The Buzz is a regular summary of housing market news and data driving our decision-making at Bluebid.
Here's the Buzz for the week of February 8, 2024…
According to Fannie Mae, consumer sentiment toward housing sits at the highest level in nearly 2 years. The optimism stems primarily from increased consumer confidence in job security and expectations that mortgage rates will decrease.
Realtor.com explores the distinct advantages to getting ahead of the curve and listing before the spring. One of the reasons cited is the continued lack of supply in markets throughout the country.
CNBC says weekly mortgage demand continues to fluctuate as rates bounce around. The most recent surge in rates is attributed to much higher-than-expected monthly employment reading from the U.S. Labor Department for January. The average rate on the 30-year fixed surged 29 basis points following the data's release, and another 12 basis points on Monday. This made for the third-biggest increase in mortgage rates since March 2020.
ABC News reports that Keller Williams, one of the nation's largest real estate brokerages, has agreed to pay $70 million as part of a proposed settlement to resolve more than a dozen lawsuits across the county over agent commissions. The agreement also calls for the brokerage to take several steps aimed at providing homebuyers and sellers with more transparency around commissions paid to real estate agents.
Whether the real estate market is up, down or sideways, Bluebid continues to build inventory and allow homeowners to privately explore selling - without the pressure of published price history and days on the market.
Have a great week.
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.