“When a house is sold, it can make a big difference in the local economy. “
If you’re thinking about buying or selling a house, it’s important 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, when a house is sold, it can make a big difference in the local economy. The impact comes largely from the workers required to build, update, and 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 major 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 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 make a move in 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
Each and every home sale is important for the local economy. If you’re ready to move, let’s connect. It won’t just change your life – it’ll also have a strong positive effect on the whole community.
To view original article, visit Keeping Current Matters.
2025 Housing Market Forecasts: What To Expect
Looking ahead to 2025, it’s important to know what experts are projecting for the housing market.
Could a 55+ Community Be Right for You?
the number of listings tailored for homebuyers in this age group has increased by over 50% compared to last year.
Are We Heading into a Balanced Market?
Whether you’re buying or selling, understanding how the market is changing gives you a big advantage. Your agent has the latest data and local insights.
What’s the Impact of Presidential Elections on the Housing Market?
Historically, the housing market doesn’t tend to look very different in presidential election years compared to other years.
What Mortgage Rate Are You Waiting For?
If you’ve been holding out and waiting for rates to come down, know that it’s already happening.
Today’s Biggest Housing Market Myths
If you have questions about what you’re hearing or reading, let’s connect. You deserve to have someone you can trust to get the facts and sort out the misconceptions.