The Best Time to Buy a Home This Year is the First Week of October

The best time to buy a home this year is the week of October 1-7. This week offers a balanced mix of market conditions that favor buyers relative to the rest of the year.

  • The 2023 homebuying season aligned with typical seasonal patterns, but ongoing affordability and inventory challenges mean the year’s market varies greatly based on locale.
  • Nationally, the best time to buy a home is the week of October 1-7. 
  • Active listing inventory has started to wane relative to last year’s surge as homeowners stay on the sidelines. Based on historical trends, the first week in October may see up to 17% more active listings than at the start of the year. Buyers are poised to save over $15,000 during this week compared to the summer peak for a median priced home of $445,000.
  • Buying after the peak week may net a buyer more savings, but buying earlier is likely to mean more fresh options to choose from. Thinking about your priorities as a buyer can help you decide when to start shopping

Read more from

Get the Latest Local Housing Market Data from Long and Foster's Market Conditions Report

Philadelphia Region Report

Atlantic County, NJ Report

Burlington County, NJ Report

Cape May County NJ Report

Ocean County, NJ Report

What Do New Inflation Numbers Mean for Mortgage Rates?

Some called the latest report “disappointing,” but economists still expect a downward trend in the months ahead.

With the latest economic data showing an uptick in the overall inflation rate, that means another interest rate hike is coming, right?

Well…maybe not.

The consumer price index (CPI) data showed that annual headline inflation, which includes food and energy prices, rose to 3.7% in August, marking the second month in a row of increases. That's not what the Federal Reserve, which has a goal of getting inflation down to 2%, wants to see.

From July to August, headline inflation was up 0.6%, the biggest month-to-month jump so far this year.

Read more from

Americans Who Don't Own a Home Say They Lack Savings for a Down Payment, CNBC Survey Finds

Many still believe they need 20% down to buy a home, but in reality, the typical first-time buyer has a much lower down payment.

Coming up with a large chunk of cash for a down payment is likely the first thing that comes to mind when people think of buying a house one day. But you probably don't need as much money as you think.

The idea of the 20% down payment as a standard dates back to the Great Depression, when mortgages were usually shorter than the 30-year term that is standard today (and down payment requirements were often even higher than one-fifth of the property's cost). In the following decades, many government-backed mortgages mandated a 20% down payment.

Read more from CNBC.

Report: Home Envy is Reshaping the American Dream

In the digital age, social media has — for better or worse — become an integral part of our lives, influencing how we perceive ourselves and others. For Gen Z Americans, accustomed to constant online connection, this influence extends beyond personal appearance and experiences. For their part, millennials are not only sharing photos and experiences but also comparing their achievements and possessions with their peers. Among the various markers of success, home value has long been a significant benchmark. 

Fueled by the desire to keep up with others’ perceived achievements, home envy is reshaping the concept of the American Dream for these generations. The impact of social media on Gen Z’s and millennials’ perceptions of homeownership and the American Dream has some noteworthy implications — for both prospective homeowners as well as the lenders providing them with mortgages to realize that dream.

Read more from Housing Wire.

In-Person Work, Quality Of Life Affects Americans On The Move

Return to the office mandates and the continued desire for a better quality of life are affecting Americans as they decide where to move in 2023.

Companies that allowed employees to work remotely during and immediately after the Covid pandemic are reversing course this year. On Sept. 5, Meta’s requirement that employees assigned to an office show up at least three days a week went into effect.

With the policy change, Facebook and Instagram’s parent company joined Google and other major employers that are pulling the plug on remote work despite advances in technology that allow people to log in from anywhere. Some analysts argue that it is a leadership preference, while others point out that office vacancies have been problematic for companies.

Read more from The Mortgage Note.

We hope you enjoyed this week's Market News. For more information about how we can help you, please contact us.

Plymouth Meeting: 610.834.8700

Doylestown: 215.345.7600

NJ: 609.398.8600

Facebook  Instagram  LinkedIn  Twitter
LinkedIn Share This Email

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.