The Community and Economic Impacts of a Home Sale
If you’re thinking of buying or selling a house, chances are you’re focusing on the many extraordinary ways it’ll change your life. What you may not realize is that decision impacts people’s lives far beyond your own. Home purchases and sales are significant drivers of economic activity. They have a major impact on your community and the entire U.S. economy. A home sale impacts multiple industries and professionals that take part in the process.
Average Economic Impact
The National Association of Realtors (NAR) releases a report each year. The report highlights just how much economic activity a home sale generates. The chart below shows how the sale of both a newly built home and an existing home impact the economy:
To dive a level deeper, NAR also provides a detailed look at how that varies state-by-state for newly-built homes (see map below):
As you can see, a single home sale can have a massive effect on the overall economy. Ali Wolf, Chief Economist for Zonda, talks about this in a recent article. Noting there’s a significant impact at each distinct phase of the transaction:
The housing market contributes to the economy in four main stages.
1. Planning and land development
2. Throughout the actual construction of the home
3. At the point of sale
4. Upon moving in.
When you buy or sell a home, you’re leaving a lasting impression on the community. Which in addition to fulfilling your own needs you affect the community at large. Because each stage of the process involves numerous contractors you employ others . Some are specialists, lawyers, town and city officials and so many other professionals. They are every individual you work with. From your trusted real estate advisor to the architects who design new homes. They all have their own team of professionals involved behind the scenes.
You can get a little more on this subject here: https://yourhomerealestatepro.com/real-estate-is-a-driving-force-in-the-economy/
Bottom Line
Homebuyers and sellers are economic drivers in their community and beyond. If you’re thinking of buying or selling, let’s connect today to start the process. It won’t just change your life; it’ll make a powerful impact on our entire community.
