Eight Best Marketing Practices to Fund New Loans Faster

Join our expert panelists to learn which best marketing practices will help you get to your customer quickly with your best offer – and win their business for another loan term.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Behind the executive exodus at Fannie Mae

What's behind the wave of executive departures at Fannie Mae? It's not just money, according to former employees of the GSE.

2021 Agent Rankings now live

Today RealTrends + Tom Ferry announce the 16th annual The Thousand of America's top 1,000 real estate sales and professionals and teams.

Real Estate

San Fran home prices fell? Wait, what?

Good news for the city famous for housing shortages

A shortage of housing coupled with healthy demand is helping to keep house prices elevated, especially in cities with massive housing shortages, like San Francisco.

Really, though, tales of people renting out boxes abound from the chronicles of San Fran's recent struggles with housing. It's so bad, the housing situation actually has its own WIKIPEDIA page.

So here's the shocker: Home prices in the San Francisco Bay Area actually FELL by 1.8% year over year in March — the first such drop in four years — according to real estate firm Redfin.

Redfin also states that while prices were up 4.7%, national home sales only grew by an annual rate of 1% in March, the smallest increase in sixteen months, while new listings grew 6.8% compared to last year. Overall inventory fell 3.2%, which means that inventory is not keeping up with buyer demand.

Click to enlarge

National Median Sale Price


“For years San Francisco has been one of if not the most competitive markets in the country,” said Redfin chief economist Nela Richardson.

“Now we are seeing this white-hot market start to cool and contract. The share of Redfin offers facing competition dropped to 77% in March from 94% last year. This suggests that the price drop is not about inventory, it’s about buyers fed up with high Bay Area prices and crazy competition,” added Richardson.

Could this be a preview of what’s to come to other competitive markets like Denver and Seattle? These two cities were the fastest markets, with half of all homes pending sale in just 7 and 8 days, respectively. 

The report states that median days on market in Denver was the same as in March of 2015, but 6 days faster in Seattle.  Portland was the next fastest market with 11 median days on market.

“In 2015, sales grew 7% nationally, but there simply aren’t enough homes for sale to maintain such a torrid pace again this year,” said Richardson. “No matter how high homebuyer demand is, it takes two to tango, and many sellers are sitting this year out.”

Low inventory coupled with strong buyer demand continues to drive competition. The Redfin home tour index reached its highest level for the third month straight, and offers surged to their highest level in almost three years. Nearly a third of new listings sold in less than two weeks and 21.7% sold above the asking price.

Click to enlarge

Redfin Home Tour Index

According to the recent Home Price Perception Index released by Quicken Loans, San Jose, Denver, San Francisco, Dallas and Houston were the highest in appraiser value, while in Philadelphia, Baltimore, Chicago and Detroit values came in lower.

Most Popular Articles

Fannie Mae gives go-ahead for digital verification

Fannie Mae has given mortgage servicers the green light to use third-party digital vendors to verify income and asset information. Mortgage tech firms are thrilled.

Jun 10, 2021 By

Latest Articles

Mortgage forbearance drops as expiration date nears

Mortgages in forbearance fell for the 15th consecutive week last week to 4.04% of servicers’ portfolio volume ― a 12 basis point decline, according to a survey from the Mortgage Bankers Association.

Jun 14, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please