The housing bubble of the early 2000s, where house prices peaked in early 2006 then started decreasing dramatically. By December 2008 we experienced the most significant price drop in history, prolonging the crisis until 2012. Through that time a lot of myths surged around whether or not it was a good idea to invest in a house. Regardless of what is false and accurate, the crisis showed us that many ordinary citizens had limited knowledge about real estate. When we look at the Black community, this number is even more significant. 

In this episode, co-hosted by Mervin Bourne, we talk with two members of the world's largest real estate agency, Century 21; Marc Dosik is a Senior Agent, and Mike Davis, Inside Sales Manager. They kindly explained the values of owning land and the benefits citizens can have access to just by owning a property. We talked about the lack of education on real estate, the different housing values according to owners' ethnicity, and the concept of paying ourselves before paying anyone else. 

They brilliantly explained the real estate crisis of the late 2000s and how and why it mainly affected minorities. Marc and Mike also demystified some popular beliefs about investing in real estate and the post-2008 narratives. 

Tune in to Just Black Talking and learn about real estate's intricacies and why it is so hard for many people to get into this market. 

Some Questions I Ask:

• Could you tell us a little bit about the importance of homeownership? (4:05)
• Could you explain a bit about generational wealth and the wealth gap? (11:51)
• How do people find out about their possibilities in the real estate market? (16:57)
• There was just an article that we saw where a Black homeowner had their white friend stand in and pretend to be the homeowner, and all of a sudden, their appraisal value had changed. What do you know about that? (22:26)
• Marc, you were in the industry in 2008. What are some of your impressions about what was going on in 2008 from the perspective of minorities and minority homeownership? (27:46)

In This Episode, You Will Learn:

• McDonald's and the value of owning land (5:00)
• The five ways to get rich in America according to Mike Davis (10:13)
• Putting money in ourselves first, and the wealth gap between white and Black Americans (18:18)
• Keeping the wooden spoon on the wall. The influence of ethnicity in properties' value (22:43)
• What is a short sale in real estate, and how that affects homeowners (32:35)

Resources:

• Fed City Team at Century 21 Redwood Realty Website
• Fed City Team at Century 21 Redwood Realty Facebook

Connect with Marc:

• Cell: 301-910-9976
• Work Phone: 202-543-7283
• Office: 202-930-9371

Connect with Mike:

• Cell: 240-701-0529

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