Bluebid Buzz: November 17
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 November 17, 2022…
Household debt has been soaring, as CNBC reports American households saw their biggest annual jump in more than 20 years during Q3.
The Massachusetts Association of Realtors shares that October saw single family prices up 5.2% annually in the Commonwealth despite closed sales down 22%, new listings down 17.1%, and its affordability index down 32.9%. The inefficiency of this market is astonishing.
At the national level, the National Association of Realtors expects pricing could still rise slightly in 2023 despite slowing sales and elevated mortgage rates.
Demand in the northeast remains strong when compared to the rest of the country, as Realtor.com says the region boasts 11 of its 20 hottest markets (based on October data).
Last week, I promised our team would be expediting the development of our own marketplace features in response to the systemic failure of the existing market. Today, we’re making good on this promise:
Homeowners can now publish their price to move.
Whether owners are active sellers – or could for the right price – this feature positions Bluebid as their “always” listing service. Owners pay zero listing fee and take comfort in knowing they’ll hear from buyers directly and privately. We don’t publish days on market, so there’s no downside to listing today or pressure to transact before you’re ready.
Buyers now have access to more data (owner’s price to move, home value estimates, suggested ranges, etc.) to help maximize the likelihood an offer will be accepted. By popular demand, buyers who have provided the requisite information can now request showings as well.
All users can benefit from our new advanced filters and numerous UI/UX improvements.
Updates are now live on the web, and our latest iOS app will be released in the coming days.
Have a great week.