Bluebid Buzz: February 2
As a benefit to the homeowners and homebuyers using our platform, I share a regular summary of housing market news and data driving our decision-making here at Bluebid Homes. We call it the Bluebid Buzz.
Disclaimer: Views expressed here are my own and not the views of my coworkers or anyone else. I am not a financial advisor, investment advisor, or housing expert. I’m just a guy who cares deeply about saving the American Dream of homeownership.
Here's the buzz for the week of February 2, 2023…
Redfin says January saw buyers returning to the market, as pending home sales rose on a month-over-month basis.
The New York Times offers similar feedback and writes buyers are edging back into the market after being sidelined last year by soaring prices and borrowing costs.
Even still, CNBC observed mortgage demand taking a big step back last week. Despite falling rates, total mortgage applications volume fell 9% compared to the previous week.
The impact of the Fed’s battle with inflation indirectly affects mortgage rates, as 30-year rates reflect market expectations for the economy. While Realtor.com expects this week’s decision to raise rates another 25 basis points will keep a floor under mortgage rates for the next couple of months, others are pointing to signals of relief.
MarketWatch shares that many investors believe mortgage rates will end the year closer to 5% versus current quotes hovering around 6%.
According to Bloomberg, home prices continue to cool and are down 2.5% from June’s peak.
ChatGPT has taken the world by storm, and CNN reports forward-thinking real estate agents are taking full advantage of the tool for marketing and troubleshooting purposes.
Our team has observed a dramatic increase in buyer activity on Bluebid's platform in recent weeks. If you haven’t checked your home’s profile on Bluebid lately, now is a good time to do so! We are utilizing ChatGPT for property descriptions, and owners can make edits, add photos, and set their Price to Move in preparation for the busy spring market.
Have a great week.