There has been a lot of talk about recession. But the way we handle money has stayed strong. Why? One important reason is that jobs are still available, and the amount of money people earn for their work is still high. Let’s take a look at the most recent information about jobs and pay, and why this is good news if you’re thinking about selling your house.
More Jobs Are Being Created
Instead of having the usual job cuts that happen during a time of recession, the economy has been getting bigger and making more jobs. The Bureau of Labor Statistics (BLS) says that in July, 187,000 new jobs were made. That’s more than the 185,000 jobs made in June. This means more people are getting jobs. Actually, so many jobs are being made that the number of people without jobs is much lower than the usual average of 5.7% (you can see this in the picture below:
When not many people are without jobs, it means most folks who want to work are finding jobs. When people have jobs, they get money regularly – and that can make it easier for them to think about owning a home.
People Are Making More Money And the information also proves that how much people earn for each hour they work has been increasing quite steadily in the last few years (you can check this out in the picture below):
When the amount of money people earn goes up, they have extra money they could save or use to buy a home. This increase in the money they get helps make the cost of buying a home a bit easier in today’s housing market. Affordability depends on three main things:
how much people earn, the prices of homes, and the rates for mortgages. With home prices and mortgage rates being higher right now, Builder Online explains how higher wages can help: “The housing market is benefiting from a strong economy and job market. Many of the people who have jobs have saved money over the last few years and used it to pay a part of the cost of a home.” If you’re thinking about selling your house, a strong job market, wages going up, and more people wanting to buy is really good news. It means there are more potential buyers out there who can actually go after their dreams of owning a home.
Bottom Line
With more jobs available and wages going up, there are many people interested in buying homes, which is good. Let’s get in touch so that you have someone who can help you with all the steps of selling your house – from deciding on the best price to getting your home ready to show.
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Fri, 25 Aug 2023 21:30:34 +0000
by Mottek Group