- Happy Labor Day to our members, who are long overdue for a break! According to the latest Member Profile, the median number of hours worked by a NAR member is 40 hours a week (meaning half work MORE than 40 hours a week), with managers and appraisers often working even longer hours—a median of 50 hours a week.
- 77 percent of our members say real estate is their only occupation, while 22 percent work a second job on top of being a REALTOR®.
- Additionally, many of our members have children at home, with the typical household being three people for those who are under 50 years old.
- I hope all our members enjoy the long weekend and try not work too hard!
- For more information on the Member Profile, visit this realtor.org landing page: http://www.realtor.org/topics/member-profile
- Among large metro markets, Salt Lake City has zoomed ahead in terms of job creation with a 4.2 percent gain from one year ago. Increasingly, more cities are now topping a three percent job growth rate as the economy continues to expand. The following markets can therefore expect continued rises in home sales and increases in commercial leasing activity.
- Among small towns, the following markets have a very fast five percent or better job growth rate.
- Utah’s economy is highlighted in this week’s The Economist. What the article sadly did not mention is that Governor Gary Herbert was a former president of the Utah Association of REALTORS®. Electing a person who understands the real world and the importance of real estate to the economy is paying off in Utah. RPAC (REALTOR Political Action Committee) is also making a difference in winning elections.
- The Economist notes that student performance at schools throughout the state is also well above average despite spending very little money for public schools. Several Utah REALTORS® have told me that they simply turn-off TV at home so their kids can study. Now that’s a cheap way to boost educational performance.
- Here’s a link to the article: http://www.economist.com/news/united-states/21584381-where-taxes-are-low-jobs-are-plentiful-and-schools-are-starved-busy-bees
Demand for rental units appears to remain strong based on rental price trends according to information from the July REALTORS® Confidence Index. Approximately 54 percent of REALTORS® conducting rentals reported higher residential rents compared to 12 months ago. About 22 percent of REALTORS® reported conducting an apartment rental.
What Does This Mean for REALTORS®? Depending on the property there may be significant financial advantages to buying rather than renting—particularly in the long run. In addition, there are major social benefits associated with home ownership with major, favorable impacts on families: Social Benefits of Homeownership and Stable Housing.
As the traditional summer vacation season wrapped up, it became easier to focus on the economic performance over the first half of the year. However, the task became an exercise in reading fortune cookies given the many changes in the economy, the markets, and the legislative environment.