How Is Unemployment Affecting the Housing Market?

What is the economy doing in relation to unemployment and how does it affect the housing market?

What’s happening with the unemployment rate, is it as bad as it looks. There is some good news regarding this.  If you look at this Graph, it shows that unemployment is going down since the peak of unemployment at the end of March. According to The U.S. Bureau of Labor Statistics that three point two million people are unemployed and 90% ninety percent of those are temporary. Now by no means am I saying that 3.2  million is a good number, but what I am showing is that it’s a lot better than 6.9 six point nine million people being unemployed, which is what it was earlier this year.  As businesses are starting to open up again, people are getting their jobs back. It’s interesting to see that according to the U.S.  Bureau of Labor Statistics that 37.6% of the people who are unemployed who are filing for unemployment, are Servicers and Bartenders, that’s more than one out of three, it’s important to note that when this crisis first started that was almost at 60%. So things are improving, which is good news.  Again, with  so much doom and gloom, it’s important to look at the positives as well.  So what are the trends in regards to housing, or buying or selling your home in the Owasso or Collinsville areas? well on a National level according to Mark Fleming, Chief Economist, First American, he States and I quote, “Housing supply remains at historically low levels, so house price growth is likely to slow, but its not likely to go negative.” We are also seeing this locally, buyers are out looking and our homes are still going pending.  It’s almost as if nothing negative has happened at all, buyers are out in full force.  It’s still very important to market homes digitally as much as possible  so that sellers won’t lose out on potential opportunities, because according to the National Association of Realtors, 99% of buyers start their homes search online and 67% of buyers will walk through a home they see online, so it’s imperative that homes get massive online exposure.  So, my fellow Owasso and Collinsville families, we are here to help.  Please feel free to reach out to us anytime.  We work hard to be   your local Digital Community Market Leaders and are available to answer your real estate questions or if you just need some advice about what to do in regards to buying or selling your home.

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