There’s been talk of an economic recession for a long time. However, the economy has proved remarkably resilient. Why? One reason is that employment and wages have been steady. We’ll look at their latest data and what makes them both excellent news for those contemplating selling your home.
More Jobs Are Being Created
Instead of facing the usual job losses accompanying recessions, The economy is growing and creating jobs. According to the Bureau of Labor Statistics (BLS), 187,000 new jobs were created in July, an increase from the 185,000 jobs created in June. This means that many more are finding jobs. So many new jobs are being made so that the percentage of unemployment is less than the long-term average of 5.7 percent ( see graph below):
A low unemployment rate indicates that most people who wish to find work can do so. If people are employed and have steady incomes, they can afford to live, which can prepare them for home ownership.
People Are Making More Money
The data also show that hourly earnings are increasing quite steadily in the past couple of decades ( see graph below):
If wages increase, individuals earn more to save for or put towards buying a house. The increase in income can alleviate some of the challenges to affordability currently facing the housing market. The affordability of a home is determined by three major elements: payment, home prices, and the mortgage rate. With the rise in prices for homes and mortgages currently, Builder Online provides the ways that rising wages can aid:
“The real estate market was the benefit of the robust economic and labor market. Many employed people have saved money over the last couple of years and put these funds to pay for an investment in the purchase of a house.”
If you’re considering the prospect of selling your home and are looking for a job, increasing wages and the resulting demand from buyers is a great thing in the current market. This means there’s a bigger market of potential buyers ready to fulfill their dream of owning a home.
Bottom Line
With more job opportunities and higher wages, resulting in more enthusiastic buyers and many buyers, you have a lot happening in your favor. Get in touch with an agent in your area to find someone who can help you through the selling process, from setting the best price to getting your house prepared to sell.
The housing market continues to alter and evolve as it goes, and in a dynamic market such as we’re currently in, you must have a reliable real estate agent by your side. If you’re looking to buy your first house or sell another time, you must find an expert who can help you through each phase of the process.
There are indeed many different ways to conduct business. Similar way. To make a wise and confident choice when you decide to buy or sell your house, you’ll need an expert in real estate who makes use of their expertise to understand what’s happening to house prices as well as supply and demand for housing supply and demand projections and other factors to provide you with the most accurate guidance. Someone clear and trust is crucial to your overall success. Jay Thompson, Real Estate Industry Consultant.