Bluebid Buzz: May 25
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 25, 2023…
This week's Buzz includes approximately 600,000 fewer single family homes for sale than you'd typically see this time of year and affordability challenges in the traditional market showing some cracks, as industry experts note many buyers are successfully negotiating list prices lower.
Business Insider refers to the historic lack of homes available for sale as the most striking feature of this new housing market, as the ~400,000 single-family homes currently for sale pales in comparison to the 1 million you'd normally find on the market this time of year.
Forbes observes a spring homebuying season that has yet to bloom - and may turn out to be a total dude - as tight inventory continues to perpetuate affordability challenges for many.
Despite supply shortages, Yahoo Finance says buyers are once again negotiating price reductions. Buying now could result in a better deal, as the author believes you'll see a shift back to a seller's market once interest rates trend back down into the 5% range.
HousingWire notes many homeowners are "locked in" to rock bottom mortgage rates but expects the effect should ease somewhat in the coming months as many who have been putting off moving decide they've waited long enough.
Our product team has been busy in recent weeks, as we've shipped direct messaging and a number of usability upgrades aimed at opening up the off-market real estate universe to our community of users. We're currently working on search and alert enhancements that will make it even easier for buyers to find their dream home the moment it's added to Bluebid Homes, as our inventory growth continues to outpace the traditional market.
Have a great week.