Bluebid Buzz: March 30
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 March 30, 2023…
Key themes from this week include increasingly positive demand signals, persistent supply shortages limiting upside, the east booming as the west goes bust, and economic uncertainty looming large over the housing market’s inventory pipeline.
According to National Mortgage Professional, mortgage applications increased for the fourth straight week last week as mortgage rates declined for the third straight week.
Positive demand signals in March are welcome news, as CNBC says higher mortgage rates in February had a negative impact on pending home sales.
Redfin also notes that spring homebuying season kicked off with steady demand, but the company sees inventory shortages continuing to hold back sales.
Boston.com shares that eviction filings in Massachusetts have returned to pre-pandemic levels, as a law passed to help prevent evictions is set to expire on March 31.
Business Insider observes a bifurcated US housing market, as home prices on the west coast are plunging at the same time prices on the east coast are surging.
Realtor.com writes that widespread economic uncertainty doesn’t generally translate into major growth in the housing market, and any further unease could worsen the supply shortage. Most sellers are also buyers, and they often stay put as markets cool. We believe our ability at Bluebid Homes to empower owners and buyers to privately explore off-market deals – without the pressure that accompanies days on market – provides a well-timed, welcoming path regardless of the economic backdrop.
Have a great week.