If youโre thinking of buying or selling a house, chances are youโre focusing on the many extraordinary ways itโll change your life. What you may not realize is that decision impacts peopleโs 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:
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 thereโs a significant impact at each distinct phase of the transaction:
โThe 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.โ
When you buy or sell a home, youโre leaving a lasting impression on the community at large in addition to fulfilling your own needs. Thatโs 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 youโre thinking of buying or selling, letโs connect today to start the process. It wonโt just change your life; itโll make a powerful impact on our entire community.
Content previously posted on Keeping Current Matters
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