The changing tides of real estate
With interest rates on the rise, the once bustling high-end market in Southern California has slowed. “When people were able to borrow for 2% to 3%, they were much more likely to overextend themselves in a bigger house,” Patel observed. “Now, with rates in the sixes and sevens, people are holding back. They’re not in as big of a rush to buy something larger than they can afford, and they’re frankly being scared by the rates in the luxury housing markets.”
Yet, it’s not all gloom and doom. Patel’s optimism shines through as he speaks of the evergreen allure of Los Angeles, the world’s entertainment capital. Despite the challenges, people are still drawn to the city’s climate, diverse landscapes, and the promise of a better life.
“People are leaving, but there’s always people coming to Los Angeles,” he said.
Building bridges in a fragmented landscape
In a fragmented mortgage space with 100s of lenders, each with their quirks, Patel’s current mission is clear: to understand the nuances of each lender.
“We’re really working on just knowing what every lender is doing because there are 100s of lenders in the mortgage space,” Patel said. “It’s very fragmented, and each lender has their quirk, so I’m working on putting together what everyone’s nuances are. So, when I get a loan with a technical issue, I know the right lender to call quickly, and I can solve the problem for the borrower faster than having to call everyone.”
