The Community and Economic Impacts of a Home Sale

August 10, 2021

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 via the
multiple industries and professionals that take part in the process.

The National Association of Realtors (NAR) releases a report
each year that 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:

 

The Community and Economic Impacts of a Home Sale

 

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):

 

The Community and Economic Impacts of a Home Sale

 

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: during planning and land development, throughout the actual
construction of the home, at the point of sale, and upon moving in.”

When you buy or sell a home, you’re leaving a lasting
impression on the community at large in addition to fulfilling your own needs.
That’s because each stage of the process involves numerous contractors,
specialists, lawyers, town and city officials, and so many other professionals.
Every individual you work with, from your trusted real estate advisor to the
architects who design new homes, has their own team of professionals involved
behind the scenes.

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.

 

Source: Real Estate with Keeping Current Matters