In this episode, Ed and Jefi catch up with Jeremy Patterson, a mortgage expert and the owner of Fairway Mortgage in San Diego, California. With over 15 years of experience in the industry, Jeremy has helped numerous clients achieve their homeownership dreams. Jefi, Ed, and Jeremy discuss the current state of the mortgage market and how it has evolved over the past year. They also talk about current interest rates, loan application volume, and the impact of the pandemic on the real estate industry.

QUOTES

• “As loan officers and as realtors, we need to be having better conversations about where people are fiscally. Are they doing okay with inflation? Are they managing credit card debt? Do they need other services or help from us? Do they need a budget from us?” -Jeremy Patterson[13:49]

• “Supply and demand. Typical economics say with no supply and less demand, it doesn't matter because as long as demand is there to meet the supply, it will still go up. And that's the interesting part. We're not building enough homes. There's no way we're going to catch it.” -Jeremy Patterson [17:40]

TIMESTAMPS

01:16 The unpredictability of the past year

04:19 Explanation of the government's shift in buying mortgage backed securities

06:50 Advice for buyers and the unpredictability of the market

11:17 Needs-based clients and driving the market with first-time buyers and last-time sellers

17:40 Homeownership becoming a commodity due to lack of supply and high demand

21:02 Cash offers and need for agents to better represent clients with lending offers

RESOURCES

• Never Split the Difference
• The Five Dysfunctions of a Team
• The Peak Experience
• The U.S. Housing Market Has Peaked
• Why Rising Mortgage Rates Push Buyers off the Fence
• The One Thing Every Homeowner Needs To Know About a Recession

CONTACT

Messy in the Middle: messyinthemiddlepodcast.com

Ed Billings: edbillings.com

Jefi Moultrie: jefisrealestate.com