This month, many experts have spoken out about the latest employment numbers and are attempting to speculate about what this can mean for the future of our national economy and housing market. As a Key West real estate agent, I thought that I’d compile a few facts highlighting some of the latest figures and draw a few conclusions about what’s to come. That way, you can decide whether or not now is the best time to buy or sell your Florida Keys home or decide whether or not going through a Key West short sale or foreclosure is something that you need to consider.
• The economy added 115,000 jobs, and the unemployment rate dropped to 8.1%.
• Economists expected payrolls to grow by 165,000 by April, but they have only grown by 154,000 as of the end of March.
• The private sector added 130,000 jobs.
These facts suggest that while there have been signs of a national economic recovery, there will be some fear that this will slow down and eventually wither off. I think that despite the fact that job growth is slowing slightly and the projected numbers are somewhat off, growth is growth, and that while we are seeing some signs of a slow spring, the numbers may pick back up in late summer and early fall. The unemployment rate has also decreased, suggesting that more people are getting jobs and able to provide for their families than recent years. A lot of the drop-off could also be the result of a warmer winter nationally. That got more people out looking for jobs during a time when there is normally a lull, resulting in sluggish activity now that spring has come.
As a Key West real estate agent, I look at these numbers and the conclusions that I can draw from them and ask myself, “What does this mean for the housing market?” and “How will this affect my clients?” While I can’t predict the future, I can take the latest numbers and make some speculations. More job growth and increased unemployment rates, no matter how slow, has been imperative in the market showing more signs of home buyer and seller activity nationally. We even entered a brief “seller’s market” in which home values were on the rise, buyers were more active and people were getting more for their homes. The most recent national housing surveys for April will indicate that consumer sentiment is improving toward the housing market, suggesting that buyer activity will remain strong and sellers will be more enthusiastic about putting their home on the market.
As a Key West real estate agent, I follow these national statistics in order to prepare myself and my clients for what factors will ultimately affect their decision to buy or sell a home. I also work with clients who need to go through a Key West foreclosure or short sale and may be struggling financially due to economic turmoil. These numbers help me prepare myself for what to expect and communicate to my clients whether or not now is a great time to buy or sell a home. Based upon the latest numbers, I think that now is an ideal time to consider entering into a transaction on the Key West real estate market.
If you have any questions about how to start buying or selling a home in Key West, feel free to contact me at any time. I’ll use my experience and knowledge about the local housing market and I’ll guide you through the entire process. I hope to hear from you soon!
Melva Wagner
Sellstate Island Properties
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