CERRITOS, CA – Joe Mathai has grown his mortgage and real estate business over the last two decades. He is celebrating his 20th year in the industry with gratitude to God and all those who have supported him along the way, stood by him from his humble beginnings to where he is today running two companies - My City Financial (MCF) and Prime California Realty (PCR). Mathai got his real estate license in 1994.
He also offers management of multiple properties and credit report checking for renters. Mathai is a notary public which is an added advantage. He has built his business he says on the core values of integrity, quality service and professionalism. Talking about the current real estate market Mathai figures that it has stabilized. Profit margins to flip a property have gone down. Last year there were a slew of cash buyers. This year buyers want to hold on to their cash but are putting down higher down payments to purchase. Banks are entertaining and approving short sales and the foreclosure market is down as short sales are more profitable for banks. The market is a seller’s market with a slew of buyers but limited inventory. The interest rate is climbing as inflation is creeping in. Investment property owners are refraining from selling as rental income has seen an upswing. Taking all factors into consideration Mathai figures that the market has tanked and will only go up now. He opines that rates will go up by 5 percent next year. Giving useful tips to buyers he cautions against running credit reports too often as this may bring down the FICO score, and from making big ticket item purchases. To sellers his word of advice is to put in as much money as they can spare for upgrades as buyers these days prefer “ move in ready ‘’homes in top condition. As a lender he urges lowering the loan term from a 30 year tradition to a 20 year which brings down the interest rate and helps pay off the loan faster.
For Mathai, educating his clients and presenting them with all available options is very important.
Married to Binu, he is a father of three – Angela, Jonathan and Julia. Mathai makes special mention of his business mentor Ranjit Ahluwalia of Golf Shops Inc in Huntington Beach. “Those who gave me my first business have not only supported me from the beginning but stood by me even when I goofed up! They trusted me and encouraged me to learn from my mistakes. Continued improvement is what it’s all about so you can minimize future errors,” he says. Mathai reveals that the children of the older generation who were his first clients are coming to him now. With business looking up, Mathai plans to open his own escrow company within a year. This will stand to benefit his clients with cutting cost at every level – escrow fee, title fee etc. With four agents at present, he is looking for more real estate agents, loan officers and account executives to work for his loan department. PCR/MCF are located at 13017 Artesia Blvd. Ste D-124, Cerritos, CA -90703. Phone: 562-805-3027