June Market Update - How Is Unemployment Effecting the Housing Market

Dated: June 9 2020

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What’s happening with the unemployment rate, is it as bad as it looks? There is some good news regarding this. If you look at the graph in the video, it shows that unemployment is going down since the peak of unemployment at the end of March. According to The U.S. Bureau of Labor Statistics that three point two million people are unemployed and 90% ninety percent of those are temporary. Now by no means am I saying that 3.2 million is a good number, but what I am showing is that is a lot better than 6.9 million people being unemployed, which is what it was earlier this year. And things are starting to open up again, people are getting their jobs back. It’s interesting to see that according to the U.S. Bureau of Labor Statistics that 37.6 percent of the people who are unemployed who are filing for unemployment, are Servicers and Bartenders, that’s more than one out of three, it’s important to note that when this crisis first started that was almost at 60%. So things are improving, which is a good thing. Again, so much doom and gloom, it’s important to look at the positives as well. What are we seeing in regards to housing, buying or selling your home in San Diego, Ocean Beach 92107, Point Loma 92106 or Bay Park 92110, well on a National level according to Mark Fleming, Chief Economist, First American, he States and I quote, “Housing supply remains at historically low levels, house price growth is likely to slow, but it’s not likely to go negative.” We are also seeing this here locally buyers are out looking and homes are going pending quickly. It’s almost as if nothing negative has happened at all, buyers are out in full force. It’s still very important to market homes digitally as much as possible so that sellers won’t lose out on potential opportunities, because according to the National Association of Realtors, 99% of buyers start their homes search online and 67% of buyers will walk through a home they see online, so it’s imperative that homes get massive online exposure. So my fellow San Diego families, I am here to help. Please feel free to reach out to me anytime CC Summerfield your local Digital Community Market Leader to ask questions or if you just need some advice about what to do in regards to buying or selling your home in San Diego, Ocean Beach 92107, Point Loma 92106 or Bay Park 92110. I am always here to help.

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CC Summerfield

I have been a real estate agent here in Ocean Beach for the last 11 years and have lived in and loved this little beach community collectively for 20 years. My passion is helping people and after reti....

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