December job market statistics improved. It’s the news we’ve been waiting to hear — an improving job market will help drive consumer confidence, purchasing, borrowing and home buying.
Mark A. McLaughlin, CEO of PUI
I recommend Mark A. McLaughlin, CEO of Pacific Union International new article: “Job Report: Bay Area outperforms CA and USA.” In it, McLaughlin offers not just the statistical proof, but the underlying reasons why the Bay Area is ahead of the curve and should continue to outperform, including:
1. Ways Northern California is unlike California as a whole
2. Technology Industry
3. Positive economic ripples of the Facebook IPO
What does that mean for real estate in our area?
Here’s the big takeaway:
“This is likely the first time since 2007 that we have enjoyed consistent and positive trends in economic indicators. Most of our markets currently have more qualified buyers than we do realistically priced homes, and we are seeing the return of multiple serious offers on well-priced homes,” writes McLaughlin. “We see this optimistic economic news as a stabilizer to our local real estate markets, although it’s not yet a catalyst for price appreciation. However, the increasingly positive employment outlook coupled with our somewhat supply-constrained real estate environment will likely encourage home owners to list their properties and make the trade-up, relocation, or lifestyle changes that they have previously deferred until now.”