Bluebid Buzz: January 19
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 January 19, 2023…
Mortgage rates are at the lowest levels since September, and mortgage application volume surged nearly 28% last week compared with the previous week, reports National Mortgage News.
Many see improving mortgage demand as a sign overall housing market activity could be on the mend. Still, Fortune warns that even if housing demand has bottomed, it doesn't guarantee that national home prices have too.
The City of Boston hasn’t had a rent cap in nearly 30 years, but Banker & Tradesman writes Mayor Michelle Wu is considering a 6% annual limit on rent increases.
CNBC says homebuilder sentiment has risen in January for the first time in 12 months.
Per Yahoo, Goldman Sachs forecasts 2023 housing affordability to worsen incrementally, despite a slight improvement in recent months.
Boston.com reports several institutions have raised their ceilings on conventional loans for 2023 – since jumbo loans exceeding those ceilings often come with higher interest rates and stricter underwriting guidelines, the announcements give prospective buyers more financing flexibility.
Axios shares that U-Haul transactional data confirms migration to the Southeast and Southwest continued through last year. Massachusetts (#47) was near the bottom of the company’s ranking of states with the highest gain of one-way U-Haul rentals in 2022.
So far in 2023, our team has observed a surge in homes listed on Bluebid. The busiest home selling months are typically May through August, accounting for 40% of annual sales volume. If you know owners or buyers considering transacting in 2023, please help us spread the word that Bluebid Homes empowers users to privately explore deals without the pressure of traditional listing services.
Have a great week.