NEWSLETTER: Labor Day
In case you are not sure of the title… it’s Labor Day. The Backwards Holiday. Every year when it rolls around, I wonder why it is named Labor Day. Since it’s a Holiday intended to be just that, a Holiday – I would think a better name may be Relax Day or Lazy Day or Off Day or Sleep in Day, maybe even Do Nothing Day, something other than Labor Day. After all, we know what Labor means. And many will likely be celebrating Labor Day by Laboring.
Labor Day came about because workers felt they were spending too many hours and days on the job.
In the 1830s, manufacturing workers were putting in 70-hour weeks on average. Sixty years later, in 1890, hours of work had dropped, although the average manufacturing worker still toiled in a factory 60 hours a week. These long working hours caused many union organizers to focus on winning a shorter eight-hour workday. They also focused on getting workers more days off, such as the Labor Day holiday, and reducing the workweek to just six days.
These early organizers clearly won since the most recent data show that the average person working in manufacturing is employed for a bit over 40 hours a week and most people work only five days a week.
Surprisingly, many politicians and business owners were in favor of giving workers more time off. That is because workers who had no free time were not able to spend their wages on traveling, entertainment or dining out.
NEWSLETTER: Labor Day
As the U.S. economy expanded beyond farming and basic manufacturing in the late 1800s and early 1900s, it became important for businesses to find consumers interested in buying the products and services being produced in ever greater amounts. Shortening the work week was one way of turning the working class into the consuming class.
So, to celebrate the month of September and the affection for Laboring, I have a special announcement to make I will be Laboring, but for a very special reason.
My team and I are addicted to helping you and those you know buy or sell the place they call home. In fact, it is a race to help as many as possible so we can GIVE more away.
A CORE philosophy at our company is ‘the size of the hole you give thru is directly proportionate to the size of the hole you receive thru’. Therefore, our Mission is to Go Serve Big!!! Serve you, serve those you refer to us and of course, serve a very worthy cause… the great work being done at Rotary Foundation.
Labor Day: A Real Estate Company that Gives Back AND remember, your REFERRALS help the Community!
If you put off your home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions. Recent data shows the supply of homes for sale is increasing, giving buyers like you additional options.
But it’s important to keep in mind that while inventory is improving, it’s still a sellers’ market. And that means you need to be prepared as you set out on your home search. Here are three tips for buying the home of your dreams today.
1. Understand How Mortgage Rates Impact Your Homebuying Power.
Mortgage rates have increased significantly this year, and over the past few weeks, they’ve been fluctuating quite a bit. It’s important to stay up to date on what’s happening with rates and understand how they can impact your purchasing power when you’re thinking of buying a home. The chart below can help.
Let’s say your budget allows for a monthly mortgage payment in the $2,100-$2,200 range. The green in the chart indicates a payment within or below that range, while the red is a payment that exceeds it.
As the chart shows, even a small change in mortgage rates can have a big impact on your monthly payments. If rates rise, you could exceed your budget unless you pursue a lower home loan amount. If rates fall, your purchasing power may increase, which could give you additional options for your search.
2. Be Open to Exploring Different Options During Your Search.
The supply of homes for sale is improving, which gives you more homes to choose from. But historically,
supply is still low. That means as you search for homes, if you still don’t find something that meets your needs, it may be worth expanding your search.
A recent article from the Washington Post highlights a few things buyers can consider today. It encourages opening yourself up to more areas. For example, if there’s a location you’ve previously ruled out (like a particular town, for example) it may be worth taking another look.
And if you’re able to, opening your search up to include other housing types, like newly built homes, condominiums, or townhomes can further increase your pool of options. Even as the inventory of homes
for sale improves today, finding ways to cast a wider net during your search could help you find a hidden gem.
3. Work with a Local Real Estate Professional for Expert Guidance.
Ultimately, you need to be prepared when you set out to buy a home. Jeff Ostrowski, Senior Mortgage Reporter for Bankrate, explains:
Taking the leap to homeownership can provide a feeling of pride while boosting your long-term financial outlook if you go in well-prepared and with your eyes open.
No matter where you’re at in your homeownership journey, the best way to make sure you’re set up
for success is to work with a real estate professional. If you’re just starting your search, a real estate professional can help you understand your local market and search for available homes. And when it’s time to make an offer, they’ll be an expert advisor and negotiator to help yours stand out above the rest.
Strategically planning your home search by understanding today’s mortgage rates, casting a wide net, and building a team of experts can be the keys to finding the home of your dreams. To make
sure you have expert advice each step of the way, let’s connect.