June 21st, 2024 8:10 PM by Eric Willner
Radio Show Notes 06/19/24 Wednesday:
Read a summary of the show below or
Listen Here
Watch Live Facebook Video Here
Midweek Mortgage Update: What Rising Rates Mean for Late Starters in Real Estate
Late Start? No Problem! Real Estate Strategies for Building Retirement Security (Even Now!)
By Eric Willner, Host of The Real Estate Show, America’s longest running daily radio show about real estate.
Hello, listeners! Have the news, media, and economy left you wondering if now is a good time to be buying or selling real estate? If so, you're not alone. 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. My name is Eric Willner, known as the Voice of Real Estate and founder of America’s longest-running daily radio show about real estate. I am also the creator of The Automatic Landlord System for Owning Cash Flowing Real Estate ‘Profitably and Hassle-Free’. This show is a virtual real estate seminar in every episode.
This is the "Wednesday Midweek Mortgage & Market Report" Edition of The Real Estate Show, and today we continue our theme of the week: “Getting A Late Start - What To Do About Money, Real Estate, and Retirement.”
Did You Know?
Did you know that many people over 50 have inadequate retirement savings and need to consider real estate as a strategy to boost their financial security?
Today's Topic: Getting A Late Start - What To Do About Money, Real Estate, and Retirement
Today's show is about “Getting A Late Start - What To Do About Money, Real Estate, and Retirement” and the importance of understanding how these elements work together to create a successful real estate plan.
Before we get into the meat of the show, let me remind you of this week’s special FREE Workshops:
Do finances challenge you? Most people say YES!! So, HERE is The Financial Edge. It’s the education and knowledge that move the needle. We are your Financial Team. Let's talk about it... We believe in a 3-pronged approach:
TAKE THE 72 Hour Challenge!
Let's continue to talk about why NOW is the time to buy real estate, using the previous shows from Monday and Tuesday as our foundation. Today, we'll dive into the headlines and news articles that affect wealth through affordable housing, helping you gain independence and peace of mind. Understanding the news helps you get organized and have a financial edge.
Here are the top trending topics for today’s update:
1. Fed Holds Firm, Mortgage Rates Tick Up
The Federal Reserve announced Wednesday that investors should expect just one rate cut this year, not the three reductions central bankers previously had forecast. For now, that means mortgage rates are unlikely to fall sharply in 2024. Meanwhile, mortgage rates climbed slightly this week, according to Bankrate’s national survey of large lenders, with the average price of a 30-year loan at 7.10 percent. In good news for sellers and tough news for buyers, median home prices are back above $400,000, according to the National Association of Realtors. Pending home sales for April were off 7.7 percent. The national median family income for 2024 is $97,800, and the median price of an existing home sold in April 2024 was $407,600. Based on a 20 percent down payment and a 7.10 percent mortgage rate, the monthly payment of $2,191 amounts to 27 percent of the typical family’s monthly income.
With mortgage rates well above pandemic lows, home sales have been sluggish. The National Association of Realtors reports that home sales in April dipped to an annual pace of just 4.1 million units.
2. Housing Inflation Will Need to Come Down Before the Fed Can Think About Cutting Rates, BofA Says
Housing inflation remains a significant concern. According to Bank of America, the Federal Reserve will need to see a significant reduction in housing inflation before considering rate cuts. High housing costs are a primary driver of overall inflation, and the Fed's focus is on ensuring price stability. This means potential buyers and investors should prepare for a prolonged period of higher mortgage rates.
3. Competition in the Housing Market is Cooling Off. Here’s Why.
More homeowners are listing their homes for sale, but properties are taking longer to sell as potential buyers face high prices and interest rates. New listings from home sellers jumped in May, up 13% from a year ago, according to the latest market report by Zillow. “You have an increase in sellers coming back on the market,” said Orphe Divounguy, a senior economist at Zillow. More homeowners are listing their homes for sale, but properties are taking longer to sell as potential buyers face high prices and interest rates.
Call to Action
If you're interested in gaining a financial edge, text the word "EDGE" to 561-861-2366. Our Financial Edge University offers a 101 Overview Online by Invitation, and it's your chance to get the education you need to move forward confidently.
Summary of Today's Show
Today, we discussed several important topics related to real estate and financial planning, particularly for those getting a late start:
Conclusion
Thank you for tuning in to The Real Estate Show. Remember, tomorrow is our ATM Edition of the show, where we’ll provide up-to-date insights on the real estate market. Use our show to get started in real estate investing and tune in every weekday for a literal seminar in every episode. Don’t forget to attend our free online workshops and start your journey to financial freedom today.
For more personalized advice and to join our community, text the word "EDGE" to 561-861-2366. Thank you for listening, and here's to your success in real estate!
Tune in tomorrow to stay informed and take the next step in your real estate journey.
<>==============================================
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 www.facebook.com/TheRealEstateShow.
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. (AutomaticLandlord.com) You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.
Also listen to the rebroadcasts on demand on Facebook.com/TheRealEstateShow
#TheRealEstateShow, #The.Real.Estate.Show, #EricWillner, #AutomaticLandlord, #Saving vs Investing, #ThirdHome, #BestRealEstate, #WSBR, #AM740, #FM 96.9, FM 103.9, #WWNN, #AM1470, #MoneyTalkRadio, #TheRealEstateLife, #speakingempire, #GKIC, #makeamericagreatagain, #propertymanagement, #rent, #Saving, #Investing, #Debt Solutions, # So You Can Retire Debt-free, #RetireDebtFree, #VA Loan, #AutomaticDebtSolution