Bluebid Buzz: October 6
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 October 6, 2022…
Per Yahoo News, mortgage rates have hit a 16-year high of 6.75%, and mortgage demand has fallen to its lowest level in 25 years.
What exactly does this mean for affordability given low inventory and high prices? Boston.com reports the income it takes to purchase a starter home in the U.S. has risen by 86%.
With many traditional buyers forced to the sidelines, the Wall Street Journal says builders are increasingly looking to sell their homes to investors in bulk.
In the Boston area, prospective buyers being forced to rent face the 2nd most expensive metro area for renters according to Axios Boston.
Axios Markets says all of this adds up to a ‘stuck’ housing market.
Mattathias Schwartz from Insider penned a thought-provoking article touching on the inefficiency of a traditional home sales process. While our team believes real estate agents and brokers play a mission-critical role in getting deals done, we agree with Schwartz that owners and buyers deserve more options when it comes to the way they pursue transactions.
Just a reminder that we recently launched in Massachusetts! Please join us in spreading the word to homebuyers and homeowners alike. Our app is now available for download in the Apple’s App Store.
Have a great week.