Housing Market News for the Week of September 17, 2021
Report: Best Time to Buy Is Now
Between Sept. 12 and Oct. 17, the majority of housing markets nationwide will reach their “sweet spot” with a higher number of homes for sale, lower prices, and less buyer competition compared with the average week of the year, according to realtor.com®’s Best Time to Buy Report.

This week kicks off the best time of year particularly for home shoppers in New York City, Los Angeles, Boston, Denver, Detroit, Minneapolis, and Portland, Ore., the survey found. Read more from NAR's Realtor Magazine.
The Purchase Mortgage Market Continues to Pick Up Steam
It grew by 8% from the week prior, the MBA said
Mortgage loan application volume rebounded from the week prior, increasing by 0.3% for the week ending Sept. 10, according to the Mortgage Bankers Association’s weekly report. The increase in application volume was predominantly driven by purchase mortgage activity, which grew by 8% from the week prior, the trade group said. 

Not surprisingly, the refi index has continued to slip, dipping 3% from the previous week, the MBA noted. Read more from Housing Wire.
Bidding Wars Reach Their Lowest Level This Year
Competition for homes on the market is lessening, which could provide an opening for home buyers who have been losing out amid this year’s bidding wars.

In August, about 59% of offers on homes written by Redfin agents faced competition, which is a record low for this year and the lowest level since 2020, according to a Redfin analysis. That’s down from a peak of 74% in April.

There have been additional recent signs that the housing market is cooling somewhat: Contract signings in July dropped, mortgage applications for home purchases—a gauge for future home buying—have been easing, and more sellers are making price adjustments. Read more from NAR's Realtor Magazine.
Remote Workers Continue to Transform Housing Markets
Remote work since the pandemic has fueled the flexibility for Americans to leave larger cities near job centers and move elsewhere to farther-out locales.

“They can live and work anywhere, and that’s what they’re doing,” Mark Zandi, chief economist at Moody’s Analytics, told Barron’s.
They’re flocking to midtier cities nationwide, leading to a surge in home and rental price in these areas. For example, in Boise, Idaho—one locale seeing a jump in remote workers’ relocating—saw its median home price surge 41% compared to a year earlier. The median sold home price is $469,100 there. Read more from NAR's Realtor Magazine.
How to Prepare for a Home Appraisal: 9 Tips to Maximize Your Home’s Value
The home appraisal is your last chance to ensure your home’s value comes in as high as possible, which is especially important since most offers you’ll receive will be contingent on the buyer acquiring financing from a mortgage lender. Basically, the higher your home appraisal is, the smoother the home selling transition will be. Taking the time to prepare your home for an appraisal is your best chance of increasing your home appraisal value, and here are nine things you can do to prepare. Read more from Redfin.
Mortgage Market Update
Mortgage Rates Remain Flat
It's Groundhog Day for mortgage rates, as they have remained virtually flat for over two months. The holding pattern in rates reflects the markets' view that the prospects for the economy have dimmed somewhat due to the rebound in new COVID cases. While our collective attention is on the pandemic, fundamental changes in the economy are occurring, such as increased migration, the extended continuation of remote work, increased use of automation, and the focus on a more energy efficient and resilient economy. These factors will likely lead to significant investment and new post-pandemic economic models that will spur economic growth.
We hope you enjoyed this week's Market News. For more information about how PMA can help you, please contact us.
Plymouth Meeting Office: 610.834.8700
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Information and analysis is obtained through third parties and is deemed accurate but not guaranteed. Philadelphia Mortgage Advisors is a licensed mortgage lender by the PA Dept. of Banking and Securities, NJ Dept. of Banking & Insurance, the state of DE, the Florida Office of Financial Regulation, MD Mortgage Lender #23004 and VA State Corporation Commission #MC - 6797. NMLS #128570.
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