Why Buying or Selling a Home Helps the Economy and Your Community
Are you thinking about buying or selling a house in the current market? It’s important to know that it doesn’t just affect your life. It also affects your community.
A yearly report is released by the National Association of Realtors (NAR) to indicate how much economic activity is generated through home sales. The chart below depicts this impact:
The sale of a house can significantly affect the local economy. The impact comes mainly from the workers needed to build, update, and buy and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), clarifies how the housing industry increases employment within 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.”
Why is the housing industry such a major contributor to creating jobs? Consider how many various industries are involved in the process. A recent article from Fortune states housing activity could have a more robust impact than you think due to the numerous 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.”
Throughout the process of buying or selling a home, you work with a wide range of professionals. This range can include contractors, specialists, lawyers, and city officials. Each role is crucial in bringing about a successful transaction.
When you make a move in the housing market, you’re not just fulfilling your own needs. You’re also contributing to the community and providing a positive effect. Knowing this can empower you to move forward in the process confidently.
Each and every home sale is important for the local economy. Are you ready to move? Our team of real estate experts at Just Say Home KC is here to help you find your perfect fit! This move won’t just change your life – it’ll also positively affect the whole community.