Reality of Realty: Housing Market Alert! Layoffs and Federal Workfroce Changes

By: Valerie Davenport

[TRANSCRIPT]

Hey future homeowners, welcome back to my channel, Reality of Realty; I’m Valerie Davenport. And, as your trusted real estate guide, today, we’re diving into how layoffs and potential federal workforce changes are impacting our local housing market.

So If you like videos like this and other behind the scenes peeks into what it’s like to be a realtor, don’t forget to like, share and subscribe so you’ll be notified when new videos are published.

And,whether you’re moving across the nation or across the street, tap into my resources by emailing me today using the email in the description box below. Now let’s get into the video.

Hey everyone, welcome back to my channel! 

First, let's talk about the ripple effect. Job uncertainty reduces buyer confidence. People are hesitant to make big purchases, like homes, when they're worried about their jobs. This directly affects demand.

And, of course, layoffs mean lost income, impacting purchasing power. Areas with a high concentration of federal jobs, or industries experiencing layoffs, will feel this more acutely.

Now, what does this mean for you? If you’re a buyer, this could mean more negotiation power. But, establish your financial stability first. And for Sellers, they should be realistic about pricing. A well-priced home will always sell, but it might take a bit longer.

For renters, we might see short-term increases in demand. But, long term, if enough people leave the area, vacancies could rise.

The moral to the story is staying informed can help you navigate the uncertainties so that you can be confident about your housing options. Reach out to your realtor with any questions that are top of your mind. Trust me we all love to hear about the topics that troubling you so we can brainstorm a solution; we are problem-solvers. So message me anytime or follow me on Instagram @valerie.rdavenport - the R is for Realtor (wink)!

So that’s it for today’s video. I’ll wrap it up here by saying thanks for tuning in to the very end! If you found this info helpful, don't forget to like, share and subscribe, and hit that notification bell for more real estate insights. And, if you have any real-estate related inquiries, visit my website at valeriedavenport@unitedrealestatechicago.com or use my email in the description box below. Until next time, happy house hunting!