The Benefits of Using Your Equity To Make a Bigger Down Payment

by Laura Benson

Did you know? Many homeowners in the Cincinnati and Northern Kentucky real estate markets are finding they can make larger down payments when purchasing their next home. This is because, after selling their current home, they can leverage the equity they’ve built up toward a substantial down payment on a new property. As home equity continues to grow in Cincinnati, Northern Kentucky, and across the U.S., the median down payment is hitting new records.

According to Redfin’s latest data, the typical down payment for U.S. homebuyers is $67,500, an increase of nearly 15% from last year and the highest on record (see graph below):

a graph showing a green line

*Graph displaying the increase in home equity and down payments.*

Here’s how home equity helps. Over the past five years, the Cincinnati and Northern Kentucky housing markets, like many others, have seen significant increases in home values. This means homeowners have gained substantial equity, which can be used as a powerful tool when purchasing their next home. This equity can provide you with the opportunity to make a larger down payment, which can be especially beneficial if you’ve had concerns about home affordability.

It’s worth noting that you don’t always need a large down payment to buy a home. There are loan programs available in the Cincinnati and Northern Kentucky areas that allow buyers to put down as little as 3%, or even 0%. However, many current homeowners are opting for bigger down payments because of the significant advantages.

### Why a Bigger Down Payment Can Be a Game Changer in Cincinnati and Northern Kentucky

**1. You’ll Borrow Less and Save More in the Long Run**

By using your equity to make a larger down payment on your next home, you’ll borrow less. And the less you borrow, the less interest you’ll pay over the life of your loan. This means substantial long-term savings, leaving you with more money in your pocket.

**2. You Could Secure a Lower Mortgage Rate**

A larger down payment signals to lenders that you’re financially stable and a lower credit risk. This often results in securing a lower mortgage rate, helping you save even more over time—an important factor when purchasing in competitive markets like Cincinnati or Northern Kentucky.

**3. Your Monthly Payments Could Be Lower**

A bigger down payment reduces the amount you need to borrow, which in turn lowers your monthly mortgage payments. This can make your next home more affordable, giving you more flexibility in your budget and helping you manage living expenses in areas like Cincinnati and Northern Kentucky.

**4. You Can Avoid Private Mortgage Insurance (PMI)**

If you’re able to put down 20% or more, you can skip PMI, which is a cost many buyers must pay if they make a smaller down payment. Freddie Mac explains PMI as:

“For homeowners who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage. It is not the same thing as homeowner’s insurance. It’s a monthly fee, rolled into your mortgage payment, that’s required if you make a down payment less than 20%.”

Avoiding PMI can significantly reduce your monthly housing costs, leaving you with more financial freedom in your new home.

### Bottom Line for Cincinnati and Northern Kentucky Homeowners
Down payments are at record highs, largely due to rising home equity. If you’re considering selling your home and purchasing a new one in Cincinnati or Northern Kentucky, this is an excellent time to use that equity to your advantage.

Reach out to a trusted local real estate agent to determine how much equity you have and how it can enhance your buying power in today’s competitive market. A professional familiar with the Cincinnati and Northern Kentucky real estate landscape can guide you through the process and help you make the most of your opportunities.

Hire a Professional! • Homebuyers • Money Talk • New Build • October 16, 2024

Why an Agent Is Essential When Buying a Newly Built Home

by Laura Benson

For many buyers in Cincinnati and Northern Kentucky, there’s a common misconception that newly built homes lack durability or don’t measure up to the quality found in older properties. This myth is deterring some from considering what might actually be one of the best options in today’s competitive real estate market. As Builder Online explains:

“With resale inventory remaining tight and the price gap between new and existing homes shrinking, new construction homes are increasingly becoming a smart investment for buyers. Incentives like rate buydowns help address ongoing affordability challenges.”

But is there any truth to this misconception? Let’s break down how you can confidently explore new home construction in Cincinnati or Northern Kentucky without missing out on this fantastic opportunity.

### Choosing the Right Builder for Your New Home
One of the most important aspects of ensuring your newly built home is high-quality is selecting the right builder. Reputable builders follow strict building codes and standards, utilize advanced construction techniques, and often provide warranties covering structural issues for several years. As Mortgage Reports advises:

“When buying a new construction home, choosing the right builder is a critical step that can greatly impact the satisfaction and quality of your new property.”

While you could spend time researching all the local builders, there’s a more efficient approach: work with a local real estate agent. A seasoned real estate agent in Cincinnati or Northern Kentucky is already familiar with top builders and the latest home communities under development in the area.

Moreover, agents often have firsthand experience working with other buyers who have opted for newly built homes in these neighborhoods. Here’s how your agent can assist:

1. **Builder Reputation**: Your real estate agent will guide you toward builders with strong reputations and positive reviews from previous buyers. They’ll also verify that the builder is licensed, insured, and a member of professional organizations like the National Association of Home Builders (NAHB).

2. **Model Home Tours**: Agents can arrange for you to tour model homes, helping you evaluate critical details like the quality of finishes, floor plan layout, and overall appeal.

3. **Builder Warranties**: Many reputable builders in the Cincinnati and Northern Kentucky real estate markets offer warranties that cover major structural elements for several years. Your agent will help you navigate these offers and any additional incentives builders may provide.

4. **Inspections**: Even new homes need a thorough inspection. Your agent will coordinate with licensed inspectors to ensure your home meets all safety and quality standards before you move in.

### Why Real Estate Agents Are Essential in New Home Purchases
Perhaps it’s no surprise that buyers consistently rate their real estate agents higher than their builders when reflecting on their new home purchase experience. An experienced local real estate agent will provide invaluable guidance throughout the process, making sure you get the best deal and a high-quality new home in Cincinnati or Northern Kentucky.

According to Realtor.com:

“If you’re thinking about buying a new construction home . . . You need your own real estate agent from the start. Even if the builder’s on-site agent seems helpful, it’s crucial to have someone solely representing your interests in the transaction.”

### Bottom Line
Don’t let myths about new construction hold you back from exploring the exciting new home opportunities in the Cincinnati and Northern Kentucky real estate markets. Work with a knowledgeable local real estate agent to find a well-built home that meets your needs and is designed to last for years to come. With the right guidance, buying a newly constructed home can be one of the best investments you make today.

Hire a Professional! • Homebuyers • Money Talk • October 14, 2024

Why a Condo Could Be Your Perfect First Home

by Laura Benson

If you’re looking to break into homeownership in Cincinnati or Northern Kentucky but the cost of single-family homes has you second-guessing, consider exploring the option of a condominium (condo) or townhome. These types of properties often offer a lower barrier to entry, making it easier to start building equity and enjoy the benefits of owning real estate sooner.

Since condos and townhomes are typically smaller than single-family homes, they can be more affordable, which is great for first-time buyers in Cincinnati and Northern Kentucky. Smaller square footage usually means a lower price tag, and according to recent data from Realtor.com, condos often have a more competitive asking price than single-family homes (see graph below):

a screenshot of a graph

Good news: builders are placing more emphasis on constructing townhomes. According to the National Association of Home Builders (NAHB), townhomes are experiencing a construction boom:

“The share of townhomes being built is at an all-time high.”

This means a greater selection of condos and townhomes may be available in your search. Expanding your home search to include these options could present opportunities that better fit your budget and lifestyle in the Cincinnati and Northern Kentucky real estate markets.

### The Perks of Condo Living
Condos offer several benefits, especially for first-time homebuyers in areas like Cincinnati and Northern Kentucky. Here are some reasons why condo living is appealing:

1. **Build Equity**: Owning a condo or townhome allows you to start building home equity and growing your net worth as you pay down your mortgage and your property value appreciates.
2. **Low Maintenance**: If you want to own property but prefer not to handle tasks like lawn care, snow removal, or roof repairs, a condo could be ideal. A real estate agent can explain any homeowner association (HOA) fees or maintenance details.
3. **Access to Amenities**: Many condo communities offer amenities like pools, dog parks, and parking spaces, without the responsibility of maintaining them. This adds to the convenience and appeal of condo living.
4. **Community Feel**: Condos often foster a sense of community, with shared spaces and opportunities to connect with neighbors. Many condo complexes host social events, helping create a close-knit environment.

### A Smart First Step in Cincinnati and Northern Kentucky Real Estate
Remember, your first home in Cincinnati or Northern Kentucky doesn’t have to be your forever home. The key is to get your foot in the door, start building equity, and take that important first step into homeownership. As your needs and preferences change, the equity you build can help you move up to a different type of property in the future.

Ultimately, choosing to live in a condo or townhome is a lifestyle decision. To explore whether it’s the right fit for your goals, speak with a local real estate agent familiar with the Cincinnati and Northern Kentucky markets. They can guide you through the options available in these regions.

### Bottom Line
Looking to find a home that meets your needs and budget? A condo or townhome might be the perfect fit for your first real estate purchase in Cincinnati or Northern Kentucky. Reach out to a local real estate agent today to begin your home search.

Hire a Professional! • Homebuyers • Money Talk • October 14, 2024

Buying Beats Renting in These Top Cities

by Laura Benson

Some Highlights

Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment.
Make sure you work with a pro who can help you crunch the numbers and see how your city stacks up.
This may be your opportunity to forget renting for good. If you want to see which option makes the most sense in your area, connect with a local agent.

Hire a Professional! • Luxury Homes • Money Talk • Sellers • October 10, 2024

How Much Does It Cost To Sell My House?

by Laura Benson

If you’re considering selling your home in Cincinnati or Northern Kentucky, one of your first questions might be, “How much will it cost?” The truth is, the total cost depends on various factors, such as the offer you accept, whether you contribute to the buyer’s closing costs, how many repairs you complete, and more.

To give you an idea of what to expect, here’s an overview of some common home-selling expenses (see graph below):

a graph of cost and costs

**Costs Breakdown**

But before you worry too much, keep in mind that many homeowners in Cincinnati and Northern Kentucky have substantial equity built up in their homes. This equity can help cover selling costs, allowing you to potentially profit from the sale and even put some money toward your next property.

Let’s go over some of the key costs from the chart above so you can better understand where your money is going and how you might save.

### Closing Costs and Commission
Closing costs are a major expense in selling your home. These fees cover various transaction elements, including agent commissions. You may also choose to help cover the buyer’s closing costs to make your offer more appealing. According to U.S. News Real Estate:

> “Closing costs are fees that are paid to finalize the transaction and transfer ownership of the home to the buyer . . . Sellers can expect to pay 2% to 4% of the sale price of the home in fees and taxes on top of the agent commission. Based on the national median home sale price, this means that closing costs in 2023 for sellers are about $7,740 to $15,480.”

Keep in mind, taxes and fees vary by state, so selling a home in Cincinnati or Northern Kentucky may have different rates. Your real estate agent will give you a more precise estimate based on your specific sale.

### Pre-Listing Inspection and Repairs
A pre-listing inspection can give you a heads-up on any repairs that might be requested by a buyer later in the process. This is especially useful if you’re selling in a competitive real estate market like Cincinnati or Northern Kentucky. By tackling repairs before listing, you can ensure your house is in top condition to attract buyers.

If you choose not to do a pre-listing inspection, your real estate agent can still offer guidance on necessary repairs and updates that will maximize your home’s appeal and value.

### Home Staging
With the growing inventory in the Cincinnati and Northern Kentucky real estate markets, staging your home can help it stand out. Staging can involve renting furniture or décor to enhance the property’s appeal, whether it’s vacant or occupied. According to Bankrate:

> “Home sellers typically pay somewhere between $782 and $2,817 in home staging costs . . . but the price tag can vary widely.”

If staging isn’t in your budget, your real estate agent can provide tips to make your home look its best, from decluttering rooms to rearranging furniture for optimal flow.

### The Value of a Real Estate Agent
Working with an experienced real estate agent in Cincinnati or Northern Kentucky is essential to minimizing costs while maximizing your home’s value. Your agent will guide you on where to invest in repairs or updates and help you avoid unnecessary expenses, like staging or a pre-listing inspection, if they’re not necessary.

In addition to saving on costs, your agent will create a customized marketing strategy to showcase your home’s best features, ensuring it sells quickly and for the highest price possible.

### Bottom Line
Selling your home in Cincinnati or Northern Kentucky? Talk to a local real estate expert who knows the market well and can guide you through the process, ensuring you make the most of your sale and avoid unnecessary expenses.

Hire a Professional! • Homebuyers • Luxury Homes • Money Talk • New Build • Retirement • Sellers • VA Loan • October 10, 2024

Two Reasons Why the Housing Market Won’t Crash

by Laura Benson

Amidst recent chatter about the economy and concerns about a potential recession, many are wondering if a housing market crash is on the horizon, especially in the Cincinnati and northern Kentucky real estate markets. It’s natural to be concerned, but rest assured—the current housing market is not poised for a crash.

Real estate journalist Michele Lerner defines a housing market crash as occurring “when home values plummet due to a lack of demand for homes or an oversupply.” With this definition in mind, let’s look at two key reasons why a crash is unlikely in today’s real estate market, especially in our Cincinnati and northern Kentucky communities.

### 1. Demand for Homes in Cincinnati and Northern Kentucky Is Outpacing Supply

One of the major reasons for the 2008 housing market crash was an oversupply of homes. But today’s situation, including in the greater Cincinnati and northern Kentucky areas, is quite different.

A balanced real estate market generally has a six-month supply of homes, where supply and demand are equal. If the supply exceeds six months, it suggests an oversupply, and if it’s lower, demand is outpacing supply. Data from the National Association of Realtors (NAR) shows that in today’s market, supply is much lower than demand—currently around 4.2 months nationwide. Locally, Cincinnati and northern Kentucky continue to experience a shortage of available homes, keeping the market competitive and stable.

The graph below highlights these trends:

a graph of a company's supply

Lawrence Yun, Chief Economist at NAR, emphasizes the stability, stating: “We simply don’t have enough inventory. While some markets may see a slight price decline, a dramatic 30 percent drop like in 2008 is highly unlikely.” This rings true in our local Cincinnati and northern Kentucky real estate markets, where demand continues to drive the market.

### 2. Low Unemployment Bolsters Market Stability

Unemployment is another factor that greatly influences the housing market. In 2008, high unemployment rates led to widespread foreclosures as homeowners struggled to make mortgage payments. Today, however, the employment landscape is much stronger, both nationally and locally in Cincinnati and northern Kentucky.

The graph below shows a stark comparison of unemployment rates across three key periods:

a graph of employment

As of now, the unemployment rate is 4.1%, far below the 8.3% seen during the 2008 financial crisis. People are working, paying their mortgages, and in many cases, buying homes, which keeps demand—and prices—up. The employment strength in our local Cincinnati and northern Kentucky economies further supports the health of our real estate markets.

### Cincinnati and Northern Kentucky’s Housing Market Is Stronger than in 2008

Concerns about economic uncertainty and recession are understandable, but today’s real estate market, especially in areas like Cincinnati and northern Kentucky, is far more resilient than in 2008. According to Rick Sharga, Founder and CEO of CJ Patrick Company, “Literally everything is different about today’s housing market dynamics than the conditions that led to the housing crisis.”

With demand outpacing supply and unemployment remaining low, there is little indication that the housing market will crash in the foreseeable future.

### Bottom Line

While the overall housing market is in a stronger position than it was in 2008, remember that real estate is always local. Cincinnati and northern Kentucky communities are experiencing healthy demand, limited supply, and steady employment—factors that help keep the real estate market stable.

If you have questions about how the national economic trends are affecting our local market, or if you’re thinking about buying or selling in Cincinnati or northern Kentucky, it’s always wise to consult with a knowledgeable local real estate agent. We’re here to help you navigate today’s market with confidence.

Hire a Professional! • Luxury Homes • Money Talk • New Build • Sellers • October 10, 2024

Why Now’s Not the Time To Take Your House Off the Market

by Laura Benson

Is your house in Cincinnati or Northern Kentucky sitting on the market longer than expected? If so, you’re likely feeling frustrated and may even be considering pulling the listing to wait and see what 2025 brings. However, what many homeowners in the local real estate market don’t realize is that this decision could actually cost you in the long run. Here’s why sticking with your current plan to sell could be the smarter move for the Cincinnati and Northern Kentucky areas.

**Other Sellers Are Pulling Back. Should You?**
Recent data from Altos Research shows that more homeowners are pulling their listings, particularly in the Cincinnati and Northern Kentucky markets, which reflects a broader national trend. As we enter the fall season, it’s typical for real estate activity to slow down, and some sellers opt to delay their plans until the new year. Mike Simonsen, Founder of Altos Research, notes:

> “. . . we’re seeing a more normal seasonal pattern now with inventory beginning to decline. We’re also seeing more home sellers withdrawing their listings to try again next year. In fact, for every two sales, there is another listing withdrawn from the market.”

But is pulling your home from the market in Cincinnati or Northern Kentucky the best move? While it may seem tempting, here’s why waiting may not pay off.

**Today’s Buyers in Cincinnati and Northern Kentucky Are Serious**
One of the most compelling reasons to keep your home on the market is that buyers in the region who are shopping right now are highly motivated.

These buyers have been holding off for improved affordability, and now that mortgage rates have eased from their peak, they’re ready to take action. Mortgage applications are on the rise, signaling that potential buyers are preparing to re-enter the market. Especially in the Cincinnati and Northern Kentucky areas, buyers who have delayed their search are now more eager than ever to find a home before the holiday season or winter weather sets in.

These aren’t just casual browsers—they are serious buyers looking to move quickly, which is exactly the type of buyer you want. As Freddie Mac points out:

> “During the fall months, serious homebuyers are eager to settle into a new home before the holiday season ramps up and the winter weather begins.”

By keeping your home listed, you improve your chances of connecting with serious buyers in the Cincinnati and Northern Kentucky real estate markets who are ready to make an offer.

**Bottom Line**
While some sellers in the Cincinnati and Northern Kentucky communities are choosing to pull their homes off the market, doing so may not be your best move. With serious buyers ready to act, this could be an ideal time to sell your home. Connect with your local real estate agent to ensure you have a strategy in place to navigate today’s housing market successfully.

Hire a Professional! • Homebuyers • Luxury Homes • Money Talk • New Build • October 10, 2024

Now’s the Time To Upgrade to Your Dream Home

by Laura Benson

If you’re thinking about selling your home and upgrading to a larger or more luxurious property in the Cincinnati or Northern Kentucky area, you’re not alone. A recent Inman survey reveals that the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below):

No Caption Received

However, like many others, you may have been delaying this decision due to the recent market challenges. It’s understandable—when upgrading to a bigger home that could increase your monthly housing expenses, affordability becomes a key factor. But there’s good news: now is actually a prime time to make your move. Here’s why.

**You Have Significant Equity to Leverage**

One of the biggest advantages in today’s real estate market, particularly in regions like Cincinnati and Northern Kentucky, is the equity homeowners have built in their current properties. Despite fluctuations in the housing market, national home prices have continued to appreciate steadily, adding to the equity you may have. Selma Hepp, Chief Economist at CoreLogic, puts it simply:

“Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity, and almost $129,000 more than at the onset of the pandemic.”

For you, this means if you’ve been in your home for several years, you’re likely sitting on substantial equity that can be used as a down payment on your next home, making your upgrade more financially feasible. If you’re curious about your exact equity, reach out to a real estate agent in the Cincinnati or Northern Kentucky area for a professional assessment.

**Falling Mortgage Rates Increase Your Purchasing Power**

Another reason why now is a great time to upgrade is the trend in falling mortgage rates. Lower rates not only make your future monthly payments more affordable but also boost your purchasing power. Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), explains:

“When mortgage rates fall, the interest portion of monthly payments decreases, which lowers the total payment. This makes it easier for more borrowers to . . . qualify for mortgages that may have been unaffordable at higher rates.”

This increase in purchasing power can be a game-changer when shopping for homes in sought-after areas like Cincinnati’s neighborhoods or Northern Kentucky communities, where prices might have felt out of reach before. Consult with a trusted local lender to see how the current rates could work to your advantage.

**Bottom Line**

If you’re ready to sell your home in the Cincinnati or Northern Kentucky real estate market and move into the larger, nicer home you’ve been dreaming of, now is the time. With your accumulated equity and today’s lower mortgage rates, you’re in an excellent position to make the most of the current market conditions.

Partner with a trusted real estate professional in the Cincinnati and Northern Kentucky area who can guide you through the home-selling and buying process, ensuring you make the best financial decisions every step of the way.

Hire a Professional! • Homebuyers • Money Talk • October 10, 2024

The Top 3 Reasons Affordability Is Improving

by Laura Benson

Some Highlights

Affordability is based on three key factors: mortgage rates, home prices, and wages.
And today, it’s improving quickly as rates come down, prices level off, and wages climb.
If you put your search on pause because it was too expensive to buy, connect with an agent to talk about why now may be the perfect time to jump back in.

Hire a Professional! • Homebuyers • Luxury Homes • Money Talk • Retirement • Sellers • October 10, 2024

Home Values Rise Even as Median Prices Fall

by Laura Benson

The real estate market in Cincinnati and Northern Kentucky has seen headlines recently about the median asking price of homes dropping compared to last year, leading to confusion for both buyers and sellers. Many assume this means home prices are declining, but the reality is more complex, and understanding the local market trends is key.

On a national level, home values are actually increasing, even if the median price appears to be down. Let’s break down what’s happening so you can better understand the real estate market in Cincinnati, Northern Kentucky, and beyond without getting caught up in alarming headlines.

### Homes on the Market Right Now Are Smaller
One major reason for the dip in the median asking price is that the homes being sold right now are generally smaller. The median price reflects the middle point of all homes for sale at a given time, and this can change based on the mix of homes on the market.

No Caption Received

Here’s a simple explanation of how the median works (see visual below). Imagine you have three coins of different values. If you have one nickel and two dimes, the median value is 10 cents. If you switch it to two nickels and one dime, the median drops to five cents, even though the value of each coin remains the same. Similarly, while there are more smaller homes on the market, home values themselves haven’t decreased.

Danielle Hale, Chief Economist at Realtor.com, explains it this way:

> “The share of inventory of smaller and more affordable homes has grown, which helps hold down the median price even as per-square-foot prices grow further.”

In Cincinnati and Northern Kentucky, the availability of more affordable, smaller homes could be influencing this trend locally, but it doesn’t mean the value of homes is falling.

### Price Per Square Foot Is Still Rising
A more accurate way to measure home values, especially in the Cincinnati and Northern Kentucky housing markets, is by looking at the price per square foot. This gives you a clearer picture of how much you’re paying for space within the home, regardless of the overall size of the property.

No Caption Received

While the median asking price may be lower due to a mix of smaller homes, the price per square foot continues to rise, reflecting the true value of homes. The latest national and local data shows that even as the median asking price drops, home values are still on the rise. As Ralph McLaughlin, Senior Economist at Realtor.com, states:

> “When a change in the mix of inventory toward smaller homes is accounted for, the typical home listed this year has increased in asking price compared with last year.”

This trend is also seen in the Cincinnati and Northern Kentucky real estate markets. Though the region may have more smaller homes on the market right now, their price per square foot is still increasing, showing that overall home values are appreciating.

According to the Federal Housing Finance Agency (FHFA):

> “Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.”

So while headlines might make it sound like home prices are falling, it’s important to dig deeper into the data. In Cincinnati and Northern Kentucky, homes are still appreciating, and the market remains strong.

### Local Market Trends Matter
Remember, home prices can vary widely by region. The real estate market in Cincinnati and Northern Kentucky may experience different conditions than national trends, so it’s essential to consult with a knowledgeable local real estate agent. They can provide insights specific to your neighborhood, helping you understand whether it’s the right time to buy or sell.

### Bottom Line
A decrease in the median asking price doesn’t mean home values are declining in Cincinnati or Northern Kentucky. Instead, the lower median price is largely due to the increasing share of smaller, more affordable homes on the market. The most reliable metric to focus on is the price per square foot, which continues to rise, indicating that home values are still climbing.

If you’re curious about home prices in Cincinnati, Northern Kentucky, or your specific neighborhood, reach out to a trusted local real estate agent who can provide tailored advice based on the latest market trends in your community.

Home

Properties

About Me

Blog

Neighborhood News

©2022 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.