, help buyers identify hidden gems, and negotiate on their behalf.

STRATEGIES FOR PROSPECTIVE HOMEBUYERS IN 2024 1.GET PRE-APPROVED: Being pre-approved for a mortgage not only thepowerisnowmeida

demonstrates your seriousness as a buyer but also provides you with a clear budget. This can be a crucial advantage in a competitive market.

2.EXPAND YOUR SEARCH: Consider exploring neighborhoods or suburbs that may not have been on your radar initially.

Sometimes, hidden gems with more affordable options can be found in less sought-after areas.

3.BE READY TO ACT: When you find the right property, be prepared to make an offer quickly. Delays can cost you the opportunity to secure your dream home.

4.SET REALISTIC EXPECTATIONS: While it’s essential to have preferences, be prepared to compromise on certain features or SEPTEMBER 2023

amenities to secure a home within your budget.

5.WORK WITH A SKILLED AGENT: An experienced real estate agent can be your greatest ally. They can help you navigate the market, identify properties that meet your criteria, and negotiate effectively on your behalf.

IMPACT ON REAL ESTATE TRENDS The Shift in Investment Strategies The housing shortage isn’t just affecting homebuyers; it’s also shaping the investment strategies of individuals and institutions in the real estate market. Let’s explore how this scarcity of homes is influencing real estate investment trends.

CHANGING INVESTMENT LANDSCAPE ●SINGLE-FAMILY RENTALS: Investors are increasingly turning to single-family rental properties. With high demand for rental homes, these properties can offer steady income streams and potential for property appreciation . ●RENOVATION AND FLIPPING: Some investors are focusing on purchasing distressed properties, renovating them, and selling them for a profit. The limited supply of move-in-ready homes has created opportunities in the fix-and-flip market. ●COMMERCIAL REAL ESTATE: The housing shortage is also impacting commercial real estate. Businesses are considering alternative options for employee housing, and investors are eyeing opportunities in mixed-use developments. ●REAL ESTATE INVESTMENT TRUSTS (REITS): REITs continue to be a popular choice for investors seeking exposure to real estate without the responsibility of property management.

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Residential REITs, in particular, are gaining attention. ●TECH-DRIVEN SOLUTIONS: PropTech companies are developing innovative solutions to address the housing shortage, from streamlining property management to creating new housing models.

RENTAL MARKET DYNAMICS AND OPPORTUNITIES As more people face challenges in buying homes, the rental market is experiencing significant growth. This presents opportunities for both individual and institutional investors in the real estate sector. However, it also raises questions about rental affordability and tenant protections.

GOVERNMENT INITIATIVES AND SOLUTIONS POLICY MEASURES TO ADDRESS THE HOUSING SHORTAGE Governments at various levels are recognizing the severity of the housing shortage and its potential consequences. In this section, we’ll explore the policy initiatives and solutions being considered and implemented to alleviate the housing crisis.

GOVERNMENT INTERVENTIONS ●AFFORDABLE HOUSING INITIATIVES: Many governments are allocating resources to create and preserve affordable housing units.

These initiatives aim to provide housing options for low and moderate-income individuals and families. ●ZONING AND LAND USE REFORMS: Some municipalities are reevaluating zoning regulations to make it easier to build new housing thepowerisnowmeida

units, particularly affordable ones. These reforms can help increase housing supply. ●INCENTIVES FOR DEVELOPERS: Tax incentives and grants are being offered to developers who commit to building affordable housing units or contributing to housing affordability efforts. ●TENANT PROTECTIONS: In response to rising rents and evictions, some jurisdictions are implementing stricter tenant protections and rent control measures to safeguard renters. ●PUBLIC-PRIVATE PARTNERSHIPS: Collaborations between governments and private sector stakeholders are being explored to fund and develop affordable housing projects. ●INNOVATIVE HOUSING MODELS: Governments are also encouraging the adoption of innovative housing models such as co-housing, tiny homes, and accessory dwelling units (ADUs) to expand housing options.

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While these policy measures hold promise for addressing the housing shortage, the effectiveness of each approach varies by location and requires ongoing evaluation and adaptation.

Government initiatives are essential in mitigating the crisis, but they also underscore the urgency of finding comprehensive, long-term solutions to ensure housing remains accessible and affordable for all.

CONCLUSION As we close the chapter on our exploration of the impending housing shortage in 2024, one thing becomes abundantly clear: the real estate landscape is in the midst of a profound transformation. The shortage of available homes, driven by a confluence of factors, has set in motion a series of events that promise to redefine the way we think about housing, homeownership, and real estate investment. thepowerisnowmeida

From the expert insights of economists who warn of price surges and affordability challenges to the practical strategies we’ve discussed for prospective homebuyers navigating a competitive market, the challenges are daunting, but not insurmountable. The housing shortage necessitates adaptability, creativity, and a willingness to embrace change.

Real estate trends are shifting, with a growing focus on single-family rentals, renovation and flipping opportunities, and innovative solutions driven by technology. Investors are seizing opportunities in a market characterized by scarcity and uncertainty.

Moreover, governments and policymakers are not standing idly by. They are actively engaged in crafting solutions to address the housing shortage, from affordable housing initiatives to zoning reforms and tenant protections. These efforts underscore the recognition that housing is not merely a market commodity but a fundamental human need.

In the face of these challenges and changes, the resilience of the housing market remains a testament to its enduring importance in our lives. It’s a reminder that, regardless of the economic and logistical hurdles, the dream of homeownership and the quest for a place to call home continue to shape our aspirations and define our communities.

The year 2024 beckons with both uncertainty and opportunity. While the housing shortage may present obstacles, it also invites us to innovate, adapt, and work collectively toward a future where housing is accessible, affordable, and equitable for all. The journey ahead may be challenging, but it is a journey worth taking as we build the foundation for the homes and communities of tomorrow.

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GSFA Celebrates 30 Years Paving a Path to Homeownership in California

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olden State Finance Authority (GSFA) celebrates 30 years paving a path to homeownership for lowand-moderate income California households, having helped over 85,000 individuals and families to purchase a home and provided more than $660 million in down payment and closing cost assistance. Join us as we showcase our beginning, our mission, and the many achievements of the past three decades.

GOLDEN STATE FINANCE AUTHORITY’S BEGINNING GSFA was organized as a Joint Powers Authority (JPA) in 1993 by the Rural County Representatives of California, under the original name California Rural Home Mortgage Finance SEPTEMBER 2023

Authority and represented 18 counties in California. As the JPA expanded its membership across the state, the name was changed to Golden State Finance Authority in February 2015.

Today membership includes 56 counties and hundreds of cities across California with financial assistance programs throughout the state.

Our vision to address housing affordability and the commitment of an innovative and missiondriven team over the span of three decades, hails a proven champion for affordable and responsible homeownership and economic development in California.

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PRIMARY MISSION: EXPANDING HOMEOWNERSHIP OPPORTUNITIES The primary mission of GSFA was, and still is, to expand homeownership opportunities to Californians. To meet that mission, GSFA develops and administers programs to provide a source of financing for individuals and families to purchase a home or make energy efficiency improvements to their existing homes.

GSFA has advanced homeownership opportunities to more than 85,000 individuals and families in California by delivering financial assistance to those needing funds for the initial cash investment necessary in homebuying.

Over the past 30 years, GSFA has provided over $660 million in down payment and closing cost assistance to California homebuyers and participated in over $15.6 billion in loan financing of first and second mortgages.

85,000 Individuals and Families Helped $660 Million in Down Payment and Closing Cost Assistance Provided

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WHY HOMEOWNERSHIP MATTERS Research compellingly supports that homeownership leads to positive social and economic outcomes for families, communities, and the country. The National Association of REALTORS® Research Division reviewed various studies on homeownership and concluded in their December 2016 paper “Social Benefits of Homeownership and Stable Housing,” that “Homeownership boosts the educational performance of children, induces higher participation in civic and volunteering activity, improves health care outcomes, lowers crime rates and lessens welfare dependency.”

Homeownership Benefits:

z Brings Stability to Neighborhoods z Has a Positive Impact on Educational Achievement thepowerisnowmeida

z Promotes Civic Engagement z Yields Better Physical and Psychological Health z Reduces Crime

MAKING AN IMPACT – CHANGING LIVES “One of my favorite roles is when I receive letters or get to interview new homeowners who want to share their appreciation for the down payment assistance from GSFA,” said Carolyn Sunseri, GSFA Director of Marketing and Stakeholder Relations. “For many people, they don’t believe that down payment assistance is a reality. Or they think that because of some challenge they have faced in their life or their finances, they don’t think homeownership is a possibility. It brings me such joy to hear how proud they are to now own their own home.”

1. A COUPLE RETURNING TO THE HOUSING MARKET AFTER FINANCIAL HARDSHIP Greg and Christine Jefferson faced financial hardship during the great recession in 2009, ultimately losing their first home and filing for bankruptcy. A few years later, they were ready and wanting to own a home again, but with a fixed income as retirees, the prospect of saving up for the down payment seemed daunting.

“It was horrible”,” said Christine. “We never even thought, we just figured we’re older now, we will just rent, we gotta live somewhere we will just rent a house. We had just resigned that homeownership was just out of our reach.”

After seven years of renting, they learned that it only takes three years after a bankruptcy for someone to be able to apply for a mortgage again. Excited, they contacted a lender to get started, but ran into a problem coming up with the money for a down payment.

“At the time we had a “pre’ approved” loan from our lender. We had looked at several SEPTEMBER 2023

homes and finally settled on and submitted offers on them. It was at that point that although we had a “Pre Approval” amount from the lender it did not include the “Down Payment’ which turned out to be substantial as both of us are retired and living on a fixed income,” said Greg Jefferson. “Next entered our “Angels” in the form of The “Golden State Finance Authority”, said Greg.

In 2017, GSFA furnished the Jefferson’s with a gift of 3.5% of their loan amount to cover the required down payment on their new home purchase, making homeownership possible again.

“There is a story in the Bible where Jesus healed 10 sick people. Only one came back to say thanks. I know that GSFA is not Jesus but you were Jesus to us on that day!!” said Greg.

2. A MOTHER DETERMINED TO SEE HER SPECIAL NEEDS SON THRIVE AT HOME As a single mom, Melanie Christian watched her severely disabled son become more and more depressed, afraid and hopeless living in a group home environment. She began to pray for a solution that would allow her to care for him at home, manage his medical issues, schooling and behavior.

“I was living in a room with roommates after placing my son with disabilities into a group home. It was the hardest thing I have ever done. I was grieved and sad and overwhelmed by the separation, but I was also dealing with so much stress that I couldn’t take care of him alone anymore,” said Melanie. “I had a great job as an interpreter for the deaf. However, living in the bay area was difficult to afford even with a good salary. I needed to be in a place that I could afford and that would allow me to feel financial relief on a minimal income so that I could stay home more and take care of my son. I had been looking in several areas as I worked on my credit and took care of my finances.”

She heard about down payment assistance from GSFA from her loan officer, who was familiar with her situation and “her heart,” she said. In 2017, she bought a home for her family.

“She had so much compassion for my story and for Lukas. She worked so hard to help us in every possible way to get the loan and all the help available. She assured me I would be able to handle the closing costs with the help of your assistance,” said Melanie. “I am more than grateful. I prayed specifically for this. I did not want to seek help from my family in obtaining this loan for my new home. I knew God would provide. He did that through this assistance. Thank you!”

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assistance from GSFA.

“I would have never believed that I could ever buy a condo. I love having this 3-bedroom, 3 bath home with 1,821 sq ft on a 2,911 sq ft lot. I thank Golden State Finance Authority Platinum Down Payment Assistance Program for their help to offset my down payment. I felt that I had attained the American Dream, which I had heard about, but never believe that I could accomplish, being a black man born and raised in the projects in Detroit,” said Marvin Randolph.

3. A DREAM COME TRUE FOR AN AFRICAN AMERICAN MAN FROM THE DETROIT PROJECTS

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Real estate is a larger factor in net worth.

According to the Federal Reserve 2019 Survey of Consumer Finances, someone who owns a home has a median net worth of $255,000 versus a median net worth of $6,300 for someone who does not. But the U.S. Census Bureau also reported that the homeownership rates for Black, Hispanic and other non-white ethnicities falls far below those of white households.

For the past three years, GSFA has engaged in a concentrated marketing and outreach campaign to bring education to underserved communities about down payment resources for homebuyers, with the goal to improve the homeownership rates of non-white households and help them build financial security through homeownership.

The impact on individuals and families who once thought homeownership was out of reach is palpable, as noted by Marvin Randolph who purchased a home in 2021 with financial thepowerisnowmeida

FINANCING FOR ENERGY EFFICIENCY AND ENERGY STORAGE In 2010, GSFA expanded its operations into the provision of energy efficiency financing programs for residential and commercial properties. These programs were designed to help property owners improve energy costs, reduce the environmental SEPTEMBER 2023

impact of energy use and demand, and boost California’s economy through job creation.

GSFA has participated in financing over 36,000 residential and commercial energy efficiency projects, totaling over $1 billion.

Ten years later, GSFA expanded its services even further, becoming a conduit for developers and contractors to access rebates for the installation of energy storage technology at both residential and commercial facilities. By providing bridge financing between grant approval and reimbursement, the financial hurdles for qualifying residents would be lightened, resulting in getting services to those who need it the most as efficiently as possible.

“Providing the best products and services possible while developing strong relationships with business partners that make our endeavors viable is the heart of our organization. At times this means juggling challenging financial markets and shifting priorities as the real estate market fluctuates.

I am proud to be a part of an organization that continues to innovate and evolve to improve the lives of so many.”

- Craig Ferguson, GSFA Deputy Director

ECONOMIC DEVELOPMENT PROJECTS WITH A FOCUS ON RURAL CALIFORNIA The agency’s impact on California’s economy over the past 30 years, and especially that of rural California, extends well beyond establishing affordable homeownership solutions. GSFA is now involved in a variety of economic development projects indirectly related to housing that provide transformative services to local communities and meet the needs of California’s growing population.

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z Partnership with USDA to Provide Down Payment Assistance Gifts z Broadband Grant Funding for Rural California Counties z Volunteer Efforts with Charitable Organization z Emergency Disaster Assistance to Forest Fire Impacted Communitie z Loan Fund for County Infrastructure Projects In the last few years, GSFA provided over $3.5 million in emergency disaster assistance to address the impact of forest fires on California residents. These funds were provided to assist residents with temporary housing as well as rebuilding or obtaining future long-term residences. The agency has also invested millions in broadband deployment, provided millions to advance wildfire resilience efforts, and established a one-of-a-kind revolving loan fund to assist counties with implementing infrastructure projects.

“All of these investments are designed to help rural California thrive. These milestone achievements would not be possible without the direction of our Board and the dedication of our amazing staff. I congratulate them all for their expertise and long-term commitment that has been integral to GSFA’s success.”

- Patrick Blacklock, GSFA Executive Director FOR MORE INFORMATION ABOUT GSFA call toll-free (855) 740-8422 or visit www.gsfahome.org.

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Join Our Mission BACK TO CONTENTS

GSFA Celebrates 30 Years Paving a Path to Homeownership 85,000

Individuals and Families Helped to Purchase a Home

$660 Million

In Down Payment and Closing Cost Assistance Provided

Be Your Client's Link to Down Payment Assistance and Close More Sales

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• Learn more about GSFA Programs • Download marketing materials • Link up with GSFA Participating Lenders

Golden State Finance Authority (GSFA) is a duly constituted public entity and agency. Copyright © 2023

$3.5 Million

In Emergency Disaster Assistance Given Back to California Residents

gsfahome.org (855) 740-8422

SEPTEMBER 2023 20230623TPIN

LEGAL NEWS

CFPB Unveils Comprehensive Data Initiative, Prompting Swift Criticism from Banks

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he Consumer Financial Protection Bureau (CFPB) is advocating for substantial modifications to the Fair Credit Reporting Act (FCRA), aimed at extending the law’s coverage to any company involved in the collection and sale of consumer data—a significant departure from the traditional interpretation of FCRA requirements, experts assert. This proposed change, if enacted, could have far-reaching implications, potentially impacting consumers’ ability to verify their identities with companies like Netflix or Hulu. Simultaneously, it might expose data brokers and aggregators to class-action lawsuits.

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The CFPB recently unveiled a comprehensive outline of its proposed rule, encompassing a substantial 96-page document. This announcement came from the White House, where Vice President Kamala Harris and CFPB Director Rohit Chopra emphasized how the proposed changes could benefit American families. One prominent aspect of the plan involves the removal of all medical debts from consumers’ credit reports.

It’s worth noting that the three major credit reporting agencies—Equifax, Experian, and TransUnion—voluntarily eliminated medical debts of up to $500 from credit reports earlier this year. As part of the CFPB’s proposal, the remaining 30% of medical debts that have not yet been removed from credit reports would also be scrubbed. This initiative aims to address a pressing issue in the United States, where one in three adults—approximately 100 million Americans—struggles with unpaid medical bills.

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Vice President Harris elaborated on the significance of this move during a press call with reporters, stating, “Once this rule is finalized, it will mean that consumer credit reports will not include medical debt, and that creditors will not be able to use medical debt to determine a person’s eligibility for credit.” This proposal marks a pivotal step toward reshaping the credit reporting landscape and providing much-needed relief to individuals grappling with medical debt.

medical debt data from the system, stating, “Removing this data from the system will degrade the value of traditional credit reports. It could have a negative impact on credit models, with creditors not understanding the full financial pressure consumers are under if they have a lot of unpaid medical debt that they are responsible for but that is eradicated from the system.”

Rohit Chopra, Director of the CFPB, explained that the proposed rule would restrict lenders from using specific medical billing information in their underwriting decisions. The CFPB’s research indicated that half of all debt collections were related to medical bills, and most debt collectors lacked the means to verify the accuracy of such debts.

Chopra added, “Medical billing history has very limited predictive value in underwriting decisions on loans. If credit bureaus are pulling much of this information already because it isn’t a good predictor of risk, why should creditors see your medical bills at all? Why are we continuing to allow debt collectors to use credit reports to

Addressing medical debt constitutes just one facet of the proposed changes, but it’s expected to stir up controversy among various stakeholders, including medical service providers, collection agencies, as well as banks and financial institutions that heavily rely on accurate credit report data for making informed underwriting decisions.

Alan Wingfield, a partner at Troutman Pepper, expressed concerns about the removal of

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pressure people into paying questionable bills?” As part of the proposal, the CFPB is exploring the rewriting of exemptions in the FCRA specifically related to medical debt.

The CFPB initiated the rulemaking process by releasing a small business outline detailing the proposals under consideration. It followed the necessary procedure by convening a panel of small entities in accordance with the Small Business Regulatory Enforcement Fairness Act. The CFPB intends to introduce a formal rule in 2024, which would involve public notice and comment.

While Vice President Harris and Director Chopra primarily discussed medical debts, the financial reporting and data industry has been closely monitoring the second part of the proposal. This component would subject a wide array of companies—ranging from fraud prevention firms to identity theft service providers—to the FCRA and its reporting requirements. In August, the CFPB and the White House organized a roundtable to address the practices of data brokers, which the CFPB has referred to as “the surveillance industry.”

In March, the CFPB initiated a request for information regarding data brokers and the types of information they collect and sell. The bureau received an extensive response, with more than 7,000 comments shaping its proposal.

The proposed changes to the FCRA are so extensive that lawyers representing various financial firms are preparing for potential litigation. Legally, the CFPB can only be sued after a rule has been finalized.

Dan Smith, President and CEO of the Consumer Data Industry Association, voiced apprehensions about the proposed changes, raising concerns that certain elements of the proposals might stretch the boundaries of the Bureau’s authority under federal law. Smith underscored the pivotal role played by consumer reporting companies in facilitating identity verification and safeguarding consumers from malicious actors who might exploit their personal information. This perspective reflects a broader debate surrounding the balance between consumer protection and industry practices within the context of evolving regulations.

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WILDFIRES DON’T CARE ABOUT YOUR RACE. BUT WHEN WE TRIED TO RENT A NEW PLACE TO LIVE, WE LEARNED THAT SOME LANDLORDS DO. When the fire came, we had to run from our home. Fortunately, we found temporary shelter. But as we started looking for a place to live, we ran into housing discrimination, which isn’t just unfair – it’s illegal. If you feel that a landlord or broker has denied you the sale, rental or financing of a home based on your race, color, religion, sex, national origin, disability or because you have children, report it to HUD or your local fair housing center.

Go to hud.gov/fairhousing or call 1-800-669-9777 Federal Relay Service 1-800-877-8339

FAIR HOUSING: THE LAW IS ON YOUR SIDE. 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. thepowerisnowmeida SEPTEMBER 2023

POWER TO YOU

5 Productivity Hacks For Real Estate Agents

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n the dynamic world of real estate, productivity is often the key to success.

Juggling client meetings, property viewings, negotiations, and paperwork can be overwhelming, but with the right strategies in place, real estate agents can boost their efficiency and achieve better results. Whether you’re a seasoned pro or just starting in the industry, here are five productivity hacks to help you thrive in the competitive real estate market.

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EMBRACE TECHNOLOGY In today’s digital age, technology is your ally.

Utilize customer relationship management (CRM) software to keep track of leads, clients, and communication history. Tools like DocuSign or Adobe Sign can streamline the signing of documents, reducing paperwork and saving time. Additionally, consider using scheduling apps like Calendly to manage your appointments effortlessly. Embracing technology not only thepowerisnowmeida

enhances your efficiency but also portrays you as Productivity isn’t just about optimizing your daily a tech-savvy agent to potential clients. tasks; it’s also about improving your skills and expanding your network. Attend industry events, webinars, and seminars to stay updated on the PRIORITIZE AND PLAN YOUR DAY latest trends and technologies in real estate.

Networking with other professionals can lead to valuable referrals and collaborations. Consider Real estate agents often wear many hats joining real estate associations or groups both throughout the day. To stay on top of your online and offline to connect with like-minded tasks, start each morning by creating a to-do individuals. list. Identify the most critical and time-sensitive activities and tackle them first. Prioritization helps you focus on what matters most, reducing stress and increasing productivity. Consider using time management techniques like the Pomodoro Technique, which involves working in focused bursts with short breaks in between, to maintain your energy and concentration

AUTOMATE ROUTINE TASKS Routine tasks can eat up a significant portion of your day. To regain precious hours, automate repetitive processes wherever possible. Email templates can be used to respond to common client inquiries quickly. Social media scheduling tools can help you maintain an active online presence without spending excessive time on updates. Automating routine tasks not only frees up your time but also ensures consistency in your communications and marketing efforts.

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LEVERAGE VIRTUAL ASSISTANTS

Virtual assistants (VAs) can be a game-changer for busy real estate agents. These remote professionals can handle administrative tasks, manage your calendar, respond to emails, and even assist with marketing activities. Delegating these responsibilities to a VA allows you to focus on building client relationships and closing deals.

The investment in a VA can lead to significant time savings and increased productivity.

CONTINUOUS LEARNING AND NETWORKING thepowerisnowmeida

In conclusion, the world of real estate is fastpaced and demanding, but by implementing these productivity hacks, you can stay ahead of the curve. Embrace technology, prioritize your tasks, automate routine activities, leverage virtual assistants, and invest in your personal growth. By doing so, you’ll not only enhance your productivity but also position yourself as a top-performing real estate agent in a competitive market.

SEPTEMBER 2023

GREEN | SUSTAINABILITY NEWS

California Assembly Passes Landmark Energy Efficiency Bill for Commercial Buildings

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n a significant move to enhance energy efficiency and combat climate change, the California Assembly voted 57-17 in favor of SB 48, a groundbreaking piece of legislation aimed at improving energy efficiency in the state’s largest commercial structures. Authored by Sen. Josh Becker and supported by Environment California and the Institute for Market Transformation, SB 48 received further approval through a concurrence vote in the state Senate, paving the way for it to land on the governor’s desk for final approval.

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“Reducing energy waste is one of the smartest moves California can make to cut down on air pollution and protect our climate,” asserted Steven King, Environment California’s clean energy advocate. “The Building Energy Savings Act will help California build a greener, more resilient future.”

SB 48 directs the state’s Energy Commission to develop a comprehensive strategy designed to enhance energy efficiency and reduce greenhouse gas emissions within commercial buildings exceeding 50,000 square feet. This strategy will harness data already collected by utility companies to formulate targeted improvements.

exceeding 50,000 square feet, though comprising only 6% of all commercial buildings, account for a staggering 53% of total commercial building energy use. SB 48 aims to combat this energy wastage by proposing solutions to enhance efficiency.

“We thank Speaker Robert Rivas and all the members of the Assembly who voted for this important legislation,” King concluded.

“Their ‘ayes’ bring us closer to cleaner, healthier, and more efficient buildings in California.”

Sen. Josh Becker, hailing from Menlo Park, emphasized the importance of the legislation in the context of climate change and extreme weather events.

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“In the face of extreme weather brought on by climate change, improving building efficiency can reduce the greenhouse gas emissions exacerbating this problem while also reducing energy waste and improving building comfort,” he remarked. “It’s time for California to upgrade its biggest commercial buildings to become cleaner, more efficient, and more comfortable.”

Californian summers, characterized by soaring temperatures, have presented challenges in maintaining energy grid reliability. The state’s response to this challenge involves ensuring that buildings, especially larger ones with substantial resource consumption, operate with optimal energy efficiency. Despite California’s stringent building codes mandating high-efficiency standards for new and renovated structures, many older buildings continue to squander energy. Remarkably, commercial buildings thepowerisnowmeida

SEPTEMBER 2023

COMMERCIAL NEWS

Real Estate Investing: How To Find A Partner For Your Business Plan

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eal estate investing is a venture that offers substantial opportunities for wealth creation, but it’s also a complex and multifaceted field that often requires diverse skills, resources, and expertise. While some investors go it alone, many recognize the value of forging partnerships to share the load, pool resources, and tap into complementary strengths.

In the world of real estate, finding the right partner can be the key to unlocking your investment potential and accelerating your success. Whether you’re a seasoned investor looking to expand your portfolio or a novice seeking guidance and support, this article will guide you through the art of finding a real estate partner who aligns with

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your goals and business plan. We’ll explore the benefits of collaboration, the qualities to look for in a partner, and the strategies to connect with potential allies in the competitive world of real estate investing. So, if you’re ready to take your real estate endeavors to the next level, let’s dive into the world of finding the ideal partner for your real estate business plan.

THE POWER OF PARTNERSHIP IN REAL ESTATE INVESTING In the realm of real estate investing, the saying “two heads are better than one” holds a significant truth. Partnering with the right individual or entity can be a game-changer, thepowerisnowmeida

offering a multitude of benefits that can propel your real estate ventures to new heights.

Let’s explore the compelling advantages of collaboration in the world of real estate investing: 1.EXPLORING THE ADVANTAGES OF COLLABORATION Successful real estate investing often requires a diverse set of skills and resources, from market analysis and property management to negotiation and financing. Attempting to cover all these bases on your own can be not only overwhelming but also limiting in terms of the opportunities you can pursue. When you partner with someone whose strengths complement your own, you create a synergy that can lead to more successful investments.

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For instance, if you excel in identifying promising properties but lack the financial resources to acquire them, a partner with strong financial backing can make your vision a reality.

Conversely, if you have the capital but lack the time or expertise to manage properties effectively, a partner skilled in property management can ensure that your investments run smoothly.

2.HOW PARTNERSHIPS CAN MITIGATE RISKS Real estate investments, like any other form of investment, carry inherent risks. These risks can range from market fluctuations and propertyspecific issues to unforeseen challenges in the management or financing of properties. When you share these risks with a partner, you not only reduce your personal exposure but also gain access to their knowledge and experience in mitigating these risks.

Additionally, partnerships can provide a valuable buffer against economic downturns. In challenging times, a partner can help shoulder the financial burden and contribute fresh perspectives to find solutions.

3.LEVERAGING COMBINED RESOURCES FOR GREATER SUCCESS Real estate investments often require substantial thepowerisnowmeida

capital, whether for property acquisition, renovations, or scaling your portfolio. Partnering allows you to pool financial resources, enabling you to pursue larger and more lucrative opportunities than you could on your own.

Beyond capital, partnerships can also provide access to an expanded network of contacts, from real estate agents and contractors to lenders and potential tenants. This network can be invaluable for sourcing deals, securing financing, and efficiently managing properties.

The advantages of collaborating with the right real estate partner are abundant. It can provide you with complementary skills, mitigate risks, and unlock access to resources and opportunities that may otherwise be out of reach. However, finding the ideal partner involves careful consideration and alignment of goals and values, which we’ll explore further in the next section.

QUALITIES TO SEEK IN AN IDEAL REAL ESTATE PARTNER Finding the perfect real estate partner isn’t just about locating someone with the capital to invest; it’s about identifying a collaborator who shares your vision, values, and complements your skills and experience. To make a partnership successful, consider these critical qualities when searching for your ideal real estate partner: COMPATIBILITY: ALIGNING GOALS AND VALUES One of the fundamental aspects of a successful partnership is shared goals and values. Your objectives, such as investment horizon, risk tolerance, and desired returns, should align with those of your potential partner. Before committing to a partnership, engage in open and honest discussions about your expectations and long-term plans. Misalignment in these crucial areas can lead to conflicts down the road, so it’s essential to establish compatibility from the outset.

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COMPLEMENTARY SKILLS AND EXPERTISE The ideal partner should bring skills and expertise to the table that complement your own. If you specialize in property analysis and market research but lack hands-on experience in property management or construction, seek a partner with a strong background in those areas.

By combining your strengths, you’ll be better equipped to tackle the various challenges that arise in real estate investing.

STRATEGIES FOR IDENTIFYING AND APPROACHING POTENTIAL PARTNERS

Additionally, consider the partner’s track record and experience in real estate. Have they successfully navigated the complexities of real estate transactions and property management?

Their experience can provide valuable insights and increase the likelihood of success in your joint ventures.

NETWORKING WITHIN THE REAL ESTATE COMMUNITY Networking is often the most effective way to find potential real estate partners. Attend local real estate events, join industry associations, and participate in real estate forums and online communities. These avenues provide opportunities to meet professionals who share your passion for real estate investing.

FINANCIAL STABILITY AND INVESTMENT CAPACITY Financial stability is a critical aspect of any real estate partnership. While it’s essential to find a partner with the means to contribute to investments, it’s equally crucial to ensure that they have a consistent and reliable source of capital. Assess their financial health, creditworthiness, and investment capacity to gauge their ability to withstand market fluctuations and fund potential opportunities.

Transparency in financial matters is key. Both parties should be open about their financial situations, including assets, liabilities, and liquidity. Establish clear guidelines for financial contributions and profit-sharing to avoid misunderstandings in the future.

When seeking a real estate partner, take your time to find someone who not only complements your skills but also shares your values and goals. A harmonious partnership built on trust, transparency, and a mutual commitment to success can be a powerful force in the world of real estate investing.

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Identifying and approaching potential real estate partners requires a strategic and thoughtful approach. Whether you’re looking to collaborate with individuals, organizations, or entities, the following strategies will help you connect with the right partners for your real estate ventures:

When networking, focus on building genuine relationships rather than immediately pitching your partnership idea. Engage in conversations, listen to others’ experiences, and offer your insights and expertise. Over time, as you establish credibility and trust within the community, potential partners may express interest in working together.

USING ONLINE PLATFORMS AND REAL ESTATE FORUMS The internet offers a wealth of resources for connecting with potential partners. Online platforms, such as LinkedIn, BiggerPockets, and real estate-specific forums, allow you to search for individuals or organizations with similar interests and goals. These platforms often have dedicated sections for partnership inquiries and discussions.

When using online platforms, be sure to create a compelling and professional profile that highlights your experience and investment objectives. Additionally, craft a clear and concise partnership proposal that outlines your vision and what you’re seeking in a partner. Engage in thepowerisnowmeida

conversations and respond promptly to inquiries to maximize your chances of finding the right collaborator.

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THE ART OF CRAFTING AN IRRESISTIBLE PITCH When approaching potential partners, it’s essential to present your business plan and investment opportunity in a compelling and persuasive manner. Your pitch should clearly articulate the benefits of partnering with you, including the potential returns and how their involvement will contribute to the success of the venture.

Tailor your pitch to each potential partner, addressing their specific needs, goals, and concerns. Highlight your own strengths and what you bring to the partnership. Additionally, be prepared to discuss the terms of the partnership, including financial contributions, profit-sharing arrangements, and exit strategies.

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ATTEND REAL ESTATE INVESTMENT CLUBS AND MEETUPS Real estate investment clubs and meetups are excellent platforms for meeting like-minded individuals interested in real estate partnerships.

These gatherings often feature presentations, workshops, and networking sessions focused on real estate investing.

Join local clubs or attend meetups in your area to connect with potential partners who share your passion for real estate. These events provide an informal setting where you can engage in meaningful conversations and build relationships with fellow investors.

In conclusion, finding the right real estate partner is a crucial step in achieving your investment goals. Utilize networking opportunities, online platforms, and the power of a compelling pitch to identify and approach potential partners who align with your vision and aspirations. Remember that building successful partnerships takes time and effort, so be patient and persistent in your SEPTEMBER 2023

search for the perfect collaborator.

NAVIGATING THE PARTNERSHIP AGREEMENT AND BUILDING SUCCESS TOGETHER Once you’ve identified a potential real estate partner and both parties are enthusiastic about the collaboration, it’s time to navigate the partnership agreement and embark on your real estate journey together. This section will guide you through the essential steps in establishing a successful partnership: ●DRAFTING A SOLID PARTNERSHIP AGREEMENT: A well-drafted partnership agreement is the cornerstone of a successful real estate partnership. This legally binding document outlines the terms, responsibilities, and expectations of each partner. It typically covers essential aspects such as financial contributions, profit-sharing, decision-making processes, and dispute resolution mechanisms.

It’s highly recommended to consult with legal professionals experienced in real estate partnerships to ensure your agreement is comprehensive and aligned with applicable laws.

A clear and robust partnership agreement serves as a roadmap for the partnership, helping to prevent misunderstandings and conflicts down the road. ●DIVISION OF RESPONSIBILITIES AND DECISION-MAKING: Successful partnerships thrive on clear roles and responsibilities. Define each partner’s area of expertise and contribution to the partnership.

For example, one partner may handle property acquisitions and financing, while the other manages property renovations and day-to-day operations. Clearly delineate decision-making processes, especially for major financial and strategic decisions.

Regular communication is essential to ensure that both partners are informed and aligned on SEPTEMBER 2023

key matters. Hold regular meetings to discuss progress, challenges, and any adjustments needed to achieve your investment goals. ●BUILDING A STRONG AND COLLABORATIVE RELATIONSHIP: Beyond the legal framework, the success of a real estate partnership often hinges on the strength of the relationship between partners.

Open and transparent communication is vital.

Discuss your long-term goals and expectations openly and honestly. Collaborate on property selection, investment strategies, and risk mitigation. Be receptive to each other’s ideas and feedback. A collaborative and supportive partnership can weather challenges and adapt to changing market conditions more effectively.

Review and Adapt as Needed: Real estate markets evolve, and so should your partnership.

Regularly review your investment strategy, goals, and performance. Assess whether the partnership is meeting its objectives and make adjustments as needed. Additionally, consider exit strategies in your partnership agreement.

Discuss scenarios in which one or both partners may wish to exit the partnership and how assets and responsibilities will be transitioned.

In conclusion, establishing a real estate partnership is an exciting opportunity to leverage collective strengths and resources for mutual success. With a well-drafted partnership agreement, clear roles and responsibilities, strong communication, and a commitment to collaboration, you can navigate the complexities of real estate investing and build a prosperous partnership that stands the test of time. Remember that successful partnerships require ongoing attention, so stay engaged and adaptable as you work toward your shared real estate goals.

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AS COVID-19 MAKES IT

HARD FOR SOME PEOPLE TO PAY RENT, BACK TO CONTENTS

SOME LANDLORDS ARE SUGGESTING SEX INSTEAD OF RENT.

During the COVID-19 crisis, many people are struggling to pay rent. Unfortunately, some unscrupulous landlords try to force tenants to provide sexual favors in exchange for canceling or reducing rent. Sexual harassment in housing situations is illegal under the Fair Housing Act. If your landlord asks for sex or a maintenance person refuses to fix something in your apartment because you won’t provide sexual favors, that’s illegal. File a complaint with HUD and put a stop to it.

Go to hud.gov/fairhousing/sexualharassment or call 1-800-669-9777 Federal Relay Service 1-800-877-8339 If you fear for your safety, call 911.

FAIR HOUSING: THE LAW IS ON YOUR SIDE. 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. thepowerisnowmeida SEPTEMBER 2023

TPIN LIVING AND LIFESTYLE

Best Interior Paint Colors for Selling Your House

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elling your house is an exciting but often challenging endeavor, and the colors you choose for your interior walls can make a significant difference in the sale.

The right paint colors can not only enhance the aesthetic appeal of your home but also create a welcoming atmosphere that resonates with potential buyers. In this article, we’ll explore the best interior paint colors that can help you stage your house for a successful sale.

TIMELESS NEUTRALS SEPTEMBER 2023

Neutral colors are a popular choice for a reason—they appeal to a wide range of tastes and create a clean, fresh canvas that allows potential buyers to envision their own decor.

Here are some timeless neutral options: ●SOFT GRAY: A soft gray is a versatile and modern choice that pairs well with various design styles. It can make a space feel elegant and sophisticated. ●WARM BEIGE: Beige tones, especially those with warm thepowerisnowmeida

undertones, create a cozy and inviting atmosphere. They can make rooms feel comfortable and well-suited for relaxation. ●OFF-WHITE: Off-white shades, such as cream or ivory, are classic choices that promote a sense of brightness and cleanliness. They work exceptionally well in smaller spaces.

LIGHT AND AIRY BLUES Blue is often associated with calmness and serenity, making it an excellent choice for bedrooms and bathrooms. Light and airy blues can evoke a sense of tranquility and spaciousness, which can be particularly appealing to potential buyers.

Earth tones, inspired by nature, can create a warm and welcoming environment. They can make a space feel grounded and inviting. ●TAUPE: Taupe is a sophisticated earthy color that adds warmth without being too overpowering. It’s a great choice for living rooms and dining areas. ●TERRACOTTA: Terracotta shades, reminiscent of clay pots, can infuse a room with energy and character. They work well as accent walls or in sunrooms .

CRISP WHITES

●PALE SKY BLUE: A pale sky blue can give a room a refreshing and open feel. It works wonderfully in bedrooms to create a serene ambiance.

White is the ultimate blank canvas, creating a sense of cleanliness and freshness. It can also make rooms appear larger and brighter.

●AQUA: Aqua shades can evoke a coastal or beachy vibe, making them ideal for bathrooms or spaces with a view of the outdoors.

●PURE WHITE: A pure white can create a clean and contemporary look. It’s an excellent choice for kitchens, bathrooms, and trim.

SOFT GREENS

●WARM WHITE: Warm white shades with subtle undertones of beige or gray can add a touch of warmth and depth to a space. They work well in bedrooms and living rooms.

Green is a color that brings the outdoors in, and soft green hues can create a harmonious and refreshing atmosphere. These colors are often associated with health and relaxation.

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SUBTLE EARTH TONES

●SAGE GREEN: Sage green is a muted and calming color that can make a room feel harmonious and balanced. It works well in living rooms and kitchens. ●MINT GREEN: Mint is a softer and more playful shade of green that can add a touch of whimsy to a room. It’s an excellent choice for children’s bedrooms or as an accent color. thepowerisnowmeida

When selecting paint colors to prepare your house for sale, remember to consider the existing decor, architectural features, and natural lighting in each room. It’s also a good idea to test paint samples on a small section of the wall to see how they appear in different lighting conditions.

By choosing the right interior paint colors, you can create an inviting and visually appealing environment that resonates with potential buyers and increases the chances of a successful sale.

The choice of interior paint colors when selling SEPTEMBER 2023

your house is more than just a matter of personal preference; it’s a strategic decision that can significantly impact the sale of your property. The best paint colors for selling your house are those that create a neutral, inviting, and timeless backdrop for potential buyers. These colors allow buyers to envision their own furnishings and personal touches, making it easier for them to connect with your home.

Timeless neutrals like soft gray, warm beige, and off-white serve as a versatile canvas that appeals to a wide range of tastes. Light and a`viry blues evoke feelings of serenity, while soft greens bring a touch of nature indoors. Subtle earth tones and crisp whites can add warmth and freshness to your spaces, enhancing their appeal.

CONCLUSION As you prepare your home for sale, keep in mind that the right paint colors can accentuate the positive features of your property, create an inviting atmosphere, and make rooms feel more spacious. They can also help your home stand out in online listings and during in-person showings.

Before applying your chosen paint colors, consider the existing decor and architectural features in each room. Test samples in different lighting conditions to ensure they achieve the desired effect.

Ultimately, the goal is to create an environment that resonates with potential buyers, making them feel right at home.

By investing in the right interior paint colors, you not only increase the marketability of your home but also enhance its overall appeal. In the competitive real estate market, attention to detail, including your choice of paint colors, can make all the difference in attracting buyers and achieving a successful sale. So, choose your colors wisely, and let your home’s interior shine as you embark on this exciting journey of selling your house.

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HOUSING DISCRIMINATION

UNMASKED.

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Don’t let housing discrimination get covered up. “ When I went looking for an apartment, I wore a mask. But they could still see I’m Black. I was told that they wouldn’t rent to me because they heard Black people were disproportionately getting COVID-19.”

COVID-19 inequity is real, and it shouldn’t be made worse because of housing discrimination. If you suspect housing discrimination because of your race, color or national origin, file a complaint with HUD or your local fair housing center so we can investigate it.

For more information, go to: hud.gov/fairhousing or call 1-800-669-9777 Federal Relay Service 1-800-877-8339 FAIR HOUSING: THE LAW IS ON YOUR SIDE. 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. thepowerisnowmeida SEPTEMBER 2023

TPIN COMMUNITY

How Is NAACP Committed to Helping Black Borrowers Tackle Student Loan Debt

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tudent loan debt has become a formidable financial challenge for millions of Americans, but for Black borrowers, it often carries a disproportionately

heavy burden. The National Association for the Advancement of Colored People (NAACP), a

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historic civil rights organization, has long been at the forefront of advocating for equity and social justice. In recent years, the NAACP has made tackling the student loan debt crisis among Black communities a central part of its mission. thepowerisnowmeida

This blog delves into the multifaceted issue of student loan debt and explores how the NAACP is taking proactive steps to assist Black borrowers in confronting this financial challenge.

Through various initiatives, advocacy efforts, and partnerships, the NAACP is dedicated to alleviating the burden of student loan debt and promoting economic empowerment within Black communities. In this article, we’ll unravel the NAACP’s commitment to addressing this critical issue and the impact it aims to make on the lives of Black borrowers across the United States.

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Earlier this summer, the U.S. Department of Education took a significant step in addressing the student loan debt crisis by unveiling the updated income-driven repayment plan application, known as the Saving on a Valuable Education, or SAVE, plan. This innovative plan represents a ray of hope for borrowers, offering them lower monthly payments, a quicker path to forgiveness for eligible individuals, and, importantly, putting an end to the relentless growth of balances due to unpaid interest.

These changes came after months of dedicated advocacy from the administration, responding to the Supreme Court’s ruling against widespread loan cancellation, which left nearly $2 trillion in U.S. student loan debt unresolved.

In a collective effort to combat the immense burden of student loans, the NAACP has formed a strategic partnership with esteemed organizations including Civic Nation, the National Urban League, Rise, the Student Debt Crisis Center, UnidosUS, and Young Invincibles.

Together, this formidable coalition is dedicated to spreading awareness about the benefits and opportunities presented by the student loan repayment program.

Derrick Johnson, President and CEO of the NAACP, underscores their unwavering commitment to ensuring that higher education remains accessible without imposing a lifetime of financial hardship: “The NAACP remains steadfast in its pursuit of equitable solutions for Americans grappling with the overwhelming thepowerisnowmeida

weight of student loan debt.” Through collaboration, advocacy, and education, these organizations aim to empower individuals to navigate the student loan landscape with greater ease and confidence.

This partnership marks just the initial phase of the NAACP’s determined commitment. They are resolute in their mission to discover innovative avenues of support for borrowers, even when facing formidable challenges in the realm of student debt solutions. Their overarching objective is to ensure that communities receive the relief they rightfully deserve through the SAVE plan. The NAACP’s dedication extends beyond this collaboration as they actively seek similar partnerships, all with the overarching aim of proactively addressing the student debt crisis and alleviating the disproportionate burden borne by countless Black borrowers.

Wisdom Cole, National Director of the NAACP’s Youth and College Division, underscores the pressing urgency of the situation, asserting, “Education should serve as the pathway to financial freedom, not a barrier. Now, more than ever, it is imperative that we persevere in our efforts to secure equitable access to education.” Cole also expresses his enthusiasm for collaborating with the Administration and the collective endeavor to pave the way for comprehensive student debt forgiveness. The SAVE plan represents a significant stride forward as they relentlessly identify and dismantle all barriers obstructing the path to student debt relief.

In an era where education should empower, these concerted efforts aim to do precisely that, particularly for Black Americans who have encountered distinctive challenges within the landscape of student loan debt.

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VIP AGENT

ADRIANA MONTES JD MBA

Broker | Owner

License: DBPR #BK 3096165 M: [321] 689-6258 O: [407] 654-9992 BACK TO CONTENTS

www.floridadreamsrealty.com andriana@floridadreamsrealty.com

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SEPTEMBER 2023

PHOTOS FROM 123RF

How To Get a Loan for a New-Construction Home: What Homebuyers Need To Know

By Andriana Montes

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he dream of building a brand-new home from the ground up is an aspiration shared by many prospective homeowners. There’s something undeniably appealing about the idea of crafting a living space that perfectly suits your needs SEPTEMBER 2023

and preferences, tailored to your vision of the ideal home. However, turning this dream into reality requires more than just blueprints and architectural plans; it also demands a wellthought-out financial strategy. thepowerisnowmeida

In the world of real estate, financing a newconstruction home can be a unique and complex endeavor, quite different from buying an existing property. From securing the right loan to navigating the intricacies of construction financing, the journey to homeownership in a new-construction home can be both thrilling and challenging.

the home is finished. Permanent financing options include fixed-rate mortgages, adjustable-rate mortgages (ARMs), and other conventional loans. ●CONSTRUCTION-TO-PERMANENT LOANS: A popular option, this combines both the construction and permanent financing into one loan. It simplifies the process, as you only need to go through the approval process once and can often lock in an interest rate for the permanent phase upfront.

This article is your essential guide to understanding how to get a loan for a newconstruction home. Whether you’re a first-time homebuyer looking to build your dream house THE PROS AND CONS OF or an experienced homeowner embarking on CONSTRUCTION LOANS a custom project, we will walk you through the critical steps and provide valuable insights into the financing process. By the end, you’ll be equipped PROS with the knowledge and confidence you need - Allows you to pay for the construction phase as to embark on your journey towards turning that you go, reducing interest costs. dream home into a reality. Let’s begin!

- Provides flexibility to customize your home during the construction process.

- May offer interest rate protection for the UNDERSTANDING YOUR NEWpermanent financing phase.

CONSTRUCTION HOME FINANCING OPTIONS

CONS: - Typically involves higher interest rates during When embarking on the journey of building a new- the construction phase. construction home, one of the first critical steps - Requires stringent approval criteria and is to understand the financing options available documentation. to you. Financing a new-construction home is - Involves two separate loan applications for different from purchasing an existing property, construction and permanent financing. and it comes with its own set of loan options and considerations.

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EXPLORING THE DIFFERENT TYPES OF LOANS ●CONSTRUCTION LOANS: These are short-term loans designed specifically for financing the construction of your new home. They typically have higher interest rates and require interest-only payments during the construction phase. Once the home is completed, you’ll need to secure permanent financing. ●PERMANENT FINANCING: Also known as a “take-out loan,” this type of financing replaces your construction loan once thepowerisnowmeida

HOW PERMANENT FINANCING FITS INTO THE PICTURE Permanent financing is the long-term mortgage that you’ll need to secure once your newconstruction home is complete. It’s essential to understand how this phase fits into your overall financing strategy.

●FIXED-RATE MORTGAGES: These offer stable, predictable monthly payments, making budgeting easier. They are a popular choice for homeowners who want consistency.

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●ADJUSTABLE-RATE MORTGAGES (ARMS): ARMs may start with lower interest rates than fixed-rate mortgages, but they can change over time. They are suitable for those who plan to stay in the home for a shorter period or expect interest rates to decrease. ●CONVENTIONAL LOANS: These are backed by government-sponsored entities like Fannie Mae and Freddie Mac. They often come with competitive interest rates and flexible terms.

Pay your bills on time, reduce outstanding debt, and avoid opening new lines of credit before applying for a mortgage. These actions can boost your credit score over time.

3.MAINTAIN A GOOD CREDIT HISTORY: A history of responsible credit use can work in your favor. Lenders often look at your payment history, credit utilization, and the length of your credit history.

Understanding these financing options is crucial for making informed decisions about your newconstruction home. The choice you make can significantly impact your overall homeownership experience, so take the time to explore and compare the options available to you.

PREPARING YOUR FINANCIAL PROFILE Before you embark on the exciting journey of building your new-construction home, it’s vital to ensure your financial profile is in excellent shape. Lenders will closely scrutinize your financial situation when considering you for a construction loan and permanent financing. Here are key steps to prepare your financial profile: CREDIT SCORES AND THEIR IMPACT Your credit score plays a significant role in your ability to secure financing for your new home.

Lenders use your credit score to assess your creditworthiness and determine the interest rate on your loan. Here’s how you can manage your credit: 1.CHECK YOUR CREDIT REPORT: Obtain a copy of your credit report from the major credit bureaus (Equifax, Experian, and TransUnion). Review it for errors and dispute any inaccuracies promptly.

2.IMPROVE YOUR CREDIT SCORE: SEPTEMBER 2023

BUILDING A SOLID DOWN PAYMENT While construction loans typically require a smaller down payment than traditional mortgages, you’ll still need a significant sum upfront. The exact amount varies depending on factors like the lender’s policies and the type of loan you choose. Here’s how to build a solid down payment:

●SET A SAVINGS GOAL: Determine the down payment amount required for your chosen loan type and set a savings goal.

Allocate a portion of your income specifically for thepowerisnowmeida

this purpose. ●EXPLORE DOWN PAYMENT ASSISTANCE PROGRAMS: Some programs, such as those offered by government agencies and nonprofits, can help eligible homebuyers with their down payment.

Research options available in your area. ●CONSIDER GIFT FUNDS: Some lenders allow you to use gifted funds from family members for your down payment.

Ensure you understand the lender’s gift fund requirements.

ORGANIZING YOUR FINANCIAL DOCUMENTATION Lenders will require thorough documetation to assess your financial stability and ability to repay the loan. Be prepared to provide: 1.INCOME VERIFICATION: W-2s, tax returns, and recent pay stubs are typically required to verify your income.

2.BANK STATEMENTS: Lenders will want to see your recent bank statements to assess your financial stability and verify your down payment funds.

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3.ASSET DOCUMENTATION: Provide information about your assets, including investments, retirement accounts, and any other sources of funds.

4.EMPLOYMENT HISTORY: Be prepared to document your employment history, including past employers and job stability .

5.DEBT INFORMATION: Share details of any outstanding debts, such as credit card balances, student loans, or auto loans.By proactively managing your credit, saving for a down payment, and organizing your financial documentation, you’ll position yourself thepowerisnowmeida

as a strong candidate for the financing you need to build your new-construction home. This preparation not only increases your chances of loan approval but also ensures a smoother and more confident homebuying experience.

WORKING WITH BUILDERS, CONTRACTORS, AND LENDERS

Once you’ve gained a clear understanding of your financing options and prepared your financial profile, it’s time to dive into the collaborative process of building your newconstruction home. This phase involves working closely with builders, contractors, and lenders to ensure the successful realization of your dream home.

SELECTING THE RIGHT BUILDER FOR YOUR PROJECT ●RESEARCH AND INTERVIEWS: Begin by researching local builders and interviewing several candidates. Ask for references and visit homes they’ve previously constructed to gauge their quality of work. ●CHECK CREDENTIALS: Verify that your chosen builder is licensed, insured, and has a solid reputation in the industry. This step is essential for protecting your investment. ●TRANSPARENT COMMUNICATION: Establish open and transparent communication with your builder. Discuss your vision, budget, and timeline to ensure everyone is on the same page.

NAVIGATING CONSTRUCTION LOAN DISBURSEMENTS ●UNDERSTANDING THE DISBURSEMENT PROCESS: Construction loans are typically dispersed in phases or “draws” to cover the costs of SEPTEMBER 2023

construction as it progresses. Understand the disbursement schedule and how it aligns with your project timeline. ●DOCUMENTATION AND INSPECTIONS: Lenders may require documentation and inspections at each phase of construction to release funds. Work closely with your builder to ensure everything is in order. ●BUDGET MANAGEMENT: Keep a close eye on your project’s budget.

Unforeseen changes or delays can impact costs, so it’s essential to manage your finances effectively.

COMMUNICATION AND COLLABORATION AMONG STAKEHOLDERS 1.REGULAR MEETINGS: Schedule regular meetings with your builder, contractor, and lender to review progress, address any issues, and ensure everyone is aligned with the project’s goals.

2.CHANGE ORDERS: If you decide to make changes to the original plans during construction, communicate these changes promptly to your builder and lender.

This ensures that your financing remains on track.

3.CONTINGENCY PLANNING: Develop contingency plans for unexpected events like weather delays or construction challenges. Having a plan in place can help mitigate potential disruptions.

4.TIMELY DECISION-MAKING: Timely decision-making is crucial to keep the construction process running smoothly. Delays in making decisions can lead to project setbacks and increased costs.

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Working harmoniously with builders, contractors, and lenders is essential for a successful newconstruction home project. Clear communication, meticulous planning, and a proactive approach to potential issues will help you navigate the complexities of the construction phase and ensure that your dream home is built to your specifications and within your budget.

AVOIDING COMMON PITFALLS AND ENSURING A SMOOTH PROCESS While building a new-construction home is an exciting endeavor, it can come with its fair share of challenges. To ensure a seamless experience and avoid common pitfalls, it’s crucial to be wellprepared and proactive throughout the process.

Contingency Planning for Construction Delays ●WEATHER DELAYS: Weather can be unpredictable and may cause construction delays. Be prepared for contingencies in your project timeline and budget to account for potential weather-related setbacks. ●SUPPLY CHAIN DISRUPTIONS: The availability of construction materials can fluctuate, especially during times of high demand or global supply chain disruptions. Work with your builder and contractor to secure materials in advance when possible.

MANAGING COST OVERRUNS: ●DETAILED BUDGETING: Create a comprehensive budget that includes not only construction costs but also contingencies for unforeseen expenses. Stick to your budget as closely as possible. ●CHANGE ORDERS: While it’s common for homeowners to make changes to their plans during construction, these changes can lead to additional costs. Discuss any changes with your builder and lender to thepowerisnowmeida

assess the financial impact and adjust your budget accordingly.

FINALIZING YOUR MORTGAGE WHEN THE HOME IS COMPLETED ●TIMING IS KEY: Ensure that you have a plan in place to transition from your construction loan to permanent financing when the home is completed. Delays in finalizing your mortgage can be costly. ●SHOP FOR COMPETITIVE RATES: Don’t settle for the first permanent financing option you come across. Shop around and compare offers from different lenders to secure the best interest rate and terms for your mortgage. ●HOME INSPECTION: Before finalizing your mortgage, conduct a thorough home inspection to identify any issues or defects that need to be addressed by the builder.

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●APPRAISAL: Your lender will require an appraisal of the completed home to determine its value. Be prepared for this step, as it can impact your loan approval.

By being proactive, flexible, and prepared for potential challenges, you can avoid common pitfalls that may arise during the construction of your new home. Remember that open communication with your builder, contractor, and lender is key to resolving issues promptly and ensuring a smooth and successful homebuilding process. Your dream home is within reach, and with careful planning, you can make it a reality.

CONCLUSION: BUILDING YOUR NEW-CONSTRUCTION HOME WITH CONFIDENCE

construction home is a remarkable endeavor that allows you to transform your dream dwelling into a reality. Throughout this article, we’ve delved into the essential steps and considerations you need to be aware of when seeking a loan for your new-construction project.

From understanding the various financing options available, preparing your financial profile, to working harmoniously with builders, contractors, and lenders, you are now equipped with the knowledge and insights to navigate the complexities of this exciting journey.

Remember that diligent planning, open communication, and proactive decision-making will be your allies in achieving a smooth and successful construction process. Anticipate challenges such as weather delays, supply chain disruptions, or unexpected expenses, and have contingency plans in place to mitigate their impact.

As you approach the completion of your new home, the finalization of your mortgage is a crucial step. Take the time to shop for competitive rates, conduct a thorough home inspection, and ensure your builder addresses any outstanding issues before you move in.

Building your new-construction home is not only a financial investment but also a deeply personal and creative endeavor. It’s a chance to craft a space that reflects your unique vision and lifestyle. With the right knowledge and a wellexecuted plan, you can turn your dream into a cherished reality.

Now, armed with this valuable information, you can embark on your journey to homeownership with confidence. Your new-construction home is waiting to welcome you, and every step you take brings you one step closer to the house you’ve always envisioned. Happy building!

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SEPTEMBER 2023

Where Starting Over happens every day!

We’re Starting Over, Inc. - a 501(c)(3) organization dedicated to supporting and uplifting people experiencing the effects of mass incarceration, systemic racism, housing insecurity, substance addiction, and mental health issues. We believe that people impacted by these issues are the ones closest to the solutions, which is why we are a Black-led and criminal justice-impacted organization engaged in this work. From experience, we’ve learned that housing is critical, but alone, it is not enough to support those exiting prisons or the streets. We not only provide transitional housing, but also include holistic services such as peer support, case management, employment, wellness, and reentry services. We also work to address the root causes of our houseguests’ difficult situations, leading grassroots organizing and policy initiatives in the Inland Empire region and statewide. Established in 2009, we’ve served over 1,400 men, women, and families in Riverside and Los Angeles Counties through the reentry and transition process.

We believe that the past does not define our future. We’re invested in creating safe and equitable opportunities for all members of our community, and especially those with past convictions. Housing opportunities are crucial for our community members and directly affect their ability to thrive.

Starting Over, Inc. is committed to reducing and eliminating the many barriers to life after incarceration.

We have a deep commitment to identifying and implementing evidence-based approaches to strong communities and families. We seek to creating program/project solutions where the need exists in our community. We do lots of things at Starting Over, Inc. - but our primary goal is to address the immediate effects and root causes of incarceration, be it through housing, employment, legislation, or community organizing.

To get involved with our initiatives, access our services, or support our work through donations, you can reach us at (951) 898-0862 or office@startingoverinc.org.

www.startingoverinc.org

6355 Riverside Ave Suite 100, Riverside, CA 92506 SEPTEMBER 2023

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Our programming and projects include, but are not limited to:

Transitional Housing

We currently operate eight homes in LA and Riverside Counties open to men, women, and children, with options for sober living or harm-reduction housing. All of our services are available to our houseguests, many of whom have been unable to obtain housing after being released due to their conviction histories.

Case Management

Our Case Management specialists provide support to our guests with obtaining necessary documents/identification and accessing insurance, education, healthcare, clothing, food, & more.

Peer Support

Our houseguests are not alone - our support specialists, having experienced incarceration, addiction, and homelessness themselves - understand our guests' needs and the barriers they face. We’re here to meet our guests wherever they are in their journeys and to support them moving forward through empowerment, support with recovery, referrals, and mentorship.

Family Reunification, Equity, & Empowerment (FREE) Project

Mass incarceration affects not just individuals, but families - many of our community members and guests experience family separation at the hands of the child welfare system. The FREE Project is system-impacted led and organizes parents and family members in a non-judgemental space, advising on best practices and dependency court procedures. We recently sponsored and passed a statewide bill that eliminates major barriers to child placement and allows family members with criminal convictions unrelated to caring for children to be considered as placement options allowing for suitable family members with criminal convictions to step up in times of crisis.

Employment

Through our Path to SEED program, we connect guests and community members with employment opportunities and provide training & support regarding obtaining and retaining employment, often a major hurdle for formerly incarcerated individuals.

Marshall Legal Clinic

Our free clinics provide relief for expungements, wills/trusts, immigration, and more with the support of local legal organizations.

Policy Advocacy

In the past year, we’ve co-sponsored and/or supported nearly a dozen statewide bills to reduce the scale of mass incarceration and its collateral consequences. We’ve also worked locally to influence Riverside County to reduce criminal history look-back periods from 7 years to 3 years in 2017 and to enable youth coming out of probation to be able to stay with their family members in subsidized housing.

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Grassroots Organizing & Civic Engagement

Our Participatory Defense organizing model (based on Silicon Valley De-Bug) empowers family and community members in the courtroom to positively impact their loved one’s outcome and to bring them home. As fiscal sponsor and start-up organization of Riverside All of Us or None (a chapter of a national initiative of formerly incarcerated people, family members, and allies advocating for the rights of the currently and formerly incarcerated people) we ensure that system impacted leadership remains at the center of the fight to keep our community together and address the social problems that incarceration purports to solve. Our community outreach team also disseminates voter registration and public health information regarding COVID-19, and we organize food and clothing relief for community members in need.

(951) 898-0862 office@startingoverinc.org

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EITH MOHLER

LL SERVICE | PROPERTY MANAGEMENT TERIOR DESIGN | RENTING RESEDENTIALS

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ohler@propertymarketersllc.com w.propertymarketersllc.com

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ERIC LAWRENCE FRAZIER MBA Mortgage Consultant NMLS#: 461807 | CA-DFPI461807

11175 Azusa Court, Suite 110-107 Rancho Cucamonga, CA 91730 O: 951-374-4986 ext. 4986 M: 714-475-8629 eric.frazier@onqfinancial.com www.onqfinancial.com/eric-frazier

Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. Some restrictions may apply. On Q Financial, LLC is an Equal Housing Lender. NMLS 5645 | CA-DBO RMLA 4131336 | ONQ0301230685d00000Zge5g

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DIFFERENT NATIONAL ORIGINS.

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SAME FAIR HOUSING RIGHTS.

It is illegal for landlords and real estate agents to deny you housing opportunities because of your ethnicity.

The Fair Housing Act prohibits housing discrimination based on national origin. If you believe you have experienced a violation of your rights, file a complaint.

Go to hud.gov/fairhousing or call 1-800-669-9777 Federal Relay Service 1-800-877-8339

FAIR HOUSING: THE LAW IS ON YOUR SIDE. 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

thepowerisnowmeida discrimination because of race, color, religion, national origin, sex, familial status or disability.

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FRANCINE MARsoLEK

BROKER I OWNER I REAL TOR®

Mobile: (612) 868-9344 Phone: (651) 797-4219 METRO REAL ESTATE SERVICES www.nhmres.com BACK TO CONTENTS

francine@nhmres.com

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Minnesota Market Update: The Housing Market Insights for Q2, 2023

By Francine Marsolek

I

n the ever-evolving world of real estate, staying updated with market trends and insights is crucial, especially if you’re considering buying or selling property in the beautiful state of Minnesota. The second quarter of 2023 has brought significant shifts and opportunities in the Minnesota housing market, and this article aims to provide a comprehensive overview of these developments.

CURRENT STATE OF THE MINNESOTA HOUSING MARKET The Minnesota housing market is experiencing a dynamic shift in the second quarter of 2023. With the effects of the pandemic slowly subsiding, SEPTEMBER 2023

the real estate landscape is showing remarkable resilience and adaptability. Here are some key trends to note: RISING HOME PRICES The median home price in Minnesota has seen a steady increase over the past few years, and Q2 of 2023 is no exception. Low inventory levels, coupled with high demand, have driven home prices up. This presents opportunities for sellers but can be challenging for buyers.

SHIFT IN BUYER PREFERENCES Buyers in Minnesota are increasingly looking for properties that offer a balance between urban convenience and suburban tranquility. This shift in preferences has led to increased interest in thepowerisnowmeida

neighborhoods with green spaces, excellent schools, and easy access to major cities like Minneapolis and St. Paul.

BOOMING SUBURBAN MARKETS Suburban areas in Minnesota have witnessed a surge in popularity, with many families seeking larger homes and spacious yards. Cities like Woodbury, Plymouth, and Edina have become hotspots for buyers looking for suburban living.

MORTGAGE RATES AND AFFORDABILITY Mortgage rates have remained relatively low, making homeownership more accessible to many. However, the competitive market has led to bidding wars, making it crucial for buyers to be financially prepared and pre-approved for loans.

REGIONAL INSIGHTS

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Let’s delve into specific regions within Minnesota to understand the nuances of the housing market .

MINNEAPOLIS Minneapolis continues to be a desirable location for urban living. The city’s vibrant culture, job opportunities, and diverse neighborhoods attract young professionals and families alike. However, competition for homes in Minneapolis can be fierce, and buyers should act quickly when they find the right property.

ST. PAUL St. Paul offers a more relaxed and historic ambiance compared to Minneapolis. The city’s emphasis on community, parks, and cultural events appeals to those seeking a quieter urban experience. The housing market here is also competitive, but prices can be more reasonable than in Minneapolis.

DULUTH Up in northern Minnesota, Duluth provides a unique lakeside living experience. The city has seen increased interest from remote workers and retirees seeking a serene environment. thepowerisnowmeida

The market is relatively stable, with a variety of housing options available.

TIPS FOR BUYERS AND SELLERS Whether you’re looking to buy or sell a property in Minnesota during Q2, 2023, here are some essential tips to consider: FOR BUYERS ●Get Pre-Approved: In a competitive market, having a pre-approved mortgage can give you a significant advantage. ●Act Quickly: When you find a property that fits your criteria, don’t hesitate to make an offer. ●Research Neighborhoods: Understand the neighborhoods and their amenities to find the perfect fit for your lifestyle.

FOR SELLERS ●Price Strategically: Work with a real estate agent to set a competitive yet profitable price for your home. ●Home Staging: Consider staging your home to make it more appealing to potential buyers. ●Marketing Matters: Effective online and offline marketing can help your property stand out.

CONCLUSION

The Minnesota housing market in Q2, 2023, is characterized by rising prices, changing buyer preferences, and booming suburban markets.

Minneapolis, St. Paul, and Duluth each offer unique opportunities for homebuyers and sellers.

To succeed in this competitive market, buyers should be prepared and act swiftly, while sellers should strategically price and market their properties.

SEPTEMBER 2023

LA INUNDACIÓN DIO VUELTA NUESTRAS VIDAS. CUANDO INTENTAMOS ALQUILAR UNA NUEVA VIVIENDA, SEGUÍAMOS RECIBIENDO RECHAZO. Cuando llegó la inundación, tuvimos que huir de nuestro hogar. Afortunadamente, encontramos refugio temporal.

Pero cuando comenzamos a buscar un lugar para vivir, nos topamos con discriminación en la vivienda, lo que no solo es injusto, es ilegal. Si sientes que tu propietario o agente inmobiliario te ha negado la venta, el alquiler o la financiación de una vivienda por motivos de raza, color, religión, sexo, nacionalidad, discapacidad o porque tienes hijos, repórtalo a HUD o a tu centro local de igualdad de vivienda.

Visita hud.gov/fairhousing o llama al 1-800-669-9777 Servicio de Retransmisión Federal 1-800-877-8339 IGUALDAD DE VIVIENDA: LA LEY ESTÁ DE TU LADO. Un mensaje de servicio público del Departamento de Vivienda y Desarrollo Urbano de los Estados Unidos en cooperación con la Alianza Nacional de Igualdad de Vivienda.

La Ley Federal de Igualdad de Vivienda prohíbe la discriminación por motivos de raza, color, religión, nacionalidad, sexo, situación familiar o discapacidad. thepowerisnowmeida SEPTEMBER 2023

BROKER | OWNER | REALTOR

FRANCINE

MARSOLEK

MINNESOTA

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TWIN CITIES REAL ESTATE SHOW NEW DEMAND NEW SHOWS SHOWS ON DEMAND EVERY 2ND WEEK AND 4TH EVERY FRIDAY

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JAMES CLIFFORD

Broker | Owner

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JIMCLIFFORD@WRGPRA.COM (253) 826-7513 jimcliffordrealty.com brandyn@windermere.com

NTON thepowerisnowmeida

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ERIC LAWRENCE FRAZIER MBA Mortgage Consultant NMLS#: 461807 | CA-DFPI461807

11175 Azusa Court, Suite 110-107 Rancho Cucamonga, CA 91730 O: 951-374-4986 ext. 4986 M: 714-475-8629 eric.frazier@onqfinancial.com www.onqfinancial.com/eric-frazier

Offered through our Broker partner. Loan approval is subject to applicant’s qualification for a loan program. On Q Financial does not guarantee that each applicant will receive a loan.

Some program restrictions and requirements apply. Please contact your On Q Financial, LLC Mortgage Consultant for more information. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. Some restrictions may apply. On Q Financial, LLC is an Equal Housing Lender. NMLS 5645 | CA-DBO RMLA 4131336 | ONQ0809230685d00000gogro-WW

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MONICA HILL

Broker | Owner

License: DRE #01201175 30141 Antelope Rd, 753 Menifee, CA Contact: (951) 834-8687 BACK TO CONTENTS

www.dreamteamsells.com

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SEPTEMBER 2023

Unlocking Tax Benefits: The Complete Guide to Deductions for Investment Properties

By Monica Hill

I

nvesting in real estate can be a lucrative venture, and one of the most attractive aspects of owning an investment property is the potential for tax deductions. As a property owner, you can take advantage of various tax write-offs to reduce your taxable income and potentially increase your return on investment. In this article, we will explore the key tax deductions available to owners of investment properties, allowing you to maximize your tax benefits while staying compliant with the tax laws.`

MORTGAGE INTEREST

investment property owners is the mortgage interest deduction. You can deduct the interest you pay on your mortgage or loans used to acquire, improve, or renovate the investment property. However, there are a few rules to keep in mind: 1.LIMITATIONS: The Tax Cuts and Jobs Act of 2017 has placed some limitations on mortgage interest deductions. For properties purchased after December 15, 2017, you can only deduct interest on mortgage debt up to $750,000 if you are married filing jointly or $375,000 if you are single or married filing separately.

One of the most significant tax deductions for SEPTEMBER 2023

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2.REFINANCING: If you decide to refinance your investment property, the new loan will be subject to the current rules and limitations. So, it’s crucial to consult with a tax professional to understand how refinancing will impact your deductions.

PHOTO FROM 123RF

PROPERTY TAXES Property taxes on your investment property are also deductible on your tax return.

Whether you pay your property taxes annually or through an escrow account with your mortgage, you can include these expenses as part of your itemized deductions.

Keep in mind that the new tax law limits the overall state and local tax deduction to $10,000 for both property taxes and income taxes.

DEPRECIATION Depreciation is another valuable deduction for investment property owners. The IRS allows you to deduct the cost of the property over several years based on its estimated useful life. Residential properties are depreciated over 27.5 years, while commercial properties are depreciated over 39 years. Although the property may appreciate in value over time, depreciation provides an excellent tax benefit, reducing your taxable income and potentially offsetting rental income.

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REPAIRS AND MAINTENANCE The cost of repairs and maintenance can also be deducted from your taxable income.

Unlike improvements that add value to the property, repairs and maintenance are considered ordinary and necessary expenses for keeping the property in good condition.

It’s essential to differentiate between repairs and improvements, as improvements typically must be capitalized and depreciated over time. thepowerisnowmeida

PROFESSIONAL SERVICES AND FEES As a property owner, you may hire professionals such as property managers, real estate agents, or accountants to help you manage and maintain the property. These expenses are generally tax-deductible, so be sure to keep accurate records of these transactions.

TRAVEL EXPENSES If you need to travel to your investment property for management purposes, you may be eligible to deduct certain travel expenses, such as airfare, accommodation, meals, and transportation costs. However, it’s vital to ensure that the primary purpose of your trip is related to the property management and that you keep proper documentation of your expenses.

CONCLUSION Investment properties offer a host of tax benefits that savvy investors can leverage to maximize their returns. From deducting mortgage interest and property taxes to taking advantage of depreciation and various expenses related to property management, there are several opportunities to reduce your taxable income and optimize your investment.

However, tax laws are complex and subject to change, so it’s crucial to work with a qualified tax professional to ensure you are taking full advantage of all available deductions while remaining compliant with the latest tax regulations. By doing so, you can make the most of your investment property and potentially enjoy substantial tax savings in the process.

SEPTEMBER 2023

SEPTEMBER 2023

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“ WE DIDN’T EXPECT

HOUSING DISCRIMINATION

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WOULD KEEP US FROM OUR NEW HOME.” “ As our family continued to grow, we started looking for a new home. The landlord told us he wasn’t comfortable renting to people with children because they might go to school or daycare and bring home COVID-19.”

COVID-19 inequity is real, and it shouldn’t be made worse because of housing discrimination. If you suspect housing discrimination because of your familial status, file a complaint with HUD or your local fair housing center so we can investigate it.

Go to hud.gov/fairhousing or call 1-800-669-9777 Federal Relay Service 1-800-877-8339 FAIR HOUSING: THE LAW IS ON YOUR SIDE. 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. thepowerisnowmeida SEPTEMBER 2023

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VIP AGENT

Reo Broker

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DRE# 1312180 Mobile: (203) 982-4985 Office: (203) 387-0200 www.greaternewhavenhomes.com srivkin@planetrealtyct.com

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STEVEN RIVKIN

CTICUT thepowerisnowmeida

SEPTEMBER 2023

The Pros and Cons of Renting vs. Buying a House

By Steven Rivkin

I

n today’s real estate market, individuals and families face a significant decision: should they rent or buy a house? Both options come with their own set of advantages and

disadvantages, and making the right choice can greatly impact one’s financial well-being and

you make an informed decision that aligns with your goals and preferences.

THE BENEFITS OF RENTING A HOUSE

lifestyle. In this article, we will explore the pros and cons of renting and buying a house, helping SEPTEMBER 2023

Renting a house offers several advantages thepowerisnowmeida

that can be appealing to various individuals and families. Here are some of the key benefits: ●FLEXIBILITY: One of the most significant benefits of renting a house is the flexibility it provides. Renters have the freedom to change residences without the complexities and financial commitments associated with selling a property. This is particularly advantageous for individuals who anticipate frequent relocations due to work or personal reasons. ●LOWER INITIAL COSTS: Renting typically involves lower upfront costs compared to buying a house. When you rent, you usually pay a security deposit and the first month’s rent, which is more affordable for individuals with limited savings. This makes renting a viable option for those who may not have a substantial down payment readily available.

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●REDUCED MAINTENANCE RESPONSIBILITIES: Renters often enjoy a degree of relief from the maintenance and repair responsibilities that homeowners must shoulder. Property owners or management companies are typically responsible for addressing issues that arise, whether it’s a leaky roof or a malfunctioning appliance. This can save renters both time and money, as they don’t have to worry about the cost and effort of major repairs. ●NO PROPERTY TAXES: Property taxes are a significant expense associated with homeownership, but renters are exempt from this financial obligation. Property owners are responsible for paying property taxes, so renters can enjoy the benefits of a dwelling without the added financial burden. ●EASIER BUDGETING: Renting offers a predictable monthly cost, making budgeting more straightforward. Unlike thepowerisnowmeida

homeowners who may face unexpected expenses for repairs or property maintenance, renters know exactly how much they need to allocate for housing expenses each month. This predictability can provide a sense of financial security and stability.

THE BENEFITS OF BUYING A HOUSE Buying a house is a significant financial and lifestyle decision. It comes with several advantages that can make it a compelling choice for many individuals and families. Here are the key benefits of buying a house: EQUITY BUILDING When you buy a house, you are investing in an asset that can appreciate over time. As you make mortgage payments, you build equity in your home. Equity is the difference between the market value of your property and the amount you owe on your mortgage. Over the years, this can lead to significant wealth accumulation and financial security.

PERSONALIZATION Homeownership allows you to personalize and modify your living space to suit your preferences.

You have the freedom to make changes and improvements to your home, whether it’s renovating the kitchen, landscaping the yard, or decorating the interior according to your style.

This level of control and customization is not typically available to renters.

STABILITY Owning a home provides a sense of stability and permanence. You won’t have to worry about a landlord terminating your lease or making unexpected changes to the property. This stability can be particularly comforting for families and individuals who want a secure and consistent living environment.

POTENTIAL TAX BENEFITS Homeownership can come with potential tax benefits. In many countries, homeowners are SEPTEMBER 2023

eligible for deductions on mortgage interest and property taxes. These deductions can result in significant savings on your annual tax bill, making homeownership financially advantageous.

LONG-TERM INVESTMENT Buying a house is often viewed as a long-term investment. Over time, real estate properties tend to appreciate in value. This means that the property you buy today could be worth more in the future, providing financial security and potentially serving as a valuable asset for retirement or other long-term goals.

FREEDOM AND CONTROL As a homeowner, you have the freedom to make decisions about your property without needing approval from a landlord. You can decide on matters such as pets, home improvements, and even whether to rent out a portion of your home for additional income. This level of control over your living space can enhance your overall quality of life.

These benefits of buying a house should be considered alongside your individual circumstances and long-term goals when making the decision between renting and buying a home.

In the journey of deciding between renting and buying a house, you are faced with a choice that extends beyond mere bricks and mortar—it’s a decision that will shape your lifestyle and financial future. As we’ve explored the pros and cons of both options, it’s clear that each path offers unique advantages and considerations.

Renting provides unparalleled flexibility. It’s the go-to choice for those who value the freedom to explore new horizons, whether for career opportunities, personal growth, or simply a change of scenery. The lower initial costs and freedom from major maintenance responsibilities make renting accessible and convenient, especially for those with limited savings or a penchant for a carefree lifestyle. The absence of property taxes and the ease of budgeting add to SEPTEMBER 2023

its allure.

Buying, on the other hand, offers a different set of rewards. It’s a powerful wealth-building tool, where every mortgage payment contributes to the growth of your equity, potentially leading to financial security and independence. The ability to personalize and create a place truly your own can be immensely fulfilling. The stability of homeownership fosters a sense of belonging and permanence, something many aspire to in their lives. Potential tax benefits and long-term investment opportunities sweeten the deal, making homeownership a compelling choice for those with long-term vision and financial goals.

CONCLUSION The decision to rent or buy ultimately rests upon your unique circumstances and aspirations.

Consider your current financial stability, long-term plans, and lifestyle preferences. Reflect on the importance of flexibility versus stability, and weigh the benefits of lower initial costs against the potential for long-term financial growth.

Before concluding, remember that homeownership is not solely a financial investment; it’s an investment in your lifestyle and well-being. Seek guidance from financial advisors or real estate experts if needed, as they can offer valuable insights tailored to your situation.

In the end, whether you choose the path of renting or buying, both options have their merits, and your choice should align with your individual goals and dreams. Your home is not just a house; it’s the canvas upon which you paint the story of your life, and the choice is yours to make.

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STEVEN

RIVKIN

CONNECTICUT

NEW BACK TO CONTENTS

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SEPTEMBER 2023

Keeping Our Home Is Our #1 Priority.

Dixon and Eunice Sanchez, Brentwood, NY

Last year we were facing foreclosure and we weren’t sure what to do, but we knew one thing – We wanted to keep our home, NOT LOSE IT. Then we found out about HUD-approved counselors. The expert advice we received helped us save our home.

Contact a HUD-approved housing counselor for FREE advice. Get started today. Visit:

www.hud.gov/fairhousing or call 1-888-995-HOPE 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.

SEPTEMBER 2023

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ERIC LAWRENCE FRAZIER MBA Mortgage Consultant NMLS#: 461807 | CA-DFPI461807

11175 Azusa Court, Suite 110-107 Rancho Cucamonga, CA 91730 O: 951-374-4986 ext. 4986 M: 714-475-8629 eric.frazier@onqfinancial.com www.onqfinancial.com/eric-frazier

Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. Some restrictions may apply. On Q Financial, LLC is an Equal Housing Lender. NMLS 5645 | CA-DBO RMLA 4131336 CR0728230685d00000fxDgJ-LS thepowerisnowmeida

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VIP AGENT

WALTER E. HUFF II

Realtor

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DRE# 1312180 D: [720] 289-9095 O: [303] 785-1267 info@HuffPIA.com

ADO thepowerisnowmeida

SEPTEMBER 2023

4 Surprising Things That May Increase How Much Your Home Is Worth

By Walter Huff

W

hen it comes to increasing the value of your home, most homeowners think of typical upgrades like remodeling the kitchen or adding a fresh coat of paint. However, there are some surprising factors that can significantly impact your home’s worth. In this article, we’ll explore four unexpected elements that may boost your property’s value and attract potential buyers.

CURB APPEAL ENHANCEMENTS SEPTEMBER 2023

First impressions matter, and the exterior of your home plays a vital role in attracting potential buyers. Improving your property’s curb appeal can have a surprisingly positive impact on its value.

Consider these enhancement ideas: ●Landscaping: A well-maintained lawn, trimmed bushes, and colorful flowers can transform the overall look of your home, making it more appealing to buyers.

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●Front Door Upgrade: Installing a stylish and secure front door can instantly elevate the facade of your house and create a lasting impression. ●Outdoor Lighting: Strategically placed lighting around the exterior can not only enhance the visual appeal but also improve safety and security.

ENERGY-EFFICIENT FEATURES With the rising awareness of environmental concerns and energy costs, homebuyers are increasingly seeking energy-efficient properties.

Incorporating the following features can make your home stand out and potentially increase its value: ●Solar Panels: Installing solar panels can significantly reduce energy bills and make your home more attractive to eco-conscious buyers. ●Energy-Efficient Windows: Upgrading to energyefficient windows not only reduces energy consumption but also improves insulation and enhances indoor comfort. ●Smart Home Technology: Implementing smart thermostats, lighting systems, and other energysaving devices can appeal to tech-savvy buyers and boost your home’s perceived value.

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ACCESSIBILITY IMPROVEMENTS An often overlooked aspect of increasing home value is making it more accessible to a wider range of potential buyers. Consider these modifications: ●Single-Floor Living: If possible, create a bedroom and bathroom on the main level, catering to those who prefer or require single-floor living. ●Entryway Modifications: Installing a ramp or lift at the entrance can accommodate individuals with mobility challenges, making your home more inclusive. ●Wide Doorways and Hallways: Expanding doorways and hallways can enhance accessibility thepowerisnowmeida

for wheelchair users and improve the overall flow of your home.

PROXIMITY TO RECREATIONAL AREAS AND GREEN SPACES The location of your home is a crucial factor in determining its value. Proximity to recreational areas and green spaces can be surprisingly influential in attracting potential buyers: ●Parks and Playgrounds: Living near wellmaintained parks and playgrounds can appeal to families with children and enhance the quality of life. ●Walking Trails and Nature Reserves: Access to nearby walking trails and nature reserves can attract nature enthusiasts and healthconscious individuals. ●Water Bodies: Homes situated close to lakes, rivers, or the ocean often carry a premium due to the serene views and recreational opportunities they offer.

CONCLUSION While traditional home upgrades remain important, considering these surprising factors can add significant value to your property and set it apart in a competitive market. Enhancing your home’s curb appeal, incorporating energyefficient features, making it accessible, and leveraging its proximity to recreational areas can surprise you with the increased interest from potential buyers and a higher valuation.

Always remember to do thorough research and consult with real estate professionals to make informed decisions tailored to your specific market and property.

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Live life in full color.

Encourage and accept diversity in your neighborhood and community. It will promote a greater sense of engagement, better prepare your children for the global community they will inhabit…give us all a richer life. To better understand how neighborhood diversity will benefit you and your family, please log onto www.ARicherLife.org.

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Celebrating the 40th Anniversary of the Fair Housing Act

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Become a California Homeowner!

WITH THE CALHFA® MORTGAGE PROGRAM Achieve your dream of “California living” with our CalHFA® Mortgage Program!

FEATURES INCLUDE:  Up to 3.5% of the sales price may be used for down payment assistance*

 FHA and Conventional loan types offered  30-year fixed rate mortgage terms  Available statewide! *The My home Assistance Program is available in unison with CALHFA first except on the CalPlus program. Some program restrictions and requirements apply. Please contact your On Q Financial, Inc. Mortgage Consultant for more information.

On Q Financial, Inc. is an Equal Housing Lender. NMLS 5645.

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YVONNE MCFADDEN

Realtor | Delex Realty

License: SA035043000 Office License: LC64980001 Contact: (408) 628-2619 BACK TO CONTENTS

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SEPTEMBER 2023

7 Reasons Why You Do Not Need to Downsize

By Yvonne McFadden

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he concept of downsizing has gained popularity in recent years, with many people considering the transition to a smaller living space. While downsizing can be a sensible choice in certain situations, it’s not a one-size-fits-all solution. In fact, there are several compelling reasons why you might not need to downsize at all. In this article, we will explore seven such reasons, each with detailed explanations, to help you make an informed decision about your living situation.

EMOTIONAL ATTACHMENT AND SENTIMENTALITY

One of the primary reasons why you might resist downsizing is the emotional attachment and sentimentality associated with your current home. Over the years, your home has likely become a repository of cherished memories. It’s where you celebrated milestones, raised a family, and built a life. These sentimental ties can make it incredibly difficult to part with your home.

Your home may hold sentimental value not only for you but also for your family. It’s the place where SEPTEMBER 2023

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your children grew up, and it holds the essence of your family history. Downsizing can mean saying goodbye to this rich tapestry of memories, and for many, that’s a sacrifice they are not willing to make.

Moreover, the sense of comfort and security derived from being in a familiar space should not be underestimated. Staying in your current home allows you to continue enjoying the emotional benefits of a place that has been an integral part of your life story.

ACCOMMODATING MULTIGENERATIONAL LIVING In today’s society, multigenerational living is becoming increasingly common. Families are choosing to live together under one roof to provide support and care for elderly parents, adult children, or grandchildren. If you have multiple generations living together or anticipate this arrangement in the future, downsizing may not be practical.

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Your current home may already be well-suited for multigenerational living, with enough space and separate living areas to accommodate everyone comfortably. Downsizing to a smaller home could disrupt this harmonious arrangement and create logistical challenges. Maintaining the status quo by staying in your current home may be the best way to provide a stable and supportive environment for your entire family.

PRESERVING A SENSE OF COMMUNITY Over the years, you’ve likely established strong ties within your community. Your neighbors have become friends, and you’ve built a network of support that extends beyond your property lines.

Moving to a new, smaller home in a different location could mean leaving behind this valuable sense of community. thepowerisnowmeida

Community connections contribute significantly to our overall well-being and happiness. Staying in your current home allows you to maintain these relationships and continue enjoying the benefits of a familiar community. It’s where you’ve built trust, shared experiences, and contributed to the local fabric.

Moreover, established community ties can provide essential support systems as you age, such as neighbors who can lend a helping hand or offer companionship. Downsizing might mean starting anew in a different neighborhood, which can be socially isolating, especially for seniors.

So far, we’ve explored the emotional attachment and sentimentality associated with your current home, the benefits of accommodating multigenerational living, and the importance of preserving a sense of community. These are just the first three of seven compelling reasons why you may not need to downsize. In the following sections, we’ll delve into four more reasons, each with its own set of considerations and advantages for maintaining your current living situation. By the end of this article, you’ll have a comprehensive understanding of why downsizing may not be the right choice for you. Stay tuned for the next installment!

SPACE FOR HOBBIES AND PASSIONS Many individuals have hobbies and passions that require space. Whether it’s a home workshop, an art studio, a music room, or a vast collection of books, downsizing can mean sacrificing the space needed to pursue these interests. Your current home may have dedicated areas or rooms that cater to your hobbies, and giving them up could diminish your quality of life.

Having space for your hobbies not only brings joy and fulfillment but can also be a crucial part of your identity. It allows you to explore your SEPTEMBER 2023

creativity, maintain your mental well-being, and even generate additional income through pursuits like crafting or woodworking. Staying in your current home ensures you can continue to enjoy these activities without constraints.

ROOM FOR GUESTS AND ENTERTAINING Another reason you might not need to downsize is your desire to host guests and entertain friends and family. Your current home may have ample space for hosting gatherings, parties, or family reunions. Downsizing could mean sacrificing the ability to accommodate guests comfortably, which can be particularly important if you value social connections and relationships.

Being able to welcome loved ones into your home and create cherished memories together is a significant aspect of homeownership. It fosters a sense of togetherness and strengthens bonds with friends and family. Downsizing to a smaller space may limit your ability to host guests and may even lead to social isolation.

Moreover, having extra space for guests can be beneficial for your mental well-being. It provides flexibility for extended visits from family members, friends, or even temporary living arrangements for those in need.

FINANCIAL CONSIDERATIONS While downsizing is often seen as a way to save money, it’s essential to evaluate the full financial picture. Downsizing may reduce certain expenses, such as property taxes and maintenance costs. However, it’s important to consider the overall financial impact, including transaction costs associated with selling your current home and purchasing a new one.

appreciated significantly in value over the years, selling it and downsizing may lead to substantial capital gains taxes. In some cases, it may be more financially advantageous to stay in your current home, especially if you have paid off your mortgage.

AGING IN PLACE As you age, your housing needs may change, but that doesn’t always necessitate downsizing.

Aging in place is a concept that emphasizes staying in your current home for as long as possible while making necessary modifications to ensure safety and accessibility. With the right renovations and support systems in place, your current home can remain a comfortable and secure environment even as you age.

Aging in place allows you to maintain your independence and familiarity with your surroundings. It can also be a more cost-effective option than moving to a retirement community or assisted living facility. Additionally, staying in your current home may mean being closer to essential healthcare services and your existing support network of friends and neighbors.

CONCLUSION In this second part of the article, we’ve explored four more compelling reasons why you might not need to downsize: the importance of having space for hobbies and passions, the value of room for guests and entertaining, financial considerations, and the concept of aging in place. These reasons, in addition to those discussed in the first part of the article, provide a comprehensive view of why staying in your current home can be a wise and fulfilling choice.

As you evaluate your housing options, consider these factors carefully to make the best decision for your unique circumstances and aspirations.

Furthermore, if your current home has SEPTEMBER 2023

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“주택 거래 차별 때문에 새 집을 찾을 수 없을 것이라고는 예상하지 못했습니다.” “ 우리 가족이 성장하면서 새 집을 찾기 시작했습니다. 집주인은 자녀가 있는 사람은 학교나 보육 시설에 가서 코로나19를 집에 옮겨 올 수 있기 때문에 임대해 주기가 싫다고 했습니다.” 코로나19 불평등은 현실이며, 주택 거래 차별로 인해 악화되어서는 안 됩니다. 가족 조건에 따른 주택 거래의 차별이 의심될 경우, 조사를 할 수 있도록 주택도시개발부 또는 여러분 지역의 공정주택거래센터에 민원을 제기하십시오.

hud.gov/fairhousing 또는 전화 1-800-669-9777 을 이용해 주십시오 연방 중계 서비스 1-800-877-8339 공정한 주택 거래: 법은 여러분의 편입니다. 미주택도시개발부와 전국공정주택연합이 함께 하는 공익 메시지입니다. 연방 공정주택법은 인종, 피부색, 종교, 국적, 성별, 가족 조건 또는 장애로 인한 차별을 금지하고 있습니다. thepowerisnowmeida

SEPTEMBER 2023

ERIC LAWRENCE FRAZIER MBA Mortgage Consultant NMLS#: 461807 | CA-DFPI461807

11175 Azusa Court, Suite 110-107 Rancho Cucamonga, CA 91730 O: 951-374-4986 ext. 4986 M: 714-475-8629 eric.frazier@onqfinancial.com www.onqfinancial.com/eric-frazier

*Max loan amount of $726,200 or the maximum HUD county limit, whichever is lower. The following loan scenario is only an example. Actual amounts, fees, and rates vary depending on each individual borrower’s situation and additional factors. Loan scenario is based on a fixed 30-year Conventional loan with a purchase price of $726,200, 0% down payment, interest rate of 6.260%, and APR of 6.550%. Additional estimated funds due at closing would be $22,027. Approximate monthly payment of $4,623. Loan scenario does not include additional costs/fees associated with monthly mortgage expenses such as property taxes, insurance, or HOA fee. All amounts shown are estimates and will vary for each loan. Rates and fees are subject to change at any time. This is not a commitment to lend or extend credit. Loan approval is subject to applicant’s qualification for a loan program. Information is subject to change thepowerisnowmeida without notice. This is not an offer for extension of credit or a commitment to lend. Some restrictions may apply. On Q Financial, LLC is an Equal Housing Lender. NMLS 5645 | CA-DBO SEPTEMBER 2023 RMLA 4131336 | OnQ0808230685d00000goQ0a-WW

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MCFADDEN

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yvonne mcfadden real estate show NEW EPISODES ON DEMAND EVERY 2ND & 4TH FRIDAY

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Broker | Owner

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By Brandy Nelson

P

urchasing a home is a significant life milestone, but the process can be complex and filled with uncertainty if you’re not familiar with the timeline and steps involved. In this detailed guide, we’ll take you through the entire home buying process, from the initial decision to buy a home to the

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moment you receive the keys to your new residence. Understanding this timeline will help you navigate the journey with confidence and make informed decisions along the way.

DETERMINE YOUR READINESS TO thepowerisnowmeida

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A Comprehensive Guide: How Long Does It Take to Close On A House?

BUY A HOME Before you embark on the homebuying journey, it’s crucial to assess your financial readiness, set clear goals, and evaluate your lifestyle. Here are the key steps in this phase: ●FINANCIAL ASSESSMENT: Begin by evaluating your financial situation.

Calculate your monthly income, expenses, and debt obligations. Determine your credit score and credit history, as they will play a significant role in securing a mortgage. ●DEFINE YOUR GOALS: Next, define your homeownership goals.

Consider factors like the type of home you want, the location, and your budget. Think about your long-term plans and how homeownership aligns with them. ●LIFESTYLE CONSIDERATIONS: Reflect on your current lifestyle and how it may change in the future. Consider factors such as family size, career prospects, and whether you’re ready for the responsibilities of homeownership.

SECURE FINANCING AND PREAPPROVAL

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Securing financing and obtaining pre-approval are pivotal steps in the homebuying process.

They provide you with a clear understanding of your budget, interest rate, and the confidence to make competitive offers on potential homes.

MORTGAGE PRE-APPROVAL Mortgage pre-approval is the process by which a lender evaluates your financial situation and creditworthiness to determine how much they are willing to lend you for a home purchase.

Here’s a more detailed breakdown of this crucial step.

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FINANCIAL ASSESSMENT: When you apply for mortgage pre-approval, the lender will thoroughly review your financial situation. This includes an analysis of your: ●INCOME: They will examine your sources of income, such as employment, investments, or other forms of revenue. ●EXPENSES: The lender will assess your monthly financial obligations, which may include existing loans, credit card payments, and other debts. ●CREDIT HISTORY: Your credit score and credit history will play a significant role in determining the terms of your pre-approval.

PRE-APPROVAL AMOUNT Based on your financial assessment, the lender will issue a pre-approval letter that specifies the maximum amount they are willing to lend you.

This letter is a crucial tool in your home search because it: ●DEFINES YOUR BUDGET: With a pre-approval amount in hand, you know precisely how much you can spend on a home, allowing you to focus on properties within your budget. ●ENHANCES CREDIBILITY: Sellers and real estate agents often prioritize offers from pre-approved buyers because they are more likely to secure financing.

INTEREST RATE: Your pre-approval letter will also outline the interest rate you qualify for. This is determined by factors such as your credit score, the current market rates, and the type of mortgage you choose (e.g., fixed-rate or adjustable-rate).

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DOWN PAYMENT SAVINGS The down payment is a significant upfront expense when buying a home, typically ranging from 3% to 20% of the property’s purchase price. Here’s a closer look at the importance of saving for your down payment: DOWN PAYMENT OPTIONS: The amount you need for a down payment depends on various factors, including the type of mortgage and your financial situation. Common down payment options include: ●3% DOWN PAYMENT: Some loans, such as FHA and conventional loans, offer low down payment options, making homeownership more accessible for first-time buyers. ●20% DOWN PAYMENT: Putting down 20% or more can help you avoid private mortgage insurance (PMI), which is an added cost for borrowers with smaller down payments.

SAVING STRATEGIES To accumulate your down payment funds, consider implementing the following strategies: 1.BUDGETING: Create a savings plan by budgeting your monthly income and identifying areas where you can cut expenses.

2.AUTOMATIC TRANSFERS: Set up automatic transfers from your checking account to a dedicated savings account to ensure consistent savings.

3.WINDFALLS: Apply any unexpected windfalls, such as tax refunds or work bonuses, toward your down payment fund.

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DOWN PAYMENT ASSISTANCE

Explore down payment assistance programs that may be available in your area. These programs can provide financial support to qualified buyers, helping you reach your down payment goal more quickly.

CREDIT IMPROVEMENT Credit improvement is an essential step if your credit score needs enhancement. A higher credit score can result in a lower interest rate, saving you money over the life of your mortgage. Here’s how to improve your credit score: 1.REVIEW YOUR CREDIT REPORT: Obtain a copy of your credit report from the three major credit bureaus (Equifax, Experian, and TransUnion). Carefully review the report for errors or inaccuracies.

2.PAY DOWN DEBT: Reduce outstanding credit card balances and other debts to lower your credit utilization ratio, a key factor in your credit score.

3.ON-TIME PAYMENTS: Consistently make on-time payments for all your bills, as late or missed payments can negatively impact your credit score.

4.AVOID NEW CREDIT: Refrain from opening new credit accounts or taking on additional debt while working on improving your credit.

In summary, Secure Financing and PreApproval encompasses a series of critical steps that empower you with the financial clarity and confidence to proceed with your home buying journey. Mortgage pre-approval defines your budget, while diligent saving and credit improvement strategies pave the way for a successful home purchase. These early preparations are foundational to a smooth and successful homebuying experience.

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START THE HOME SEARCH

Once you have secured financing and obtained pre-approval, you’re ready to embark on the exciting phase of searching for your dream home.

This stage involves several crucial steps:

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HIRE A REAL ESTATE AGENT

●ACCESS TO LISTINGS: Real estate agents have access to a comprehensive database of property listings, including homes that may not be publicly available. This access allows them to identify suitable properties that match your criteria.

One of the most significant decisions you’ll make during the homebuying process is selecting a qualified real estate agent. Here’s why this step is essential:

●NEGOTIATION SKILLS: Negotiating with sellers can be complex. An experienced agent can help you navigate negotiations, ensuring that you secure the best possible terms and price for your new home.

●EXPERTISE AND GUIDANCE: A skilled real estate agent brings a wealth of knowledge about the local market, property values, and the buying process. They can provide insights that are difficult to acquire on your own.

●STREAMLINED PROCESS: Your agent will streamline the home search process, scheduling property viewings, and coordinating the necessary paperwork, saving you time and reducing stress.

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PROPERTY VIEWING Property viewings are a crucial part of the home search process. During viewings, you’ll have the opportunity to evaluate potential homes and determine if they meet your needs and preferences. Here’s what to consider: ●LOCATION AND NEIGHBORHOOD: Assess the property’s location, considering factors such as proximity to work, schools, shopping, and recreational amenities. Explore the neighborhood to determine if it aligns with your lifestyle. ●PROPERTY FEATURES: Examine the property’s features, including the layout, number of bedrooms and bathrooms, and any unique amenities. Pay attention to the condition of the home, including any necessary repairs or updates. ●QUESTIONS AND NOTES: Prepare a list of questions to ask during property viewings. Take notes and photographs to help you remember the details of each home you visit.

SUBMIT OFFERS Once you find a home that meets your criteria and captures your interest, it’s time to submit an offer. Here’s what this step involves: ●DRAFTING THE OFFER: Your real estate agent will assist you in drafting an offer letter, which includes the proposed purchase price, contingencies, and any additional terms you want to negotiate.

When both parties agree to the terms, and the offer is accepted, you move one step closer to securing your new home.

The home search phase is an exciting journey, but it’s essential to remain patient and focused on your goals. Your real estate agent will play a crucial role in helping you navigate this process effectively.

CONCLUSION In conclusion, the homebuying process is a multifaceted journey that begins with assessing your readiness and securing financing through mortgage pre-approval. It continues with the critical steps of hiring a real estate agent, conducting property viewings, and submitting offers. Each phase contributes to your success as a homebuyer and ensures that you make informed decisions throughout the process.

By understanding the comprehensive homebuying timeline, you can confidently navigate the path from your initial decision to buy a home to the moment you receive the keys to your new residence. Remember that each stage requires careful consideration, and collaborating with professionals in the real estate industry, such as real estate agents and mortgage lenders, will provide you with the expertise and guidance needed for a successful home purchase.

Now, you’re well-equipped to embark on your homebuying journey, making informed choices every step of the way. Happy house hunting!

●NEGOTIATION: The seller may respond with a counteroffer, initiating a negotiation process. Your agent will guide you through negotiations to reach mutually acceptable terms. ●ACCEPTED OFFER: SEPTEMBER 2023

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“ WE DIDN’T EXPECT

HOUSING DISCRIMINATION

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WOULD KEEP US FROM OUR NEW HOME.” “ As our family continued to grow, we started looking for a new home. The landlord told us he wasn’t comfortable renting to people with children because they might go to school or daycare and bring home COVID-19.”

COVID-19 inequity is real, and it shouldn’t be made worse because of housing discrimination. If you suspect housing discrimination because of your familial status, file a complaint with HUD or your local fair housing center so we can investigate it.

Go to hud.gov/fairhousing or call 1-800-669-9777 Federal Relay Service 1-800-877-8339 FAIR HOUSING: THE LAW IS ON YOUR SIDE. 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. thepowerisnowmeida SEPTEMBER 2023

COVER STORY

JEROME POWELL GUIDING THE NATION’S ECONOMY

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n the complex world of economic policymaking, there are few individuals who hold as much influence and responsibility as Jerome Powell, the Federal Reserve chairman. His journey from a modest upbringing to the helm of one of the world’s most influential financial institutions is a compelling story of dedication, expertise, and leadership.

This autobiography delves into the life and career of Jerome Powell, offering an intimate portrait of the man behind the policies that shape the U.S.

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economy.

Through the pages that follow, we’ll explore the formative years of Jerome Powell, his early experiences in finance and law, his transition to public service, and the pivotal moments that led to his appointment as the Federal Reserve chairman. We’ll also delve into the intricate world of monetary policy, analyzing Powell’s decisions and actions during times of economic uncertainty. thepowerisnowmeida

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Beyond the professional sphere, we’ll get to know Jerome Powell on a personal level, discovering his interests, values, and the influences that have shaped his character. From his upbringing to his aspirations for the future, this autobiography aims to provide a comprehensive understanding of the man who plays a central role in steering the course of the nation’s economy.

deeply influenced by the civil rights movement, which was gaining momentum in the United States. The Powell family lived in a predominantly African American neighborhood, and the social and political dynamics of the era had a profound impact on their lives. The concept of equality, justice, and the struggle for civil rights were integral to Jerome’s upbringing.

EDUCATIONAL PURSUITS

Join us on a journey through the life and career of Jerome Powell, a figure whose leadership at the From an early age, Jerome displayed a keen Federal Reserve has a profound impact on the intellect and a strong work ethic. He attended financial well-being of the United States and its local public schools and excelled academically. citizens.

His passion for learning was evident, and it was during these formative years that he began to develop an interest in economics and finance, EARLY LIFE AND UPBRINGING subjects that would later become his professional focus.

Jerome Hayden Powell’s story begins in a modest suburban neighborhood in Washington, D.C., where he was born on February 4, 1953.

INFLUENCE OF SIBLINGS He was the sixth of eight children in the Powell family, a close-knit and hardworking clan Jerome’s five older siblings also played pivotal that instilled in him the values of discipline, roles in shaping his character and aspirations. perseverance, and humility from an early age.

They set examples of academic excellence and hard work, motivating him to strive for his own successes. The supportive and nurturing environment at home fostered an atmosphere of ambition and high achievement.

FAMILY VALUES AND ROOTS

Jerome’s parents, Patricia and Jerome Sr., were both educators, and their commitment to knowledge and education would leave an indelible mark on young Jerome. His father, a Princeton graduate, served as a captain in the U.S. Army during World War II before becoming a pioneering entrepreneur, founding a wholesale automotive parts distribution business. Jerome’s mother, Patricia, was a dedicated preschool teacher, imparting the importance of early education and nurturing to her children.

A SENSE OF COMMUNITY Growing up in the 1950s and 1960s, Jerome was SEPTEMBER 2023

As Jerome Powell’s childhood years unfolded, his family’s values, the civil rights movement, and a thirst for knowledge all converged to set the stage for a remarkable journey. These early influences laid the foundation for his future endeavors and would ultimately lead him to become one of the most influential figures in the realm of finance and economic policy. In the chapters ahead, we will follow Jerome Powell’s educational pursuits, early career, and the pivotal moments that propelled him toward the helm of the Federal Reserve.

THE PATH TO FINANCE Jerome Powell’s journey from a young boy in Washington, D.C., to a prominent figure thepowerisnowmeida

in the world of finance and economics was marked by determination, education, and a deepening interest in the intricacies of financial systems. In this chapter, we will delve into his educational pursuits, early career experiences, and the building blocks that prepared him for the significant roles that lay ahead.

EDUCATIONAL EXCELLENCE Jerome Powell’s academic journey was characterized by a commitment to excellence.

After graduating from high school, he enrolled at Princeton University, an institution renowned for its rigorous academic programs. At Princeton, he pursued a Bachelor of Arts degree in politics, an area of study that provided valuable insights into the workings of government and policy.

In 1984, Jerome Powell transitioned from the legal field to investment banking, joining the ranks of one of the most prestigious firms on Wall Street, Dillon, Read & Co. Inc. During his time there, he focused on mergers and acquisitions, capital markets, and other financial transactions.

This transition marked a significant shift in his career trajectory, as he immersed himself in the world of finance.

BUILDING EXPERTISE

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As an investment banker, Jerome Powell gained invaluable experience in the financial markets. He worked on a wide range of deals, gaining expertise in financial instruments, market dynamics, and risk management. This period of his career allowed him to develop a comprehensive understanding of the financial industry and its interconnectedness with the A LEGAL FOUNDATION broader economy.

The path to finance for Jerome Powell was one Upon completing his undergraduate studies, of continuous learning, adaptation, and growth.

Jerome Powell continued his education at His educational excellence, legal background, Georgetown University Law Center, where he and transition into investment banking provided earned his Juris Doctor (J.D.) degree. His legal him with the knowledge and skills necessary to education equipped him with a solid foundation navigate the complex world of finance. In the in the intricacies of law, an asset that would chapters to come, we will explore his journey prove invaluable in his later career, particularly in into public service, his roles in government, and navigating the complex regulatory landscape of the pivotal moments that ultimately led to his finance. appointment as the Federal Reserve chairman.

EARLY CAREER MOVES

PROFESSIONAL CAREER

Jerome Powell’s professional journey began in law, where he honed his skills and gained a deep understanding of legal frameworks. He worked as an associate at the prestigious law firm Davis Polk & Wardwell, where he specialized in matters related to securities and financial regulation.

This early exposure to the legal intricacies of the financial industry would set the stage for his later roles in public service and finance.

Jerome Powell’s professional career is a testament to his versatility and his ability to excel in diverse roles within the financial and public sectors. In this chapter, we will trace his journey through the corridors of power, from his early days in the Department of the Treasury to his ascent as a Federal Reserve governor.

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EARLY PUBLIC SERVICE After honing his skills in investment banking, Jerome Powell was drawn to the world of public SEPTEMBER 2023

service. He joined the U.S. Department of the Treasury in 1990, serving as Under Secretary of the Treasury for Domestic Finance during the administration of President George H.W. Bush. In this critical role, he played a key part in shaping the nation’s economic policies, particularly in the areas of financial markets and debt management.

A BRIEF STINT IN ACADEMIA

Following his tenure at the Department of the Treasury, Jerome Powell briefly stepped away from the public sector to engage with academia.

He joined the Bipartisan Policy Center as a visiting scholar, where he delved into research on fiscal and monetary policy. This interlude allowed him to deepen his understanding of economic issues and broaden his perspective on the complexities of policy-making.

RETURN TO PUBLIC SERVICE In 2012, Jerome Powell’s dedication to public service called him back to Washington, D.C., when he was nominated by President Barack Obama and confirmed by the Senate to serve as a member of the Board of Governors of the Federal Reserve System. This marked a pivotal moment in his career, as he took on the role of a Federal Reserve governor.

CONTRIBUTIONS AS A FEDERAL RESERVE GOVERNOR

During his tenure as a governor, Jerome Powell made significant contributions to the Federal Reserve’s mission of promoting monetary stability and economic growth. He actively participated in key policy discussions and played a crucial role in shaping the central bank’s responses to economic challenges.

A VISION FOR THE FUTURE Throughout his career, Jerome Powell’s commitment to economic stability and financial well-being has been unwavering. His journey from investment banking to the Department of SEPTEMBER 2023

the Treasury and finally to the Federal Reserve underscores his dedication to public service and his passion for economic policy.

Jerome Powell’s professional career has been characterized by his dedication to serving the American people through his expertise in finance and economics. His roles in the Department of the Treasury and as a Federal Reserve governor set the stage for his ascent to the position of Federal Reserve chairman, where he would face some of the most significant economic challenges of his era. In the following chapters, we will explore the pivotal moments and leadership decisions that defined his tenure as the Federal Reserve chairman.

LEADING THE FEDERAL RESERVE Jerome Powell’s appointment as the Federal Reserve chairman marked a defining moment in his career and a pivotal juncture in the history of the central bank. In this chapter, we will delve into his tenure as chairman, exploring the challenges he faced, the policies he pursued, and the impact of his leadership on the U.S. economy.

A SMOOTH TRANSITION Jerome Powell assumed office as the 16th chairman of the Federal Reserve on February 5, 2018, succeeding Janet Yellen. His transition into the role was characterized by a commitment to continuity in monetary policy, ensuring a smooth handover in leadership.

NAVIGATING ECONOMIC CHALLENGES Powell’s chairmanship coincided with a period of economic complexity. He faced the challenge of steering the U.S. economy through shifting dynamics, including trade tensions, geopolitical uncertainties, and global economic fluctuations. thepowerisnowmeida

His leadership was tested as he grappled with the need for balanced monetary policy decisions.

TRANSPARENCY AND COMMUNICATION Throughout his tenure, Chairman Powell emphasized the importance of clear communication. He sought to make the Federal Reserve’s decision-making process more transparent and accessible to the public. His regular press conferences and speeches became key instruments for conveying the central bank’s policies and intentions.

INTEREST RATE POLICY One of the critical responsibilities of the Federal Reserve chairman is setting interest rates.

Powell presided over a period during which the central bank implemented a series of interest rate hikes to address concerns about inflation and the potential overheating of the U.S. economy.

Later, he faced the challenge of navigating monetary policy amid the economic impact of the COVID-19 pandemic, leading to significant interest rate cuts and unconventional measures to support the economy.

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BALANCING ACT

Jerome Powell’s leadership was marked by a delicate balancing act—striving to maintain price stability, promote full employment, and foster economic growth while carefully monitoring financial market conditions and external factors that could impact the U.S. economy.

Chairman Jerome Powell’s leadership of the Federal Reserve was marked by a commitment to navigating complex economic challenges with transparency and clear communication.

His tenure saw a dynamic interplay of monetary policy decisions as he worked to ensure the stability and resilience of the U.S. economy. In the subsequent chapters, we will explore the legacy of his chairmanship and his contributions to the realm of economic policy and finance. thepowerisnowmeida

NAVIGATING UNCHARTED WATERS Jerome Powell’s leadership as the Federal Reserve chairman took an unexpected turn with the emergence of a global crisis that would test the resilience of financial markets and economies worldwide. In this chapter, we will delve into the challenges presented by the COVID-19 pandemic and Chairman Powell’s response in steering the Federal Reserve through these turbulent times.

THE ARRIVAL OF COVID-19 As the COVID-19 pandemic swept across the globe in early 2020, it unleashed a wave of economic uncertainty and disruption. Financial markets plunged, businesses shuttered, and millions of Americans faced unemployment.

The Federal Reserve, under Jerome Powell’s guidance, found itself on the frontlines of an economic battle unlike any other.

SWIFT AND DECISIVE ACTION Chairman Powell wasted no time in responding to the crisis. The Federal Reserve implemented a series of emergency measures to stabilize financial markets and support the economy.

Interest rates were cut to near-zero levels, and a massive bond-buying program was launched to inject liquidity into the system.

UNCONVENTIONAL MEASURES Recognizing the gravity of the situation, the Federal Reserve deployed unconventional tools, including lending facilities and swap lines with foreign central banks, to ensure the functioning of global financial markets. These measures were designed to provide a safety net for businesses and households facing financial distress.

CLEAR COMMUNICATION IN SEPTEMBER 2023

UNCERTAIN TIMES Throughout the pandemic, Chairman Powell emphasized the importance of clear and transparent communication. His regular press conferences and congressional testimonies provided updates on the central bank’s actions, reassuring financial markets and the public.

SUPPORTING MAIN STREET While the Federal Reserve’s actions primarily aimed to stabilize financial markets, Powell also advocated for fiscal measures to support individuals and small businesses directly affected by the pandemic. He underscored the importance of a coordinated response from both monetary and fiscal authorities.

A LONG ROAD TO RECOVERY As the pandemic unfolded, Jerome Powell acknowledged the challenges ahead. He recognized that the path to economic recovery would be arduous and extended. The central bank remained committed to using its tools to support the economy until a sustained recovery was achieved.

The COVID-19 pandemic presented Chairman Jerome Powell and the Federal Reserve with an unprecedented challenge. Their swift and decisive actions were instrumental in stabilizing financial markets and providing essential support to the U.S. economy. In the next chapters, we will explore the lasting impact of these measures, as well as Chairman Powell’s vision for the future of monetary policy and financial stability.

SHAPING THE FUTURE OF MONETARY POLICY Jerome Powell’s leadership as the Federal Reserve chairman has been marked by not only navigating crises but also by setting the course SEPTEMBER 2023

for the future of monetary policy and financial stability. In this chapter, we will explore his vision for the Federal Reserve and the critical decisions that will shape the nation’s economic landscape.

MONETARY POLICY FRAMEWORK REVIEW During his tenure, Chairman Powell initiated a comprehensive review of the Federal Reserve’s monetary policy framework. The review aimed to assess the central bank’s strategies, tools, and communication practices to ensure they remained effective in achieving the Federal Reserve’s dual mandate of price stability and maximum employment.

INFLATION TARGETING One of the key outcomes of the framework review was a shift in the Federal Reserve’s approach to inflation targeting. Under Powell’s leadership, the central bank adopted a new policy framework known as “average inflation targeting.” This approach allows for a more flexible response to inflation, with the aim of achieving inflation that averages 2% over time.

FORWARD GUIDANCE AND COMMUNICATION Chairman Powell has continued to prioritize clear and transparent communication as a cornerstone of the Federal Reserve’s approach. The central bank has provided forward guidance to signal its intentions regarding future interest rate moves, helping to manage market expectations and stabilize economic conditions.

FINANCIAL STABILITY AND REGULATION In addition to monetary policy, Powell has emphasized the importance of financial stability. thepowerisnowmeida

Under his leadership, the Federal Reserve has closely monitored and addressed risks in the financial system, working to ensure that it remains resilient in the face of potential challenges.

THE PATH FORWARD Chairman Powell’s tenure has been marked by a commitment to adaptability and a willingness to use the Federal Reserve’s tools to address evolving economic circumstances. As the nation continues to recover from the impacts of the COVID-19 pandemic, Powell has reiterated the central bank’s dedication to supporting the economy until a full and inclusive recovery is achieved.

A LEGACY IN THE MAKING Jerome Powell’s leadership has left an indelible mark on the Federal Reserve and the U.S. economy. His tenure has seen the central bank navigate crises, reshape its policy framework, and commit to transparent communication. As his time as chairman continues, the decisions made under his guidance will shape the nation’s monetary policy landscape for years to come.

A RESILIENT RESPONSE TO CRISIS Chairman Powell’s leadership was tested by a series of unprecedented challenges, from economic downturns to the global pandemic.

His swift and decisive actions, backed by a commitment to financial stability and transparency, played a crucial role in stabilizing the U.S. economy during times of crisis.

MONETARY POLICY EVOLUTION Under Powell’s guidance, the Federal Reserve undertook a fundamental review of its monetary policy framework. The shift to average inflation targeting and clear forward guidance represented a significant evolution in the central bank’s approach to achieving its dual mandate of price stability and maximum employment.

NAVIGATING UNCERTAINTY

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The COVID-19 pandemic presented an unparalleled test of leadership, requiring the Federal Reserve to employ a range of unconventional tools to support the economy.

Chairman Powell’s ability to adapt to rapidly Chairman Jerome Powell’s vision for the Federal changing circumstances and communicate Reserve reflects a commitment to adaptability, effectively with the public and financial markets transparency, and the pursuit of economic stability. was instrumental in instilling confidence during In the final chapters of his career, we will explore uncertain times. his legacy, the challenges that lie ahead, and the lasting impact of his leadership on the nation’s COMMITMENT TO FINANCIAL financial landscape.

STABILITY

THE LEGACY OF LEADERSHIP As Jerome Powell’s tenure as the Federal Reserve chairman nears its conclusion, the time has come to reflect on the enduring legacy of his leadership. In this chapter, we will explore the impact of his guidance on the Federal Reserve and the U.S. economy, his contributions to financial stability, and the challenges that lie ahead. thepowerisnowmeida

Jerome Powell’s tenure underscored the importance of safeguarding financial stability. His proactive approach to monitoring and addressing risks in the financial system helped to prevent a systemic breakdown during moments of turbulence.

CHALLENGES ON THE HORIZON SEPTEMBER 2023

As Powell’s tenure as chairman draws to a close, his successor will face a landscape marked by ongoing economic recovery, inflation concerns, and the need to carefully unwind pandemicera policy measures. The legacy of Chairman Powell’s leadership will influence how the Federal Reserve navigates these challenges .

A VISION FOR THE FUTURE

Throughout his tenure, Jerome Powell consistently emphasized the Federal Reserve’s commitment to promoting an inclusive and sustainable economic recovery. His vision for the future includes addressing income inequality and ensuring that the benefits of economic growth are broadly shared.

Chairman Jerome Powell’s legacy is one of resilience, adaptability, and a commitment to the economic well-being of the American people. His leadership during times of crisis, his contributions to monetary policy, and his dedication to financial stability have left an indelible mark on the Federal Reserve and the nation’s economic landscape.

As his tenure draws to a close, the enduring impact of his leadership will continue to shape the central bank’s approach to the challenges of tomorrow.

LOOKING AHEAD As Jerome Powell’s tenure as Federal Reserve chairman comes to a close, the focus turns to the future of the central bank, the U.S. economy, and the challenges and opportunities that lie ahead.

In this chapter, we will explore the transition of leadership, the key issues facing the Federal Reserve, and the broader economic landscape.

A SMOOTH TRANSITION The transition of leadership at the Federal Reserve is a critical moment in its history. As Chairman Powell prepares to step down, the SEPTEMBER 2023

appointment of his successor and the continuity of the central bank’s mission will be closely watched by financial markets and policymakers alike.

One of the key challenges facing the Federal Reserve is the management of monetary policy in the post-pandemic era. The central bank must carefully balance the need for continued support of the economic recovery with the potential risks of inflation and asset bubbles.

INFLATION DYNAMICS The recent surge in inflation has raised questions about the Federal Reserve’s approach to price stability. The central bank’s ability to navigate this environment while maintaining its commitment to achieving its inflation target will be a critical test.

As the economy recovers, the Federal Reserve will face decisions about when and how to normalize interest rates. The timing and pace of rate hikes will be closely monitored by financial markets and businesses.

FINANCIAL STABILITY Maintaining financial stability remains a top priority for the Federal Reserve. The central bank will continue to monitor and address risks in the financial system to prevent potential disruptions.

The COVID-19 pandemic laid bare many economic disparities and challenges. The Federal Reserve, along with fiscal policymakers, will need to consider strategies for achieving a more inclusive and sustainable economic recovery.

The Federal Reserve’s decisions have farreaching implications beyond U.S. borders. As the world grapples with economic and financial challenges, the central bank’s role in global economic stability will remain crucial.

The future of the Federal Reserve is inherently intertwined with the future of the U.S. economy and the broader global landscape. As a new chapter begins, the central bank will continue to thepowerisnowmeida

adapt and evolve to address the ever-changing challenges and opportunities that shape the economic well-being of the American people.

Jerome Powell’s legacy as chairman will serve as a guidepost for the central bank’s path forward, reminding us of the importance of adaptability, transparency, and a steadfast commitment to financial stability.

a model for central bank transparency worldwide.

Jerome Powell’s vision for a more inclusive and sustainable economic recovery underscores the importance of addressing income inequality and ensuring that economic growth benefits all segments of society. His advocacy for the wellbeing of American families is a reminder of the broader societal impact of economic policies.

A LEGACY OF LEADERSHIP

THE CHALLENGES AHEAD

As we conclude this journey through the life and career of Jerome Powell, it becomes evident that his legacy is one of unwavering dedication to public service and a commitment to the economic well-being of the American people. In this final chapter, we will reflect on the enduring impact of his leadership and the lessons we can glean from his remarkable career.

As we bid farewell to Chairman Powell’s leadership, the Federal Reserve faces new challenges in an ever-evolving economic landscape. Navigating inflation dynamics, interest rate normalization, and the pursuit of financial stability will require continued dedication and adaptability.

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A STEADFAST STEWARD OF THE ECONOMY Jerome Powell’s tenure as the Federal Reserve chairman spanned a pivotal period in U.S. economic history. He successfully navigated the central bank through multiple crises, including the global financial downturn and the unprecedented challenges posed by the COVID-19 pandemic.

Chairman Powell’s ability to adapt to rapidly changing economic circumstances and employ unconventional tools when necessary demonstrated the importance of flexibility in economic policymaking. His leadership during times of crisis exemplified the need for nimble decision-making to support economic stability.

TRANSPARENCY AND COMMUNICATION

Jerome Powell’s legacy is not just a reflection of the past; it is an ongoing narrative that will shape the future of the Federal Reserve and the U.S. economy. His steadfast commitment to public service, financial stability, and economic wellbeing serves as a guidepost for future leaders and policymakers.

CONCLUSION In closing, the story of Jerome Powell is one of resilience, adaptability, and a deep commitment to the greater good. His legacy reminds us that leadership in the realm of finance and economics carries a profound responsibility to safeguard the economic well-being of the nation and its people.

As we turn the page on this chapter of his career, we are left with the enduring lessons of Chairman Powell’s leadership, providing valuable insights for the challenges and opportunities that await us in the ever-evolving world of economic policy and finance.

Throughout his career, Chairman Powell emphasized the value of clear and transparent communication. His commitment to keeping the public and financial markets informed about the Federal Reserve’s policies and actions served as thepowerisnowmeida

SEPTEMBER 2023

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WHEN YOUR LANDLORD SEXUALLY HARASSES YOU,

peace at

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THERE’S NO PLACE LIKE HOME During the COVID-19 crisis, many people are struggling to pay rent. Unfortunately, some unscrupulous landlords try to force tenants to provide sexual favors in exchange for canceling or reducing rent. Sexual harassment in housing situations is illegal under the Fair Housing Act. If your landlord asks for sex or a maintenance person refuses to fix something in your apartment because you won’t provide sexual favors, that’s illegal. File a complaint with HUD and put a stop to it.

Go to hud.gov/fairhousing/sexualharassment or call 1-800-669-9777 Federal Relay Service 1-800-877-8339 If you fear for your safety, call 911.

FAIR HOUSING: THE LAW IS ON YOUR SIDE. 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. thepowerisnowmeida SEPTEMBER 2023

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PHOTO FROM BITCOINIST.COM

Tips for Selling Your Home Quickly in Today’s Wild Market

By DaShunda Morris

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n today’s real estate market, where demand often outpaces supply, selling your home quickly can be a lucrative endeavor. However, navigating this wild market requires a strategic approach. Here are six invaluable tips to help you successfully sell your home in no time.

PRICE IT RIGHT Setting the right asking price is the foundation of a quick home sale. In a competitive market, pricing your home too high can deter potential buyers, while pricing it too low might leave you with less profit. Conduct a thorough market analysis to determine the current value of your home and consider pricing it slightly below market value to attract more interest. Additionally, offering competitive terms such as covering closing costs or including some appliances can make your listing even more appealing.

ENHANCE CURB APPEAL SEPTEMBER 2023

First impressions matter, and curb appeal can significantly influence a potential buyer’s decision. Start by maintaining a well-manicured lawn and adding colorful flowers or plants to the front yard. Freshen up the exterior with a new coat of paint or by power-washing the siding.

Repair any visible damage, such as cracked sidewalks or loose shingles, to convey that your home has been well-maintained. Don’t forget the entryway; a welcoming front door, clean porch, and well-lit entrance can set a positive tone for prospective buyers. By enhancing your home’s curb appeal, you’ll entice more buyers to take a closer look, increasing your chances of a quick sale.

STAGE FOR SUCCESS

Staging your home can make a world of difference in how quickly it sells. Begin by decluttering and depersonalizing your space.

Remove family photos and personal items to help potential buyers envision themselves living in the house. Rearrange furniture to create a thepowerisnowmeida

spacious and inviting atmosphere, and consider adding a few tasteful decorations to highlight the home’s best features. Neutral colors and minimalistic design choices can appeal to a broader audience. Hiring a professional stager can also be a wise investment, as their expertise can maximize your home’s appeal and help it stand out in the market.

MARKET AGGRESSIVELY ONLINE In today’s digital age, a strong online presence is crucial for selling your home quickly. Invest in professional photography to showcase your home in the best light, and create a captivating online listing. Utilize multiple real estate websites, social media platforms, and even virtual tours to reach a wider audience. Engaging descriptions and high-quality images can help generate interest and inquiries. Consider hosting virtual open houses to accommodate remote buyers. Respond promptly to inquiries and be flexible with scheduling showings to accommodate potential buyers’ busy schedules.

By leveraging online marketing and being readily available to showcase your home, you can increase your chances of a swift sale.

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WORK WITH AN EXPERIENCED REALTOR Partnering with an experienced real estate agent who knows the local market can be a game-changer. Realtors have access to a vast network of potential buyers and can use their expertise to guide you through the selling process. They can provide valuable insights on pricing, marketing strategies, and negotiation techniques. Additionally, a skilled realtor can help you navigate any challenges that may arise during the transaction, ensuring a smooth and efficient sale.

While you aim for a quick sale, it’s important to remain flexible and patient. Market conditions can change, and not every potential buyer will be the right fit for your property. Be open to negotiating on price and terms, and consider any reasonable offers that come your way. Patience can pay off in the end, as finding the right buyer who appreciates your home’s value may take some time. Stay adaptable and maintain a positive outlook throughout the process to increase your chances of selling your home quickly and successfully in today’s dynamic real estate market.

CONCLUSION Selling your home quickly in today’s competitive real estate market may seem like a daunting task, but with the right strategies and a proactive approach, it’s entirely achievable. Remember that setting the right price, enhancing curb appeal, and staging your home are essential steps to attract potential buyers. A strong online presence and the assistance of an experienced realtor can help you reach a wider audience and navigate the complexities of the market.

Flexibility and patience are key as you work through the selling process.

In this fast-paced real estate environment, those who are well-prepared and adaptable are more likely to succeed. By implementing these six tips, you can increase your chances of selling your home quickly and efficiently while maximizing your return on investment. So, roll up your sleeves, put these strategies into action, and confidently step into the wild market knowing that you have the tools to sell your home in record time.

BE FLEXIBLE AND PATIENT thepowerisnowmeida

SEPTEMBER 2023

Cascade of Empowerment: Supporting Widows and Single Mothers Through Community Empowerment

By DaShunda Morris, Realtor Keller Williams Premier Partners

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s we embrace the spirit of community and compassion, I am pleased to write this article on behalf of the Board of Directors for Cascade of Empowerment. As an active member of the board, am writing to request your financial support as we endeavor to empower widows and single mothers in our community.

Cascade of Empowerment is a non-profit 501(c) (3) organization founded in 2019 and officially incorporated in California on February 25, 2020. Our primary focus is to assist and support a community of widows and single mothers navigating life’s journey alone. These remarkable women, alongside their children, face the unique challenges of making difficult decisions independently. In recognition of their strength and resilience, we aim to provide them with the necessary resources and opportunities to help them embrace their new normal.

SEPTEMBER 2023

Our organization takes immense pride in being an active Rancho Cucamonga Chamber of Commerce and Christian Business Partners member. We were honored to secure the prestigious Runner-Up position for the 2022 NonProfit RC Awards at the Chamber of Commerce’s annual event. This achievement serves as a testament to our unwavering commitment to making a positive impact in our community.

Over the past year, Cascade of Empowerment has been instrumental in providing assistance such as rental support and car repairs to those in need. We have also actively participated in hosting various community events, including the Annual Shredding Event, contributing food baskets during Thanksgiving, distributing gifts to residents in Senior Community centers, and ensuring children receive gifts during the festive season of Christmas.

One of the cornerstones of our organization is organizing meaningful events for the ladies we serve, particularly during high holiday periods. Furthermore, our website, www. cascadeofempowerment.org, serves as a thepowerisnowmeida

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valuable hub of information, boasting an impressive average score of 80 over the past year. I invite you to visit our website to understand our mission and initiatives better, and the incredible work Cascade of Empowerment is doing.

If you have been a supporter of our organization in the past, we express our heartfelt gratitude for your continuous support. Your contributions have allowed us to positively impact the lives of countless widows and single mothers within our community.

In conclusion, I sincerely thank you for considering our organization and the possibility of providing your support. We can empower these deserving women to reclaim their strength, independence, and confidence. Your financial contribution to our thepowerisnowmeida

Annual Cascade of Empowerment Brunch will play an instrumental role in fostering a brighter future for those who need it the most.

Once again, we extend our heartfelt invitation for you to join us at the Annual Cascade of Empowerment Brunch. We look forward to your presence as we celebrate widows and single mothers’ resilience and indomitable spirit in our community. https://cascadeofempowerment.org/ Sincerely, DaShunda Morris. #01807540 Cell phone: 714-616-1816 SoldbyDaShunda@gmail.com SoldbyDaShunda.com

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I’VE HEARD ABOUT

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IN MY OWN APARTMENT. SO I FILED A COMPLAINT WITH HUD. If a landlord makes unwelcome sexual advances or if he threatens you with eviction or refuses to make repairs because you deny him sexual favors, he is violating the Fair Housing Act. Report sexual harassment and put a stop to it.

Fair Housing Is Your Right. Use It!

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SCAN HERE FOR MORE INFO

Visit 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.

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WHERE YOU LIVE IS YOUR CHOICE DON’T LET ANYONE TELL YOU DIFFERENTLY. We found the home of our dreams, but the real estate agent said she thought we would be more comfortable in a different neighborhood. But I know it’s illegal to steer prospective homeowners to or from certain neighborhoods based on race or national origin. Report racial steering and put an end to it. Like we did.

SCAN HERE FOR MORE INFO

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!

thepowerisnowmeida 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 SEPTEMBERA 2023 prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. For more information, visit www.hud.gov/fairhousing.

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ERIC LAWRENCE FRAZIER MBA Mortgage Consultant NMLS#: 461807 | CA-DFPI461807

11175 Azusa Court, Suite 110-107 Rancho Cucamonga, CA 91730 O: 951-374-4986 ext. 4986 M: 714-475-8629 eric.frazier@onqfinancial.com www.onqfinancial.com/eric-frazier

Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. Some restrictions may apply. Loan approval is subject to applicant’s qualification for a loan program. On Q Financial does not guarantee that each applicant will receive a loan. Some program restrictions and requirements apply. Please contact your On Q Financial, LLC Mortgage Consultant for more information. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. Some restrictions thepowerisnowmeida may apply. On Q Financial, LLC is an Equal Housing Lender. NMLS 5645 | CA-DBO RMLA 4131336 | OnQ0415220685d00000NBaSu SEPTEMBER 2023

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SEPTEMBER 2023

Riverside Housing Market Update in Q2, 2023

By Ruby Frazier

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s we step into the second quarter of 2023, it’s essential for both buyers and sellers in Riverside’s real estate market to stay informed about the latest trends and developments. The Riverside housing market SEPTEMBER 2023

has been dynamic and ever-evolving, influenced by a variety of factors such as economic conditions, housing supply, and changing buyer preferences. In this comprehensive update, we’ll delve into the key insights and data that define thepowerisnowmeida

the Riverside housing market in Q2, 2023.

PRICE TRENDS IN RIVERSIDE The second quarter of 2023 has seen continued growth in property prices across Riverside.

This upward trend can be attributed to several factors, including robust demand, limited housing inventory, and historically low mortgage rates.

Homebuyers are facing increased competition, leading to bidding wars and rising property values.

In the first quarter of 2023, Riverside witnessed a notable increase in home prices, driven by high demand and limited housing supply. This trend continued into Q2, with prices showing resilience.

The median home price in Riverside rose by 8% compared to the same period last year, reaching a new record high of $450,000. This price appreciation can be attributed to several factors: ●Low Inventory: Riverside continues to grapple with a shortage of available homes, pushing up prices as buyers compete for limited options. ●Low Mortgage Rates: Historically low mortgage rates have fueled demand, allowing buyers to afford higher-priced homes.

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●Strong Job Market: Riverside’s robust job market has attracted newcomers, further increasing housing demand. ●Migration Trends: Riverside is experiencing an influx of residents from [insert source of migration], further driving housing demand. ●Economic Growth: Riverside’s strong economic growth, driven by [insert key economic driver], is contributing to a healthy housing market. thepowerisnowmeida

However, this upward trajectory in prices has raised concerns about housing affordability, making it more challenging for first-time buyers to enter the market.

INVENTORY AND DAYS ON MARKET (DOM) The second quarter of 2023 saw a slight improvement in housing inventory, albeit still at historically low levels. The number of homes for sale increased by 10% compared to the previous quarter. Despite this uptick, Riverside remains a seller’s market, with limited options for buyers. ●Total active listings: 2,500 ●Average DOM: 25 days ●New construction inventory: 300 units While the increase in inventory is a positive sign, homes are selling quickly, with an average of 25 days on the market. New construction projects are contributing to the inventory growth, providing buyers with additional options.

We also want to shine a spotlight on Ramona, a hidden gem within Riverside. This neighborhood is lively and energetic with a bustling community and numerous activities. making it a highly sought-after area for both buyers and investors.

Downtown Riverside has seen notable trends in property appreciation. In August 2023, Downtown Riverside home prices were down 5.0% compared to last year, selling for a median price of $575K. On average, homes in Downtown Riverside sell after 34 days on the market compared to 41 days last year. There were 23 homes sold in August this year, up from 22 last year.

THE IMPACT OF NEW DEVELOPMENTS Riverside is experiencing a wave of new developments in Q2, 2023, aimed at addressing SEPTEMBER 2023

the housing shortage. Certainly, let’s explore the potential impact of new developments in Riverside. While specific details on ongoing developments may vary, I’ll provide you with a general overview of the potential effects that new real estate projects can have on the housing market and the community.

1.INCREASED HOUSING SUPPLY: One of the primary effects of new developments in Riverside is the increase in housing supply. As new residential projects are completed, they add more housing units to the market. This increase in supply can help alleviate the shortage of available homes in the area, potentially leading to a stabilization or even a decrease in property prices .

2.DIVERSE HOUSING OPTIONS: New developments often introduce a variety of housing options, including apartments, condominiums, single-family homes, and townhouses. This diversity allows for a broader range of choices for prospective buyers and renters, catering to different preferences and budgets.

3.NEIGHBORHOOD TRANSFORMATION: New developments can bring about a transformation in neighborhoods. They may lead to the revitalization of previously underdeveloped or neglected areas, improving the overall infrastructure, aesthetics, and amenities of the neighborhood. This can make the area more attractive to both residents and investors .

4.ECONOMIC BOOST: The construction of new developments creates jobs and stimulates economic activity within the community. This can have a positive impact on local businesses, job opportunities, and the overall economic well-being of the region.

5.PROPERTY VALUES: The introduction of new, well-designed developments can have a positive effect on property values in the surrounding area. It can attract buyers and investors, boosting demand SEPTEMBER 2023

for existing properties and potentially leading to appreciation in property values.

6.TRANSPORTATION AND INFRASTRUCTURE: New developments often come with improvements in transportation and infrastructure. This can include the expansion of road networks, public transportation options, and the development of recreational areas and green spaces. These enhancements can enhance the overall quality of life in the community.

7.CHALLENGES AND GENTRIFICATION: While new developments can bring positive changes, they can also pose challenges, such as the potential for gentrification. As neighborhoods improve and property values rise, there may be concerns about displacing long-term residents who can no longer afford to live in the area. It’s essential for communities and local governments to address these issues through affordable housing initiatives and policies that protect vulnerable populations.

8.ENVIRONMENTAL CONSIDERATIONS: New developments should also consider environmental sustainability. Riverside may benefit from developments that incorporate green building practices, energy efficiency, and eco-friendly design elements to minimize the ecological footprint.

To obtain specific information about new developments in Riverside, it’s advisable to consult local real estate listings, news sources, or the official website of the Riverside city government. These sources can provide up-todate information on recent and upcoming real estate projects in the area.

CONCLUSION

As we wrap up our Q2, 2023 Riverside housing market update, it’s evident that Riverside’s real estate market remains robust, driven by strong demand, low inventory, and historically thepowerisnowmeida

low mortgage rates. While the market presents challenges in terms of affordability and limited options for buyers, it also offers opportunities for sellers and those looking to invest in new construction projects.

In the coming quarters, it will be crucial to monitor the impact of rising interest rates on buyer behavior and market dynamics.

Riverside’s real estate market is poised to continue evolving, making it essential for both buyers and sellers to stay informed and adapt to changing conditions. Whether you’re considering buying or selling, working with a knowledgeable real estate professional can help you navigate the Riverside housing market successfully.

CONCLUSION

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As we wrap up our Q2, 2023 Riverside housing market update, it’s evident that Riverside’s real estate market remains robust, driven by strong demand, low inventory, and historically low mortgage rates. While the market presents challenges in terms of affordability and limited options for buyers, it also offers opportunities for sellers and those looking to invest in new construction projects.

In the coming quarters, it will be crucial to monitor the impact of rising interest rates on buyer behavior and market dynamics.

Riverside’s real estate market is poised to continue evolving, making it essential for both buyers and sellers to stay informed and adapt to changing conditions. Whether you’re considering buying or selling, working with a knowledgeable real estate professional can help you navigate the Riverside housing market successfully.

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Seller, Beware! 6 HalfTruths That Can Destroy the Odds of Selling Your Home

By Briana Frazier

S

elling your home can be a daunting endeavor, filled with uncertainties and potential pitfalls. While there’s plenty of advice out there to guide you, not all of it is accurate or beneficial. In this detailed article, we will unravel six common half-truths that sellers often encounter in the real estate market.

By understanding these misconceptions and their

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potential consequences, you can increase your chances of a successful home sale.

PRICING HIGH WILL LEAVE ROOM FOR NEGOTIATION thepowerisnowmeida

It’s a common belief among sellers that pricing their home high will leave room for negotiation.

While it’s true that negotiation is a standard part of the selling process, overpricing your home can backfire. In today’s digital age, buyers are savvy and have access to extensive market data. If your home is significantly overpriced, it may deter potential buyers, leading to a longer time on the market.

Furthermore, an overpriced home can create appraisal issues. When buyers apply for a mortgage, the lender’s appraisal must justify the purchase price. If the appraisal falls short, it can lead to the deal falling through or require you to lower the price, defeating the purpose of pricing high initially.

YOU DON’T NEED TO INVEST IN HOME STAGING

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Some sellers believe that home staging is an unnecessary expense. However, research consistently shows that staged homes tend to sell faster and at higher prices than their non-staged counterparts. Staging allows potential buyers to envision themselves living in the space and highlights a property’s best features.

For example, fixing a leaky roof, repairing plumbing issues, or updating outdated fixtures can create a more appealing first impression and instill confidence in potential buyers.

Neglecting these issues may lead to lower offers or prolonged time on the market as buyers may perceive your home as a fixer-upper.

ALL REAL ESTATE AGENTS ARE THE SAME Many sellers believe that all real estate agents offer similar services and expertise. In reality, the choice of a real estate agent can significantly impact your home sale. Experienced agents bring market knowledge, negotiation skills, and a network of potential buyers to the table.

It’s crucial to do your research, interview multiple agents, and select one who has a track record of success in your area. A knowledgeable agent can provide valuable insights, help you price your home accurately, market it effectively, and navigate the complexities of the selling process.

SELLING A HOME IS DIY-FRIENDLY

Neglecting staging can result in a home feeling cluttered or uninviting, turning off prospective buyers. Investing in professional staging, even on a limited budget, can significantly enhance your home’s appeal and increase its market value.

With the abundance of DIY resources available online, some sellers consider selling their homes without professional assistance. While it’s possible to sell a home independently, it comes with risks and challenges.

YOU SHOULDN’T SPEND MONEY ON REPAIRS OR UPGRADES

Selling a home involves intricate legalities, paperwork, and negotiations, all of which can be overwhelming for someone without experience.

Additionally, real estate agents provide access to marketing channels and networks that can be challenging to replicate as a solo seller.

Another half-truth is that you shouldn’t spend money on repairs or upgrades before selling your home. While it’s not always necessary to undertake major renovations, addressing essential repairs and making strategic upgrades can make your home more attractive to buyers. thepowerisnowmeida

THE HIGHEST OFFER IS ALWAYS THE BEST OFFER SEPTEMBER 2023

Lastly, sellers often assume that the highest offer they receive is always the best offer. While a high offer is certainly enticing, it’s essential to consider other factors, such as the buyer’s financing, contingencies, and closing timeline.

An offer that seems excellent on the surface may fall through if the buyer faces financing difficulties or includes numerous contingencies that make the deal uncertain. A skilled real estate agent can help you evaluate offers comprehensively, taking into account not only the price but also the likelihood of a successful and timely closing.

CONCLUSION As a seller, navigating the real estate market can be complex, especially when faced with common half-truths that can lead you astray. By dispelling these misconceptions and arming yourself with accurate information, you can approach the selling process with confidence. Remember that working with a trusted real estate professional can be invaluable, as they can guide you through the intricacies of selling your home while helping you make informed decisions that maximize your chances of a successful sale.

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When it comes to housing, little things shouldn’t make a difference.

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If you have children or are pregnant and a landlord refuses to rent to you, requires a higher security deposit, limits the use of facilities, or says you can only live in certain areas of a housing complex ... that could be discrimination. And housing discrimination because of familial status is against the law.

If you believe you may be a victim of housing discrimination, contact HUD or your local Fair Housing Center:

Visit www.hud.gov/fairhousing or call the HUD Hotline 1-800-669-9777 (voice) 1-800-927-9275 (TTY)

Your Choice. Your Right. Your Home.

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.

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FRAZIER GROUP REALTY

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REAL EsTATE SHOW FEATURING

THE FRAZIER REALTY GROUP HOST: ERIC LAWRENCE FRAZIER CO FOUNDER & REAL ESTATE BROKER

NEW EPISODES ON DEMAND EVERY 2ND AND 4TH FRIDAY

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THE FLOOD TURNED OUR LIVES UPSIDE DOWN. WHEN WE TRIED TO RENT A NEW PLACE TO LIVE, WE KEPT GETTING TURNED DOWN. When the flood came, we had to run from our home. Fortunately, we found temporary shelter. But as we started looking for a place to live, we ran into housing discrimination, which isn’t just unfair – it’s illegal. If you feel that a landlord or broker has denied you the sale, rental or financing of a home based on your race, color, religion, sex, national origin, disability or because you have children, report it to HUD or your local fair housing center.

Go to hud.gov/fairhousing or call 1-800-669-9777 Federal Relay Service 1-800-877-8339 FAIR HOUSING: THE LAW IS ON YOUR SIDE. 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. thepowerisnowmeida SEPTEMBER 2023

How can we tell him that the color of his skin is keeping his family from the home of its dreams?

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Image by Bernie Kleina

Housing discrimination isn’t just unfair – it’s against the law. If you feel that you’ve been denied the sale, rental or financing of a home because of race, color, national origin, religion, sex, familial status or disability, report it to HUD or your local fair housing center.

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)

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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.