Improved job market may yield jump in homebuying in 2013
Posted on Wednesday, January 30, 2013 at 3:39:37 PM
When it comes to purchasing a home, a consumer's financial stability is of the utmost importance. And as the national job market continues to build momentum, there could be a surge of homebuying activity in the near future.
During the month of January, companies expanded payrolls by an estimated 192,000 positions, according to the latest ADP National Employment Report. Although this was a slight month-over-month decline from the job creation rate at the end of 2012, experts say it was a step in the right direction.
"The job market is slowly, but steadily, improving," said Moody's Analytics chief economist Mark Zandi. "Monthly job gains appear to have accelerated from near 150,000 to closer to 175,000."
However, even though the employment situation improved, recent payroll tax hikes could cause consumers to reel in their spending during the course of 2013. This month, the Conference Board's Consumer Confidence Index fell to a mark of 58.6 in January, which marks a notable drop from December's reading of 66.7.
Consumers looking for an affordable option to make the transition to homeownership should consult a mortgage comparison chart from Home Loan Investment Bank. This could ensure they get the proper financing that coincides with their personal financial standing.