So, you know how people have been talking about a recession for a while? Well, the funny thing is, even though everyone was worried, the economy has actually been holding up pretty well. And want to know one of the reasons why? It's all about jobs and wages, my friend. They've been staying strong, and that's some seriously good news if you're thinking about selling your house. Now, let's dig into all the latest info on employment and wages and why it's a big win for home sellers like you.

More Jobs Are Being Created

Instead of dealing with the usual job losses that come with a recession, our economy has actually been doing pretty well. According to the Bureau of Labor Statistics (BLS), we added around 187,000 jobs in July alone, up from the 185,000 created in June. That's great news because it means more people are finding work! In fact, there are so many new jobs being added that our unemployment rate is much lower than the usual 5.7% average. Take a look at the graph below to see the difference!

So basically, when the unemployment rate is low, it means that a lot of people who want jobs can actually find them. And you know what that means? It means that when people have jobs, they also have a regular flow of income coming in. And you know what having a steady income can do? It can actually help them think about buying their own homes!

People Are Making More Money

And data also shows hourly earnings have been going up pretty steadily over the past few years (see graph below):

When people's wages go up, they have more money in their pockets that they can either save or put towards buying a house. This extra income actually helps to make homes more affordable, even with the current challenges in the housing market. Affordability is influenced by three key factors: wages, home prices, and mortgage rates. Since home prices and mortgage rates are currently on the rise, Builder Online explains how increasing wages can really make a difference.

““The housing market has been a beneficiary of the strong economy and labor market. Many of those employed have saved money over the past few years and used those funds toward a down payment on a home.””

— Builder Online

If you're considering selling your house, you'll be glad to hear that the job market is going strong and wages are increasing. This is really great news because it means there are more buyers out there who can afford to buy a house and make their dreams of homeownership come true.

Bottom Line

With the job market booming and wages on the rise, there are plenty of motivated buyers out there just waiting to snag your house. And guess what? That's great news for you! You've got a lot working in your favor. But hey, let me tell you something even better: You don't have to go through this selling process alone. Let's connect, so you can have someone by your side who knows the ins and outs of selling homes. Whether it's setting the perfect price or getting your home show-ready, I've got your back. Let's make this selling experience a breeze for you!