Why Buying or Selling a Home Helps the Economy and Your Community

If you're considering buying or selling a home, you should know that it has an impact on more than just your life.

Every year, the National Association of Realtors (NAR) publishes a study that shows how much economic activity is created by home sales. The following graph depicts the impact:

As the illustration indicates, the sale of a house can have a significant impact on the local economy. The workforce required to build, renovate, and buy and sell homes has a significant impact. The National Association of Home Builders (NAHB) Chief Economist, Robert Dietz, describes how the housing business creates jobs in 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.”

When you consider how many different sectors are involved in the process, it seems obvious that housing is a big employment producer. According to a recent Fortune article, housing activity may have a greater impact than you realize due to the several ways it is linked 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 purchasing or selling a home, you work with a team of professionals that includes contractors, specialists, lawyers, and city officials. Each person contributes to the transaction's success.

So, when you make a move into the housing market, you're not just addressing your own wants, but you're also helping the community. Knowing this can give you confidence when you make your decision this year.

In conclusion
Every house transaction has an impact on the local economy. If you're ready to relocate, contact a reputable real estate agent. It will not only change your life, but it will also have a significant good impact on the entire community.

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