Tight Labor Market Going into the Holiday Season
Rising Wages and Buying a Home
I was reading about the labor market this morning. The unemployment rate is the lowest it's been in many years and employers are having a hard time filling vacant positions.
Amazon announced yesterday that it is raising it's minimum wage to $15 an hour. What is that going to do to their bottom line and the price of merchandise? Are other similar employers, (like Walmart, Sam's Club, Target etc) going to keep pace?
In an article on Monster.com this morning many companies are having a hard time filling seasonal vacancies and are offering incentives to attract employees
But, what does this mean for the housing market? It means that people may be able to afford more for a home. At $15 an hour an home buyer could feasibly afford $100,000 home comfortably. There are a few affordably priced homes in this price range, I just sold one in Brooklyn that was priced at $75,000 and was move in ready.
With the number of down payment assistance programs out there, it is possible to buy a home for as little as $1,000 of your own money which is probably equal to a month's rent. Think about it!! Talk to a local loan officer that is familiar with down payment programs and together we can make your dream of owning a home come true!!
If you are thinking of buying or selling an home in Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP
Long & Foster Hampden
410-292-0100 - Direct 410-889-9800 Office