The Economic Impact Of Buying A Home!

The Economic Impact Of Buying A Home!

We are in a changing real estate market, and life, in general, is changing too – from how we grocery shop and meal prep to the ways we can interact with our friends and neighbors. Even practices for engaging with agents, lenders, and all of the players involved in a real estate transaction are changing to a virtual format. What isn’t changing, however, is one key thing that can drive the local economy: buying a home.

We are all being impacted in different ways by the effects of the coronavirus. If you are in a position to buy a home today, know that you are a major economic force in your neighborhood. And while we all wait patiently for the current pandemic to pass, there are a lot of things you can do in the meantime to keep your home search on track.

Every year the National Association of Realtors (NAR) shares a report that notes the full economic impact of home sales. This report summarizes:

“The total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.”

Here is the breakdown of how the average home sale boosts the economy:

The report also breaks down the average economic impact by state:

Bottom Line

Whenever you purchase a home, you are an economic driver. Even if you are not ready or able to make a move now, there are things you can do to keep your own process moving forward so you are set when the time is right for you. Let’s connect to keep your home search – and your local contributions – on track.