Leave a Message

Thank you for your message. We will be in touch with you shortly.

Powerful Job Market Fuels Homebuyer Demand

May 18, 2023

Real Estate Tips

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, reach out to a trusted real estate agent.

 

(2023, May 18). Powerful Job Market Fuels Homebuyer Demand. Keeping Current Matters. https://www.keepingcurrentmatters.com/2023/05/18/powerful-job-market-fuels-homebuyer-demand/

Explore Our Other Blogs

Stay Updated On Our Most Recent Blog Posts

The Honest Truth: Pros and Cons of Living in Evergreen, San Jose

Real Estate

The Honest Truth: Pros and Cons of Living in Evergreen, San Jose

Thao Dang Pham  |  May 8, 2025

The Honest Truth: Pros and Cons of Living in Evergreen, San Jose
Commuting Made Easy? Your Guide to Getting Around from Evergreen, San Jose

Real Estate

Commuting Made Easy? Your Guide to Getting Around from Evergreen, San Jose

Brian Ng  |  May 7, 2025

Commuting Made Easy? Your Guide to Getting Around from Evergreen, San Jose
Top Parks, Shopping, and Dining Spots in Evergreen, San Jose

Real Estate

Top Parks, Shopping, and Dining Spots in Evergreen, San Jose

Thao Dang Pham  |  May 6, 2025

Top Parks, Shopping, and Dining Spots in Evergreen, San Jose
Explore Evergreen Real Estate: Types of Homes in This San Jose Neighborhood

Real Estate

Explore Evergreen Real Estate: Types of Homes in This San Jose Neighborhood

Brian Ng  |  May 5, 2025

Explore Evergreen Real Estate: Types of Homes in This San Jose Neighborhood
Evergreen San Jose Schools: A Parent's Guide to Local Education Options

Real Estate

Evergreen San Jose Schools: A Parent's Guide to Local Education Options

Thao Dang Pham  |  May 2, 2025

Evergreen San Jose Schools: A Parent's Guide to Local Education Options
Living in Evergreen, San Jose: Your Guide to the Neighborhood Lifestyle

Real Estate

Living in Evergreen, San Jose: Your Guide to the Neighborhood Lifestyle

Brian Ng  |  May 2, 2025

Living in Evergreen, San Jose: Your Guide to the Neighborhood Lifestyle

Let's Talk

You’ve got questions and we can’t wait to answer them.

FOLLOW US ON INSTAGRAM