Considering the purchase or sale of a property? You may be surprised to know that this decision does more than simply impact your circumstances and change your life– it also has a profound influence on your wider community.
This influence is mainly due to the employment opportunities created in the construction, remodeling, and real estate sectors. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), emphasizes how pivotal the housing sector is in generating employment in a community:
“Housing significantly drives economic growth by creating jobs. For instance, according to our research at the NAHB, each newly built single-family home generates enough economic activity to sustain three full-time jobs for a year. Furthermore, every $100,000 spent on remodeling employs one person.”
Fortune magazine recently suggested that the influence of housing on the economy might be more substantial than you anticipate.
“Housing contributes to economic activity (GDP) in three fundamental ways: construction of new homes, renovation of existing ones, and housing transactions. Just take into account the services involved in home sales, such as brokerage fees and legal services, which significantly add to the GDP contribution of the housing sector.”
The process of buying or selling a home involves a broad variety of professionals each serving a different purpose. There are contractors, plumbers, electricians, painters, cleaning crews, staging companies, real estate agents, title companies, attorneys, photographers, and the list goes on, all contributing to the completion of the transaction.
So, when you engage in the real estate market, you’re doing more than fulfilling your personal needs – you’re also igniting community growth. This understanding can provide you a sense of empowerment as you make your decisions.
Final Thoughts: Each home purchase and home sale has a meaningful impact on the local economy. If you’re prepared for a move, get in touch with a reputable real estate agent. Your decision won’t just reshape your life – it’ll also create a positive ripple effect within your community.
Please reach out to me if you have any questions or if you’d like to set up a conversation to discuss your upcoming moves in the real estate market.
