Do More Jobs Mean a Real Estate Turnaround?

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Creative Commons License photo credit: Daveness_98

Job numbers are looking up and the future of the job market is looking bright, for the first time in a long time. That’s good news, because it could potentially signal a turnaround in the housing market. When more people are working, there’s the potential for them to buy houses. They can afford more, and banks are more willing to finance them. That’s great news for sellers who have been sitting on their homes for a long time and wondering if they are ever going to sell. They’ve continued to drop the price, but they’ve mostly gotten nowhere. It’s upsetting to them, understandably, and they can easily get frustrated and discouraged.

Sellers that feel that way should hang on, if they can, because things are beginning to change. It may not actually happen for a while yet, but there are good indications that the market will start to improve. Some sellers won’t be able to wait on it, but the ones that are capable of staying in their homes would be wise to do so for a few more months. It’s also possible that they’ll be able to get more for their homes if they wait, which could keep some of them from needing to short sell. It’s not fun to short sell your home and take a hit on your credit, and avoiding that is a good idea if it’s possible.

Of course, it’s also possible that the jobs that are supposed to be appearing won’t, and the housing market won’t improve like people assume it will. That would leave sellers who waited stuck again, and they might be in worse financial shape than they were beforehand. Being hopeful about the situation is a good idea, but that doesn’t mean you should put all of your hope into it and not do what you ultimately feel is right for you.