If you’re thinking about buying or selling a house, it’s essential to know that it doesn’t just affect your life but also your 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 visual shows, selling a house can have a big impact on 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 is a significant job creator, and it makes sense, considering that many industries are involved. A recent article from Fortune notes housing activity could have a more robust 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; you’re also making a positive impact on the community. Knowing this can give you a sense of empowerment as you make your decision this year.
Bottom Line
Every home sale is important for the local economy. If you’re ready to move, contact Chicago real estate agents at KM Realty Group LLC. It won’t just change your life – it’ll also positively affect the whole community.
