As we welcome June, we also celebrate National Homeownership Month. It's a great time to think about all the good things that come with owning a home. Yes, it's nice to save money, but owning a home
The Unstoppable Spring Home Market Fueled by a Robust Job Market
Dated: May 23 2023
Springtime has witnessed an unexpected surge in home buying interest. Despite rising property prices and a limited supply of houses for sale, the demand from potential homebuyers remains high. This robust demand is evident from the increase in house visits, which is currently higher than the pre-pandemic levels.
Although the intensity of home buying interest is slightly less compared to previous years, the market continues to attract a considerable number of potential buyers.
One might wonder, why is the home buying interest high despite increased borrowing costs compared to last year?
A Surprisingly Robust and Growing Job Market
Contrary to the general belief amidst rising costs and an increase in borrowing rates, the job market is quite strong. Furthermore, it seems to be growing stronger, as demonstrated in the following graph:
The Bureau of Labor Statistics provides monthly reports on the number of new jobs created in the U.S. These reports show that 88,000 more jobs were created this month compared to the previous month, exceeding expert predictions and indicating a flourishing job market.
Unemployment at Near Historic Lows
Despite apprehensions about potential increases in unemployment due to inflation, the unemployment rate has remained low. In fact, it has fallen to 3.4%, a rate unseen in the past 50 years, as shown in the graph below:
With the majority of people currently holding stable jobs and maintaining financial stability, the possibility of homeownership is a realistic consideration.
Implications for You
If you're considering selling your property, the active homebuyer market presents an excellent opportunity. Given the current shortage of houses for sale, your property is Likely to attract substantial interest when listed.
The first step in this journey should be consulting with an experienced real estate agent. They can guide you in determining the appropriate selling price for your property, assist in negotiating offers from potential buyers, and make the overall process less stressful for you.
Currently, there are a large number of eager potential homebuyers looking for properties that meet their requirements. With a robust job market, many individuals now have a steady income and can seriously consider homeownership. If you're considering listing your property for sale and capitalizing on this opportunity, let's initiate a conversation.
Shaun Radcliffe, a native of Southern California, brings a six star customer service approach to real estate. Having been a Business Development Manager before entering into real estate, he learned ho....
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