
The Real Estate Fix Hosted by Rich Szerman
Today’s episode, brings property veteran Rich Szerman to shed light on the persistent challenge in the housing market. Interest rates remain soaring, compelling homeowners to retain their acquired rates, thereby causing scarcity in housing inventory availability. Rich delves into the issue of artificially depressed rates by the Federal Reserve throughout the pandemic, leading to further price inflation. He shares that a whopping 70% of the nationwide mortgages are either at or lower than 4%; this has resulted in the market stagnation with scant selling opportunities.
Further into the show, Rich introduces his client, Marissa, a victim of a deceptive scheme locking her into a commercial loan instead of a residential one for her house. Marissa has been a homeowner for 18 years, and had decided to cash-in her equity due to lack of funds. Misdirected by a loan broker, she ended up with a more costly commercial mortgage that was relatively easy to secure. Consequently, her interest rate escalated from 3.5% to above 10%, pushing her deeper into financial distress. Rich expresses optimism about helping Marissa alleviate her current predicament by identifying refinancing opportunities. You can reach out to Rich at 661-714-1400.
Prior Show: The Real Estate Fix With Rich Szerman – Dealing with Landlords and Tenants – Broadcasted on April 5, 2024
Endorsed Editorial Features
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