Less Intense Multi-Bidding and Fewer First-Time Buyers in August: The intense multi-bidding seen during the summer is simmering down, due in part to a seasonal decline, but also because first-time buyers are stepping away due to the lack of affordable homes. Nationally, the share of first-time buyers declined to 29% in August, and the number of offers on homes that sold in August decreased to an average of 4 offers per home.  Connecticut saw 9.3 offers per home however, the highest in the nation.

Why This Fall Is a Big Opportunity for Buyers:  Several signs in the housing market point to a potential opening to buy this fall, housing analysts say.  Nationwide, competition is reportedly cooling and listings are receiving fewer offers. Also, more listings are coming to market, offering buyers more choices.  It’s important to remember that while buyers may have an easier time this Fall than they did in the Spring, the market remains more competitive than it has been historically at this time of year.

Mortgage Rates Back Above 3%. Will They Keep Rising?: The 30-year fixed-rate mortgage averaged 3.01% in the last week of September, posting a sharp rise after spending nearly four months below 3%. An expected slight increase in mortgage rates over the next few months will likely have an impact on home prices, causing them to moderate slightly.  Economists expect mortgage rates to continue to increase modestly over the next few months, with forecasts to average 3.5% by mid-2022.  Early October rates remain above 3%. 

Low Appraisals Stall 23% of Home Sales:  Home buyers are bidding up home prices as they compete for homes. But appraisals don’t always agree with the offer the seller finally accepts. Some homes are appraised below the agreed-upon sales price, which could upend a deal.  Nationwide, 23% of contracts were delayed and 12% of transactions were then terminated due to appraisal issues. Mortgage lenders will only offer a loan for the appraised value of a home, which forces sellers to agree to a lower price or buyers to come up with more money on their own or the deal may fall through. 

Innovative Energy Saving Technology:  Biohm, a UK biomanufacturing company plans to start mass production of insulation made from mushrooms—actually their mycelium component, the thread-like roots that connect mushrooms. The company says biodegradable insulation outperforms the more common foam and is also slower to burn in a fire.  In addition, scientists at Purdue University have created the whitest paint in the world, and their research, published in April, shows that the ultra-white color could drastically reduce or even eventually eliminate the need for air conditioning.  The stark white paint works by reflecting 98.1% of sunlight away from the building. It also emits infrared heat, which means it absorbs less heat from the sun than it emits. 

7 Fixes to Avoid Major Foundation Problems:  When it comes to homes, water can destroy foundations, so buyers and homeowners need to keep their eyes open for signs of its presence or damage.  Here are seven solutions to help minimize a foundation’s damage in various scenarios:  1) Improve grading, 2) waterproof a foundation, 3) install gutters and downspouts, 4) keep large trees and bushes away from a house, 5) don’t ignore diagonal cracks, 6) check for significant leaks and stains, especially efflorescence in a basement, 7) learn why interior or patio floors may slant.