Bluebid Buzz: November 9
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 9, 2023…
It's ugly out there this week. Buyer sentiment is low, affordability challenges persist, and inventory constraints in the traditional market prevent prices from correcting.
Redfin writes 34.1% of home sales in September were all cash. This marks the highest level since 2014, as elevated mortgage rates make cash payments more attractive.
Fannie Mae released its National Housing Survey, and 85% of respondents say it's a bad time to buy a home. On the bright side for homeowners, only 37% believe it's a bad time to sell.
CNN says this is the least affordable housing market since 1984, and it's getting worse.
Goldman Sachs expects 30-year mortgage rates to finish the year at 7.6% and home prices to have risen 2% annually, according to Yahoo Finance.
HouseCanary notes single-family rental inventory surged 31.5% in Q3. Average days on market increased 28.4% during the same period.
We recently announced we've surpassed 2,000 listings on Bluebid Homes. For comparison, our inventory is now greater than the active listing count in 5 states and the District of Columbia. In our launch state of Massachusetts, we've accumulated more listings than all sale by owner sites combined. We're seeing sellers increasingly provide asking prices and buyers' agent compensation, and our geographical footprint has expanded significantly in recent weeks. Many thanks to all of our adopters (you!). We are hustling on the product development front, and you'll see continued enhancements in the coming weeks and months.
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.