June Foot Traffic Increases Leading To Higher Home Sales
The Federal Savings Bank shares news from the National Association Of Realtors regarding summer foot traffic and its effect on home sales.
Chicago, IL (PRWEB) July 16, 2015
According to the National Association of Realtor's latest Foot Traffic report released on July 8th, interest in purchasing a home increased during the month of June. The report provides information regarding the amount of foot traffic seen at open houses and showings nationwide. The Federal Savings Bank finds the report interesting as the research is provided by SentriLock on a monthly basis and it demonstrates a strong correlation with the number of home sales in the future.
An increase in foot traffic bodes well for the future of the real estate market
The report showed a 10 point surge for total foot traffic. This is the highest level seen since June 2013. There has been an upward trend for foot traffic since February 2015.
A higher number of individuals looking at homes and considering investing in them indicates a strengthening housing market. A higher demand for housing will also likely increase the amount of construction of new houses which will help boost the construction industry as well.
Improving economic conditions and better job security also likely contribute to the increasing interest in homeownership. The Bureau of Labor Statistics released its employment situation summary and it showed a higher number of available jobs. In fact, nonfarm payroll employment jumped up by 233,000 during the month of June. In addition, unemployment decreased to 5.3 percent. Professional and business services, retail trade, warehousing, transportation, food services and drinking places, financial activities and health care all saw a notable boost in total job openings available for interested applicants.
Available employment in professional and business services jumped to 64,000 new positions.
Health care employment increased by 40,000 new jobs. Ambulatory care services saw the highest number of new employment opportunities at 23,000 and hospitals came in second with 11,000 new jobs.
The financial activity sector added 20,000 positions. Insurance carriers and related activities made up the most substantial portion of these types of jobs at 9,000 employment opportunities.
Over the course of the year, the earnings for employees increased 2 percent.
More employment opportunities translates to individuals who feel more confident in their financial situation. Those who are more confident and feel secure in their job are more likely to invest in a home.
In addition, historically low interest rates affixed to the average home mortgage are an appealing perk many potential buyers will likely want to secure while they can.
While there are more people interested in purchasing a house, knowing what buyers want in a new home is also important.
Prospective buyers interested in move-in ready homes
The Federal Savings Bank sees a number of mortgage applicants are looking to purchase homes that need very little to no work and updates. Home buyers are looking for move in turnkey ready properties.
Updated kitchens and baths are a priority for many buyers, and individuals who are considering listing their home should invest in renovations now to help increase the chances of a higher offer and a quicker sell.
Contact the Federal Savings Bank, a veteran owned bank, to learn more about mortgages.
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