Bluebid Buzz: November 3
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 3, 2022…
Bloomberg reports Zillow Group Inc. has laid off 300 employees across various business lines as the company contends with a slowing market.
12% of homebuyers are now choosing adjustable-rate mortgages (ARMSs) over conventional, 30-year fixed rate mortgages, says CNBC. This comes as the Federal Reserve announced a fourth consecutive 75 basis point rate hike on Wednesday.
Americans continue to flee big cities with inflation now driving many to move. According to Redfin, a record high 24.2% of homebuyers looked to move to a different metro area in the third quarter.
Yahoo says that homeowners are increasingly choosing not to put their homes on the market and expects we’ll see affordability constraints and constrained inventory throughout the next year.
Boston.com shares news that Massachusetts is launching MassDREAMS, a new program that will offer up to $50,000 in aid to first-time homebuyers. The funds can be used to help cover a down payment, closing costs, or other expenses.
The Real Deal reports Redfin’s CEO sees home price correcting faster this time around due to investors and iBuyers pulling back from the market.
Even as the market softens, low inventory persists. Our team believes the current market design has proven incapable of bringing sufficient inventory to market, and this keeps prices elevated. By removing gatekeepers and connecting owners and buyers directly, Bluebid can balance supply and demand while creating a healthier ecosystem for all parties. Thank you for being part of this journey. We have some exciting product announcements coming in the next few weeks!
Have a great week.