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. You may not realize 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 participating in the process.
The National Association of Realtors (NAR) releases a report each year highlighting 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 impacts 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: 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 and fulfilling your needs. Each stage involves numerous contractors, specialists, lawyers, town and city officials, and other professionals. Every individual you work with, from your trusted real estate advisor to the architects who design new homes, has a 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 with real estate experts at KM Realty Group LLC today to start the process. It won’t just change your life; it’ll make a powerful impact on our entire community.
