If you’re thinking about buying or selling a house, it’s essential to know that it doesn’t just affect your life and community.
The National Association of Realtors (NAR) releases a report every year to show how much economic activity is generated by home sales. The chart below illustrates that impact:
As the graphic shows, when a house is sold, it can make a big difference in the local economy. The impact comes mainly from the workers required to build, update, buy, and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community:
“The economic impact means housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year, per NAHB research. . . . And one job for every $100,000 in remodeling spending.”
Housing being a significant job creator makes sense when you consider there are many different industries involved in the process. A recent article from Fortune notes housing activity could have a more powerful impact than you think due to the many ways it’s tied to the economy:
“Housing has three direct linkages to economic activity (GDP): the construction of new homes, the remodeling of existing homes, and that of housing transactions. . . . consider the activity associated with home sales – think broker fees, lawyers, etc. – which are a sizable contributor to housing’s GDP footprint.”
When you buy or sell a home, you work with a team of professionals, including contractors, specialists, lawyers, and city officials. Each person plays a role in making the transaction happen.
So, when you move into the housing market, you’re not just meeting your own needs but also positively impacting the community. Knowing this can give you a sense of empowerment as you make your decision this year.
Every home sale is essential for the local economy. If you’re ready to move, let’s connect. It won’t just change your life – it’ll also positively affect the whole community.