Bluebid Buzz: June 1
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 June 1, 2023…
This week brings higher rates, lower mortgage applications, stronger than anticipated home price gains, fewer purchases by investors, and data suggesting open houses are a waste of time for pretty much everyone – apart from your nosey neighbors.
Redfin reports investor home purchases fell a record 49% annually in the first quarter, outpacing a 41% drop in overall home purchases.
USA Today says the housing market can’t compete with last year’s intense spring market, but there is still strong demand for housing. Over the last month, one-third of homes sold above the listed price and the typical home received three offers.
CoreLogic explains that while housing markets are showing signs of typical seasonal improvement from winter lows, the lack of inventory in many metros, combined with buyer responsiveness to changes in mortgage rates, reflect stronger than anticipated home price gains.
CNBC shares that mortgage rates shot higher last week, causing mortgage demand to drop to its lowest level since the end of February.
U.S. News & World Report believes open houses probably aren’t worth it - only 1% of buyers visit an open house as their first step, and just 4% of all buyers find their home because of an open house or yard sign. We tend to agree! Listing with Bluebid Homes allows owners an opportunity to privately explore selling on their own schedule and without the invasiveness of open houses, nosey neighbors, and published days on market.
Have a great week.