Strong job market fuels homebuyer demand
The spring housing market was surprisingly active this season. The fact that showing traffic has increased is one way to know there are buyers interested right now. The latest ShowingTime Showing Index data, which measures the number of buyers actively touring houses, shows that more people are looking at homes now than they were before the pandemic. There are a lot of interested buyers checking out available homes right now.But why are buyers so active at a time when mortgage rates are higher than they were just last year?The Job Market Is Growing at a Stronger-Than-Expected PaceWith inflation still high, the Federal Reserve (the Fed) repeatedly hiking the Federal Funds Rate, and a lot of chatter in the media about a recession, it might surprise you just how strong today’s job market is. Even more surprising, it seems to be getting stronger. (See graph below) Each month, the Bureau of Labor Statistics reports how many jobs were added to U.S. employment. The graph shows that 88,000 more jobs have been created in April compared to March. This is a good sign that the job market is growing. The unemployment rate is at a 50-year-low. This is because your home will be more attractive to buyers when you list it, especially when there are so few homes available. They can help you to price your home appropriately, navigate offers, negotiate effectively and minimize your stress. The job market is strong and many people are able to afford homeownership. Contact a real estate agent to put your home on the market.
Members: Sign in to create your personalized posts and start sharing!
Not a member yet? Click Here to learn about KCM’s new feature, Personalized posts.