Powerful Job Market Fuels Homebuyer Demand

Powerful Job Market Fuels Homebuyer Demand




The spring housing market has been surprisingly active this year. Even with affordability challenges and a limited number of homes for sale, buyer demand is strong, and getting stronger.

One way we know there are interested buyers right now is because showing traffic is up. Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, makes it clear more people are out looking at homes than there were prior to the pandemic (see graph below):

And though there’s less traffic than the buyer frenzy of the past couple of years, we’re not far off that pace. 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 Pace

With 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. What might be even more surprising is the fact that it appears to be getting stronger (see graph below):

Each month, the Bureau of Labor Statistics (BLS) reports how many new jobs were added to the U.S. job market. The graph above shows 88,000 more jobs were created in April than in March. In fact, the April numbers beat expert projections. That’s a solid indicator the job market is growing.

Unemployment Is at a Near All-Time Low

Ever since the Fed began fighting inflation, many people expected the low unemployment rate we’ve seen over the past couple of years to rise – but that hasn’t happened.

In fact, what has happened is the unemployment rate has dropped to 3.4% – a 50-year low (see graph below):

With so many people steadily employed and financially stable right now, they’re still able to seriously consider buying a home.

What This Means for You

If you’re thinking about selling your house this year, a market with active buyers is music to your ears. That’s because there’ll be increased interest in your home when you put it on the market, especially at a time when the number of homes for sale is so low.

To get started, your best resource is an experienced real estate agent. They can help you price your house appropriately, navigate the offers you’ll receive, negotiate effectively, and minimize your stress and hassle.

Bottom Line

There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect.

2374 Monte Vista, Orion Township
?? Come check out this stunning totally upgraded condo with wooded views in spectacular Lake Orion, right off Lapeer Road making the location convenient and close to shopping and much more! ??This is a split-level with a master, second bedroom and optional third bedroom or office on the main level. Stunning white kitchen cabinets, hardwood floors through-out the foyer, kitchen and living area, and crown molding through-out. ??Two full-baths on main level as well as a third on the second floor. Second floor
Do's and Don'ts of Mold
Moving to Michigan? The number one thing to look for in Michigan is mold in your attic. We sit down with Scott Brohl who is a certified mold specialist. We talk about how mold grows and what we can do to prevent it. It is NOT a deal breaker when considering a home sand we explain why! Why Should You Choose Brohl's? Brohl's Insulation is a premier insulation contractor for your home solution. It's in our roots! We are a local and family owned company that prides itself on offering the highest standards of
Loft in Corktown, Detroit MI
Check out this 2-story loft in Corktown - Detroit Michigan! This fantastic space boasts 2 bedrooms, 2 baths and a 1 car garage. Corktown is a historic district located just west of Downtown Detroit. It is the oldest extant neighborhood in the city.The current boundaries of the district include I-75 to the north, the Lodge Freeway to the east, Bagley and Porter streets to the south, and Rosa Parks Boulevard (12th Street) to the west.The neighborhood was listed on the National Register of Historic Places in
4 Reasons to Move to Rochester
4 Reasons why you should move to Rochester, MI. A perfect mix of historic and hip, downtown Rochester attracts both local residents and visitors from across the state of Michigan. Downtown Rochester is home to more than 350 shops, salons, restaurants and professional service businesses; 85% of which are independent merchants. Downtown Rochester’s natural beauty is attributed to the waterways that surround the city and the abundant green space that three parks and two winding trails offer. Whether you’re h
Check out what Birmingham Michigan has to offer!
Why Birmingham, MI should be on your list of places to live. The City of Birmingham, Michigan is located approximately halfway between the City of Detroit and the City of Pontiac, in Oakland County. Easily accessible to all major freeways and the airport, Birmingham is also bordered by Bloomfield Hills, Bloomfield Township, Beverly Hills, Royal Oak and Troy. Birmingham is vibrant and prosperous, with a population of approximately 20,000. Covering only 4.73 square miles, our community is able to maintain t
Why Move to Lake Orion Michigan
Why you should choose Lake Orion, Michigan See what the downtown area has to offer, the lakes and more! Lake Orion, MI is a small, welcoming town located in the Metro Detroit area. The town has a rich history and its residents are proud of their hometown culture. There are many great amenities to enjoy in Lake Orion such as local shops, restaurants, parks, and community events. The town offers plenty of recreational activities for all ages such as kayaking on the lake or golfing at one of the nearby course
Visit St. Clair Shores
St. Clair Shores, Michigan is a picturesque city located in Macomb County on the shore of Lake St. Clair. After a fun day at sea with family and friends grab a bite to eat at one of our many restaurants such as Rose's Family Dining, Waves Chill & Grill or Fishbones. Grab a cocktail at any of the area waterfront bars. This city is full of summer activities and plenty to do in the winter as well. With a senior center, a dog park, and a bocce ball court, St. Clair Shores has amenities for all ages. But when
15 Properties
Page 1 of 2
$1,800 / month
Neighborhood: Trumbull Boulevard
3
Beds
2
Baths
3,918
Sq.Ft.
1926
Year Built
2
Days on Site
20240023824
MLS
$350,000
Neighborhood: John R Hitchmans Gardens
3
Beds
2F11/2
Baths
1,771
Sq.Ft.
2021
Year Built
9
Days on Site
20240022109
MLS
$217,999
Neighborhood: Meadowood
3
Beds
1F11/2
Baths
1,008
Sq.Ft.
1950
Year Built
9
Days on Site
20240022242
MLS
4
Beds
1F11/2
Baths
1,688
Sq.Ft.
1860
Year Built
15
Days on Site
20240004676
MLS
$95,000
Neighborhood: Marwood Heights (Plats)
3
Beds
1
Baths
1,080
Sq.Ft.
1951
Year Built
15
Days on Site
20240020609
MLS
$115,000
Neighborhood: Schoolcraft Sub No 2(Plats)
3
Beds
1
Baths
1,486
Sq.Ft.
1928
Year Built
19
Days on Site
20240019905
MLS
4
Beds
3F11/2
Baths
2,450
Sq.Ft.
1998
Year Built
28
Days on Site
20240017345
MLS
1
Beds
1F11/2
Baths
7,600
Sq.Ft.
1979
Year Built
49
Days on Site
20240012313
MLS
7,600
Sq.Ft.
53
Days on Site
20240011369
MLS
39.48
Acres
56
Days on Site
20230058691
MLS
$20,000
Neighborhood: Elm Park Sub
0.12
Acres
56
Days on Site
20230104595
MLS
$750
Neighborhood: Arthur J Robertsons Add
3,234
Sq.Ft.
56
Days on Site
20230101604
MLS

Post a Comment