September 1st, 2024 9:27 PM by Eric Willner
Radio Show Notes 08/28/24 Wednesday:
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Mortgage Rates Drop, But Homebuyers Remain Wary: What Does It Mean for You?
By Eric Willner, Investor, Coach, and Host of The Real Estate Show, America’s longest running daily radio show about real estate.
Is Now the Time to Buy or Sell Real Estate? Let’s Talk About It!
Welcome to The Real Estate Show – South Florida’s #1 Real Estate Radio Show and America's longest-running daily show about real estate. I'm your host, Eric Willner, known as the Voice of Real Estate, and today’s edition is the Wednesday Midweek Mortgage & Market Report. If the constant chatter of news, media, and economic fluctuations has you questioning whether now is the right time to buy or sell real estate, you’re not alone.
But let me tell you this – every market presents opportunities, and on today’s show, we’ll dive into Real Estate Success: Step 7 - Ready, Set, Close! This is one of the most critical steps in your real estate journey, and I’m here to guide you through it. Whether you’re a homebuyer looking for your first property, an investor wanting to grow your portfolio, or someone eyeing the current mortgage rates wondering what to do next, today's discussion will arm you with knowledge that could make all the difference.
Real Estate Success: Step 7 - Ready, Set, Close!
This is the Wednesday Midweek Mortgage & Market Report Edition of The Real Estate Show, and today, we’re exploring why NOW is the right time to buy real estate. The theme of our show is Real Estate Success: Step 7 - Ready, Set, Close!.
This step is where all your preparation, negotiation, and due diligence pay off. You’re at the finish line, but before you leap, it’s crucial to understand every aspect of the closing process. Did you know that a mistake or oversight during the closing could cost you thousands of dollars or even derail your deal entirely? That’s why we’re focusing on how to navigate this process successfully.
Mortgage & Market Report – What You Need to Know
Mortgage rates, home prices, and economic trends can make or break your strategy in real estate. So, let's break down today’s top headlines and how they relate to our topic:
Headline #1: Mortgage Rates Dip Slightly – Is This Your Window?
According to Bankrate, as of today, the national average interest rate for a 30-year mortgage is 6.62%, slightly lower than the rates we've seen for months. For a 30-year refinance, the rate stands at 6.44%, offering a small but valuable reprieve for homeowners looking to lower their monthly payments.
But what does this mean for you? With mortgage rates staying under 7%, this could be your opportunity to lock in a deal before they rise again. Homebuyers waiting for a significant drop might be waiting for a long time. The key is to act while rates are still favorable because the likelihood of them dipping back to pandemic-era lows of 3% is extremely slim.
If you're on the fence about buying, consider this: you can always refinance later if rates drop further. But if you wait too long, you might miss out on securing a property at today’s price points. In an environment where rates have fluctuated but remain steady under 7%, you want to make your move soon.
Want to take advantage of today’s rates? Text EDGE to 561-861-2366 to learn more about how our team can help you get the financial edge.
Headline #2: Weekly Mortgage Demand Stalls, Despite Rate Drop – What’s Holding Buyers Back?
Even with the recent dip in mortgage rates, mortgage demand has remained relatively flat. Applications for home purchases rose by just 1% last week, according to the Mortgage Bankers Association, while refinance applications saw a minor decline.
Why is this? It appears that prospective buyers are playing a waiting game, hoping for either rates to fall further or for more inventory to become available. While patience is a virtue, waiting too long could mean you miss out on some fantastic opportunities. Remember, real estate is a long-term investment, and locking in a good deal now may prove wise down the road.
Joel Kan, MBA’s vice president and deputy chief economist, mentioned that "Prospective homebuyers are staying patient now that rates are moving lower, and for-sale inventory has started to increase." This is crucial because inventory often dictates the urgency and competitiveness of the market. Now could be the right moment for you to step in while competition is still relatively low.
Why Closing Successfully is Key to Your Real Estate Success
Now let’s get back to our theme – Ready, Set, Close! This phase is the final hurdle before you can call the property yours. Understanding the closing process is paramount. From securing your loan, conducting a final walk-through, to signing documents and transferring funds – every detail counts.
Before you can officially take the keys, you need to ensure that your loan approval is solid, your closing documents are in order, and that the property is in the agreed-upon condition. This is not a step to rush. Take your time, ask questions, and lean on your real estate team for support.
Upcoming Free Workshops – Don't Miss Out!
Before we go deeper, let me remind you about this week’s special FREE workshops that you definitely don’t want to miss:
If finances challenge you, you’re not alone. Many people feel overwhelmed by their financial situation, but that’s exactly why we created the Financial Edge program. This is education that moves the needle in your favor. Here at The Real Estate Show, we believe in a three-pronged approach to real estate success:
When you combine these principles, you position yourself for financial independence. Let’s talk about it – because the right knowledge and the right team can make all the difference.
Headline #3: Home Prices Hit Record High in June – What Does This Mean for Buyers?
On the S&P CoreLogic Case-Shiller U.S. National Home Price Index, home prices hit a record high in June, climbing 5.4% year over year. Cities like New York saw a 9% increase, while others like San Diego and Las Vegas weren’t far behind.
This might sound daunting for buyers, but remember: real estate is a time-tested vehicle for building wealth. Prices are rising, yes, but that’s why it's important to act now rather than later. The longer you wait, the more you could pay for the same property down the road. Even if prices slow down, they are unlikely to drop significantly, so the sooner you secure your piece of real estate, the better.
Waiting for both prices and rates to drop at the same time might lead to missed opportunities. So, consider making your move before prices climb higher. Text EDGE to 561-861-2366 to learn more about how you can secure financing and seize the opportunities in today’s market.
Wrapping It Up: Don’t Wait, Start Today
Remember, real estate is THE best investment—period. While the market might seem unpredictable, history has shown time and again that owning property builds wealth. Prices are rising, mortgage rates are relatively steady, and for those ready to act, the time is now.
Don’t just listen—take action! Whether it’s securing financing, finding the right property, or closing the deal, our team is here to guide you every step of the way. Tune in tomorrow for the ATM Edition – About The Money, where we’ll dig deeper into the financial strategies you need to succeed.
And don’t forget to share this show with others who should own real estate. Real estate success is within reach, and it all starts with making informed decisions today.
Until next time, I’m Eric Willner, and this is The Real Estate Show – South Florida’s #1 Real Estate Radio 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 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
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