Mark Gelbman

Summary

In this Walsh College podcast, host interviews Mark Gelman, a senior loan officer at Union Home Mortgage, Walsh alumnus, and chair of the Troy Chamber of Commerce board. Mark shares his educational journey, career path, and insights into the housing market. He discusses the challenges of inventory shortages, the 'lock-in' effect of low mortgage rates, and the impact on first-time homebuyers. Mark emphasizes the importance of financial education and tailored mortgage advice to help clients achieve sustainable homeownership.

Takeaways

• 🎓 Mark Gelman, a senior loan officer at Union Home Mortgage, is a proud Walsh College alumnus and the chair of the Troy Chamber of Commerce board of directors.
• 🏫 Walsh College has a preferred educational partnership with the Troy Chamber of Commerce, offering benefits like educational discounts and access to career fairs for chamber members and their children.
• 🔄 Mark started his education at Michigan State University, switched majors, and eventually found his path in business, realizing the importance of understanding financials in the workplace which led him back to school.
• 📚 Mark graduated from Walsh College with a Bachelor's in Business with a concentration in finance in 1987, during a time of campus expansion.
• 👥 Walsh College was noted for its instructors with real-world experience and a student body of mature, working adults which enriched Mark's educational experience.
• 💼 After graduation, Mark's career took him from the restaurant business to teaching financial education and then into the mortgage industry, leveraging his financial acumen.
• 🏡 Mark emphasizes the importance of understanding the financial aspects of homeownership and tailoring mortgage solutions to align with clients' long-term goals.
• 📉 Mark discusses the current housing market, noting an inventory problem due to a halt in construction following the 2008 financial crisis and the resulting shortage of homes.
• 🔒 The 'lock-in effect' is keeping many homeowners from moving due to low current mortgage rates, contributing to the inventory issue.
• 🏘️ There is a growing demand for affordable housing, and Mark suggests that society needs to focus on creating less expensive homes to meet this demand.
• 📞 For those interested in connecting with Mark for mortgage advice or services, he can be reached directly by phone at 248-758-8431.

Q & A

What is Mark Gelman's current role at Union Home Mortgage?

Mark Gelman is a senior loan officer at Union Home Mortgage.

What educational partnership does Walsh College have with the Troy Chamber of Commerce?

Walsh College has a preferred educational partnership with the Troy Chamber of Commerce, offering members and their children educational and rental discounts, as well as access to career fairs.

What was Mark's initial academic path before attending Walsh College?

Mark initially attended Michigan State University, where he started in pre-med but later changed to business before leaving to work in the restaurant industry.

What prompted Mark to return to school and eventually attend Walsh College?

Mark decided to return to school to get a degree after noticing that many in the restaurant business could not run numbers or read a profit and loss statement, which he saw as a barrier to career advancement.

How did Mark's experience at Walsh College differ from his time at a major university?

At Walsh College, Mark found that almost all the instructors had real-world work experience, and the student body was composed of older, often married individuals with families and established careers.

What significant campus development was happening at Walsh College when Mark graduated?

When Mark graduated, Walsh College was in the early stages of developing the Berry Center.

How did Mark transition into the mortgage industry after his time at Walsh College?

After working in the restaurant business and teaching financial education, Mark was encouraged by a friend in the mortgage industry to apply his financial acumen and ability to explain complex topics to become a mortgage professional.

What is the 'Mortgage Coach' program that Mark mentioned using with his clients?

The Mortgage Coach is a program Mark has been using to help clients understand different mortgage options, such as the benefits and drawbacks of a 15-year versus a 30-year mortgage.

What advice does Mark give to his clients regarding their mortgage decisions?

Mark advises his clients to make decisions based on their long-term goals, cash flow, and ability to sleep at night with their choices, rather than simply choosing the option with the lowest monthly payment.

What is the current issue with housing inventory according to Mark's perspective?

Mark explains that there is an inventory problem due to a lack of new homes being built following the 2008 financial crisis, leading to a shortage of available homes for sale.

How does Mark approach working with first-time home buyers who may be facing challenges in the current market?

Mark works with first-time home buyers by exploring various options such as down payment assistance programs and discussing the financial implications of different mortgage choices to help them make informed decisions.

Outlines

00:00

🎓 Journey to Walsh College and Career Insights

The host welcomes Mark Gelman, a Walsh College alumnus, senior loan officer at Union Home Mortgage, and chair of the Troy Chamber of Commerce board of directors, to the podcast. The conversation delves into Mark's educational background, starting with his initial foray into Michigan State for pre-med, followed by a shift to business, and eventually finding his path at Walsh College where he graduated with a Bachelor's in Business, focusing on finance. The discussion highlights the real-world experience of Walsh's instructors and the mature, career-driven student body that Mark found valuable for his educational journey. The host expresses excitement about the partnership between the Troy Chamber and Walsh College, offering benefits such as educational discounts and access to career fairs.

05:00

🏢 Career Transitions and the Mortgage Industry

Mark shares his post-graduation experiences, initially returning to the restaurant business and facing the challenge of being overqualified. His encounter with an instructor from Walsh, Leon, led to a part-time teaching role in financial education for Fortune 500 employees, which evolved into a full-time position. This experience honed his skills in financial literacy and real-world financial management. After a brief stint in life insurance sales, which didn't align with his values, Mark was encouraged by a friend to enter the mortgage industry, where he has thrived for 31 years. The summary emphasizes Mark's transition from salaried work to commission-based roles and his ability to leverage his financial acumen and teaching experience in the mortgage sector.

10:01

💼 Financial Coaching in Mortgage Services

The conversation explores Mark's approach to his mortgage business, where he uses his financial background to guide clients towards understanding mortgages, budgeting, and financial planning. He discusses the importance of aligning mortgage strategies with clients' long-term goals and the value of explaining financial concepts in an accessible manner. Mark mentions using the Mortgage Coach program to help clients weigh options like 15-year versus 30-year mortgages, emphasizing cash flow and investment opportunities over the long term. The summary underscores his role in helping clients make informed decisions that align with their financial and life goals.

15:04

🏘️ Housing Market Analysis and Inventory Shortage

Mark provides an in-depth analysis of the current housing market, focusing on the inventory shortage stemming from the 2008 financial crisis and the subsequent halt in housing development. He discusses the impact of this shortage on the market, with a significant gap between the supply of homes and the growing demand, particularly from first-time homebuyers. The summary highlights the 'lock-in effect' where current homeowners, benefiting from low mortgage rates, are less inclined to move, exacerbating the inventory issue. Mark also touches on the challenges faced by first-time buyers in a competitive market, often requiring them to bid above list prices and navigate appraisal gaps.

20:05

🛠️ Solutions to the Housing Inventory Crisis

The discussion concludes with Mark's insights on potential solutions to the housing inventory crisis. He mentions the rise in home construction but notes the difficulty of building affordable homes for first-time buyers. Mark introduces the concept of manufactured homes, such as the MH Advantage, as a more affordable option without compromising on appearance or quality. He expresses skepticism about government interventions and emphasizes the need for society to create less expensive housing options. The summary captures Mark's views on the complexity of the housing market and the necessity for innovative approaches to address the growing demand for affordable homes.

🤝 Connecting with an Experienced Mortgage Officer

The final paragraph provides listeners with the opportunity to connect with Mark for his expertise in mortgages. The host encourages those interested to reach out to Mark directly via his provided phone number, emphasizing the personal touch and dedicated service he offers. The summary highlights the ease of contacting Mark and the value of his extensive experience and understanding of the mortgage industry, positioning him as a trusted advisor for potential clients.

Keywords

💡Walsh College

Walsh College is an educational institution that is central to the video's narrative, as it is the alma mater of the guest, Mark Gelman. The college is highlighted for its preferred educational partnership with the Troy Chamber of Commerce, offering benefits such as educational discounts and access to career fairs. It is also noted for its rigorous and applied degree programs, which are designed to prepare students for real-world challenges.

💡Union Home Mortgage

Union Home Mortgage is the company where Mark Gelman works as a senior loan officer. It signifies his professional background and the context in which he discusses mortgages, financial planning, and the housing market. The company's role is crucial in the video as it provides a platform for Mark's expertise and insights into the mortgage industry.

💡Troy Chamber of Commerce

The Troy Chamber of Commerce is an organization that Mark Gelman is actively involved with, serving as the chair of its board of directors. It represents the community aspect of Mark's journey and his commitment to local business development. The Chamber's partnership with Walsh College is also a key point of discussion in the video, emphasizing the collaborative opportunities it offers.

💡Educational Discounts

Educational Discounts refer to the reduced fees offered to members of the Troy Chamber of Commerce and their children for pursuing education at Walsh College. This concept is integral to the video's theme of community support and the benefits of partnerships between educational institutions and local businesses.

💡Career Path

Career Path in the video refers to Mark Gelman's professional journey, starting from his initial foray into the restaurant business, to teaching financial education, and eventually becoming a senior loan officer. It illustrates the video's message about personal growth and the importance of continuous learning and adaptation in one's professional life.

💡Mortgage

A mortgage is a loan used to purchase real estate, and it is a central topic in the video due to Mark's role as a loan officer. The discussion around mortgages includes the different types available, the financial implications of choosing between a 15-year or 30-year mortgage, and the strategic approach to home ownership as an investment.

💡Financial Literacy

Financial Literacy is the ability to understand and effectively use various financial skills. In the video, Mark's background in teaching financial education is highlighted, emphasizing the importance of this skill set in helping clients make informed decisions about mortgages and financial planning.

💡Inventory Problem

The term 'Inventory Problem' is used in the context of the housing market, referring to the shortage of available homes for sale. Mark discusses this issue as a significant factor affecting the housing market dynamics, including the impact on home prices and the challenges faced by first-time homebuyers.

💡Housing Market

The Housing Market is the economic sector involving the buying and selling of residential properties. In the video, Mark provides insights into the current state of the housing market, including factors such as low inventory, the impact of interest rates, and the challenges faced by different groups of potential homebuyers.

💡Mortgage Coach

Mortgage Coach is a program that Mark uses to help clients understand the implications of different mortgage options. It is an example of the tools and resources that professionals in the mortgage industry use to provide tailored advice and support informed decision-making.

💡Manufactured Homes

Manufactured Homes, as discussed in the video, represent an alternative to traditional stick-built homes, offering a potentially more affordable option for homebuyers. Mark mentions the MH Advantage as an example of this type of housing, which is designed to be less expensive while still providing a conventional home appearance.

Highlights

Mark Gelman, a senior loan officer at Union Home Mortgage and chair of the Troy Chamber of Commerce board of directors, shares his journey and insights on the podcast.

Walsh College and the Troy Chamber of Commerce have a preferred educational partnership offering benefits to chamber members and their children.

Mark's educational path began at Michigan State, shifted to business, and eventually led him to earn a Bachelor's in Business with a concentration in finance from Walsh College.

Mark's decision to return to school was influenced by his observation that many in the restaurant business lacked financial literacy.

Walsh College's instructors, who were working professionals, provided a unique and practical educational experience for Mark.

Mark's time at Walsh College was marked by a diverse student body of older, working adults which enriched his educational foundation.

Mark's first job after graduation was in the restaurant business, but he quickly realized the limitations of not having a finance degree.

Mark transitioned into teaching financial education and then moved into the mortgage industry, leveraging his financial acumen.

Mark emphasizes the importance of understanding clients' financial goals and tailoring mortgage solutions to align with those goals.

Mark's approach to mortgages involves educating clients on the financial implications of home ownership and investment.

The housing market is currently facing an inventory problem due to a lack of new homes being built following the 2008 financial crisis.

Many homeowners are 'locked in' to their current mortgages due to low interest rates, reducing the turnover of homes on the market.

Mark discusses the challenges first-time home buyers face, including high bidding wars and the difficulty of covering appraisal gaps.

Manufactured homes, such as the MH Advantage, are emerging as a more affordable option for home buyers.

Mark expresses skepticism about government interventions in the housing market and emphasizes the need for more affordable housing options.

Mark's philosophy in the mortgage industry is to help clients become strong and sustainable homeowners for the long term.

Listeners are encouraged to reach out to Mark directly for mortgage advice and assistance, highlighting his approachability and expertise.

Transcripts

all right well welcome to another

exciting podcast series at the Walsh

College crater Lab Studio today I am so

excited to be joined by Our Guest Mark

Gelman who is a senior loan officer at

Union Home Mortgage a proud Walsh

College Alum and the chair of the Troy

Chamber of Commerce board of directors

we are so excited to have you here mark

thank you for joining us well thank you

very much it's great to be here oh Mark

you know I was so excited to learn that

you were a Walsh College Alam because as

you know the Troy chamber and Walsh

College have an incredible preferred

educational partnership where chamber

members and Children of the members for

platinum or at a small fee can get

educational discounts rental discounts

access to Career Fairs so many great

things and then to learn that you were

moving into the chair role was just so

exciting because you are so active in

the community but I really wanted to

talk with you today a little bit about

your journey what brought you to Walsh

you know not too long ago right and then

also your career path and just what

you've learned along the way you know so

many times stories of our alumni and our

students in ire so many and and yours

will do that today so let's start with

that

so I started at Michigan State uh I'm I

graduated high school in 74 so I've been

around a while I went to Michigan State

and like so many other students

especially in that time in the

70s I just didn't know what I wanted to

do I went in Premed for two

years passed out in the cadavra lab oh

gosh decided that maybe that wasn't for

me um changed to business and really

just didn't really know what I wanted to

do so I left State and uh went into the

Working World I worked mainly in the

restaurant business I worked for Chuck

Mir Corporation management and then I

was sitting in a management uh meeting

at at the restaurant and I noticed that

nobody around the table could run

numbers they couldn't read a p&l

statement they knew how to do what they

did so I said I need to go back to

school and get a degree so I can move up

the laders so I had a cousin that uh had

graduated from wall

as an accountant and we talked about it

and she says yeah it's a great school

it's really hard but it's a great school

so I had to take a couple uh interim

classes during the summer and catch up

because there's a little bit of Gap

there and then came to Walsh I got my my

bachelor's in business with a

concentration in finance and graduated

in ' 87 so back then it was a lot

different than it is today IM they were

just drawing up the plans for the Berry

Center wow I'm not sure if they were

about to break ground they were clearing

out the back 40 for the where the

parking lot was uh to make more room so

we knew that it was going to expand we

kind of knew what it might look like but

that was about the size of it and the

front end of the building was hit nobody

had any clue on on the front addition so

it was a lot different back then

everybody came to class for the most

part uh my journey at Walsh though was

it was when I first got here it was very

different because because I first of all

the in almost all the instructors worked

in the real world which was a lot

different from when you go to a major

university and I noticed that a lot of

the students were older and married and

had kids and careers and it was just a

very interesting process and I think

that it just adds to the overall

Educational Foundation that that you get

from Walsh oh I love that so wait let's

go back you have so many exciting things

I didn't know we were going to bring

this up the Berry Center this is so cool

okay so first I love how you said you

had a cousin that went here we hear that

from so many of our students in alumni

that they were referred by someone who

had a great experience and I love that

he said it's kind of hard because you

know we are challenging I mean you know

we want to make the learning fun and

real life and applied but this is a

rigorous degree and we really want to

make sure people know that when you come

here you'll work hard you will'll

support you we'll be in your corner but

you will earn a degree of value and I

just loved how you said these were

working adults they were serious about

life they were serious about family they

were serious about advancing their

career and then the Berry Center so how

cool that you came kind of at the

beginning of when we were really

expanding right both the front of the

campus which is now the Troy Chamber of

Commerce offices corporate headquarters

and also the Barry Center so that's

exciting yeah it's it's when when I told

my dad because I wasn't the greatest

student at State uh um so when I told my

dad I was going to go to w he kind of

looked at me and goes

really I will tell you that we graduated

our graduation was at Henry Ford uh

Auditorium downtown mhm and he stood up

as I watched he goes That's My Son you

couldn't believe that I actually

graduated college so much less from

Walsh so it was it was pretty cool Mark

that's incredible and with a BBA with a

concentration in finance and I and I

love the story of how you saw a need you

said look these folks they need help

with the p&l I'm going to go back to

school to uplevel my skills so I can

advance because you saw how there was a

limitation to how far you can go and we

know today there's so much conversation

about the value proposition of a degree

but I can tell you just like you shared

your story it's not you're not alone so

many of our students in Alum say when I

went back and I up leveled my education

I had greater opportunities and it

sounds like that was the case for you

yes so so I graduated went back into the

restaurant business where I attempted to

and started interviewing and now that

everybody said that I was

overqualified and I like okay so in the

meantime so one of my instructors L on

the BR who Walsh is very familiar we

know Leon great supporter he I bumped

into him at a local restaurant that's no

longer around and he goes what are you

doing and I said well I'm bartending um

because that's pretty much how I put my

myself through Wason working in the

computer lab and he goes why don't you

come teach so he was uh the company he

was involved with at the time they

taught Financial education of Fortune

500 employees so I did a little bit of

teaching parttime until they discovered

that I knew how to use a computer and

then they they hired me full full time

we kind of we started doing all the

books in house and then we we we spun

off and formed our own company um so

that was really a great experience and

it taught me a lot about teaching and a

lot about how people think in the real

world about their finances and and how

to explain stuff on on a

very easy level to to to people so they

don't get overwhelmed um

so my my time with ETI educational

Technologies came to an end and I'm like

okay now what do I want to do so my

stock and I did sell life insurance for

about I don't know few months couldn't

do that um I was one of the guys that

that that was training me he was old

school hey we're going to go to this

guy's house and after dinner and make

the husband feel bad because he didn't

have enough life

insurance so anybody who knows me I I

couldn't look at myself in the mirror so

that didn't last very long and I have a

really good friend who was in the in the

mortgage business this was 31 years ago

in the mortgage business and he goes you

should do mortgages and I'm like okay I

have a mortgage why should I why should

I sell mortgages so we we talked about

and he goes because you can explain

stuff to people and you're numbers guy

and so I got in the mortgage business of

course when race for going up at the

time and it was interesting and I went

from

from salary or or hourly to 100%

commission and my wife's like really

you're going to do this so that was 31

years ago I'm still doing it nice you

know I just I like what I do yeah so I

feel like it aligns too so well with

your talents with your skill sets

because you have that Financial Acumen

and you were talked about teaching folks

about financial literacy and Financial

Freedom when you worked with Leon and

now in the mortgage industry do you find

that you're able to bring some of that

knowledge to Bear when you're working

with your clients and customers to help

them understand mortgages and what they

can afford and how they can budget this

in yes so I I always joke with people I

said you know nobody grows up on be a

mortgage person and there's lots of

great mortgage men and women out there

that that do not have degrees in finance

and may never even gone to college but I

do find that my finance degree and and

somewhat also working with lean over the

years I'm able to ask certain questions

of my clients not so much to tell them

what what they should do but find out

what their goals are and and I believe

that you can tailor the

mortgage to where their goals are you

know some everybody's got their own set

of goals whether shortterm or long-term

or a combination thereof and then to

have that conversation with people and

be able to to break the numbers down for

them and say listen you know I

understand that that owning a house is

somewhat psychological and emotional

because we build memories and what not

but owning a house is also a financial

entity you know hopefully you're going

to make money on it over the it's an

investment you're can make money over

over time so how do we best position the

debt to to to monit ize that and to

maximize that over time Bo you know Mark

what you just shared I was thinking to

myself like I don't know how many folks

are out there that get that type of

great coaching and Consulting from their

mortgage officer because you know

sometimes people feel like oh they just

want to close the deal but you're really

helping people develop strong and

sustainable home ownership which after

we had the recession in 2009 and 10 I

think that's what people want but even

what you talked about I was thinking

about the difference between the 15year

mortgage and the 30-year mortgage right

and how many times folks are always

asking well wait a minute I can I can

own it in 15 years and you you're

helping them say okay but is it worth

the extra payment versus what you could

invest or vice versa so that type of

Consulting is very they're very

fortunate to have you because you can

really help them not only get a mortgage

for their home but plan financially for

their lives which is such a big

component of it because the mortgage is

usually one of the largest expenses for

families out there that that's correct

usually the biggest expense uh so I'm a

little bit of a debt manager but I use a

program called mortgage coach that I've

been using since I got them in floppy

discs oh my gosh I was one of the first

users of the program now it's all

digital and online and it really helps

to lay out you know for instance the 15

versus the 30 so we talk about that and

and I always tell my clients you can do

whatever you want as long as you can

sleep at night whatever you whatever

decision you make you just have to be

able to sleep at night it doesn't at the

end of the day it doesn't make any

difference to me I'm not making the

payment so we look at we look at

different options and like the 15 versus

the 30 how how much you saving a month

by doing a thir yes I know you're going

to pay more in interest over the long

term but I'm I'm a cash flow guy M let's

look at the how much you're saving and

if we take that money and invest it

elsewhere what does that look like over

the long term you know a it gives you

liquidity you know the money that's

sitting in your house generally is

locked in you have to pay me to get it

out or you sell the house sometimes

doesn't make sense you know if your

money is all tied up in the house

there's a there's a opportunity cost

that you may not be able to to to seize

an opport a financial opportunity

because it's going to take too long to

get the money out of your house you know

there there are things that people never

never think about um so we we talk about

that and again this all this goes back

to their long-term goals you know when

do you want to retire how old are you

you know if you're young do you have

daughters have you planned are you

already saving for their weddings and

for college and blah blah blah and and

we go through it and and I ask I don't

heavily into it I'm not a financial

planner but it helps Guide Me Guide them

yeah no I love that and I think that's

so important because you want to be

careful you're not doing their financial

planning but you're also saying look

take a look at the mortgage in the

holistic view of everything that's what

we love about our graduates is they go

out to make an impact in the world

they're not just working at jobs they're

making contributions to the world and to

other people's lives that's that's so

important now you mentioned working with

lean Le and how that was very helpful

and we know Leon I'm very grateful for

his support of Walsh so tell us a little

bit about like who were your mentors and

what you know may may pick one or two

mentors along the way and what did you

learn from

them so I don't have specific mentors I

mean I worked with lean and lean was was

was a catalyst for how I think um we

didn't always agree I lean was a big

15-year fixed mortgage guy and I was

never I mean I I would run the numbers

and I go I don't understand why you

think that way and and you know I think

it was you know we agreed to disagree

kind of thing but we should bring him on

and do a panel just on that alone that

would be fun so so uh um there's a guy

there's a a financial planner called uh

Rick Edelman out of New York I don't

know if you've ever heard of him so he

years ago he wrote a a book 11 11

reasons why I should carry a big long

mortgage and and I've I've gone to see

him live and I read the book and and I

and I I catch some of his podcasts I

believe in a lot of how he believes in

as far as Financial Planning and that

kind of thing um but I I just think that

everything should be tied together you

know I working with lean and doing what

we did teaching basically Ford and and

Chrysler employees both the blue color

and the white color

really helped

me kind of gain the the uh what you say

the knowledge of how to help people yeah

you know I always one of the things we

always had to do we always have we we

had to tailor the class to their

specific retirement plans they're 401k

and I used to get in front of a group of

blue collar guys we start about 401ks

and this was back in the 80s you know

it's the late ' 80s so they're like

well we don't have to worry about it you

know because we're going to have

pensions forever oh boy and I would

stand there in front of all these people

again this was well below any before any

meltdowns and go what happens if

something happens and you don't get your

pension you would think that I just

landed from Mars with three eyes and I

was purple with pink polka dots you know

they thought I was crazy you know so

I've always been a worst case guy let's

plan for the worst and hope for the best

yeah and that's just kind of how I teach

people and that's kind of how I run my

life you know it's just you just never

know what's going to happen so yeah who

could have foresaw what happened years

later so I know that you know we

probably can't ask you too much of this

everybody probably asks you and it's

okay if you just give General but where

do you think things are headed because

everybody is asking that question is

like what's going on in the economy are

we in a recession are we not what's what

are you seeing with housing market

because it looks like things are not on

the market or if they are they're

selling pretty well but there's been so

many fluctuations so give us kind of

your take on what are you seeing so we

have an inventory problem so we don't

have enough houses to sell so there

there's there's one major reason and

that's the Meltdown the 2008 meltdown if

you look at what

happened long story short is when when

home value started to crash and burn the

bank stopped writing checks for

development so the Builder stopped

building oh so we're about at the level

that we were previous to that but we

have this huge gap

in depending on who you talk to we're

looking at between two and four million

homes behind the

eightball I don't know how you get back

to that without building a lot of homes

now is that because the population is

growing or it's just they're shifting

from renting to owning like how do we

have that many more people than trying

to get well we are we do have an issue

where you got more and more people that

that are in the the home buying Market

so so we've got more people that would

like to buy homes and move out of their

parents' home um and their parents would

like their parents would like that too

yes but not was College grads they

they're already out right so so we have

we have so that's the the major problem

why there's a lack of inventory the next

problem is that 70% of homeowners with

mortgages are below I want to say it's

5% so it's we call the lock and effect

so if you're sitting at three half or 4%

on a mortgage unless you need to move

are you going to run out and get a 7%

mortgage I'm not I mean I'm going to be

honest you know I mean I I understand

what's going on out there so you've got

people that are locked into their homes

that would normally move now they're

only moving because of schools family

size

jobs that they have to move and then

you've got the people the the older

folks that the Baby Boomers that

normally would be

downsizing because of the cost of

housing m they're not downsizing they're

they're uh they're Aging in place so

they're not

moving so you've got you've got

basically two two groups of people

you've got the firsttime home owners who

aren't leaving and because they're not

leaving it's not opening up that level

of homes for the firsttime home buyers

so it's a whole convergence of factors

you can kind of see how along the

Continuum it's creating that that jam

yeah wow so now we're back you know

we're already at the place this year

where we're and and again this is very

Regional but in in especially in the Tri

County Area we're already over bidding

so most homes are going above list and

most buyers have to do an addendum

called a uh an appraisal Gap addendum so

long story short you buy a house for two

the house is listed for 200,000 you go

in a 250 you're telling the seller hey

if it comes if the appraisal comes in at

200 we'll cover the 50 gr well that's

pretty hard for firsttime home buyers

absolutely they don't have that money to

do yeah you know so it's tough and I do

a lot of a lot of work with Misha with

the down payment assistance program that

helps and you can use some of that money

within circum certain circumstances to

cover part of that Gap but it's

difficult for first time home very

difficult so where do you see this going

you think the market will adjust and

correct do you think more building is

going to happen I noticed there there's

a lot of different you know um let's say

retail or commercial properties that are

not full because of Co and the hybrid

environment or online are converting to

residential obviously if the city allows

it or their zoning allows it to meet

this

demand so where I think we're going to

head head it is is this comes back to an

inventory problem we are building more

homes building is up the problem is you

can't build a house at least in our neck

of the woods at a price point that a

first-time home buyer can afford now

there is a new class of manufactured

home I don't want you to think mobile

home this is it is a manufactured home

but it's called an MH Advantage uh they

are they're they're built under a roof

they're a lot less expensive um they're

pretty much cookie cutter but if you

drove past one of these you would never

know it would look just like a home I

know what you're talking about y so

there's manufactured homes there's

modular homes that are less expensive

than there's stick buil which is the

most expensive a lot of people think the

government should get involved to try to

help bring down the cost of building

I'm all about helping firsttime home

buyers uh based on my 30 years in the

business I'm not thoroughly convinced

that Washington has any clue what I do

for a living and how to really help

buyers I I just don't you know I think

that you know one of the things that

they're floating is to help people with

tax credits and whatnot first-time home

buyers well that's great we don't need I

don't want this to sound the wrong way

we don't need a flood of more buyers we

need more homes sure you know affable

homesound and there's a ton of there's a

ton of home buyers that are sitting on

the on the side waiting M and there's

there's a number that was thrown out

there for every 1% decrease in the

mortgage rate I think like two million

or three million more households qualify

that may they may not run out and buy

something so so all these people that

are waiting for rates when rates finally

start to drop and that may not be till

next year at this point um they're going

to enter the market which is just going

to exasperate the problem so we need we

need to as as a society we need to

figure out how to

create less expensive homes that people

want to buy yeah oh and you know it's so

funny because it's like each time we

solve one problem the market and the

economy produces another one but what I

love Mark is like just the the care you

take and and you've talked about this

during this interview about the approach

you take with your clients you know how

you really want to help them be strong

and sustainable homeowners and that's

why you've been in the business so long

you it's not like just a a quick trip

for you you're like you really want to

help people long term so if they want to

connect with you and and they want to

work with you like because there could

be people listening going wow he knows

what he's talking about he has

experience he understands my predicament

how can they reach you and how can they

connect with you to work with you when

they're ready so really the easiest way

is just to call me myself

24875

8431 it's the only phone number I use I

do have a desk phone that's forwarded to

myself I know we all like a desk phone

what's that well we'll make sure we put

contact information

wow

thisi

our mind as well so and we're so proud

of you I always say our our mission in

the world as a college is realized when

our alumni are living and working it in

the business world and that is you and

so thank you for joining us today on

this awesome podcast and thank you so

much for listening this concludes

another one of our amazing interviews

with our Walsh College alum in our Walsh

College Creator Studio thank you so much

for joining us yes