My Phenomenal World Real Estate Magazine vol5 by The Power Is Now Media Inc.

MY PHENOMENAL WORLD

BY EMERICK PEACE

TABLE OF CONTENT

REAL ESTATE ARTICLES

Baltimore’s Tech Boom and Its Effects on Housing and Commercial Spaces

Maryland: Real Estate Laws in Maryland

Navigating Property Transactions with Ease

7 Ways to Compete In a Sellers Market in Maryland

Maryland: Exploring the Impact of Technology on Real Estate Deals in Maryland

How to Finance a Second Home or Investment Propertuy

What is a Comparative Market Analysis (CMA) in Real Estate?

Can a Realtor Sell Their Own Home in Maryland?

Tips for Buying a Home with Bad Credit

The Difference Between Pre-Qualification and Pre-Approval

Can a Real Estate Agent Represent Both Buyer and Seller in Maryland?

Home Warranty vs. Home Insurance: Understanding the Key Differences and Why You Need Both

How Can I Avoid Common Real Estate Compliance Breaches?

Real Estate Financing: Assessing Creditworthiness

The Role of a Real Estate Wholesaler in Maryland: A Fresh Perspective

Navigating Property Inheritance in Maryland: A Comprehensive Guide

Navigating Bidding Wars in Maryland’s Competitive Real Estate Market

How Do I Navigate the New Construction Home Buying Process?

The color of money Podcast PODCASTS AND

RADIO

PRESS RELEASE

Press Release | May 14th, 2024

National Fair Housing Alliance Issues Statement Lauding the Federal Home Loan Bank of San Francisco on Selecting Alanna McCargo to Lead the Agency

Press Release | May 8th, 2024

National Fair Housing Alliance Issues Statement Lauding the Federal Home Loan Bank of San Francisco on Selecting Alanna McCargo to Lead the Agency

Press Release | May 6th, 2024

Historic Legal Battle Unveiled Against Discriminatory Florida Housing Law SB 264

Press Release | June 4, 2024

NFHA Statement on Court Ruling to Halt Grants Geared Toward Black Women Entrepreneurs

Press Release | June 3, 2024

National Fair Housing Alliance Announces New Chief Operating Officer

Press Release | June 27, 2024

NFHA Applauds Appointment of Nikitra Bailey to FHFA’s Inaugural Federal Advisory Committee on Affordable, Equitable, and Sustainable Housing

Press Release | July 1, 2024

Fannie Mae Executes its Fifth Credit Insurance Risk Transfer Transaction of 2024 on $8.2 Billion of Single-Family Loans

Press Release | July 18, 2024

Home Prices Advance Another 3 Percent in Second Quarter, Show Signs of Slowing

EDITOR’S NOTE

Dear Readers,

Welcome to the inaugural issue of our magazine, a venture that embodies the spirit and aspirations of Prince George’s County’s vibrant community. At the heart of our narrative is a profound commitment to real estate excellence and community empowerment, led by a vision that has been meticulously shaped by Mr. Emerick A. Peace, the Operating Partner/Owner of Keller Williams Preferred Properties (KWPP).

Emerick’s journey in real estate spans over 28 remarkable years, during which he has navigated through myriad transactions, dedicating himself to the fabric of our community and unwaveringly committed to service. Under his leadership, KWPP has risen to the pinnacle of success as the #1 brokerage in Prince George’s County and as a beacon of hope and progress for African American homeownership. In Prince George’s County, we proudly echo the sentiment, “It’s always a great day at Keller Williams Prince George’s County.” This slogan captures more than just the optimism that greets us each morning; it reflects our enduring belief in our community’s potential for growth, prosperity, and unity. Our magazine aims to be an extension of this ethos, committed to illuminating the path to homeownership for African Americans, who face the steepest hurdles in securing a piece of the American dream.

This issue is more than a collection of articles; it is a testament to the power of community, the importance of heritage, and the boundless possibilities that await when we come together to uplift and support one another. We dive deep into the historical context of African American homeownership, celebrate the achievements of those who have overcome barriers, and layout strategies for future homebuyers to navigate the market. We are unapologetic in our focus. We recognize the disparities in homeownership rates among African Americans in our state and are committed to bridging this gap. Through education, advocacy, and empowerment, we strive to ensure that every family, regardless of background, has the opportunity to build wealth through real estate.

As we embark on this journey together, let us remember the lessons of perseverance, community service, and leadership that Emerick Peace embodies. His life’s work is a blueprint for making the most of every opportunity and helping others to do the same. In closing, I invite you to join us in celebrating the rich tapestry of Prince George’s County real estate. May this magazine serve as a beacon of knowledge, inspiration, and community as we work towards a future where “it’s always a great day” for every resident.

Thank you for being part of our story.

Warmest regards,

Emerick Peace Publisher

Maryland: Exploring the Impact of Technology on Real Estate Deals in Maryland

Securing a mortgage is a significant step towards homeownership, but your credit score plays a crucial role in the approval process and the interest rates you’ll receive. A higher credit score can save you thousands of dollars over the life of your loan, making it essential to improve your score before applying for a mortgage. In this blog post, we’ll explore practical steps to boost your credit score, ensuring you get the best possible terms on your mortgage.

UNDERSTANDING CREDIT SCORES

Your credit score is a numerical representation of your creditworthiness, ranging from 300 to 850. It is calculated based on several factors, including your payment history, amounts owed, length of credit history, new credit, and types of credit used. Lenders use your credit score to assess the risk of lending you money. Generally, a higher score indicates a lower risk, leading to better mortgage terms.

STEPS TO IMPROVE YOUR CREDIT SCORE

1. REVIEW YOUR CREDIT REPORT

The first step to improving your credit score is to review your credit report. You are entitled to a free credit report from each of the three major credit bureaus—Equifax, Experian, and TransUnion— once a year. Check your report for any errors or inaccuracies, such as incorrect account information or fraudulent activity. Dispute any discrepancies to ensure your report is accurate.

2. PAY YOUR BILLS ON TIME

Payment history is the most significant factor in your credit score, accounting for 35% of the total score. Consistently paying your bills on time is crucial for improving your credit score. Set up payment reminders or automatic payments to avoid missing due dates. Even one late payment can negatively impact your score, so prioritize paying bills on time.

3. REDUCE YOUR DEBT

The amount of debt you owe relative to your credit limits, known as your credit utilization ratio,

significantly affects your credit score. Aim to keep your credit utilization below 30%. To achieve this, pay down existing balances and avoid taking on new debt. Focus on paying off high-interest debt first, as it can help you save money in the long run.

4. AVOID OPENING NEW CREDIT ACCOUNTS

Each time you apply for new credit, it results in a hard inquiry on your credit report, which can lower your score temporarily. Avoid opening new credit accounts or taking on additional debt while you’re working to improve your credit score. Instead, focus on managing your existing credit responsibly.

5. KEEP OLDER ACCOUNTS OPEN

The length of your credit history accounts for 15% of your credit score. Longer credit histories generally indicate responsible credit management. Keep older credit accounts open, even if you’re not using them, as closing them can shorten your credit history and potentially lower your score.

6. DIVERSIFY YOUR CREDIT MIX

Having a mix of different types of credit, such as credit cards, installment loans, and retail accounts, can positively impact your credit score. This factor accounts for 10% of your score. However, don’t open new accounts just to diversify your credit mix. Instead, focus on responsibly managing the types of credit you already have.

7. MONITOR YOUR CREDIT REGULARLY

Regularly monitoring your credit can help you stay on top of your financial health and catch any potential issues early. Consider using a credit monitoring service to receive alerts about changes to your credit report, such as new accounts or inquiries. This can help you address any problems quickly and maintain a good credit score.

In conclusion, improving your credit score is crucial for securing a favorable mortgage. By carefully reviewing your credit report, consistently paying

bills on time, reducing debt, avoiding new credit, keeping older accounts open, diversifying your credit mix, and regularly monitoring your credit, you can significantly boost your score and enhance your financial profile. This, in turn, can lead to better mortgage terms, ultimately saving you money and helping you achieve your dream of homeownership.

Ready to boost your credit score and secure the best possible mortgage terms? Keller Williams Preferred Properties is here to help you every step of the way. Our team of experts can guide you through the process of improving your credit and finding the perfect home. Contact us today at 240737-5000 or visit www.thekwppexperience.com/ contact to schedule a consultation and start your journey toward homeownership with confidence and ease!

Sources

Dehan, A. (2024, April 16). How to improve your credit score for a mortgage. Bankrate. https://www.bankrate.com/mortgages/improve-credit-beforemortgage/

Martin, E. J. (2024, April 11). How to raise your credit score fast | 2024 Guide. Mortgage Rates, Mortgage News and Strategy : The Mortgage Reports. https://themortgagereports.com/37200/preparing-to-buy-a-home-how-toraise-credit-score-fast

How to Finance a Second Home or Investment Property

Buying a second home or an investment property can be an excellent way to diversify your financial portfolio and generate additional income. However, financing a second property comes with its own set of challenges and considerations. Understanding the financing options and preparing adequately can help you make an informed decision and secure the best terms for your investment. In this blog post, we’ll explore the steps to finance a second home or investment property, offering practical tips to navigate this process smoothly.

UNDERSTANDING YOUR FINANCING OPTIONS

When it comes to financing a second home or investment property, there are several options to consider:

CONVENTIONAL LOANS:

These are traditional loans offered by banks and mortgage lenders. To qualify, you typically need a higher credit score and a larger down payment compared to a primary residence. Interest rates on conventional loans for second homes and investment properties are usually higher due to the increased risk to lenders.

FHA LOANS:

While FHA loans are generally used for primary residences, they can sometimes be used for investment properties if you plan to live in one of the units of a multi-family home. FHA loans require lower down payments and have more flexible credit requirements, making them an attractive option for some buyers.

VA LOANS:

If you are a veteran or active-duty service member, you may qualify for a VA loan, which offers favorable terms and no down payment requirement. However, VA loans are primarily intended for primary residences, so you would need to meet specific criteria to use them for an investment property.

HELOC OR HOME EQUIT Y LOAN:

If you have substantial equity in your primary residence, you can use a Home Equity Line of Credit (HELOC) or a home equity loan to finance the purchase of a second home or investment property. These options allow you to tap into the equity you’ve built in your home to fund your new purchase.

CASH-OUT REFINANCE:

This option involves refinancing your existing mortgage and taking out a new loan for more than you currently owe. The difference is given to you in cash, which you can use to buy a second property. This can be a good option if interest rates are lower than when you first financed your home.

PREPARING FOR THE INVESTMENT

Before you start the financing process, it’s crucial to prepare adequately:

IMPROVE YOUR CREDIT SCORE:

A higher credit score can help you secure better interest rates and terms. Pay off outstanding debts, keep your credit card balances low, and avoid opening new credit accounts before applying for a mortgage.

SAVE FOR A DOWN PAYMENT:

Lenders typically require a larger down payment for second homes and investment properties, often ranging from 20% to 30%. Start saving early to ensure you have enough funds to meet this requirement.

CALCULATE THE COSTS:

Understand the total cost of owning a second home or investment property. This includes the mortgage payment, property taxes, insurance, maintenance,

and any potential rental management fees. Make sure the property can generate enough income to cover these costs or that you can afford them without rental income.

CHOOSING THE RIGHT PROPERTY

Selecting the right property is crucial for a successful investment:

LOCATION:

Location is key when it comes to real estate. Look for properties in desirable areas with strong rental demand, good schools, amenities, and low crime rates. A good location can help ensure a steady stream of tenants and higher property values over time.

PROPERTY CONDITION:

Assess the condition of the property carefully. Properties that need significant repairs can be costly and time-consuming to manage. Consider having a thorough home inspection to identify any potential issues before making an offer.

POTENTIAL FOR APPRECIATION:

Research market trends to understand the potential for property value appreciation in the area. Properties in growing markets are more likely to increase in value over time, providing a better return on investment.

WORKING WITH PROFESSIONALS

Financing and managing a second home or investment property can be complex. Working with experienced professionals can make the process smoother:

REAL ESTATE AGENT:

A knowledgeable real estate agent can help you find the right property, negotiate the best price, and navigate the buying process.

MORTGAGE BROKER:

A mortgage broker can help you compare loan options from different lenders and find the best terms for your situation.

FINANCIAL ADVISOR:

A financial advisor can help you understand the long-term implications of your investment and develop a strategy that aligns with your financial goals.

In conclusion, f

inancing a second home or investment property demands meticulous planning and consideration. By comprehending your financing options, preparing thoroughly, selecting the right property, and collaborating with experienced professionals, you can make a shrewd investment that enriches your financial portfolio. With a well-planned approach, purchasing a second property can offer both financial benefits and personal satisfaction.

Ready to take the next step in expanding your real estate portfolio? Keller Williams Preferred Properties is here to guide you through the process of financing and purchasing your second home or investment property. Our team of experts is dedicated to helping you find the best financing options and properties to meet your goals. Contact us today at 240-737-5000 or visit www thekwppexperience.com/contact to schedule a consultation and start your investment journey with confidence!

Sources

Lake, R. (2024, April 4). The complete guide to financing an investment property. Investopedia. https://www.investopedia.com/articles/investing/021016/ complete-guide-financing-investment-property.asp

Chase, J. M. (2021, October 15). Ways to finance a second home. https://www.chase.com/personal/mortgage/education/financing-a-home/how-tofinance-a-second-home

Navigating Property Inheritance in Maryland: A Comprehensive Guide

Inheriting property can be complex and emotionally charged, especially in Maryland. Whether you’ve recently lost a loved one or are preparing for the future, understanding the intricacies of property inheritance is crucial. This blog will explore key considerations, legal requirements, and best practices to ensure a smooth and successful property transfer in Maryland.

UNDERSTANDING MARYLAND’S INHERITANCE LAWS

Maryland’s inheritance laws protect the rights of the deceased and their beneficiaries. The state’s Estates and Trusts Article outlines the specific guidelines for property distribution, which can vary depending on the individual’s marital status, the presence of a will, and any living descendants.

INTESTATE SUCCESSION

Suppose the deceased individual does not leave a valid will. In that case, the property will be distributed through intestate succession. In such cases, the estate is divided among the surviving spouse, children, and other close relatives according to a predetermined hierarchy.

TESTATE SUCCESSION

When a valid will is in place, the deceased individual’s wishes are typically honoured, and the property is distributed as specified in the document. However, it’s important to note that specific legal challenges, such as will contests, can still arise and impact the inheritance process.

NAVIGATING THE PROBATE PROCESS

The probate process is the legal procedure through which a deceased individual’s assets are distributed, and any outstanding debts are settled. In Maryland, the probate process can be complex, and it’s essential to understand the necessary steps to ensure a successful outcome.

INITIATING PROBATE

The first step in the probate process is to file the necessary paperwork with the Register of Wills in the county where the deceased individual resides. This typically involves submitting the will (if one exists), a petition for probate, and other supporting documents.

APPOINTING A PERSONAL REPRESENTATIVE

The court will then appoint a personal representative, also known as an executor or administrator, to oversee the administration of the estate. This individual manages the assets, pays debts, and distributes the property to the rightful beneficiaries.

ASSET INVENTORY AND VALUATION

The personal representative must compile a comprehensive inventory of the deceased’s assets, including real estate, personal property, and financial accounts. These assets must be valued appropriately to ensure a fair and equitable distribution.

CONSIDERATIONS FOR INHERITING PROPERTY

Inheriting property in Maryland can bring about a range of considerations, from tax implications to maintenance responsibilities. Understanding these factors is crucial to making informed decisions and protecting your interests.

TAX IMPLICATIONS

Depending on the value of the inherited property and the individual’s overall financial situation, there may be tax consequences to consider, such as estate taxes or capital gains taxes.

MAINTENANCE AND UPKEEP

Suppose the inherited property is a real estate asset, such as a house or a rental property. In that case, the new owner will be responsible for the ongoing maintenance, repairs, and property management.

SHARED OWNERSHIP

In some cases, the inherited property may be shared among multiple beneficiaries. Navigating

the complexities of shared ownership, including decision-making processes and financial responsibilities, is essential for a harmonious coownership arrangement.

SEEKING PROFESSIONAL ASSISTANCE

Navigating the property inheritance process in Maryland can be daunting, and seeking the guidance of experienced professionals can be invaluable. Consider consulting with an estate planning attorney, a tax specialist, or a real estate professional to ensure that your rights are protected and your interests are well-represented.

CONCLUSION

Inheriting property in Maryland can be a significant life event. Still, it also comes with legal, financial, and practical considerations. By understanding the state’s inheritance laws, the probate process, and the various factors involved in property inheritance, you can make informed decisions and ensure a smooth and successful transfer of assets. Remember to seek professional assistance and prioritize clear communication and collaboration among all parties involved.

If you’re navigating the complexities of inheriting property in Maryland, don’t go it alone. Reach out to Keller Williams Preferred Properties at 240-7375000 or visit thekwppexperience.com for expert guidance and support. Whether you’re dealing with probate, understanding tax implications, or managing shared ownership, Emerick Peace offers the professional assistance you need to ensure a smooth and successful property transfer.

Navigating Bidding Wars in Maryland’s Competitive Real Estate Market

In Maryland’s dynamic real estate landscape, se`llers often face the exciting challenge of handling multiple offers on their homes. As the state’s housing market thrives, bidding wars have become increasingly common, particularly in desirable areas with limited inventory. For sellers, this presents both an opportunity and a complex decision-making process.

UNDERSTANDING BIDDING WARS IN MARYLAND

A bidding war occurs when several prospective buyers compete for the same property by submitting increasingly higher offers. A low supply of homes and high demand from buyers typically drive this scenario, which has been prevalent in Maryland recently. As a result, sellers often find themselves in a position of power, able to carefully evaluate each offer and select the one that best aligns with their goals.

ENGAGING A SKILLED REAL ESTATE AGENT

One of the most crucial steps in navigating a

bidding war in Maryland is enlisting the help of an experienced real estate agent. A competent agent brings a wealth of local market knowledge, negotiation expertise, and strategic insights. They can help you understand the nuances of each offer, identify the buyer’s priorities, and guide you through the decision-making process.

When selecting an agent, looking for someone with a proven track record of successfully managing multiple-offer situations is essential. Ask for recommendations from other sellers who have navigated similar experiences, and conduct thorough interviews to assess the agent’s approach and communication style.

EVALUATING OFFERS OBJECTIVELY

As offers start to pour in, it’s essential to review and understand each proposal thoroughly. Beyond the purchase price, factors such as financing conditions, deposit amounts, contingencies, and closing dates should all be carefully considered.

Your real estate agent will play a crucial role in explaining the terms of each offer, highlighting the pros and cons, and identifying any potential risks. This objective analysis will help you make

an informed decision that aligns with your goals, whether securing the highest possible price, ensuring a smooth and timely closing, or prioritizing the buyer’s financial strength.

NAVIGATING ALL-CASH OFFERS

In a competitive market like Maryland, all-cash offers can be particularly appealing to sellers. These transactions eliminate the need for financing, resulting in a faster and more straightforward closing process.

However, it’s essential to thoroughly vet the buyer’s proof of funds and carefully evaluate the overall terms of the offer beyond just the purchase price. Your agent can provide valuable insights into an all-cash offer’s benefits and potential risks, helping you weigh the options and make the best decision for your situation.

FOSTERING A HEALTHY BIDDING WAR

Suppose you find yourself in a multiple-offer scenario. In that case, your real estate agent can employ various strategies to encourage a healthy bidding war that benefits both you and the potential buyers. This may involve setting a deadline for submitting offers, informing interested parties of competing bids, and inviting higher offers in a controlled manner.

The key is to balance fostering competition and maintaining transparency and fairness. By managing the process effectively, you can create an environment that maximizes the sale price while ensuring a positive experience for all involved.

PRIORITIZING THE BUYER’S NEEDS

While the highest offer may seem the most tempting, it’s important to consider other factors that can impact the sale’s success. Factors such as the buyer’s ability to secure financing, contingencies, and the proposed closing timeline can all play a significant role in determining the best offer.

Your real estate agent can help you navigate these nuances, identifying the offer that meets your financial goals and aligns with your broader objectives, such as a smooth and timely closing process.

CONCLUSION

Navigating a bidding war in Maryland’s competitive real estate market requires a strategic and informed approach. By engaging a skilled real estate agent, evaluating offers objectively, and fostering a healthy competitive environment, sellers can maximize the benefits of multiple offers while ensuring a positive and successful transaction.

Remember, remaining flexible, adaptable, and focused on your long-term goals is the key to success in a multiple-offer scenario. With the proper guidance and a well-executed strategy, you can confidently navigate the complexities of a bidding war and secure the best possible outcome for your real estate sale.

If you’re a Maryland home seller ready to navigate the exciting yet complex process of handling multiple offers, don’t go it alone. Partner with Emerick Peace for expert guidance, strategic insights, and a proven track record in managing bidding wars to secure the best possible outcome for your sale. Contact Emerick at 240-737-5000 or visit thekwppexperience.com to get started today. New boost

How Do I Navigate the New Construction Home Buying Process?

Buying a newly constructed home can be an exciting yet complex journey. Unlike purchasing an existing home, new construction offers the opportunity to customize your living space to meet your exact needs and preferences. However, it also involves unique steps and considerations. This blog post will guide you through the new construction home buying process, from working with builders to understanding warranties and exploring customization options.

UNDERSTANDING THE BENEF ITS OF NEW CONSTRUCTION

Before diving into the process, it’s essential to understand why new construction might be the right choice for you. New homes come with several advantages, including:

CUSTOMIZATION:

Tailor your home to your tastes with options for floor plans, finishes, and features. Modern Amenities: Enjoy the latest in home

design, technology, and energy efficiency.

LOW MAINTENANCE:

Everything is brand new, reducing the likelihood of repairs and maintenance for years to come.

WARRANTIES:

New homes often come with builder warranties, providing peace of mind for any potential issues

WORKING WITH BUILDERS

The first step in the new construction process is selecting a reputable builder. Research different builders in your area read reviews, and visit model homes to get a sense of their work quality and design styles. Once you’ve chosen a builder, you’ll typically go through the following steps: Initial Consultation: Meet with the builder to discuss your needs, budget, and desired features. This meeting helps the builder understand your vision and provide an initial cost estimate. Site Selection: Choose the lot where your home will be built. Factors to consider include location,

size, and orientation.

Design Phase: Work with the builder and possibly an architect to finalize your home’s floor plan and design details. This phase may involve multiple meetings to ensure every aspect meets your expectations.

UNDERSTANDING WARRANTIES

One of the significant benefits of buying new construction is the warranty coverage that comes with it. Builder warranties typically cover:

STRUCTURAL COMPONENTS:

This includes the foundation, framing, and other essential structural elements.

SYSTEMS:

Plumbing, electrical, and HVAC systems are usually covered for a specified period.

WORKMANSHIP AND MATERIALS:

Issues with the quality of work or materials used in the construction are typically covered for one year.

Be sure to understand the specifics of your builder’s warranty, including what is covered and for how long. Additionally, ask about the process for making warranty claims and any homeowner responsibilities for maintenance.

CUSTOMIZATION OPTIONS

One of the most exciting aspects of buying new construction is the ability to customize your home. Builders often offer a range of options and upgrades, allowing you to personalize your space. Common customization options include:

FLOOR PLANS:

Choose from various layouts to suit your lifestyle, whether you prefer an open-concept design or separate living areas.

KITCHEN

AND BATH:

Select cabinets, countertops, fixtures, and appliances that match your style and needs.

FLOORING AND PAINT:

Pick flooring materials and paint colors to create the perfect ambiance in your home.

OUTDOOR SPACES:

Customize your landscaping, patios, and other outdoor features to enhance your property’s curb appeal and functionality.

FINANCING YOUR NEW CONSTRUCTION HOME

Financing a new construction home can differ from buying an existing home. You’ll need to secure a construction loan or a new construction mortgage. These loans cover the cost of building the home and are typically converted to a standard mortgage once construction is complete. Here are some steps to consider:

PRE-APPROVAL:

Get pre-approved for a construction loan to understand your budget and show builders you are a serious buyer.

LOAN TYPES:

Explore different loan options, such as construction-to-permanent loans, which simplify the process by rolling the construction loan into a standard mortgage after completion.

PAYMENTS:

Understand the payment schedule for construction loans, which often involves disbursements at various stages of the building process.

MOVING IN AND FINAL WALKTHROUGH

As your new home nears completion, you’ll have the opportunity for a final walkthrough with the builder. This walkthrough allows you to inspect the property and ensure everything meets your expectations. Any issues or unfinished items should be documented and addressed before closing.

In conclusion, navigating the new construction home-buying process requires careful consideration and attention to detail. From selecting a builder to customizing your home and understanding warranties, each step is crucial in ensuring that your new home meets your needs and lifestyle. By staying informed and working closely with your builder and lender, you can successfully navigate this process and create a home that is tailored to your unique requirements.

Ready to embark on your new construction home journey? Keller Williams Preferred Properties is here to guide you through every step, from selecting a reputable builder to customizing your dream home and understanding warranty coverage. Contact us today at 240-737-5000 or visit www. thekwppexperience.com/contact to schedule a consultation and start building the home you’ve always envisioned with confidence and ease!

Sources

Odion-Esene, B. (2023, September 7). Steps to buying a new construction home. Forbes Advisor. https://www.forbes.com/advisor/mortgages/newconstruction-home/

Navigating the new construction process - the GOVE Group. (n.d.). https://www.thegovegroup.com/blog/blog-detail/10-steps-for-navigating-the-newconstruction-process-73

PRESS RELEASE

HOME PRICES ADVANCE ANOTHER 3 PERCENT IN SECOND QUARTER, SHOW SIGNS OF SLOWING

July 18, 2024

Latest FNM-HPI Reading Showed Year-over-Year Increase of 6.9 Percent in Q2 2024

WASHINGTON, DC – Single-family home prices increased 6.9 percent from Q2 2023 to Q2 2024, down from the previous quarter’s upwardly revised annual growth rate of 7.3 percent, according to Fannie Mae’s (FNMA/OTCQB) latest Home Price Index (FNM-HPI) reading, a national, repeattransaction home price index measuring the average, quarterly price change for all single-family properties in the United States, excluding condos. On a quarterly basis, home prices rose a seasonally adjusted 1.3 percent in Q2 2024, down from the revised 2.0 percent growth in Q1 2024. On a non-seasonally adjusted basis, home prices increased by 3.0 percent in Q2 2024.

“Home prices rose again in the second quarter, but the pace of growth slowed as important elements

of housing demand and supply inched closer together,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “Elevated mortgage rates and ongoing affordability constraints are increasingly limiting homebuyer demand and thus dampening the pace of home price appreciation. Meanwhile, the number of homes available for sale is rising in many metro areas, which is also dampening home price growth. While we expect home price growth to decelerate further in the coming quarters, a still-tight inventory of homes for sale and stretched affordability remain significant challenges and, in our view, are likely to constrain mortgage demand and home sales for the foreseeable future.”

The FNM-HPI is produced by aggregating county-level data to create both seasonally adjusted and non-seasonally adjusted national indices that are representative of the whole country and designed to serve as indicators of general single-family home price trends. The FNM-HPI is publicly available at the national level as a quarterly series with a start date of Q1 1975 and extending to the most recent quarter, Q2 2024. Fannie Mae publishes the FNM-HPI approximately mid-month during the first month of each new quarter.

For more information on the FNM-HPI, including a description of the methodology and the Q2 2024 data file, please visit our Research & Insights page on fanniemae.com.

To receive e-mail updates regarding future FNM-HPI updates and other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here.

Fannie Mae’s home price estimates are based on preliminary data available as of the date of index estimation and are subject to change as additional data become available. Opinions, analyses, estimates, forecasts, beliefs, and other views of Fannie Mae’s Economic & Strategic Research (ESR) group included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR group bases its opinions, analyses, estimates, forecasts, beliefs, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, beliefs, and other views published by the ESR group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

About the ESR Group

Fannie Mae’s Economic and Strategic Research Group, led by Chief Economist Doug Duncan, studies current data, analyzes historical and emerging trends, and conducts surveys of consumer and mortgage lender groups to provide forecasts and analyses on the economy, housing, and mortgage markets. The ESR Group was awarded the prestigious 2022 Lawrence R. Klein Award for Blue Chip Forecast Accuracy based on the accuracy of its macroeconomic forecasts published over the 4-year period from 2018 to 2021.

https://www.fanniemae.com/newsroom/fannie-mae-news/home-prices-advance-another-3-percent-second-quarter-show-signs-slowing

PRESS RELEASE

FANNIE MAE EXECUTES ITS FIFTH CREDIT INSURANCE RISK TRANSFER TRANSACTION OF 2024 ON $8.2 BILLION

OF SINGLE-FAMILY

LOANS

July 1, 2024

WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it has executed a new Credit Insurance Risk Transfer™ (CIRT™) transaction. CIRT 2024-L3 transferred $337.2 million of mortgage credit risk to private insurers and reinsurers.

“We appreciate the support of the 27 insurers and reinsurers that committed to write coverage on this deal,” said Rob Schaefer, Fannie Mae Vice President, Capital Markets.

The covered loan pool for CIRT 2024-L3 consists of approximately 24,000 single-family mortgage loans with an outstanding unpaid principal balance (UPB) of approximately $8.2 billion. Additionally, the covered pool collateral has loan-to-value (LTV) ratios of 60.01 percent to 80.00 percent and was acquired between July 2023 and September 2023. The loans included in this transaction are fixedrate, generally 30-year term, fully amortizing mortgages and were underwritten using rigorous credit standards and enhanced risk controls.

With CIRT 2024-L3, which became effective May 1, 2024, Fannie Mae will retain risk for the first 170 basis points of loss on the $8.2 billion covered loan pool. If the $139.8 million retention layer is exhausted, 27 insurers and reinsurers will cover the next 410 basis points of loss on the pool, up to a maximum coverage of $337.2 million.

Coverage for this deal is provided based upon actual losses for a term of 18 years. Depending on the paydown of the insured pool and the principal amounts of insured loans that become seriously delinquent, the coverage amount may be reduced at the one-year anniversary and each month thereafter. The coverage on this deal may be canceled by Fannie Mae at any time on or after the fiveyear anniversary of the effective date by paying a cancellation fee.

Since inception to date, Fannie Mae has acquired approximately $27.6 billion of insurance coverage on $921.6 billion of single-family loans through the CIRT program, measured at the time of issuance for both post-acquisition (bulk) and front-end transactions. As of March 30, 2024, approximately $1.33 trillion in outstanding UPB of loans in our single-family conventional guaranty book of business were included in a reference pool for a credit risk transfer transaction.

To promote transparency and to help insurers and reinsurers evaluate the CIRT program, Fannie Mae provides ongoing, robust disclosure data, as well as access to news, resources, and analytics through its credit risk transfer webpages. This includes Fannie Mae’s innovative Data Dynamics® tool that enables market participants to interact with and analyze both CIRT deals that are currently outstanding in the market and Fannie Mae’s historical loan dataset. For more information on specific CIRT transactions, including pricing, please visit our Credit Insurance Risk Transfer webpage.

https://www.fanniemae.com/newsroom/fannie-mae-news/fifth-credit-insurance-risk-transfer-transaction-2024

What is a Comparative Market Analysis (CMA) in Real Estate?

If you’re planning to buy or sell a home, understanding its true market value is crucial. One of the most effective tools for this purpose is a Comparative Market Analysis (CMA). A CMA provides an estimate of a property’s value based on similar recently sold properties in the same area. In this blog post, we’ll explore what a CMA is, how it works, and why it’s essential for both buyers and sellers in the real estate market.

UNDERSTANDING COMPARATIVE MARKET ANALYSIS (CMA)

A Comparative Market Analysis (CMA) is a report prepared by real estate agents to help clients determine the fair market value of a property. Unlike formal appraisals conducted by licensed appraisers, CMAs are less formal but highly detailed assessments that consider various factors to estimate a property’s worth. This analysis is particularly useful in ensuring that a property is neither overpriced nor underpriced, which is crucial for a successful transaction.

HOW DOES A CMA WORK?

Creating a CMA involves several steps that ensure a comprehensive evaluation of the property. Here are the key components:

SELECTING COMPARABLE PROPERTIES:

The first step in a CMA is to select comparable properties, often referred to as “comps.” These are properties similar in size, condition, location, and features to the property being evaluated. Ideally, these comps should have been sold within the past six months to ensure that the data reflects current market conditions.

ANALYZING MARKET TRENDS:

Real estate agents analyze local market trends to understand how factors such as supply and demand, interest rates, and economic conditions may affect property values. This helps in adjusting the value estimates to reflect the current market scenario accurately.

EVALUATING PROPERTY FEATURES:

The next step is to evaluate the specific features of the property in question. This includes the number of bedrooms and bathrooms, square footage, lot size, age, condition, and any unique

features such as a pool or modern upgrades. Each of these factors can significantly influence the property’s market value.

ADJUSTING FOR DIFFERENCES:

Since no two properties are exactly alike, adjustments are made for any differences between the subject property and the comps. For example, if a comparable property has a newly renovated kitchen and the subject property does not, the agent will adjust the value to account for this difference.

COMPILING THE REPORT:

After gathering all the necessary data and making adjustments, the agent compiles the CMA report. This report typically includes detailed information about each comparable property, photos, and an estimated market value for the subject property based on the analysis.

WHY IS A CMA IMPORTANT?

A CMA is an essential tool for both buyers and sellers for several reasons:

PRICING ACCURACY:

For sellers, a CMA helps in setting a realistic and competitive listing price. Overpricing can deter potential buyers while underpricing can lead to a financial loss. A well-prepared CMA ensures the property is priced accurately according to current market conditions.

INFORMED DECISION-MAKING:

Buyers benefit from a CMA by understanding whether a property is fairly priced. This knowledge empowers them to make informed decisions and negotiate better deals.

MARKET INSIGHT:

A CMA provides valuable insights into local market trends and conditions. This information can be crucial for making strategic decisions, whether you’re looking to buy, sell, or invest in real estate. Negotiation Tool: Both buyers and sellers can use the CMA as a negotiation tool. Sellers can justify their asking price, while buyers can argue for a lower price based on the data presented in the CMA.

HOW TO GET A CMA

Obtaining a CMA is straightforward. Real estate agents typically provide this service as part of their offerings to clients. If you’re considering selling your home or making an offer on a property, contacting a knowledgeable real estate agent is the first step to getting a comprehensive CMA.

In conclusion, a Comparative Market Analysis (CMA) is a crucial tool in the real estate market, offering a precise and detailed assessment of a property’s value. By grasping the mechanics of a CMA and its advantages, both buyers and sellers can make informed decisions that lead to successful transactions. Whether you are buying or selling, collaborating with a real estate agent to prepare a CMA can significantly enhance your real estate experience.

Ready to discover the true market value of your home or the property you’re eyeing? Keller Williams Preferred Properties offers expert Comparative Market Analysis (CMA) services to help you make informed and confident real estate decisions. Contact us today at 240-737-5000 or visit www. thekwppexperience.com/contact to schedule a consultation and gain valuable insights into your property’s worth!

Sources

Folger, J. (2023, July 24). What is Comparative Market Analysis (CMA) in real estate? Investopedia. https://www.investopedia.com/terms/c/comparativemarket-analysis.asp

Dani, & Dani. (2024, May 13). Mastering comparative market analysis in real estate. iGMS. https://www.igms.com/comparative-market-analysis/

Can a Realtor Sell Their Own Home in Maryland?

Selling a home can be a complex process that involves a deep understanding of the real estate market, pricing strategies, and legal requirements. When it comes to real estate agents or realtors, they are often seen as the experts in navigating these complexities. But what happens when a realtor wants to sell their own home? Is it permissible, and if so, what unique challenges and considerations come into play? In this blog post, we will explore whether a realtor can sell their own home in Maryland, the potential benefits, and the ethical considerations involved.

LEGAL PERSPECTIVE: CAN REALTORS SELL THEIR OWN HOMES?

In Maryland, there are no laws prohibiting a realtor from selling their own home. Realtors are licensed professionals who are fully capable of handling real estate transactions, whether for clients or for themselves. The Maryland Real Estate Commission oversees the licensing and conduct of real estate agents, ensuring they adhere to the same rules and regulations in all transactions, including personal ones.

ADVANTAGES OF REALTORS SELLING THEIR OWN HOMES

Realtors selling their own homes can enjoy several benefits:

EXPERTISE AND EXPERIENCE:

Realtors have the knowledge and experience needed to market their homes effectively. They understand how to set the right price, stage the home, and negotiate with potential buyers.

COST SAVINGS:

By selling their own home, realtors can save on the commission fees they would otherwise pay to another agent. This can amount to significant savings, typically around 5-6% of the home’s sale price.

CONTROL OVER THE PROCESS:

Selling their own home gives realtors complete control over the sales process. They can schedule showings, manage negotiations, and make decisions without having to rely on a third party.

CHALLENGES AND ETHICAL CONSIDERATIONS

While there are clear advantages, selling one’s own home also presents unique challenges and ethical considerations:

DISCLOSURE AND TRANSPARENCY:

Realtors must disclose their status as licensed agents when selling their own home. This is to ensure transparency and avoid any potential conflicts of interest. The Maryland Real Estate Commission requires full disclosure to all parties involved in the transaction.

OBJECTIVITY:

Selling a home can be an emotional process, and maintaining objectivity can be challenging. Realtors need to approach the sale of their own home with the same professionalism and detachment they would for any client to avoid making decisions based on emotions rather than market realities.

ETHICAL CONDUCT:

Realtors are bound by a code of ethics that requires them to act in the best interest of all parties in a transaction. When selling their own home, they must ensure that their actions are fair and honest, avoiding any practices that could be perceived as unethical or self-serving.

STEPS REALTORS SHOULD TAKE WHEN SELLING THEIR OWN HOME

To successfully sell their own home while maintaining ethical standards, realtors should follow these steps:

FULL DISCLOSURE:

Make it clear in all listings and communications that the seller is a licensed real estate agent. This transparency helps build trust and ensures compliance with legal requirements.

MARKET ANALYSIS:

Conduct a thorough market analysis to set a competitive price. Realtors should use their expertise to assess comparable properties and

current market conditions.

Professional Staging and Photography: Invest in professional staging and photography to present the home in the best possible light. High-quality visuals can attract more buyers and facilitate a quicker sale.

Marketing Strategy: Implement a robust marketing strategy that includes online listings, social media promotion, and open houses. Utilizing a wide range of marketing channels can increase the visibility of the property.

Negotiation: Approach negotiations with the same professionalism as with any client. Realtors should remain objective, listen to offers, and negotiate terms that are fair and reasonable.

In Maryland, realtors are permitted to sell their own homes, leveraging their expertise to potentially save on commission fees and control the sales process. However, they must navigate the transaction with careful attention to disclosure, objectivity, and ethical conduct. By following best practices and maintaining transparency, realtors can successfully sell their own homes while upholding the standards of their profession. Whether you’re a realtor or a homeowner considering selling, understanding these dynamics can help ensure a smooth and successful transaction.

Sources

Goff, K. (2023, January 6). Can a Realtor sell their own home? Bankrate. https://www.bankrate.com/real-estate/can-a-realtor-sell-their-own-home/

Blog, K. (2024, May 6). Can a realtor sell their own home? KUKUN. https:// mykukun.com/blog/can-a-realtor-sell-their-own-home/ New boost

Can a Residential Realtor

Sell Commercial Property in Maryland?

When it comes to real estate, many people assume that a realtor can handle any type of property transaction, whether it’s residential or commercial. However, the reality can be more nuanced, especially when it comes to the expertise and licensing requirements. If you’re in Maryland and wondering whether a residential realtor can sell commercial property, this blog post will provide you with a comprehensive answer. We’ll explore the distinctions between residential and commercial real estate, the qualifications needed, and the potential benefits and drawbacks of using a residential realtor for commercial transactions.

UNDERSTANDING THE DIFFERENCE BETWEEN RESIDENTIAL AND COMMERCIAL REAL ESTATE

Before diving into whether a residential realtor can sell commercial property, it’s essential to understand the key differences between the two types of real estate.

RESIDENTIAL REAL ESTATE:

This involves properties intended for living purposes, such as single-family homes, condos, and apartments. Transactions typically focus on the needs and preferences of individuals and families.

COMMERCIAL REAL ESTATE:

This encompasses properties used for business purposes, including office buildings, retail spaces, warehouses, and industrial properties. Transactions often involve complex financial and legal considerations, such as lease agreements, zoning laws, and investment analysis.

LICENSING REQUIREMENTS FOR REALTORS IN MARYLAND

In Maryland, real estate agents must be licensed to practice. The Maryland Real Estate Commission (MREC) oversees the licensing process, which includes pre-licensing education, passing a state exam, and completing continuing education requirements. The good news is that the real estate license in Maryland allows an agent to engage in both residential and commercial real estate transactions.

RESIDENTIAL REALTORS SELLING

COMMERCIAL PROPERTY:

Technically, a residential realtor can sell commercial property in Maryland since the state does not issue separate licenses for residential and commercial real estate. However, there are several factors to consider before choosing a residential realtor for a commercial transaction.

EXPERTISE AND EXPERIENCE

While licensing may not differentiate between residential and commercial real estate, expertise and experience certainly do. Commercial real estate transactions can be significantly more complex than residential ones. They often involve intricate financial analysis, detailed knowledge of zoning laws, and an understanding of business needs.

RESIDENTIAL REALTOR’S KNOWLEDGE:

A residential realtor primarily focuses on buying and selling homes. While they may have a general understanding of real estate principles, they might lack specific knowledge and experience in commercial real estate.

COMMERCIAL REALTOR’S EXPERTISE:

Commercial realtors specialize in commercial properties. They are well-versed in market trends, investment opportunities, and the legal and financial intricacies of commercial transactions. Their expertise can provide significant advantages in negotiating deals and ensuring compliance with local regulations.

BENEFITS OF USING A RESIDENTIAL REALTOR FOR COMMERCIAL TRANSACTIONS

There are scenarios where using a residential realtor for commercial transactions might be beneficial:

PERSONAL RELATIONSHIP:

If you have an established relationship with a residential realtor whom you trust, they might be able to leverage their network and resources to assist with your commercial needs.

SMALLER COMMERCIAL PROPERTIES:

For smaller commercial properties or mixeduse properties (properties that include both residential and commercial spaces), a residential realtor might be capable of handling the transaction effectively.

DRAWBACKS AND RISKS

However, there are potential drawbacks and risks to consider:

LACK OF SPECIALIZED KNOWLEDGE:

As mentioned earlier, residential realtors may lack the specialized knowledge required for commercial transactions. This could lead to oversight of critical details, resulting in financial or legal issues.

NEGOTIATION SKILLS:

Commercial real estate negotiations can be more complex and require a deep understanding of market dynamics and

property valuation. A residential realtor may not have the necessary skills to negotiate effectively on your behalf.

MARKET CONNECTIONS:

Commercial realtors often have extensive networks within the commercial real estate industry, including relationships with investors, business owners, and developers. A residential realtor might not have the same level of access to these valuable connections. In Maryland, a residential realtor is legally allowed to sell commercial property, but that doesn’t necessarily mean they should. The expertise and experience required for commercial transactions can be quite different from those needed for residential real estate. While there are situations where a residential realtor might be able to assist effectively, it is generally advisable to work with a realtor who specializes in commercial real estate for these types of transactions. Their specialized knowledge, negotiation skills, and industry connections can make a significant difference in achieving a successful outcome. Always ensure that your realtor, whether residential or commercial, has the necessary skills and experience to meet your specific needs.

Sources

Kelsey. (2021, June 23). Can a residential real estate agent sell commercial property? ProspectNow. https://www. prospectnow.com/2021/06/23/can-real-estate-agents-sell-commercial-property/

I want to sell commercial and residential real estate.Can I get a broker license &sell both? - Legal Answers. (2012, October 28). https://www.avvo.com/legal-answers/i-want-to-sell-commercial-and-residential-real-est-976974.html

Tips for Buying a Home with Bad Credit

Buying a home is a dream for many, but having bad credit can make this goal seem out of reach. However, bad credit doesn’t have to be a deal-breaker. With careful planning, perseverance, and the right strategies, you can still buy a home even with a less-than-perfect credit score. In this blog post, we’ll explore practical tips for buying a home with bad credit, helping you navigate the process and achieve your homeownership dreams.

UNDERSTANDING YOUR CREDIT SCORE

Before diving into the tips, it’s essential to understand what constitutes a bad credit score. Credit scores typically range from 300 to 850, with scores below 580 generally considered poor. Your credit score is determined by several factors, including your payment history, amount of debt, length of credit history, types of credit, and new credit inquiries. Knowing your credit score and the factors affecting it can help you take steps to improve it.

CHECK YOUR CREDIT REPORT

The first step in buying a home with bad credit is to check your credit report. Obtain a free copy of your credit report from each of the three major credit bureaus—Equifax, Experian, and TransUnion. Review the reports for any errors or discrepancies, such as incorrect account information or fraudulent activity. Dispute any inaccuracies to ensure your credit report accurately reflects your financial history.

IMPROVE YOUR CREDIT SCORE

While improving your credit score takes time, even small improvements can make a difference when applying for a mortgage. Here are some steps you can take to boost your credit score: Pay Bills on Time: Consistently paying your bills on time is one of the most significant factors in improving your credit score. Set up payment reminders or automatic payments to avoid late payments.

REDUCE DEBT:

Lowering your overall debt can positively impact your credit score. Focus on paying down high-

interest credit cards and consolidating debt if possible.

AVOID NEW CREDIT INQUIRIES:

Each time you apply for new credit, it results in a hard inquiry on your credit report, which can temporarily lower your score. Avoid applying for new credit cards or loans while preparing to buy a home.

SAVE FOR A LARGER DOWN PAYMENT

A larger down payment can improve your chances of securing a mortgage with bad credit. Lenders view larger down payments as a sign of financial stability and reduced risk. Aim to save at least 10-20% of the home’s purchase price for a down payment. Additionally, a larger down payment can lower your monthly mortgage payments and reduce the total interest paid over the life of the loan.

EXPLORE GOVERNMENT-BACKED LOAN PROGRAMS

Several government-backed loan programs are designed to help individuals with bad credit buy a home. These programs often have more lenient credit requirements and lower down payment options:

FHA LOANS:

The Federal Housing Administration (FHA) offers loans with lower credit score requirements and down payments as low as 3.5%. FHA loans are popular among first-time homebuyers and those with less-than-perfect credit.

VA LOANS:

Veterans Affairs (VA) loans are available to eligible veterans, active-duty service members, and their families. VA loans offer competitive interest rates and often require no down payment or private mortgage insurance (PMI).

USDA LOANS:

The United States Department of Agriculture (USDA) offers loans for rural and suburban

homebuyers with low to moderate incomes. USDA loans may require no down payment and have flexible credit guidelines. Consider a Co-Signer

If you have a trusted family member or friend with good credit, consider asking them to co-sign your mortgage. A cosigner’s good credit can help you qualify for a mortgage with better terms and interest rates. However, remember that co-signing a loan is a significant responsibility, and your co-signer will be equally liable for the mortgage payments if you default.

WORK WITH A MORTGAGE BROKER

A mortgage broker can help you navigate the complexities of buying a home with bad credit. Brokers have access to a wide network of lenders and can help you find mortgage options tailored to your financial situation. They can also provide valuable advice on improving your credit and securing the best possible loan terms.

BE PREPARED FOR HIGHER INTEREST RATES

With bad credit, you may face higher interest rates on your mortgage. Higher interest rates result in higher monthly payments and increased overall costs over the life of the loan. Be prepared for this possibility and factor it into your budget. As your credit improves over time, you may have the option to refinance your mortgage at a lower interest rate.

Buying a home with bad credit can be a daunting task, but it is not impossible. By taking a proactive and informed approach, individuals with poor credit can overcome their financial challenges and achieve their dream of homeownership. This involves understanding the impact of credit scores on mortgage eligibility, improving financial habits to boost creditworthiness, exploring government-backed loan programs that cater to lower credit scores,

and seeking professional guidance from experienced mortgage professionals.

Through determination and careful planning, individuals can turn their dream of owning a home into a reality. By addressing the root causes of poor credit and implementing strategies to improve credit scores, individuals can increase their chances of securing a mortgage and achieving long-term financial stability.

Don’t let bad credit stand in the way of your homeownership dreams. Keller Williams Preferred Properties is here to guide you through every step of the process, offering expert advice and tailored solutions to help you secure a mortgage and find the perfect home. Contact us today at 240-7375000 or visit www.thekwppexperience.com/contact to schedule a consultation and start your journey towards owning a home, regardless of your credit score!

Sources

Ayers, C. (n.d.). Buying a house with bad Credit: A guide to your home loan options. https://www.rocketmortgage.com/learn/how-tobuy-house-with-bad-credit

Miller, P. G. (2024, March 7). How to buy a house with bad credit. Bankrate. https://www.bankrate.com/mortgages/get-a-mortgagewith-bad-credit/v

PRESS RELEASE

NFHA APPLAUDS APPOINTMENT OF NIKITRA BAILEY TO FHFA’S INAUGURAL FEDERAL ADVISORY COMMITTEE ON AFFORDABLE, EQUITABLE, AND SUSTAINABLE HOUSING

FOR IMMEDIATE RELEASE

June 27, 2024

CONTACT: Janelle Brevard | jbrevard@nationalfairhousing.org

NFHA Applauds Appointment of Nikitra Bailey to FHFA’s Inaugural Federal Advisory Committee on Affordable, Equitable, and Sustainable Housing

Washington, D.C. – The National Fair Housing Alliance® (NFHA™) released the following statement congratulating Executive Vice President Nikitra Bailey on her appointment to the Federal Housing Finance Agency’s (FHFA) Advisory Committee on Affordable, Equitable, and Sustainable Housing (ACAESH). This inaugural committee is tasked with advising FHFA on strategies to enhance access to housing finance and community investment through entities like Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.

“Nikitra Bailey is a well-regarded fair housing and lending expert and her selection to ACAESH is a testament to her expertise and longstanding commitment to advancing innovative and transformational housing opportunities for all Americans. With her extensive leadership of advocating for fair housing and lending policies along with equitable community development initiatives, Nikitra will undoubtedly bring valuable insights to the committee. Her leadership will help ensure that FHFA’s regulated entities serve as reliable sources of liquidity and funding for both single-family and multifamily housing, fostering inclusive and sustainable communities nationwide.

We are immensely proud of Nikitra Bailey for being appointed to the FHFA Advisory Committee. Her passion and dedication to achieving fair housing and expanding access to affordable housing will be invaluable in guiding FHFA’s efforts. We look forward to her contributions in promoting equitable and sustainable housing solutions that benefit underserved communities.

NFHA remains committed to its mission of eliminating housing discrimination and ensuring equal access to housing opportunities for everyone. Nikitra Bailey’s appointment is a significant step towards advancing these goals and creating positive change within the housing finance sector.”

https://nationalfairhousing.org/nfha-applauds-appointment-of-nikitra-bailey-to-fhfas-inaugural-federal-advisory-committee-on-affordable-equitable-andsustainable-housing/

The Difference Between PreQualification and Pre-Approval

Embarking on the journey to homeownership can be both exciting and overwhelming. Among the many steps involved, understanding the financial aspects is crucial. Two important terms you’ll encounter early in the process are prequalification and pre-approval. While they might sound similar, they serve different purposes and offer varying levels of assurance. In this blog post, we will explore the differences between prequalification and pre-approval, and why each is important in your home-buying journey.

WHAT IS PRE-QUALIFICATION?

Pre-qualification is an initial evaluation of your financial status. It provides an estimate of how much you might be able to borrow based on the information you provide to a lender. This process is usually quick and can often be done online or over the phone.

During pre-qualification, you will typically provide basic information such as your income, assets, debts, and a general overview of your credit history. Based on this information, the lender gives you an estimate of the loan amount you might qualify for.

KEY POINTS ABOUT PREQUALIFICATION:

INFORMAL PROCESS:

Pre-qualification is less formal than pre-approval and does not involve a deep dive into your financial history.

NO CREDIT CHECK:

Lenders usually do not perform a credit check during pre-qualification, so it does not impact your credit score.

ESTIMATE OF BORROWING POWER:

It gives you a rough idea of what you might be able to afford, helping you set a budget for your home search.

NO COMMITMENT:

Pre-qualification does not guarantee loan approval. It is simply an initial assessment based on self-reported information.

WHAT IS PRE-APPROVAL?

Pre-approval is a more detailed and formal process compared to pre-qualification. It involves a thorough evaluation of your financial situation

by the lender. During pre-approval, you will need to submit detailed documentation, such as tax returns, pay stubs, bank statements, and information on your debts and assets.

The lender will also perform a hard credit check to assess your creditworthiness. Based on this comprehensive review, the lender will provide a pre-approval letter, stating the exact loan amount you are approved for and the terms of the loan, subject to final approval.

KEY POINTS ABOUT PRE-APPROVAL:

FORMAL PROCESS:

Pre-approval involves a detailed assessment of your financial situation, including a credit check and verification of your income and assets.

CREDIT CHECK:

A hard credit inquiry is performed, which can affect your credit score slightly.

STRONGER ASSURANCE:

Pre-approval provides a more accurate and reliable indication of your borrowing power and demonstrates to sellers that you are a serious and qualified buyer.

VALIDITY PERIOD:

Pre-approval letters are usually valid for a specific period, typically 60 to 90 days.

WHY UNDERSTANDING THE DIFFERENCE MATTERS

Knowing the difference between pre-qualification and pre-approval is important for several reasons:

ACCURACY:

Pre-approval gives a more accurate assessment of your financial ability to purchase a home, while prequalification provides a rough estimate.

CREDIBILITY:

In a competitive real estate market, pre-approval can give you an edge over other buyers. Sellers are more likely to take your offer seriously if you have a pre-approval letter.

BUDGETING:

Understanding your borrowing capacity through pre-approval helps you shop within your budget, avoiding disappointment and wasted time on homes you cannot afford.

SPEED:

Having a pre-approval can speed up the closing process since much of the financial vetting has already been completed.

In summary, both pre-qualification and pre-approval are important steps in the home-buying process, but they serve distinct purposes. Pre-qualification provides an estimate of your borrowing power based on your financial information, while preapproval involves a more thorough review by a lender and results in a conditional commitment to lend you a specific amount.

Pre-approval puts you in a stronger position as a buyer because it shows sellers you are serious and have already been vetted by a lender. It can also help you move faster when you find a home you want to purchase. However, pre-approval is not a guarantee of a loan - you still need to go through the full underwriting process.

By understanding the differences between prequalification and pre-approval, you can make the most of these tools to your advantage in your home search. Getting pre-approved early on will make your offer more attractive to sellers and allow you to act quickly when the right home comes along. With a clear picture of your finances and borrowing capacity, you can focus your search on homes you can realistically afford.

Ready to start your home-buying journey with confidence? Visit (http://www.thekwppexperience. com/contact ) to book an appointment or reach out to our team leader, Jamal Daniels, at 240-226-0909 or jamaldaniels@kw.com. Let us help you navigate the pre-approval process and find your dream home with ease.

Sources Folger, J. (2024, May 27). Pre-Qualified vs. Pre-Approved: What’s the Difference? Investopedia. https://www.investopedia.com/articles/basics/07/ prequalified-approved.asp Safe money. (n.d.). https://www.capitalone.com/learn-grow/moneymanagement/credit-card-pre-approval-pre-qualification/ New boost

Can a Real Estate Agent Represent Both Buyer and Seller in Maryland?

In the world of real estate, the roles and responsibilities of agents can sometimes be complex and confusing, especially when it comes to representing both the buyer and the seller in a transaction. This practice, known as dual agency, is legal in many states, including Maryland. However, it comes with specific rules and ethical considerations to ensure fairness and transparency for both parties. In this blog post, we will explore the concept of dual agency, its legality in Maryland, the potential benefits and drawbacks, and what you should consider if you find yourself in this situation.

WHAT IS DUAL AGENCY?

Dual agency occurs when a single real estate agent or brokerage represents both the buyer and the seller in the same transaction. This can happen either when an individual agent is working with both parties or when two agents from the same brokerage represent each side. The key characteristic of dual agency is that the same brokerage is involved on both sides of the deal.

IS DUAL AGENCY LEGAL IN MARYLAND?

Yes, dual agency is legal in Maryland, but it is subject to strict regulations to protect the interests of both the buyer and the seller. The Maryland Real Estate Commission requires that both parties give their informed consent to dual agency. This means that the agent must fully disclose the nature of dual agency and obtain written permission from both the buyer and the seller before proceeding.

BENEFITS OF DUAL AGENCY

Dual agency can offer several potential benefits, including:

STREAMLINED COMMUNICATION:

With one agent or brokerage handling both sides, communication can be more efficient, potentially leading to a smoother transaction process.

COST SAVINGS:

In some cases, the commission may be lower since it is split between fewer parties.

COMPREHENSIVE MARKET KNOWLEDGE:

A dual agent might have a more holistic view of the market and can provide insights that benefit both parties.

DRAWBACKS OF DUAL AGENCY

Despite the potential benefits, the dual agency also presents several significant drawbacks:

CONFLICT OF INTEREST:

The most notable concern is the inherent conflict of interest. An agent representing both parties must balance competing interests, which can be challenging.

LIMITED ADVOCACY:

In a dual agency, the agent cannot fully advocate for either party. This means they cannot provide the same level of guidance and negotiation tactics they would if representing only one side.

CONFIDENTIALITY ISSUES:

Maintaining confidentiality can be difficult in a dual agency situation, as the agent must carefully navigate sharing information that could affect the negotiation process.

LEGAL REQUIREMENTS AND ETHICAL CONSIDERATIONS

In Maryland, real estate agents must adhere to several legal and ethical guidelines when engaging in dual agency:

DISCLOSURE AND CONSENT:

Agents must disclose their dual agency status to both parties and obtain their written consent. This disclosure must include an explanation of the potential risks and limitations of dual agency.

NEUTRALITY:

Once a dual agency is established, the agent must remain neutral and avoid favoring either party. This includes refraining from advising on price or negotiation strategies.

CONFIDENTIALITY:

The agent must protect the confidential information of both parties, ensuring that no sensitive information is used to the detriment of either party.

WHAT TO CONSIDER AS A BUYER OR SELLER

If you are a buyer or seller faced with the possibility of dual agency, here are some considerations to keep in mind:

Understand the Implications: Ensure you fully understand what dual agency means and how it could impact your transaction. Ask your agent to explain the potential risks and benefits.

Seek Independent Advice: Consider consulting with an independent real estate professional or attorney to get an unbiased perspective on the situation. Assess Your Comfort Level: Determine if you are comfortable with the agent’s ability to remain neutral and manage the potential conflicts of interest inherent in dual agency.

In conclusion, dual agency is a legal and practical arrangement in Maryland real estate transactions that requires careful consideration and informed consent from both the buyer and the seller. While it can offer benefits in terms of efficiency and cost savings, the potential conflicts of interest and limitations on advocacy make it a complex choice. By understanding the rules and implications of dual agency, you can make a more informed decision and ensure that your interests are adequately protected.

If you require assistance with dual agency or any other real estate problems, please visit www. thekwppexperience.com/contact to schedule an appointment or contact our team leader, Jamal Daniels, at 240-226-0909 or jamaldaniels@kw.com. Our knowledgeable team is dedicated to providing you with the professional and ethical real estate services that you deserve.

Sources Frequently asked questions. (n.d.). https://www.mdrealtor.org/LegalResources/Frequently-Asked-Questions

Explaining dual agency in Maryland. (n.d.). https://www.laurenbunting.com/ laurens-blog/explaining-dual-agency-in-maryland

Home Warranty vs. Home Insurance: Understanding the Key Differences and Why You Need Both

Buying a home is a significant investment, often representing years of savings and planning. As a homeowner, protecting this investment becomes paramount. However, navigating the myriad options for safeguarding your home can be daunting. Two primary forms of protection often come up in conversations: home warranties and home insurance. Understanding the differences between these two and why you need both can save you from unexpected costs and headaches. In this article, we’ll explore the distinctions between home warranties and home insurance, shedding light on why each is essential for homeowners. By the end, you’ll have a clear understanding of how these protections work together to safeguard your home and your wallet.

WHAT IS HOME INSURANCE?

COVERAGE AND PURPOSE

Home insurance, also known as homeowners insurance, is a policy that provides financial protection against loss or damage to your home and its contents due to covered perils. These perils typically include fire, theft, vandalism, and certain natural disasters like storms or hail. Home insurance also covers liability in case someone is

injured on your property.

TYPES OF COVERAGE

DWELLING

COVERAGE:

This pays for repairs or rebuilding if your home is damaged by a covered peril.

PERSONAL PROPERTY COVERAGE:

This covers the loss of your personal belongings. Liability Protection: This protects you against legal responsibility for injuries or property damage you or your family members cause to others.

ADDITIONAL LIVING EXPENSES (ALE):

This pays for additional costs of living if you are temporarily unable to live in your home due to a covered event.

IMPORTANCE OF HOME INSURANCE

Home insurance is usually required by mortgage lenders to protect their financial interest in the property. Beyond that, it offers peace of mind knowing that you are financially protected against significant losses that could otherwise devastate you financially.

WHAT IS A HOME WARRANTY?

COVERAGE AND PURPOSE

A home warranty, on the other hand, is a service contract that covers the repair or replacement of major home systems and appliances that break down due to normal wear and tear. This includes systems like plumbing, electrical, heating, and air conditioning, as well as major appliances such as refrigerators, ovens, and dishwashers.

TYPES OF COVERAGE

SYSTEMS COVERAGE:

This typically includes HVAC, plumbing, and electrical systems.

APPLIANCE COVERAGE:

This covers major household appliances.

OPTIONAL ADD-ONS:

Many home warranty providers offer optional coverage for items such as pools, spas, and septic systems.

IMPORTANCE OF A HOME WARRANTY

A home warranty is especially valuable for older homes with aging systems and appliances. It helps manage the cost of unexpected repairs, providing a safety net that can save you from large out-ofpocket expenses. Unlike home insurance, it is not typically required by lenders but can be a wise investment to protect against the high cost of home maintenance and repairs.

WHY YOU NEED BOTH

COMPLEMENTARY PROTECTION

Home insurance and home warranties offer complementary protection, ensuring comprehensive coverage for your home. Home insurance safeguards you against disasters and accidents that can cause significant structural damage or personal liability. In contrast, a home warranty protects you from the high cost of repairing or replacing aging systems and appliances that can

break down over time.

COST SAVINGS

While paying for both might seem like an added expense, the cost of not having either can be much higher. Home insurance can prevent financial ruin from catastrophic events, and a home warranty can save you from the unexpected costs of home repairs, which can quickly add up.

PEACE OF MIND

Together, these protections provide peace of mind, knowing that you have a plan for both the expected and the unexpected. This dual approach ensures that you are prepared for emergencies and everyday breakdowns, keeping your home safe, functional, and well-maintained.

In summary, home insurance and home warranties serve distinct but equally important roles in protecting your home and finances. Home insurance covers significant perils and liability, while a home warranty covers the wear and tear of essential home systems and appliances. Having both ensures that you are fully covered, offering comprehensive protection that helps you maintain your home with confidence and peace of mind.

At Keller Williams Preferred Properties, we understand the importance of protecting your home investment. Whether you’re looking to buy, sell, or learn more about home protection options, we’re here to help. Contact us today at 240-737-5000 or visit our website at thekwppexperience.com/ contact to schedule an appointment. Let us help you navigate the world of homeownership with ease and expertise.

How Can I Avoid Common Real Estate Compliance Breaches?

Navigating the world of real estate can be complex and challenging, especially when it comes to compliance with regulations and laws. Compliance breaches can lead to severe consequences, including fines, legal actions, and damage to your professional reputation. Understanding and avoiding common real estate compliance breaches is crucial for anyone in the industry. This blog post aims to provide practical tips and insights to help you stay compliant and avoid potential pitfalls.

UNDERSTANDING REAL ESTATE COMPLIANCE

Real estate compliance refers to the various laws, regulations, and ethical standards governing the industry. These rules are designed to protect consumers, maintain fair practices, and ensure the integrity of the real estate market. Compliance breaches can occur in many areas, including advertising, disclosure, record-keeping, and fiduciary responsibilities.

COMMON REAL ESTATE COMPLIANCE BREACHES

1. FAILURE TO DISCLOSE MATERIAL FACTS:

One of the most common compliance breaches in real estate is the failure to disclose material facts. Agents and brokers are legally required to disclose any information that could affect a buyer’s decision, including property defects, zoning issues, and any other significant concerns. Failing to disclose such information can lead to legal actions and loss of trust.

2. MISLEADING ADVERTISING:

Misleading or false advertising is another frequent compliance issue. All advertising materials, including listings, flyers, and online posts, must be accurate and not mislead potential buyers. Exaggerating features, hiding flaws, or using deceptive language can result in severe penalties and damage your reputation.

3. IMPROPER RECORD-KEEPING:

Real estate professionals must maintain accurate and comprehensive records of all transactions. Poor record-keeping can lead to compliance breaches, especially during audits or legal disputes. Keeping detailed records helps ensure transparency and accountability in your transactions.

4. VIOLATING FAIR HOUSING LAWS:

Fair housing laws are designed to prevent discrimination in real estate transactions. Violations of these laws, such as refusing to rent or sell based on race, colour, religion, sex, or other protected characteristics, can lead to significant legal repercussions. It’s essential to understand and comply with all fair housing regulations.

5. CONFLICTS OF INTEREST:

Real estate professionals must always act in the best interests of their clients. Situations where a conflict of interest arises, such as representing the buyer and seller in a transaction, must be handled with utmost transparency and consent from all parties involved. Failure to manage conflicts of interest properly can lead to ethical breaches and legal issues.

PRACTICAL TIPS FOR STAYING COMPLIANT

1. STAY INFORMED:

It is crucial to stay current with the latest laws, regulations, and industry standards. To stay informed about changes in real estate laws and compliance requirements, regularly attend training sessions, workshops, and webinars.

2. MAINTAIN ACCURATE RECORDS:

Develop a robust record-keeping system. Ensure all documents, communications, and transaction details are recorded accurately and stored securely. This practice will help during audits and provide clarity and transparency in your dealings.

3. COMMUNICATE TRANSPARENTLY:

Open and honest communication with clients is essential. Always disclose all material facts about a property and ensure clients understand the implications. Clear communication builds trust and helps avoid misunderstandings that could lead to compliance issues.

4. REVIEW ADVERTISING MATERIALS:

Review all advertising materials regularly to ensure accuracy and compliance with regulations. Avoid using ambiguous or misleading language, and be truthful about your marketing properties.

5. UNDE RSTAND AND IMPLEMENT FAIR HOUSING PRACTICES:

Familiarize yourself with fair housing laws and ensure all business practices align with these regulations. Treat all clients equally and avoid any discriminatory actions or language.

6. SEEK LEGAL ADVICE WHEN NEEDED:

If you need clarification on a particular compliance issue, seek legal advice. Consulting with a real estate attorney can help clarify doubts and ensure you adhere to all relevant laws and regulations.

CONCLUSION

Avoiding common real estate compliance breaches requires diligence, ongoing education, and a commitment to ethical practices. By understanding the common pitfalls and implementing the tips provided, you can protect yourself from legal troubles and maintain a reputable and successful real estate business. Remember, compliance is about following the rules and fostering trust and integrity in professional interactions.

Partner with experienced professionals to ensure your real estate transactions are always in compliance with the latest regulations. Visit(http:// www.thekwppexperience.com/contact ) to book an appointment, or contact our team leader, Jamal Daniels, at 240-226-0909 or jamaldaniels@kw.com for expert guidance and support.

Real Estate Financing: Assessing Creditworthiness

Securing financing is a critical step in the home-buying process, and understanding how lenders assess creditworthiness can significantly affect your ability to obtain a mortgage. Creditworthiness measures a borrower’s reliability in repaying a loan, and several factors influence it. This blog post will explore what creditworthiness is, how it’s assessed, and what potential homebuyers can do to improve their credit profiles and increase their chances of securing favourable financing.

INTRODUCTION TO CREDITWORTHINESS

Creditworthiness evaluates a borrower’s ability to repay debt, a critical factor that lenders consider when approving a mortgage application. For real estate transactions, demonstrating strong creditworthiness can lead to better loan terms, lower interest rates, and a smoother approval process. Understanding the elements that affect your creditworthiness can empower you to take proactive steps toward improving your financial health.

FACTORS INFLUENCING

CREDITWORTHINESS

Several factors play a role in assessing an individual’s creditworthiness. These include credit score, credit history, debt-to-income ratio, employment history, and current financial situation. Lenders use these factors to determine the risk of lending money to a potential homebuyer.

CREDIT SCORE

Your credit score is a numerical representation of your creditworthiness, typically ranging from 300 to 850. It’s calculated based on your payment history, amounts owed, length of credit history, new credit, and types of credit used. A higher credit score indicates lower risk to lenders and can significantly impact your ability to secure a mortgage with favourable terms.

CREDIT HISTORY

Your credit history includes information about your borrowing and repayment activities over time. It shows lenders how you’ve managed past credit accounts, including credit cards, loans, and other financial obligations. A long, positive credit history demonstrates reliability and can enhance your

DEBT-TO-INCOME RATIO (DTI)

The debt-to-income ratio compares your monthly debt payments to your monthly income. Lenders use this ratio to assess your ability to manage additional debt. A lower DTI ratio indicates that you have a manageable level of debt relative to your income, which is a positive indicator of creditworthiness.

EMPLOYMENT HISTORY AND INCOME STABILITY

Lenders prefer borrowers with stable employment and consistent income. A steady job history and reliable income stream suggest you have the financial means to repay your mortgage. Lenders may request proof of income, such as pay stubs, tax returns, and employment verification, to assess your financial stability.

CURRENT FINANCIAL SITUATION

Your current financial situation, including savings, investments, and other assets, can impact your creditworthiness. A healthy savings account or other liquid assets can reassure lenders that you have the resources to cover unexpected expenses and continue making mortgage payments even in challenging times.

STEPS TO IMPROVE CREDITWORTHINESS

Improving your creditworthiness is gradual, but taking the proper steps can enhance your financial profile and increase your chances of securing favourable financing.

PAY BILLS ON TIME

Timely bill payments are crucial for maintaining a good credit score. Set up reminders or automatic payments to ensure you never miss a due date. Consistently paying your bills on time shows lenders that you are reliable and can manage your financial obligations.

2. REDUCE DEBT

Lowering your outstanding debt can improve your debt-to-income ratio and boost your credit score. Focus on paying down high-interest debts first and avoid accumulating new debt while preparing to apply for a mortgage.

3. MONITOR YOUR CREDIT REPORT

Regularly checking your credit report can help you identify and correct any errors that may negatively affect your credit score. You can obtain a free copy of your credit report from each of the major credit bureaus—Experian, Equifax, and TransUnion— once a year through AnnualCreditReport.com.

4. AVOID OPENING NEW CREDIT ACCOUNTS

Opening multiple new credit accounts quickly can lower your credit score and signal financial instability to lenders. If you plan to apply for a mortgage, it’s best to avoid opening new credit accounts for at least six months before applying.

5. BUILD A STRONG CREDIT HISTORY

If you have a limited credit history, consider building it up by responsibly using credit cards or taking out small loans. To demonstrate good credit management, keep your credit utilization low and pay off your balances in full each month.

Assessing creditworthiness is crucial to the mortgage approval process, and understanding how lenders evaluate your financial profile can help you make informed decisions. By improving your credit score, managing your debt-to-income ratio, maintaining stable employment, and building a solid credit history, you can enhance your creditworthiness and increase your chances of securing favorable real estate financing. Taking these steps will help you qualify for a mortgage and set you up for long-term financial success.

Ready to enhance your creditworthiness and secure the best financing for your new home? Visit (http://www.thekwppexperience.com/contact ) to book an appointment, or contact our office today at 240-737-5000. Let’s work together to achieve your real estate goals!

The Role of a Real Estate Wholesaler in Maryland: A Fresh Perspective

Real estate wholesaling has emerged as a popular investment strategy in the real estate industry, offering unique advantages for investors and sellers. Unlike traditional buying and selling methods, wholesale real estate involves acquiring properties at a discounted price and then quickly transferring the contract to a real estate investor for a profit. In this article, we will delve into wholesale real estate’s benefits to savvy investors and explore the role of real estate wholesalers in Maryland.

LOW CAPITAL REQUIREMENTS

One of the primary advantages of wholesale real estate is its low capital requirement. Traditional real estate investment often demands a significant upfront investment, including down payments, closing costs, and ongoing maintenance expenses. In contrast, wholesale real estate requires a relatively small amount of capital to secure the property under contract. This makes it an accessible option for individuals looking to enter the real estate investment market without tying up a large amount of capital.

REDUCED RISK

Wholesale real estate transactions are designed to minimize risk for investors. Since the investors don’t own the property, they are shielded from potential issues like property damage, market fluctuations, and maintenance costs. Instead, the investor focuses on securing a buyer for the contract before the closing date, effectively passing on the potential risks associated with property ownership to the end buyer.

QUICK TURNAROUND

Wholesale real estate transactions are known for their speed and efficiency. Investors can quickly identify potential deals, negotiate with sellers, and put properties under contract. This agility allows investors to capitalize on timesensitive opportunities and rapidly move on to the next deal. Moreover, the short holding period of wholesale deals means that investors can achieve returns on their investment within a relatively short period.

MINIMAL TIME AND EFFORT

Unlike traditional real estate investments that require substantial time and effort for property management, tenant screening, and ongoing maintenance, wholesale real estate deals

demand minimal involvement. Investors focus on finding motivated sellers and connecting them with buyers, streamlining the process and freeing up time for pursuing more deals or other endeavours.

NEGOTIATION SKILLS

Successful wholesale real estate investors often develop strong negotiation skills. To obtain properties at a discounted price, investors must effectively communicate with sellers to secure favourable terms. These negotiation skills benefit the investor’s wholesale transactions and can be valuable in other areas of real estate investment.

VERSATILITY

Wholesale real estate is a versatile investment strategy that can be adapted to various market conditions. In a buyer’s market, investors can find motivated sellers more easily. In contrast, a seller’s market has a higher demand for properties, potentially leading to quicker contract assignments. This adaptability makes wholesale real estate a viable option regardless of the current real estate climate.

NETWORK BUILDING

Wholesale real estate encourages the development of a strong network within the real estate industry. Successful investors connect with real estate agents, other investors, contractors, and property appraisers. This network not only aids in finding potential deals but also provides access to valuable resources and expertise.

THE ROLE OF REAL ESTATE WHOLESALERS IN MARYLAND

Real estate wholesalers play a vital role in the Maryland real estate market. They act as intermediaries between buyers and sellers and help facilitate the sale of properties. The wholesalers typically find motivated sellers looking to sell their property quickly and at a lower price. They negotiate with the seller and sell the contract to a buyer, usually another real estate investor or house flipper.

BENEFITS FOR SELLERS

Real estate wholesaling can be a win-win situation for both the seller and the buyer. The seller can sell their property quickly and avoid the timeconsuming process of listing it on the market. This is particularly beneficial for sellers who are facing financial distress, are relocating, or simply need to move on from the property.

BENEFITS FOR BUYERS

The buyer can purchase the property at a discount and often has the opportunity to add value to it before selling it for a profit. This can benefit investors looking to renovate and resell properties.

CONCLUSION

In conclusion, wholesale real estate offers a lucrative investment opportunity with several advantages. From its low capital requirements and reduced risk to its quick turnaround and minimal time commitment, this investment strategy has attracted many investors seeking to diversify their portfolios and generate profits. By capitalizing on negotiation skills, building networks, and adapting to various market conditions, investors can harness the potential of wholesale real estate to achieve their financial goals in the ever-evolving real estate market.

Unlock the potential of real estate investing with Emerick Peace and discover the benefits of wholesale real estate today! Whether you’re a seasoned investor or new to the market, our team at the KWPP Experience is here to guide you through every step. Contact Emerick Peace at 240-737-5000 or visit our website at thekwppexperience.com to start your journey towards profitable and efficient real estate investments.

Maryland: Exploring the Impact of Technology on Real Estate Deals in Maryland

Maryland’s coastal properties, renowned for their scenic beauty and prime locations along the Chesapeake Bay and the Atlantic Ocean, face increasing risks due to the accelerating impacts of climate change. As climate patterns shift and environmental conditions evolve, the real estate market in these regions is being fundamentally altered, with significant implications for homeowners, investors, and policymakers.

RISING SEA LEVELS AND FLOODING

One of the most pressing issues confronting Maryland’s coastal properties is the rising sea level. The Chesapeake Bay area is experiencing sea level rise at a rate higher than the global average due to a combination of global climate change and local land subsidence. As sea levels continue to climb, properties in low-lying areas are becoming increasingly susceptible to chronic flooding. This not only threatens the structural integrity of homes and businesses but also raises concerns about long-term habitability and property values.

COASTAL EROSION

In addition to flooding, coastal erosion poses a significant threat to Maryland’s shoreline real estate. The constant battering of waves and storm surges, exacerbated by rising sea levels, accelerates the erosion of beaches and cliffs. This process can result in the loss of land, undermining the foundations of properties and leading to costly damages. For property owners, this translates to higher maintenance costs and the need for expensive erosion control measures, such as seawalls and groynes.

INCREASED STORM INTENSITY

Climate change is also linked to an increase in the frequency and intensity of extreme weather events, including hurricanes and tropical storms. These powerful storms can bring devastating winds, heavy rainfall, and substantial storm surges, causing widespread damage to coastal properties. In Maryland, areas like Ocean City and Annapolis are particularly vulnerable, facing the brunt of these intensified weather patterns. The aftermath of such storms can result in significant financial losses, both in terms of

immediate damage and the long-term impact on property values.

INSURANCE AND FINANCING CHALLENGES

The heightened risk of flooding and storm damage has led to increased insurance premiums for coastal properties. In some cases, insurers are pulling back from offering coverage altogether, making it difficult for property owners to secure necessary protection. This shift has a direct impact on the real estate market, as higher insurance costs and the difficulty in obtaining coverage can deter potential buyers and investors. Additionally, lenders may become more cautious, imposing stricter requirements for mortgage approvals in high-risk areas.

ADAPTATION AND RESILIENCE EFFORTS

Despite these challenges, there are ongoing efforts to mitigate the impact of climate change on Maryland’s coastal properties. State and local governments, along with private stakeholders, are investing in resilience and adaptation measures. These include the restoration of wetlands and natural barriers, the construction of flood defenses, and the implementation of stricter building codes. Additionally, some communities are exploring managed retreat strategies, which involve relocating structures away from vulnerable areas.

CONCLUSION

The effect of climate change on Maryland’s coastal properties is multifaceted and significant. Rising sea levels, coastal erosion, and increased storm intensity pose serious risks that affect property values, insurance costs, and the overall real estate market. As these challenges continue to evolve, it is crucial for homeowners, investors, and policymakers to work together to develop adaptive strategies and enhance the resilience of Maryland’s cherished coastal regions. Through proactive measures and thoughtful planning, it is possible

to mitigate the adverse effects of climate change and safeguard the future of coastal real estate in Maryland.

The impacts of climate change on Maryland’s coastal properties are significant, but with the right strategies and expert guidance, you can protect your investment and ensure its long-term resilience. Don’t wait until it’s too late—schedule an appointment with our experienced team to discuss how you can safeguard your property and navigate the challenges ahead.

Baltimore’s Tech Boom and Its Effects on Housing and Commercial Spaces

Baltimore, the vibrant and diverse city known for its rich history, is experiencing a remarkable transformation in recent years. With a surge in the technology industry, Baltimore has become a hub for innovation and entrepreneurship, attracting top talent and companies to its bustling streets. This tech boom has not only brought exciting opportunities for the economy, but it has also had a significant impact on the city’s housing and commercial spaces. In this blog post, we will explore the growth of Baltimore’s tech industry and the effects it is having on the city’s real estate market. From rising property values and gentrification to innovative developments and revitalized neighborhoods, we’ll take a closer look

at the evolving landscape of Baltimore and its exciting future.

THE CATALYSTS OF CHANGE: HIGHLIGHTING TECH PIONEERS

Baltimore’s tech scene is flourishing, thanks to a vibrant ecosystem of startups and established tech firms. Companies like Catalyst Health Tech Innovation, a leader in health tech advancements, and Mindgrub Technologies, an agency at the forefront of digital innovation, are spearheading this transformation. These tech pioneers are not only contributing to the city’s

economic vitality but also setting the stage for a real estate revolution.

COMMERCIAL SPACES: A NEW DAWN

The influx of tech companies into Baltimore is creating a ripple effect across commercial real estate. Traditional office spaces are giving way to dynamic, flexible work environments designed to foster creativity, collaboration, and innovation.

•CO-WORKING AND INNOVATION HUBS:

There’s a notable surge in demand for co-working spaces and innovation hubs. These facilities offer a versatile solution for startups and established firms alike, providing them with the infrastructure and networking opportunities essential for growth. Spaces such as Spark Baltimore and Betamore serve as prime examples, offering everything from hot desks to private offices, all while encouraging a community of innovation.

•ADAPTIVE REUSE PROJECTS:

Another trend gaining momentum is the adaptive reuse of historical buildings. Tech companies are drawn to these spaces for their unique character and the opportunity to infuse a sense of history with modern tech innovation. This not only helps preserve Baltimore’s architectural heritage but also provides tech firms with distinctive spaces that stand out in the corporate landscape.

THE RESIDENTIAL RIPPLE EFFECT

As the tech industry flourishes, its impact on Baltimore’s residential real estate is equally significant. The demand for housing is on the rise, leading to notable trends in the market.

•GENTRIFICATION AND URBAN RENEWAL:

Neighborhoods around tech hubs are experiencing a wave of gentrification and urban renewal. This revitalization is attracting a diverse population, including tech professionals looking for homes close to work. While this brings positive change in the form of upgraded infrastructure and amenities, it also poses challenges, such as rising housing costs and

displacement concerns.

•HOUSING MARKET DYNAMICS:

The growing tech workforce is fueling demand for both rental and owned properties. This demand is driving up property values and rents, particularly in areas close to tech centers. Consequently, developers are focusing on building more high-density residential projects, from luxury apartments to modern townhomes, catering to the preferences of the tech-savvy population.

•SUSTAINABILITY AND SMART HOMES:

Reflecting the tech industry’s emphasis on innovation, there’s an increasing demand for sustainable living and smart homes. Energyefficient appliances, smart security systems, and connectivity features are becoming standard expectations in new housing developments. This shift not only aligns with the environmental values of the tech community but also contributes to Baltimore’s sustainability goals.

LOOKING AHEAD: THE FUTURE OF BALTIMORE’S REAL ESTATE

As Baltimore’s tech industry continues to expand, its influence on the city’s real estate market is expected to grow. The symbiotic relationship between tech advancements and real estate development is paving the way for a future where innovation, sustainability, and community go hand in hand. The ongoing evolution of commercial and residential spaces is not just about accommodating the tech industry but about creating an environment that nurtures growth, creativity, and a high quality of life for all residents.

In conclusion, Baltimore’s tech boom is more than just a surge in economic activity; it’s a transformative force reshaping the city’s real estate landscape. From the rise of co-working spaces and the adaptive reuse of historic buildings to the trends in housing driven by a growing tech workforce, the impact is profound and multifaceted. As we look forward, the continued interplay between technology and real estate in Baltimore holds the promise of

a vibrant, innovative city that thrives on progress and inclusivity. This journey of transformation, though complex, is a testament to Baltimore’s resilience and its potential to emerge as a leading tech hub that harmoniously blends the old with the new, fostering a future where everyone has a place.

As the Operating Partner and owner of Keller Williams Preferred Properties (KWPP), I invite you to take the next step in exploring Baltimore or Maryland. Whether you’re looking to buy or sell property, my team at KWPP is dedicated to providing exceptional service and expertise. We understand the unique intricacies of the Maryland real estate market and can assist you in achieving your investment goals.

Feel free to reach out to me personally at 240-737-5000 or visit our website at https://www.thekwppexperience.com/contact/.

I’m here to answer any questions, provide tailored guidance, and support you throughout your journey of investing in Baltimore homes. Together, let’s unlock the incredible opportunities that await in this captivating state.

Maryland: Real Estate Laws in Maryland Navigating Property Transactions with Ease

Are you considering buying or selling property in the state of Maryland? As with any real estate transaction, it’s important to have a solid understanding of the laws and regulations of the state. In this blog post, we’ll discuss the key laws and regulations surrounding real estate in Maryland, and provide you with valuable insights and tips to help you navigate the process with ease. Whether you’re a first-time homebuyer or a seasoned investor, this post will equip you with the knowledge you need to confidently navigate Maryland’s real estate market laws.

MARYLAND HOMESTEAD LAWS

At the heart of property protection in Maryland are the Homestead Laws. These statutes are designed to shield homeowners from complete loss of their residence in the event of financial

upheaval, such as bankruptcy. Unlike some states that specify a maximum acreage for homestead protection, Maryland places a cap on the value of property that can be declared as a homestead. Specifically, an individual can protect up to $3,000 of their property’s value, with an additional allowance of up to $2,500 in the context of a Title 11 bankruptcy proceeding.

It’s important to note, however, that this protection is not absolute. There are several exceptions where homestead property may still be at risk including:

•SECURED DEBTS:

If the property has been pledged as security for a mortgage, it may be at risk in the event of default.

•PRE-EXISTING LIENS:

Properties encumbered with liens before the designation of homestead status are not protected from seizure under these liens.

•STATE OR LOCAL TAXES:

Properties with overdue taxes owed to the State of Maryland or any local municipalities may be subject to sale or foreclosure for tax recovery.

•DEBTS FOR PROPERTY IMPROVEMENTS:

Money owed to mechanics, contractors, or builders for work performed on the property can lead to a forced sale or forfeiture to satisfy these debts.

Additionally, it’s crucial to understand that as Maryland’s Homestead Laws are state statutes, they can be overridden by federal laws. This includes situations involving federal tax liens. However, it is generally rare for the Internal Revenue Service (IRS) to pursue the foreclosure of a home solely for the recovery of tax debt.

MARYLAND ADVERSE POSSESSION LAWS

Another intriguing aspect of Maryland real estate law is adverse possession. This doctrine allows individuals to gain legal ownership of property under specific conditions, even if they are not the original owner. To claim property under adverse possession, a person must occupy the land for a continuous period of 20 years. The occupation must be hostile, actual,

open notorious, and exclusive. This means the individual must treat the property as their own, without the permission of the original owner, and their claim must be obvious to anyone.

While the concept of adverse possession may seem straightforward, establishing a claim requires meeting all the stipulated criteria, making it a complex legal challenge. It’s a mechanism that underscores the importance of vigilant property management and the risks of neglect.

Maryland Lease and Rental Agreement Laws

For those navigating the rental market, Maryland’s laws on leases and rental agreements offer clear guidelines for both landlords and tenants. One key regulation caps security deposits at two months’ rent and mandates that landlords pay interest on these deposits at a rate of 4% per annum. Upon the termination of a lease, the security deposit, along with accrued interest, must be returned to the tenant within 45 days. Maryland law also addresses the transition of lease agreements upon their expiration. Typically, a lease transitions to a monthto-month agreement unless the original terms specify otherwise. This provides flexibility for both parties but also requires landlords to give one month’s notice before terminating the tenancy or reclaiming the property.

Discrimination in rental practices is strictly prohibited, with exceptions being very narrowly defined. This ensures fair access to housing across the state, regardless of one’s race, religion, color, sex, sexual orientation, national origin, marital status, or handicap.

CONCLUSION:

Following Maryland’s legal developments will guarantee that your real estate transactions are profitable and compliant as the state’s real estate industry continues to change. Knowledgeable participants are the most successful in Maryland’s vibrant and diversified state, making the process of buying and selling real estate not simply a legal need but also a chance for stability and advancement.

As the Operating Partner and owner of Keller Williams Preferred Properties (KWPP), I invite you to take the next step in exploring Maryland. Whether you’re looking to buy or sell property, my team at KWPP is dedicated to providing exceptional service and expertise. We understand the unique intricacies of the Maryland real estate market and can assist you in achieving your investment goals. Feel free to reach out to me personally at 240-737-5000 or visit our website at Keller Williams Preferred Properties I’m here to answer any questions, provide tailored guidance, and support you throughout your journey of investing in Maryland homes. Together, let’s unlock the incredible opportunities that await in this captivating state.

PROPERTIES

KWPP WILLIAMS

PRESS RELEASE

NATIONAL FAIR HOUSING ALLIANCE ISSUES STATEMENT LAUDING THE FEDERAL HOME LOAN BANK OF SAN FRANCISCO ON SELECTING ALANNA MCCARGO TO LEAD THE AGENCY

FOR IMMEDIATE RELEASE

May 8, 2024

Contact: Janelle Brevard | jbrevard@nationalfairhousing.org

Washington, D.C. — The National Fair Housing Alliance® (NFHA™) applauds the Federal Home Loan Bank of San Francisco’s (the Bank) announcement that Alanna McCargo will become the Bank’s next president and chief executive officer.

Ms. McCargo is a noted and well-regarded financial services expert and leader having most recently served as the Government National Mortgage Association’s (Ginnie Mae) president. She was the first woman and woman of color to hold the position. She also served as a senior advisor on housing and finance policy to former HUD Secretary Marcia Fudge. Throughout her impressive career, Ms. McCargo has pioneered and championed policies and programs to advance fair housing and fair lending principles including leading groundbreaking research, while at the Urban Institute, on solutions for expanding access to credit for underserved groups, broadening support for small dollar mortgages, and dismantling barriers to the provisioning of fair and affordable housing.

Ms. McCargo takes the helm of the Bank on the heels of the Federal Housing Finance Agency’s (FHFA) examination of almost 100 years of operation for the Federal Home Loan Bank (FHLBank) System writ large. FHFA’s report provided a comprehensive review of the nation’s FHLBanks and a discussion of how the system can best fulfill its mission of 1) providing stable and reliable liquidity to member institutions; and 2) supporting housing and community development. The report lifts up a number of recommendations for reforming the FHLBank System, including proposals championed by NFHA. Importantly, FHFA recommended the Federal Home Loan Banks deepen and expand mission-oriented programs to support sustainable housing finance and community development products that lack a reliable secondary market outlet. FHFA also supported increasing the 10 percent minimum contribution requirement for the FHLBanks’ Affordable Housing Programs. While the current statute establishes the 10 percent minimum contribution, FHLBanks are able to voluntarily increase their

contributions.

The FHLBanks are an important and integral component of the U.S. housing finance market. They play a significant role in helping address America’s fair and affordable housing crisis. NFHA looks forward to continued work with the San Francisco FHLBank as well as other Banks in the FHLBank system to more broadly expand access to sustainable credit to underserved groups.

The National Fair Housing Alliance (NFHA) is the country’s only national civil rights organization dedicated solely to eliminating all forms of housing and lending discrimination and ensuring equal opportunities for all people. Through its homeownership, credit access, tech equity, education, member services, public policy, community development, and enforcement initiatives, NFHA works to dismantle longstanding barriers to equity and build diverse, inclusive, well-resourced communities.

My Phenomenal World With Emerick Peace | Effective Time Management -Part 3

Join Emerick Peace, the operating partner of Keller Williams Preferred Properties in M aryland, he will guide you through the essentials of time management for real estate professionals. W e’ll explore prioritization, time blocking techniques, and the power of saying no to distractions. By harnessing these strategies, you’ll maximize your productivity and propel your success forward.

My Phenomenal World With Emerick Peace | Navigating Real Estate Market Cycles - Part 4

Are market fluctuations leaving you uncertain? Join Emerick Peace as he explores how to not just survive, but thrive in today’s real estate market. We’ll discuss monitoring market trends, adapting strategies, and building a resilient business plan to conquer any challenge.

Success starts with the right Choice | My Phenomenal World With Emerick Peace

In this episode, we’ll explore the importance of choosing the right brokerage for your real estate journey. Dive into the culture and values of the brokerage, evaluate the training and support offered, and consider the long-term growth opportunities. Your success is a result of the right choices, and I’m here to guide you through it all!

Real Estate Roundtable Business Planning For Real Estate Agents

2023 With Emerick -Part 1

The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier and is headquartered in Riverside, California. We are advocates for homeownership, wealth building and financial literacy for low to moderate-income and minority communities. We utilize online Radio, online Magazine, online TV and online events to educate and support the American dream of homeownership

Real Estate Roundtable Business Planning For Real Estate Agents

2023 With Emerick -Part 2

Real Estate Roundtable Business Planning For Real Estate Agents

2023 With Emerick -Part 3

Real Estate Roundtable Business Planning For Real Estate Agents

2023 With Emerick - Part 4

Real Estate Roundtable Business Planning For Real Estate Agents 2023 With Emerick

In this video, you will learn the importance of creating a solid business plan for your real estate business. Emerick A. Peace discusses key elements of a successful business plan, including goal setting, financial planning, marketing strategies, and more. He provides tips and advice on how to create a plan that is effective and helps you achieve your business goals. If you are a real estate agent or broker looking to grow your business and take it to the next level, then this video is for you

Business Planning For Real Estate Roundtable with Emerick Peace | Part 2 -Segment 2

Joining Emerick is Eric Frazier, a seasoned real estate professional who shares his experience and tips on building a successful real estate business. They discuss how to identify opportunities in the market, create a marketing plan, and leverage technology to streamline processes. This episode is a must-watch for anyone looking to start or grow their real estate business. The real estate roundtable is the perfect platform to learn from industry leaders and gain valuab le insights that can help you succeed.

Business Planning For Real Estate Roundtable With Emerick -Part 3 -segment 2

Welcome to Part 3 of "The Real Estate Roundtable with Emerick A. Peace" brought to you by The Power Is Now media. In this episode, Emerick A. Peace and Eric Frazier discuss the importance of business planning for a successful real estate business.

Real Estate Roundtable with Emerick -Part 1

In this exciting episode of Business Planning for Real Estate Agents 2023, Emerick A. Peace of Keller Williams Preferred Properties in Maryland and Eric Lawrence Frazier, CEO of The Power Is Now Media, bring you the latest insights and strategies for building a successful real estate business. Join them as they discuss the essential components of a comprehensive business plan, including marketing, lead generation, financial planning, and more.

Real Estate Roundtable with Emerick -Part 2

In this highly anticipated continuation of Part 6 of Business Planning for Real Estate Agents 2023, Emerick A. Peace of Keller Williams Preferred Properties in Maryland and Eric Lawrence Frazier, CEO of The Power Is Now Media, dive even deeper into the essential components of a comprehensive real estate business plan. From setting clear and measurable goals to developing a sound financial strategy, Emerick and Eric provide valuable insights and practical tips that can help you

My Phenomenal World With Emerick Peace | Your Business

Differentiator -Part 5

Welcome to “My Phenomenal World” with Emerick Peace, the operating partner of Keller Williams Property in Prince George’s County, Maryland, and Washington DC. Discover how networking in real estate can transform your life and business because your network is your net worth!

Real Estate Round Table with Emerick Peace

Emerick Peace shares his strategies and priorities for the second half of 2022. Emerick Peace is one of only 70 people to be inducted into the hall of fame of his marketplace. He is on top of his game and brings years of knowledge and experience to this episode of the Real Estate Round Table

The Business of Real Estate by Emerick Peace. Donate time, money or talent.

Join Emerick for another exciting show where he talks about being purposeful in not just life, but also in business

The Business of Real Estate by Emerick Peace. Episode 3. Relationships.

On this episode, Emerick and his panel talk about relationships both personally and professionally. This episode explores the place of relationships in our lives

The Business of Real Estate by Emerick Peace. Episode 2. Gratitude.

In this episode Emerick gets into details with the Peace Team about Gratitude. We often don’t show gratitude enough in our personal and professional life. What impact does this have? What if we did it more?

The Business of Real Estate by Emerick Peace. Episode 1. Profit

In this episode, Emerick and the Peace Team talk about profits. They get into details about how to get profitable in business and also in their personal lives. Join Emeric k Peace on The Power Is Now TV. Every 2nd and 4th Tuesday of the month at 6:00 PM

Market Update ft Emerick Peace

Host Erick Frazier interviews Emerick A. Peace about market updates in Maryland and Washington D.C. Learn about the opportunities we offer you to buy your first house.

7 Ways to Compete In a Sellers Market in Maryland

By Emerick Peace

In the dynamic world of real estate, the scales of supply and demand are constantly shifting. Currently, Maryland is experiencing what’s known as a ‘sellers market’, where the number of buyers exceeds the number of homes for sale. This can make the home buying process seem daunting,

even overwhelming. But fear not! This blog is designed to equip you with seven strategic ways to navigate and compete effectively in Maryland’s sellers market.

From understanding the market trends to crafting compelling offers, we’ll explore practical tips

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that could turn the tide in your favor. So, whether you’re a first-time homebuyer or a seasoned investor, this guide will provide valuable insights to help you achieve your real estate goals in Maryland’s competitive market.

UNDERSTANDING THE SELLERS MARKET IN MARYLAND

A seller’s market is a term used in the real estate industry to describe a market condition where there are more homebuyers than there are properties for sale. This imbalance often leads to multiple buyers interested in a single property, sparking bidding wars and driving up home prices. In a sellers market, the advantage tips towards the seller. This is primarily because the scarcity of available homes allows sellers to set higher asking prices. Buyers, on the other hand, must be prepared to act quickly and offer attractive terms to secure their desired property. Now, let’s take a closer look at the current state of the real estate market in Maryland. Maryland, known for its rich history, diverse culture, and strategic location, has always been an attractive place for homebuyers. Over the past few years, Maryland’s real estate market has seen a significant shift towards a sellers market. This shift is driven by a combination of factors including low-interest rates, a steady influx of new residents, and a limited supply of homes for sale. The result? Homes are selling quickly, often above the asking price, and buyers are facing stiff competition. For those looking to buy a home in Maryland, understanding this market dynamic is the first step towards making an informed and successful purchase decision. In the following sections, we will explore strategies to help you compete effectively in Maryland’s vibrant sellers market.

THE IMPORTANCE OF PREAPPROVAL

In a competitive real estate market like Maryland’s, getting pre-approved for a mortgage is not just an advantage—it’s a necessity. But what does pre-approval mean, and why is it so important?

Pre-approval is a process where a lender evaluates your financial situation and determines how much they’re willing to lend you for a home purchase. This is based on factors such as your credit score, income, debts, and assets. The result is a pre-approval letter, which states the maximum loan amount that the lender is willing to offer you. Here’s why getting pre-approved can give you a competitive edge in a sellers market:

1.SHOWS FINANCIAL CREDIBILITY:

A pre-approval letter is a testament to your financial credibility. It shows sellers that you’re a serious buyer with the financial means to purchase their property.

2.SPEEDS UP THE HOME BUYING PROCESS:

In a sellers market, homes sell quickly. Being preapproved allows you to act swiftly once you find a home you love.

3.STRENGTHENS YOUR OFFER:

In a situation where a seller receives multiple offers, a pre-approval letter could make your offer stand out. It provides reassurance to the seller that the deal won’t fall through due to financing issues.

4.HELPS DEFINE YOUR BUDGET:

Knowing how much a lender is willing to loan you can help you define your budget and narrow down your home search.

Remember, a pre-approval is not a guarantee of a loan, but it’s a significant step in the right direction. It’s advisable to get pre-approved before you start house hunting, so you’re ready to make an offer when the right opportunity comes along. In the next section, we’ll discuss the benefits of hiring a local real estate agent in a sellers market.

HIRING A LOCAL REAL ESTATE AGENT

In a competitive real estate market like Maryland’s, having a local real estate agent by your side can be a game-changer. A local agent brings to the table a deep understanding of the market, a network of connections, and the expertise to navigate complex transactions. Here are some benefits of working with a local agent:

1.MARKET KNOWLEDGE:

Local agents have their fingers on the pulse of the market. They understand the nuances of Maryland’s real estate market, including pricing trends, neighborhood characteristics, and buyer preferences. This knowledge can help you make informed decisions.

2.ACCESS TO OFF-MARKET LISTINGS:

Sometimes, properties are sold without ever being officially listed. These ‘off-market’ listings are typically shared within local real estate networks. A local agent can give you access to these hidden gems.

3.NEGOTIATION SKILLS:

In a sellers market, negotiation can be tricky. Local agents, armed with market knowledge and experience, can help you craft a competitive offer and negotiate effectively with sellers.

4.GUIDANCE THROUGH THE PROCESS:

Buying a home involves numerous steps, from home inspections to mortgage approval to closing. A local agent can guide you through this process, ensuring that nothing falls through the cracks.

5.LOCAL CONNECTIONS:

Local agents have a network of connections, including home inspectors, mortgage lenders, and contractors. These connections can come in handy during the home buying process.

Remember, the right real estate agent can be your greatest ally in a sellers market. They can provide the guidance, expertise, and resources you need to successfully navigate Maryland’s

competitive real estate market. In the next section, we’ll discuss how to make your offer stand out in a sellers market.

MAKING YOUR OFFER STAND OUT

In a sellers market like Maryland’s, making your offer stand out among multiple bids can be a challenge. Here are some strategies to make your offer more appealing to sellers:

1.OFFER ABOVE ASKING PRICE:

In a competitive market, offering above the asking price can show the seller you’re serious about purchasing their home. However, ensure that the price aligns with your budget and the home’s value.

2.INCREASE YOUR EARNEST MONEY DEPOSIT:

The earnest money deposit shows your commitment to the purchase. A larger deposit could make your offer more attractive to the seller.

3.WAIVE OR REDUCE CONTINGENCIES:

While contingencies can protect buyers, they can also complicate the sale process. If you’re confident about the property, consider waiving certain contingencies to make your offer more appealing.

4.PROVIDE A PRE-APPROVAL LETTER:

As discussed earlier, a pre-approval letter can strengthen your offer by showing the seller that you have the financial means to purchase the home.

5.WRITE A PERSONAL LETTER:

A personal letter to the seller expressing your interest in the home can create an emotional connection and make your offer stand out.

6.BE FLEXIBLE WITH CLOSING DATES:

If possible, try to accommodate the seller’s preferred closing date. This flexibility can make your offer more attractive. Remember, every real estate transaction is unique, and what works in one situation may not work in another. It’s important to work closely with

your real estate agent to craft an offer that not only stands out but also aligns with your home buying goals. In the next section, we’ll explore flexible negotiation tactics in a sellers market.

FLEXIBLE NEGOTIATION TACTICS

Negotiation is an art, especially in a sellers market like Maryland’s where competition is high. Here are some flexible negotiation strategies that can help you secure your dream home:

1.BE QUICK TO RESPOND:

In a sellers market, time is of the essence. Be ready to respond quickly to counteroffers and queries from the seller.

2.SHOW WILLINGNESS TO COMPROMISE:

Show the seller that you’re willing to compromise on certain aspects. This could be anything from the closing date to minor repairs.

3.ESCALATION CLAUSE:

Consider including an escalation clause in your offer. This states that you’re willing to outbid other offers up to a certain limit.

4.RENT-BACK AGREEMENT:

If the seller needs more time to move out, consider offering a rent-back agreement. This allows the seller to rent the home back from you for a certain period after closing.

5.LIMITED INSPECTION:

In a highly competitive market, some buyers opt for a limited inspection or waive the inspection contingency altogether. However, this comes with risks and should be considered carefully.

6.PERSONAL CONNECTION:

Sometimes, a personal touch can make all the difference. Consider writing a letter to the seller explaining why you love the home. Remember, every negotiation is unique, and what works in one situation may not work in another. It’s important to work closely with your real estate agent to devise a negotiation strategy that aligns with your home buying goals and the specifics of the property. In the next section, we’ll discuss

the role of home inspections in the home buying process.

THE ROLE OF HOME INSPECTIONS

Home inspections play a crucial role in the home buying process, especially in a sellers market like Maryland’s. A home inspection is a comprehensive examination of the property’s condition, conducted by a certified professional. It covers everything from the foundation to the roof and can reveal potential issues that might not be visible to the untrained eye.

Here’s why home inspections are important:

1.IDENTIFY POTENTIAL ISSUES:

A home inspection can uncover potential problems such as structural damage, plumbing issues, or outdated electrical systems. Knowing these issues beforehand can help you make an informed decision.

2.NEGOTIATION TOOL:

If the home inspection reveals issues, you can use this information to negotiate the price or ask the seller to make necessary repairs before closing.

3.PLAN FOR FUTURE COSTS:

A home inspection can give you an idea of the lifespan of the home’s major systems and components. This information can help you plan for future maintenance and repair costs.

4.PEACE OF MIND:

A thorough home inspection can give you peace of mind knowing that you’re making a sound investment.

HANDLING POTENTIAL ISSUES:

In a sellers market, you might be tempted to waive the home inspection to make your offer more attractive. However, this comes with risks. If you decide to move forward with a home inspection and issues are found, here are some

1.ASK FOR REPAIRS:

You can ask the seller to fix the issues before closing. Be specific about the repairs and consider getting a re-inspection once the repairs are done.

2.REQUEST A PRICE REDUCTION:

If the seller is unwilling or unable to make the repairs, you can negotiate a lower price to compensate for the cost of repairs.

3.SEEK A CREDIT AT CLOSING:

Instead of having the seller make the repairs or lower the price, you can ask for a credit at closing. This means the seller gives you money at closing to cover the repair costs. Remember, a home inspection is an important step in the home buying process. It can protect you from costly surprises down the road and help you make an informed decision. In the next section, we’ll discuss how to leverage contingencies in a sellers market.

LEVERAGING CONTINGENCIES

Contingencies are conditions or actions that must be met for a real estate contract to become binding. They offer a form of protection for buyers, allowing them to back out of the agreement under certain circumstances without losing their earnest money deposit. Here’s how you can leverage contingencies in a sellers market like Maryland’s:

1.HOME INSPECTION CONTINGENCY:

This contingency allows you to have the home inspected before closing. If significant defects are revealed, you can renegotiate or withdraw your offer without penalty.

2.FINANCING CONTINGENCY:

This contingency protects you in case you’re unable to secure a mortgage. If your loan falls through, you can back out of the purchase without losing your deposit.

3.APPRAISAL CONTINGENCY:

This contingency ensures that the home is valued at a minimum, specified amount. If the appraisal comes in low, you can renegotiate the price or cancel the contract.

4.TITLE CONTINGENCY:

This contingency allows you to review the title report before closing. If there are issues with the title, such as liens or disputes over ownership, you can back out of the deal.

5.HOME SALE CONTINGENCY:

If you need to sell your current home before buying a new one, this contingency can be useful. It allows you to back out if you’re unable to sell your existing home within a certain timeframe.

In a sellers market, contingencies can make your offer less attractive to sellers who have multiple offers. However, they offer important protections. Work with your real estate agent to understand which contingencies make sense for your situation and how to use them effectively. In the next section, we’ll explore different financing options that could help you compete in a sellers market.

EXPLORING DIFFERENT FINANCING OPTIONS

In a sellers market like Maryland’s, having a variety of financing options at your disposal can give you a competitive edge. Here’s a look at some financing options that could help you secure your dream home:

1.CONVENTIONAL LOANS:

These are mortgage loans offered by private lenders without any government insurance. They often require a higher credit score and a larger down payment, but they’re flexible and can be used for all types of properties.

2.FHA LOANS:

Backed by the Federal Housing Administration, these loans are designed for low-to-moderate income buyers. They require a lower down payment and are more forgiving of low credit

3.VA LOANS:

If you’re a veteran or active-duty military member, you may qualify for a VA loan. These loans are backed by the Department of Veterans Affairs and often require no down payment or mortgage insurance.

4.USDA LOANS:

These loans are backed by the United States Department of Agriculture and are designed to help low-to-moderate income buyers purchase homes in rural areas. They often require no down payment.

5.JUMBO LOANS:

If you’re looking at higher-priced homes, a jumbo loan might be the right fit. These loans exceed the conforming loan limits set by Fannie Mae and Freddie Mac and are used to buy luxury properties and homes in highly competitive markets.

6.ADJUSTABLE-RATE MORTGAGES (ARMS):

ARMs have interest rates that change over time, which can be risky. However, they can be a good option if you plan on selling or refinancing before the rate goes up.

7.BRIDGE LOANS:

If you’re buying a new home before selling your old one, a bridge loan can help cover the gap. These short-term loans use your current home as collateral.

Remember, each financing option has its pros and cons, and what works best for you will depend on your financial situation and home buying goals. It’s important to work with a trusted lender or financial advisor to understand these options and choose the one that best fits your needs. In the next section, we’ll discuss the importance of staying patient and persistent in a sellers market.

STAYING PATIENT AND PERSISTENT

In a sellers market like Maryland’s, patience and persistence are more than virtues—they’re necessities. Here’s why:

1.PATIENCE:

In a competitive market, it’s easy to feel pressured into making quick decisions. However, it’s important to remember that buying a home is a significant financial commitment. Take your time to consider your options, do your research, and make sure that the home you’re bidding on is the right fit for you. It’s better to miss out on a house than to rush into a decision you might regret later.

2.PERSISTENCE:

In a sellers market, it’s common to face rejection. Your offer might not be accepted, or you might lose out to another buyer in a bidding war. It’s crucial not to get disheartened. Keep looking, keep making offers, and remember that with each rejection, you’re one step closer to finding the perfect home.

3.STAY INFORMED:

Keep an eye on the market trends. Markets can shift, and staying informed will help you spot opportunities and make informed decisions.

4.KEEP YOUR OPTIONS OPEN:

Don’t fixate on one property or one neighborhood. Consider other neighborhoods, home types, or features. Broadening your search can open up new opportunities.

5.WORK WITH YOUR REAL ESTATE AGENT:

Your real estate agent is your ally in this journey. They can provide valuable advice, keep you informed about new listings, and help you navigate the challenges of a sellers market. Remember, buying a home is a journey, not a race. Stay patient, stay persistent, and you’ll increase your chances of success in Maryland’s competitive real estate market. Good luck!

CONCLUSION

Navigating a sellers market like Maryland’s can be a challenging endeavor. However, with the right strategies and a proactive approach, you can turn these challenges into opportunities. From understanding the dynamics of a sellers market to exploring various financing options, every step you take brings you closer to your dream home.

CONNECT WITH ME TODAY

Remember, patience and persistence are your allies in this journey. Stay informed, keep your options open, and don’t be disheartened by setbacks. With every house you visit and every offer you make, you’re honing your home-buying skills and getting closer to finding the perfect home. This guide has equipped you with practical tips and insights to help you compete effectively in Maryland’s vibrant real estate market. Use these strategies to your advantage, and you’ll be well on your way to securing a home in Maryland’s competitive market. Happy house hunting!

emerickpeace@kw.com

PHONE: (240) 882-0198

About the podcast

For generations, the Black community has faced barriers to building wealth. Today, differences in net worth and homeownership are among the most visible signs of racial inequality in the U.S. It’s time to build a new legacy.

The Color of Money podcast brings you engaging and mindset-shifting episodes devoted to wealth accumulation among Black and historically marginalized communities.

Join KW leaders Daniel Dixon, Julia Lashay Israel, Emerick Peace, Bo Menkiti and their renowned guests for transformative conversations on building wealth for yourself, your family, and generations to come.

HTTPS//: https://thecolorofmoneypodcast.com/

Meet the Hosts

Julia Lashay Israel

Julia is the head of inclusion and belonging for Keller Williams Realty International, co-founder and owner of Refocus Training and Consulting, and a licensed real estate broker in Minnesota and Texas.

Daniel Dixon

Daniel Dixon, CEO of The Dixon Group in Denver, took his group from a single agent to a thriving mega-agent team with 23 agent partners in two locations. The Dixon Group is ranked No. 1 in Colorado and Top 50 nationwide of Keller Williams teams with more than $500 million in home sales.

Emerick Peace

Emerick Peace is the Operating Principal and owner of Keller Williams Preferred Properties, a multibillion-dollar residential, luxury, and commercial real estate sales brokerage that is the No. 1 real estate brokerage (market share, transaction, and sales volume) in Prince

Bo Menkiti

Bo Menkiti is the founder and CEO of Keller Williams Capital Properties and The Menkiti Group. A Harvard graduate and Washington, D.C. area expert, Bo leads his companies with a mission to transform lives, careers, and communities through real estate.

HISTORIC LEGAL BATTLE UNVEILED AGAINST DISCRIMINATORY FLORIDA HOUSING LAW SB 264

FOR IMMEDIATE RELEASE

May 6, 2024

MEDIA CONTACTS:

National Fair Housing Alliance: Janelle Brevard | jbrevard@nationalfairhousing.org

Asian Real Estate Association of America: David Siroty | david@imagineprstrategy.com

Historic Legal Battle Unveiled Against Discriminatory Florida Housing Law SB 264

Advocates Contest Xenophobic Restrictions on Property Ownership, Assert Violation of Federal Fair Housing Act

Washington, D.C. — On May 6, 2024, the National Fair Housing Alliance (NFHA™), the Asian Real Estate Association of America (AREAA), Housing Opportunities Project for Excellence, Inc., and the Fair Housing Center of the Greater Palm Beaches filed a fair housing discrimination suit in federal court in Miami challenging Florida’s SB 264, a state law that greatly restricts people from China, Russia, Iran, North Korea, Cuba, Venezuela, and Syria from purchasing real property in the state. The law almost completely prohibits Chinese citizens and people domiciled in China from buying property in the state. People domiciled in one of the other six countries are prohibited from buying real property within ten miles of critical infrastructure facilities or military institutions—a restriction that covers 98.5% of all residential land in the state.

“Xenophobia has no place in our country—and let there be no mistake, that’s precisely what SB 264 is,” said Noah Baron, Assistant Director of Litigation at Advancing Justice – AAJC. “This legislation echoes last century’s ‘alien land laws,’ which also restricted the property rights of Asian Americans on the basis of stereotypes and prejudice. The United States must not continue down this dangerous road; we know where it leads because we have traveled it before: during World War II when unfounded suspicions of Japanese Americans led to the forced imprisonment of over 120,000 Japanese Americans by the U.S. government and going as far back as the 1882 Chinese Exclusion Act.”

The lawsuit filed by Relman Colfax, Asian Americans Advancing Justice – AAJC, and

Courtney Cunningham asserts that SB 264 violates the federal Fair Housing Act, which prohibits acts that are motivated by a person’s national origin or have a disproportionate harmful effect on people from specific countries. As described in the complaint, SB 264 is based on stereotyped and xenophobic generalizations, and is transparently motivated by discrimination against people from the seven targeted countries.

“SB 264 is reminiscent of early twentieth century land laws that attempted to prevent Asian and other immigrants deemed undesirable from settling in the United States. This law is one of the most discriminatory housing prohibitions this country has seen since the Fair Housing Act was passed in 1968. Legislation such as this prevents people from purchasing homes and becoming, or continuing to be, valued members of the community. SB 264 cannot be permitted to stand,” said Keenya Robertson, President and CEO of Housing Opportunities Project for Excellence, Inc.

“This is a momentous day for AREAA and our 19,000 members as it is the first time we have filed suit to protect the rights of the AANHPI community,” said Jamie Tian, President of AREAA. “SB 264 must be defeated. Florida legislators and Governor DeSantis have wrongly targeted Chinese, and other select groups of immigrants. They have opened the door for greater discrimination while creating increased barriers of homeownership entry for prospective AANHPI homebuyers and sellers. My parents came to the U.S. from China as PhD candidates and they eventually bought a home in Irvine, California. I shudder to think about what my parents would have gone through today if they had settled in Florida. It’s infuriating to realize we now live in a reality where government leaders are putting homeownership out of reach for AANHPI people in Florida.”

The law was promoted by Governor DeSantis who described it as part of an effort to prevent people from certain countries from “worming” their way into American society. The bill’s sponsor described it as targeting foreign agents, but its broad sweep captures people lawfully in the United States and vetted by immigration officials such as people on student visas, domestic employment and seasonal worker visas, and visas for victims of criminal activity and human trafficking. People from the targeted countries who already own property in the state are required to register with the Florida Department of Commerce. The penalties for violating the law include felonies punishable by as much as five years imprisonment and can be applied to buyers, sellers, and real estate professionals.

“The federal Fair Housing Act was signed into law to eliminate the race-based barriers to housing that have plagued our nation since its inception. SB 264 is contrary to the spirit of our nation’s fair housing laws and tramples on the rights of people of Asian descent and other immigrants. It sends the dangerous message that discrimination in housing based on national origin is acceptable in the state of Florida,” said Lisa Rice, President and CEO of the National Fair Housing Alliance. “We look forward to vindicating the fair housing rights of Asians and other immigrants in Florida and making it possible for them to secure stable housing.”

The sponsors’ defense of the bill is to cite national security concerns, but people from the targeted countries make up a tiny percentage of all residential property buyers in the state and the legislative record identified no link between the purchase of residential

property and security threats. With no basis, SB 264 explicitly targets individuals from the seven targeted countries for disfavored treatment while imposing no similar restrictions on nationals of any other country. The legislation impedes the pursuit of the American dream for families from China and the other countries who aspire to build a life in this country free from discrimination.

“The people of Florida deserve better than a government that says ‘you are not welcome’ to large groups of people just because they were born in a particular country,” said Vince Larkins, President and CEO of Fair Housing Center for the Greater Palm Beaches. “We cannot sit idly by while housing discrimination is now the official policy of the State of Florida.”

“It is our expectation that the court will find this explicitly discriminatory law as a violation of the Fair Housing Act and strike it down,” said Reed Colfax, a partner with Relman Colfax.

To view the full complaint, click here.

https://nationalfairhousing.org/historic-legal-battle-unveiled-against-discriminatory-florida-housing-

PRESS RELEASE

NFHA AND FELLOW FAIR HOUSING ADVOCATES FILE COMPLAINT AGAINST NATIONAL TENANT SCREENING SOFTWARE COMPANY

FOR IMMEDIATE RELEASE

May 14, 2024

Media Contacts:

National Fair Housing Alliance: Janelle Brevard | jbrevard@nationalfairhousing.org Fair Housing Rights Center: Angela McIver | amciver@fairhousingrights.org Housing Equality Center: Rachel Wentworth | wentworth@equalhousing.org

NFHA and Fellow Fair Housing Advocates File Complaint Against National Tenant Screening Software Company

Complaint Alleges Discrimination Against Housing Voucher Holders in Memphis, TN, and Philadelphia, PA

Washington, D.C. — Today, the National Fair Housing Alliance® (NFHA™), the Fair Housing Rights Center in Southeastern Pennsylvania (FHRC), and the Housing Equality Center of Pennsylvania (HECP) filed a complaint with the U.S. Department of Housing and Urban Development (HUD) against Tenant Turner, Inc., for its treatment of Memphis and Philadelphia residents seeking housing opportunities.

Tenant Turner is a Richmond, VA-based web lead management and tenant screening software that provides services for property managers nationwide including pre-qualification of prospective tenants. Tenant Turner is believed to display thousands of listings on its website from throughout the country. NFHA, FHRC, and HECP’s complaint alleges that Tenant Turner discriminates based on race by facilitating landlords to generate listings on its website that display a refusal to rent to people who use Housing Choice Vouchers (“HCV”) and designing an algorithm that prohibits voucher holders from scheduling a viewing of rental units that display that refusal in the cities of Memphis, TN, and Philadelphia, PA. The HCV program ensures that people, including veterans, whose incomes have not kept up with rising housing costs can still access stable housing by paying landlords directly for all or part of their rent.

NFHA, FHRC, and HECP’s investigation found that Tenant Turner displays listings online that are “not available for tenants with… a housing voucher,” which is language that Tenant Turner offers to landlords to indicate whether they want to rent to prospective tenants with vouchers, even

in cities or counties with local ordinances that prohibit discrimination against source of income, including voucher holders. Through over 40 tests of Tenant Turner’s pre-screening survey that sets up showings of rental units on listings that display housing choice voucher restrictions, NFHA, FHRC, and HECP found that testers with housing vouchers were unable to schedule a viewing of the rental unit. The testers would reach a screen from Tenant Turner that stated, “Sorry,” and “This property is not available for tenants with… a housing voucher.” Fair housing testing is a controlled method of documenting the quality and quantity of information provided to home seekers by rental firms and their housing managers. Testing also helps uncover the nature and extent of potential housing discrimination. Through data collected from August 2022 to March 2023, NFHA’s analysis revealed more than 4,005 listings with housing choice voucher restrictions in 23 localities with source of income protections, including Memphis, TN, and Philadelphia, PA.

Tenant screening platforms, like Tenant Turner, that facilitate discrimination against HCV holders deprive families of the right to choose the housing that is best for them and increase the likelihood that people will experience housing instability, face homelessness, or suffer other harms. In 2023, the online home rental market was valued at around $18.24 billion, with significant expansions anticipated in the years to come. Consumers’ search for housing is becoming increasingly digital, and while this can make information on units and neighborhoods more broadly accessible, it can also aid in discrimination by making it easier for landlords or housing providers to choose home seekers based on their preferences or biases. With more and more housing providers using platforms, like Tenant Turner, that automate the tenant screening and rental viewing process, discrimination against HCV holders is now increasingly encoded or facilitated by algorithms and software.

The nation is in the midst of a fair and affordable housing crisis with housing experts projecting the U.S. needs at least an additional 7.3 million affordable housing units. Moreover, wages have not kept pace with rising housing costs. While housing prices have increased by roughly 160 percent since 2000, wages have only increased by about 70 percent.

“Rising rents are putting housing out of reach for millions, particularly people of color, persons living with disabilities, low- and moderate-income families, veterans, and frontline workers who have been hardest-hit by the ongoing COVID-19 health and economic crisis. When real estate companies and property managers deny voucher holders, they are denying people access to safe, affordable housing and the many opportunities that come with that. More protections are needed for renters who rely on housing vouchers, and everyone, including government, must utilize their powers to prevent the unfair practice of discrimination against those who use the vital HCV program,” said Lisa Rice, NFHA’s President and CEO.

“Philadelphia is known for many things, including being the poorest large city in the nation. Also, the Philadelphia Fair Practices Ordinance protects people based on their source of income. However, when an online tenant screening company’s software excludes people with Housing Choice Vouchers, that is discriminatory and cruel. Denying humans access to housing violates their basic needs and civil rights. Corporations benefit from government support, and low-income persons, regardless of race, should also. As a nation, we have so many resources that offset the need for safe, discriminatory-free, and affordable housing. The HCV program is a housing solution for low- and moderate-income persons needing financial assistance. Nonetheless, discriminatory practices by online tenant screening companies’ software create

barriers to housing and manufacture new social problems, including being unhoused, which could contribute to other challenges that impact us all,” said Angela McIver, FHRC’s CEO.

“In HECP’s testing investigations over the past three years, we have found that rental housing providers in Philadelphia tell prospective tenants that Housing Choice Vouchers are not accepted at their properties 68 percent of the time. These investigations tell us that long-standing source of income protections are routinely and blatantly disregarded by landlords, property managers, and rental agents throughout the city, a practice that has a disproportionate impact on Black residents. It is apparent that voucher holders regularly face unlawful discrimination as an additional barrier in their search for a limited supply of safe and affordable rental housing in Philadelphia,” said Rachel Wentworth, HECP’s Executive Director.

The alleged discriminatory practices of Tenant Turner are particularly harmful to Black residents who have long been impacted by inequitable policies and practices, including redlining, appraisal bias, racially restrictive covenants, racial steering, algorithmic bias, and other discriminatory practices. In both Memphis and Philadelphia, Black households are over-represented in the households participating in the HCV Program. In Philadelphia over 80 percent of HCV holders are Black whereas only 9 percent of voucher holders are White, despite the city’s renter population having similar split of Black and White renters, with 44 percent being Black and 39 percent being White. In Memphis, Black residents are similarly disproportionately represented, with 96 percent of households receiving vouchers being Black and only 1 percent of voucher holders being White. The City of Memphis’ renters are about 69 percent Black and 20.6 percent White.

The work that provided the basis for this press release was supported by funding under a grant from the U.S. Department of Housing and Urban Development. The substance and findings of the work are dedicated to the public. The author and publisher are solely responsible for the accuracy of the statements and interpretations contained in this publication. Such interpretations do not necessarily reflect the views of the Federal Government.

The National Fair Housing Alliance (NFHA) is the country’s only national civil rights organization dedicated solely to eliminating all forms of housing and lending discrimination and ensuring equal opportunities for all people. As the trade association for over 170 fair housing and justice-centered organizations and individuals throughout the U.S. and its territories, NFHA works to dismantle longstanding barriers to equity and build diverse, inclusive, well-resourced communities.

The mission of the Fair Housing Rights Center in Southeastern Pennsylvania (FHRC) is to ensure equal access to housing opportunities for all. FHRC serves 16 counties in Pennsylvania and addresses fair housing and lending laws to achieve its mission.

The mission of the Housing Equality Center of Pennsylvania is to advance fair and equal access to housing opportunities for all Pennsylvanians.

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PRESS RELEASE

NFHA STATEMENT ON COURT RULING TO HALT GRANTS GEARED TOWARD BLACK WOMEN ENTREPRENEURS

FOR IMMEDIATE RELEASE

June 4, 2024

Contact: Janelle Brevard | jbrevard@nationalfairhousing.org

NFHA Statement on Court Ruling to Halt Grants Geared Toward Black Women Entrepreneurs

Washington, D.C. — The National Fair Housing Alliance® (NFHA™) released the following statement from Executive Vice President Nikitra Bailey in response to the Eleventh Circuit Court of Appeals panel’s decision to halt Atlanta, GA-based Fearless Fund’s grant program for Black women:

“The Eleventh Circuit Court’s decision is part of a larger unwise attempt to dismantle Diversity, Equity and Inclusion (DEI) programs nationwide and stymie decades of Civil Rights progress. It is no coincidence that the same forces behind the Supreme Court’s 2023 anti-affirmative action ruling are also behind this court decision.

“For centuries, this country has used race and gender to entrench policies and practices that intentionally prevented women and people of color from buying homes, getting a quality education, and entering certain industries. The effects of that can still be felt today, particularly for Black women who have been effectively shut out by venture capitalists and only account for 1.4 percent of the C-suite. Furthermore, communities of color have been and often continue to be underserved by mainstream banks and other financial institutions that might offer resources for starting a new business and building wealth. The reality is advancing racial equity is the rising tide that lifts all boats. The U.S. economy can grow by $5 trillion over the next five years if we effectively address discrimination targeted at Black communities.

“It is telling that the forces at play in this case did not bring a challenge to the Paycheck Protection Program, where over 90 percent of the first round of $350 billion in federal taxpayer funds went to White-owned businesses due to discriminatory barriers that overwhelmingly impacted Black and Latino business owners. As a result, 40 percent of Black-owned and 32 percent of Latino-owned businesses closed in the early days of the global COVID19 pandemic.

“After centuries of using race as a tool to deny certain groups pathways to wealth-building and opportunity, it is cruel and disingenuous to now insist that race cannot be a factor as organizations – like the Fearless Fund – work to remedy past and current harms. We need raceconscious solutions not platitudes about race neutrality. Despite the court’s misguided and disheartening decision, we will remain committed to the work of advancing racial equity and ensuring that this country is a place of opportunity for everyone.”

https://nationalfairhousing.org/nfha-statement-after-supreme-court-rejects-challenge-to-consumer-financial-protection-bureau-fundingstructure/

PRESS RELEASE

NATIONAL FAIR HOUSING ALLIANCE ANNOUNCES NEW CHIEF OPERATING OFFICER

FOR IMMEDIATE RELEASE

June 3, 2024

Contact: Izzy Woodruff | iwoodruff@nationalfairhousing.org

National Fair Housing Alliance Announces New Chief Operating Officer

Washington, D.C. — The National Fair Housing Alliance® (NFHA™) is pleased to welcome Timothy Guinan as its new Chief Operating Officer (COO).

As COO, Tim’s primary responsibilities include leading financial management, HR, IT, administration, and organizational performance. He will help NFHA’s board of directors carry out its governance responsibilities, help lead the organization’s strategic planning, and serve on the executive leadership team.

“We are thrilled to welcome Tim to our team and are confident that his decades of experience will be crucial in ensuring our organization’s success as we continue to expand the scope and reach of our advocacy efforts,” said Cat Cloud, Senior Advisor to the President and CEO.

Prior to his role at NFHA, Tim founded N Street Strategies, a consulting firm offering strategic and operational consulting services to the nonprofit sector. He also co-founded Givhero, a venturebacked social impact software platform supporting over 2 million global charities through corporate employee engagement, well-being, and charitable giving. Tim previously served as the Chief Operating Officer and Deputy Executive Director of PeacePlayers International, a youth development and reconciliation organization with programs in the United States, Northern Ireland, South Africa, Cyprus, and the Middle East.

Tim earned his MBA from The George Washington University School of Business and his undergraduate degree from Miami University, while competing as a Division I athlete. He then spent five years as an adjunct faculty member at Georgetown University, teaching social responsibility.

Tim is a native Washingtonian and a son of social entrepreneurs, who founded multiple organizations to serve Washington’s marginalized communities (e.g., the Community for Creative Non-Violence (CCNV), Zacchaeus Community Kitchen, Rachael’s Women’s Center, and others).

NFHA also welcomes Monica Reid as Director of Advocacy and Government Affairs.

https://nationalfairhousing.org/national-fair-housing-alliance-announces-new-chief-operating-officer-2/