Bluebid Buzz: May 11
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 May 11, 2023…
The market remained in a state of flux this week, as inventory remains limited, a potential pause in rate hikes led to a brief surge in mortgage demand, approximately 30% of markets have seen price declines, and homebuyers are facing a quandary: nobody's selling.
Realtor.com writes that location matters now more than ever. Some markets have slowed, while others continue to speed up. Simply put, there is no 'national' housing market at the moment.
31% of US markets saw home price declines and 69% saw increases in the first quarter, according to Markets Insider.
A thought provoking piece from Mansion Global unpacks the current state of the housing market and the home buyer's quandary: nobody's selling.
Yahoo Finance says the median list price for US homes in March was $374k, while the median sales price was $326k. There's a clear disparity between the expectations of buyers and sellers.
CNBC observes applications to refinance home loans increased 10% last week, and new mortgage applications rose 5% after the Fed signaled a potential pause in rate hikes.
Business Insider believes would-be homebuyers looking to upgrade their homes have been sidelined, as more and more owners are choosing to stay put with low mortgage rates locked in. Absent a viable off-market path, each owner that chooses to stay versus sell negatively impacts buyers. Bluebid Homes provides an opportunity to break this vicious cycle, as the platform's incremental inventory creates a legitimate arbitrage opportunity for those willing to engage.
Have a great week.