Bluebid Buzz: January 26
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 26, 2023…
Reuters reports that existing home sales fell 17.8% in 2022, the lowest annual total since 2014 and the sharpest annual decline since 2008. On the bright side, the author says the embattled housing market could be close to finding a floor.
CNBC reports early demand signals, as mortgage applications jumped another 7% last week.
Here are the 10 states that are losing the most residents, according to MoneyTalksNews. Massachusetts checks in at #5 on the list.
Even still, Forbes says the average rent in Boston has surpassed New York City and now trails San Francisco by only $60.
Axios shares that Realtors across the country foresee an increasingly buyer-friendly housing market in 2023, a major shift from the frenetic and expensive pandemic-era housing boom.
No sugarcoating this one: Business Insider says first-time homebuyers are still royally screwed.
A recent survey from NerdWallet finds Americans wildly misinformed on the housing market. While 83% of Americans say purchasing a home is a priority, data suggests many buyers have unrealistic price expectations. Don’t these people read the Buzz?!?
We always say your home is only worth what someone is willing to pay for it. While estimates can provide a great starting point, Yahoo Finance shares the cautionary tale of Zillow’s over-reliance on estimates forcing the company to shutter its massive home-buying business. A big part of our mission is to educate owners via private offers (and without published days on market).
Have a great week.