Demand for housing and the ability to pay for housing are deeply affected by the abundance and quality of jobs in a community or area.
- Job Growth - Job Growth is the lifeblood of a healthy local Real Estate Market. If jobs are not being created homebuyers are not entering the market place. If jobs are shrinking homeowners may find themselves in a situation where they need to sell.
- Job Diversity - If a community is reliant on one type of industry and that industry begins to falter the Real Estate Market in that same community could also feel the pains of that industries struggles.
- Job Quality - Communities with higher growth industries typically have a healthier Real Estate Market versus those with shrinking industries.
- Availability of Housing - The number of vacant homes is also a contributing factor to prices as well as the number of new construction homes being built.
- Inventory of Homes for Sale - Housing values can be influenced with an over supply of homes as well as an under supply. If supply is high prices are pushed down and if supply is low prices are pushed up from buyers competing for the same home.
- Rental Market - As the cost of renting increases purchasing a home looks more attractive to renters.
About Eric Hempler
