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Minimum Wage May Help Home Sales
Friday, September 14, 2007
The minimum wage is going to increase from $5.15 to $5.85 per hour. The paycheck raise is expected to increase some 20,000 paychecks for Idaho residents. This pay increase will help some people qualify for houses they otherwise would not have been able to qualify for. It will help others feel more comfortable with their existing mortgage.
This minimum wage increase is the first of three before year 2010. The next pay increase will be in July 2008, and will increase minimum wage to $6.55 per hour. Then the third pay increase will raise the minimum wage to $7.25 in July 2009.
In south western Idaho including cities like Boise, Eagle, Meridian, Nampa, Caldwell and Kuna the minimum wage increase is expected to affect 2.6% of the local job market.
The Boise real estate market has dropped dramatically compared to last year. There are more foreclosures, people falling behind on mortgage payments, people who can not afford their adjusted mortgage payments, houses sitting on the market with not enough buyers, and so on. The raise of minimum wage will not solve the real estate slowdown but it definitely won’t hurt.
If you are in any of the following situations and need to sell your house fast, try selling your house to a local home buyer. Local home buyers can buy your houses fast, close on the date of your choice, pay you cash for your appliances if you don’t want to take them with you, and are very sensitive to your selling need.