The Real Estate Show

Radio Show Notes 03/13/24 Wednesday

March 20th, 2024 10:23 PM by Eric Willner

Radio Show Notes 03/13/24 Wednesday:

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"Strategic Success Unveiled: Midweek Report Guides Real Estate Planning with L.U.C.K."

By Eric Willner, Host of The Real Estate Show, America’s longest running daily radio show about real estate.


Welcome to the Real Estate Show – South Florida’s #1 Real Estate Radio Show and America's longest-running daily radio show about real estate. I'm your host, Eric Willner, known as the Voice of Real Estate and the founder of America's longest-running daily radio show about real estate. I'm also the creator of The Automatic Landlord System for Owning Cash Flowing Real Estate "Profitably and Hassle-Free." This show is your virtual real estate seminar in every episode.

Wednesday Midweek Mortgage & Market Report Edition: The Role of LUCK in Real Estate

Today, we dive into the heart of real estate success and why NOW is the right time to buy real estate. Our theme: The role of LUCK in Real Estate. Before we get started, here's a real estate investing nugget for you: Did you know that investing just $100 per month with a 7% annual return could grow to over $1 million in 40 years? Starting small and letting your money grow over time can be powerful. Want to do it in less time? Stay tuned!

Today's show is all about understanding the crucial role of LUCK (Labor Under Correct Knowledge) in real estate and how it plays a vital part in a plan leading to success. But first, let me remind you of this week’s special FREE Workshops:

  1. Tuesday 8 pm Path To Home Ownership Introduction – Online by Invitation. Text Home.
  2. Wednesday night 8:30 pm Financial Edge University “101 Overview” – Online by Invitation Text Edge.
  3. Thursday Financial Edge University Masterclass – Text Mastery.

Now, you can get The Financial Edge. It's the education and knowledge that moves the needle. We believe in a 3-pronged approach:

  1. Everyone should buy a house - Be a Homeowner.
  2. Everyone should have that house in Financial Order with a WRITTEN Financial/Life Plan.
  3. Everyone should own a business that pays them AND gives them Tax Benefits - The Financial Edge. Your Financial Team. Let's talk about it...

Let's continue to talk about why NOW is the time to buy real estate. Understanding the news helps you get yourself organized and have a financial edge.

Today's National 30-Year Mortgage Interest Rate Trends: For today, Wednesday, March 13, 2024, the current average 30-year fixed mortgage interest rate is 6.90%, down 21 basis points since the same time last week. Mortgage rates have bounced around but remain elevated. In 2024, experts were predicting the 30-year mortgage to slowly fall, eventually landing under 6 percent. Mortgage rates change constantly, and many factors could play out between now and year-end to change those projections.

Check out our mortgage rates forecast for the latest and best loans tailored to your specific needs and goals. Text the word “Loan” to 561-861-2366.

Weekly Mortgage Demand Jumps Again as Interest Rates Fall Just Below 7%:

  • The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.84% from 7.02%.
  • Applications to refinance a home loan rose 12% for the week and were 5% higher than the same week one year ago.
  • Applications for a mortgage to purchase a home rose 5% for the week but were still 11% lower compared with the year before.

This news showcases the impact of interest rates on mortgage demand, a critical factor for homebuyers and investors in the current market. It's a key point to consider in our theme today – the role of LUCK in Real Estate. Or make that L.U.C.K.

Mortgage rates experienced a slight dip last week, leading to a notable surge in mortgage demand for the second consecutive week. The Mortgage Bankers Association reported a 7.1% increase in total application volume compared to the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased from 7.02% to 6.84%, encouraging heightened refinancing activity.

The drop below 7% for most loan types was attributed to recent economic data indicating a weaker service sector and a less robust job market. Mike Fratantoni, Senior Vice President and Chief Economist at the MBA, noted that the increase in the unemployment rate and downward revisions to job growth in prior months contributed to this trend. Refinance applications saw a substantial 12% rise for the week, surpassing the figures from the s same week in the previous year by 5%.

Despite the significant percentage increases in refinance activity, the overall level remains relatively low. Fratantoni suggested that much of this activity likely involves borrowers who secured loans near the peak of interest rates in the past two years. While mortgage applications for home purchases also increased by 5% for the week, they were still 11% lower than a year ago. Homebuyers face challenges beyond high interest rates, including soaring home prices and a limited supply of houses, particularly in the starter-home category. Although more inventory is entering the market with the arrival of the spring season, it remains insufficient to meet the growing demand.

Looking ahead, mortgage rates rose slightly at the beginning of the current week following a government report on consumer prices that exceeded expectations. However, the reaction was less pronounced than in previous instances, suggesting that the market is cautiously optimistic about potential rate-friendly news regarding inflation and the economy in the near future.

Biden Proposes $10,000 Tax Breaks for First-Time Homebuyers, ‘Starter Home’ Sellers:

  • President Biden proposes a “mortgage relief credit” of $5,000 per year for two years for middle-class, first-time homebuyers.
  • He calls for a one-year credit of up to $10,000 for middle-class families who sell their “starter homes” to another owner-occupant.
  • Experts have mixed opinions about whether the policies will help the country’s housing affordability issues.

This article highlights potential government initiatives aimed at boosting homeownership and affordability. How does this align with our theme of LUCK in Real Estate? Let's explore further.

President Joe Biden has introduced plans to address the country's affordable housing issues, proposing new tax breaks for first-time homebuyers and "starter home" sellers. However, experts hold mixed opinions on these proposals. Biden's plan includes a "mortgage relief credit" of $5,000 per year for two years for middle-class, first-time homebuyers, equivalent to reducing the mortgage interest rate for a median-price home by 1.5 percentage points for two years. Additionally, a one-year credit of up to $10,000 is proposed for middle-class families selling their "starter homes" to another owner-occupant.

The administration aims to incentivize homeowners to sell their homes, especially those with lower mortgage rates than current rates. The challenge lies in predicting the fate of Biden's proposal during a presidential election year, particularly with a split Congress. Despite the ongoing affordability crisis with soaring home prices and mortgage interest rates, experts are uncertain about the proposal's impact on easing mortgage qualification.

2023 was noted as the least affordable year for homebuyers in over a decade, with those making the median U.S. income spending 41.4% of earnings on a median-priced home. While interest rates have fallen from 2023 peaks, the average interest rate for 30-year fixed-rate mortgages hovers around 7% as of March 7. Experts emphasize that addressing the housing supply issue is crucial, and merely increasing demand may not be the solution. Despite varying opinions, the acknowledgment of housing affordability in the State of the Union speech is considered a positive starting point by some experts.  

Homebuyers Need to Earn 80% More Than in 2020 to Afford a House in This Market:

  • Factors beyond high mortgage rates are affecting housing affordability for many Americans. 
  • The connection between housing costs and wages has been gradually separating over the years.
  • The number of new housing units built throughout the years has been declining, and the low supply is rooted in restrictive land-use and zoning regulations.

Understanding the challenges homebuyers face, especially regarding affordability, is crucial in navigating the real estate market. This aligns with our theme today, emphasizing the importance of Labor Under Correct Knowledge (LUCK).

The housing affordability crisis in the United States is reaching alarming levels, driven by a significant disparity between rising home prices and stagnant wages. According to a recent report by Zillow Group, in just four years, the typical mortgage payment on a typical home in the U.S. has nearly doubled. While the average household income has increased from $66,000 in 2020 to $81,000 in 2024, it is not keeping pace with the soaring costs of housing.

To afford the typical home today, potential buyers now need an annual income of about $106,500, marking an 80% increase since January 2020. This widening gap between housing costs and wages is a cause for concern, emphasizing the urgent need for solutions to enhance affordability.

Experts point to two major factors contributing to the housing affordability crisis: the gradual separation of housing costs and median wages since the mid-'90s and a tight supply in the housing market. The decline in the number of new housing units built over the years is exacerbating the issue, with restrictive land-use and zoning regulations playing a significant role. These regulations limit the ability to construct new homes, contributing to the shortage of housing and keeping prices elevated.

To address this crisis, experts stress the importance of increasing housing supply by easing land-use and zoning regulations. Lowering these barriers for builders would involve local policymakers taking steps to facilitate the construction of affordable housing. While zoning rules are typically determined at a local level, there is a call for more flexibility to allow the construction of affordable housing in areas currently restricted by land-use rules.

Some areas have already witnessed positive outcomes from relaxed zoning rules, with a surge in new construction, especially in markets that permit smaller, attached homes. The federal government is also exploring ways to incentivize local areas to be more flexible, providing financial incentives to developers to build more affordable housing.

In summary, addressing the housing affordability crisis requires a comprehensive approach, including increasing housing supply by relaxing zoning restrictions and promoting the construction of affordable housing in response to the growing demand across the nation.

Conclusion and Calls to Action: Remember, it’s a stone-cold fact that Real Estate is THE best investment. Period. So get yours today! Thank you for listening to The Real Estate Show, where we provide you with a literal seminar in every episode. Don’t just listen – use our show to get started in real estate investing.

Now, here are two opportunities for you: Text the word EDGE to 561-861-2366. That's EDGE to 561-861-2366. Don't miss out on these chances to elevate your real estate knowledge and financial game.

Tune in again tomorrow for the “ATM Edition – About The Money.” Share this show with others who should own real estate. Until next time, this is Eric Willner, signing off from The Real Estate Show.

Also, you can listen to the entire 30 minute broadcast of any day’s edition of The Real Estate Show by clicking on the audio link on that days summary post. You can also watch the Facebook Live video at

Want to know more? If you are serious about real estate and paying off debt, then find out more on today and every day’s episodes and learn more about Real Estate Investing and learn HOW TO by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 9 o’clock (EST) on Florida’s Money Talk Radio stations WWNN AM1470, FM 95.3 and FM 96.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share this and our Facebook updates.

Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. ( You can reach Eric Willner at or 888-595-7779.

Also listen to the rebroadcasts on demand on 

Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. ( You can reach Eric Willner at or 888-595-7779.

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Posted by Eric Willner on March 20th, 2024 10:23 PM


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