Why Are Home Sales Still Slow In Some Parts Of The Country?
Though most parts of the country have seen a surge in sales, there are still some parts are falling behind. Their time will come.
While some parts of the Country have seen Home Sales go up, there are other areas that have not, and are still experiencing a sluggish market. So what is the reason for this? Why Are Home Sales Still Slow In Some Parts Of The Country? The answer to this question does not have a quick answer. There are many reasons why home sales are still slow in some parts of the Country. But their is one overwhelming reason in my opinion. That reason is financial instability/financial uncertainty.
Even though we are starting to see sign of economic conditions getting better, they have not been good over the last several years. This has caused many potential homebuyers to feel insecure about their jobs. Here in Connecticut we are still experiencing some of our major employers leaving the State. This leaves workers wondering who is next.
The uncertainty of the job market makes most people very uncomfortable. If homebuyers are uncomfortable about their job security, it is very unlikely they will commit to making the single largest purchase of their life.
Even though CT has recently started to show some signs of improvement, we are still a ways away from a full recovery due to the catch 22 financial instability/financial uncertainty we are in. Until the job market changes home purchases are unlike to increase to the level they need to catch up with other areas of the country. Areas of the county like the Huston, TX where jobs have returned, are seeing a higher level of confidence in financial security, and as a result housing sales have increased.
This is kind of like "what came first the chicken or the egg" which has no answer. Hopefully for the sake of the areas of our country where home sales are still slow, the answer to the catch 22 we are in will not be as allusive as the answer to the "chicken or the egg" question.
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Info about the author:
George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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