Bluebid Buzz: November 3
The Bluebid Buzz is a regular summary of housing market news and data driving our decision-making at Bluebid Homes.
Here's the Buzz for the week of November 3, 2023…
There's a lot of uncertainty in the housing market this week. Just as inventory and pricing were showing signs of improvement, there's a growing consensus the current high interest rate environment will limit both supply and demand for the foreseeable future.
National Mortgage Professional digs into the takeaways from October's unseasonable housing market - including unexpected inventory growth and growing price cuts.
According to Yahoo Finance, many industry experts are prepared for a 'higher for longer' interest rate environment which both weighs on demand and constrains supply.
Markets Insider says housing affordability has plunged to the lowest level in nearly 40 years.
Wells Fargo now believes we are headed for a 1980s-style housing recession, writes Business Insider.
There was a $1.8 billion ruling against the National Association of Realtors this week that could ultimately alter the American homebuying experience, as described by the New York Times.
Given the uncertainty in the market, we're doing everything we can to remove friction from the homebuying and selling experience wherever possible. We recently enabled direct messages for all users, and we've observed explosive growth in listings on the platform in recent weeks. It has never been easier to privately explore selling - without the pressure of published days on market.
Have a great week.
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.