Bluebid Buzz: May 4
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 4, 2023…
Supply issues are driving the US housing market narrative this week, with fewer listings, quick sales, and high prices perpetuating affordability challenges for many.
Inventory challenges persist, as Redfin reports new listings are down more than 20% annually.
Yahoo Finance points to inventory as the 'main actor' dominating the housing market, as a host of data points revealed in the last week reflect an unexpected increase in home prices and an unforeseen drop in pending sales.
Forbes shares that tight inventory issues continue to keep prices high, perpetuating affordability challenges for many, especially first-time homebuyers. For one, the nation’s housing supply remains limited—and probably will remain so for at least the near future.
CNBC says the spring housing market has proven more competitive than expected, as nearly half the homes on the market are selling within two weeks. What's leading to renewed bidding wars and more homes selling for above asking price? The author points to sharp drop in new listings contributing to an already meager supply.
Earlier this week, Bluebid Homes issued a press release outlining its progress toward building a more welcoming path to homeownership. Given the uncertainty of today's market and its aforementioned supply shortages, it's no surprise both buyers and sellers have been receptive to the private nature of what the the company is building.
Daily Mail discussed how more Americans are buying and selling homes off-market with help from cold calls, Instagram messages, and handwritten notes. This comes as no surprise to our team, as we've tapped into a large, growing population of buyers and sellers open to entertaining private sales.
Have a great week.