09/09/2024
New Build-A-Broker: The Journey Podcast Alert!
In this episode of the Build-A-Broker podcast, we dive into the journey of Jordan Gerard, the President and Owner of My Community Mortgage. Originally aspiring to attend law school, Jordan’s path took many turns, including various majors in college before landing a job as a bartender. Facing numerous challenges, from begging his mom for money when his car payments were three months behind to borrowing $10k from a buddy to open his brokerage, Jordan's resilience and determination led him to becom
Today, Jordan writes 100 loans a year and leads a team of almost 100 employees. He shares his strategy on moving from the "friend zone" to becoming the go-to mortgage guy, emphasizing the importance of converting friendships into valuable business relationships. He also discusses finding his niche and the unique value of becoming a broker, enabling him to provide clients with exactly what they need.
Tune in to hear Jordan’s insights on overcoming pride, asking for help when needed and his generous approach to business that has led to the rapid growth of his brokerage!
Rental Markets Cool, But Still Exceed Pre-Pandemic Levels
Rent markets have increased over 20% from their pre-pandemic levels, according to research from the Joint Center for Housing Studies of Harvard University. Though month-over-month rent growth has cooled to pre-pandemic levels, actual average rent remains far above pre-pandemic levels across markets; moreover, relief from new construction that contained rent growth is likely to be short-lived due to recent declines in multifamily starts.
Even with recent cooling, historically high pandemic-era rent hikes have created dire affordability issues for some renters as incomes have failed to keep pace.
U.S House Prices Increase
House prices rose in all 50 states and nationally rose 5.7% between the second quarter of 2023 and the second quarter of 2024, according to the Federal Housing Finance Agency (FHFA) House Price Index.
The five states that saw the highest appreciation were all in the eastern U.S., with Vermont leading at 13.4%. Surprisingly, California and the West as a whole saw growth below the national average: California came in at 4.1%, Texas grew at 2.6% and Idaho saw the least amount of growth nationwide at 1.1%.
