BUYERS AND SELLERS, CURIOUS TO KNOW WHAT’S FUELING THE HOUSING MARKET
The Summer housing market has been robust and surprisingly active this year. Despite all the challenges with affordability and inventory, the demand for housing continues to remain strong with buyer demand getting stronger and stronger. So why is this?
According to data from Showing time Index, which is a site that measures buyer’s activity, buyer traffic is up in most of the country. In fact, it is stronger than in years prior to everything that happened in 2020. Even with inflation, rising interest rates, and a lot of “chatter” about a recession, a stronger-than-anticipated job market is what is fueling the housing demand.
According to the Bureau of Labor Statistics report, unemployment is at a new all-time low and is currently at 3.4%, which is a fifty-year low. Because more people are employed and financially secure, they are in a better position to purchase a home. This is great news for homeowners thinking of listing their home this Summer as there are plenty of buyers out there trying to find the perfect home.
If you would like more information on the current housing data and find out what is happening locally in your area, give us a call. My team and I can help you strategize the sale of your home to get the best return on your investment.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!