Location and employment are the two most fundamental aspects to think about when choosing a home. And because of the robust economy and labor market, the housing market has benefited. Recently, we can see that the economy has become resilient. Why is this? Because employment and wages have remained strong. So, if you are looking to sell your home, this news about job growth and salary increase is good news for you.
There is an Increase in Employment
187,000 new jobs were created in July, according to the Bureau of Labor Statistics (BLS). This means that people are getting more jobs. Indeed, the increasing number of jobs is so great that it is significantly lower than the long-term average of 5.7%. So in other words, people have consistent incomes when they have jobs and this may encourage them to think about becoming homeowners.
People are Generating More Revenue
Today, people have more money to save or put toward a home purchase when their wages increase. But as a result of rising borrowing costs, high home prices, and a slowing economy, the housing market is now changing. However, some of the current housing market’s affordability issues are partly offset by this increase in income. Many employed people have been saving money for a down payment on a home over the past few years. The housing market is likely to be softer, and unemployment rates are likely to increase.
The Bottom Line
A robust job market and rising wages are good news if you are considering selling your home because this results in more buyer demand. It indicates that there is a larger pool of potential buyers. A lot of potential buyers will pursue their aspirations of becoming homeowners. Many things are working in your favor. So get in touch with a local expert right away for advice on home selling.
What To Do:
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