According to an article in the Washington Post, home sales are at their highest since 2006, new residential construction has made a big jump this spring and the economy added 280,000 jobs in May. This is all excellent news for housing!
“They both feed off each other,” said Danielle Hale, director of housing statistics at the National Association of Realtors. “The job market’s improvement comes first, and then the housing market follows.”
With a strong job market people are less likely to miss mortgage payments, it is easier to save money for a downpayment and confidence in buying a home grows.
The timing of job growth comes at a great time for millennials of homebuying age. According to Realtor.com chief economist Jonathon Smoke, a million jobs over the past year were gained by workers aged 25-34, prime homebuying age.
Time to move?
Those new to homebuying will need some help with the process and First Weber can certainly help from start to finish. Here is a guide we put together to help first time home buyers understand the process.
The Wisconsin real estate market is very busy, with reports of multiple offers. Because of that, it is a great time to sell. And because of the low interest rates, it makes financial sense to buy sooner than later. Buyers are seeing more competition for home and sales are sometimes made over asking price. While the home price may be higher, the current low interest rates will save buyers money each month for many years.