The Community and Economic Impacts of a Home Sale


If you’re thinking of buying or selling a house, chances are you’re focusing on the many extraordinary ways it’ll change your life. What you may not realize is that decision impacts people’s lives far beyond your own. Home purchases and sales are significant drivers of economic activity. They have a major impact on your community and the entire U.S. economy via the multiple industries and professionals that take part in the process.

The National Association of Realtors (NAR) releases a report each year that highlights just how much economic activity a home sale generates. The chart below shows how the sale of both a newly built home and an existing home impact the economy:The Community and Economic Impacts of a Home Sale | Keeping Current MattersTo dive a level deeper, NAR also provides a detailed look at how that varies state-by-state for newly-built homes (see map below):The Community and Economic Impacts of a Home Sale | Keeping Current MattersAs you can see, a single home sale can have a massive effect on the overall economy. Ali Wolf, Chief Economist for Zonda, talks about this in a recent article, noting there’s a significant impact at each distinct phase of the transaction:

“The housing market contributes to the economy in four main stages: during planning and land development, throughout the actual construction of the home, at the point of sale, and upon moving in.”

When you buy or sell a home, you’re leaving a lasting impression on the community at large in addition to fulfilling your own needs. That’s because each stage of the process involves numerous contractors, specialists, lawyers, town and city officials, and so many other professionals. Every individual you work with, from your trusted real estate advisor to the architects who design new homes, has their own team of professionals involved behind the scenes.

Bottom Line

Homebuyers and sellers are economic drivers in their community and beyond. If you’re thinking of buying or selling, reach out to your trusted real estate advisor today to start the process. It won’t just change your life; it’ll make a powerful impact on your entire community.


Comments

Post a Comment

Popular posts from this blog

#ForBuyers #ForSellers #Pricing #HousingMarketUpdates Home Prices Still Growing – Just at a More Normal Pace: If you’re feeling a bit muddy on what’s happening with home prices, that’s no surprise. http://dlvr.it/Sz993K

Image
#ForBuyers #ForSellers #Pricing #HousingMarketUpdates Home Prices Still Growing – Just at a More Normal Pace: If you’re feeling a bit muddy on what’s happening with home prices, that’s no surprise. http://dlvr.it/Sz993K /> http://dlvr.it/Sz99Dp
Read more

Will a Silver Tsunami Change the 2024 Housing Market? Have you ever heard the term “Silver Tsunami” and wondered what it's all about? If so, that might be because there’s been lot of talk about it online recently. Let's dive into what it is and why it won't drastically impact the housing market. What Does Silver Tsunami Mean? A recent article from HousingWire calls it: “. . . a colloquialism referring to aging Americans changing their housing arrangements to accommodate aging . . .” The thought is that as baby boomers grow older, a significant number will start downsizing their homes. Considering how large that generation is, if these moves happened in a big wave, it would affect the housing market by causing a significant uptick in the number of larger homes for sale. That influx of homes coming onto the market would impact the balance of supply and demand and more. The concept makes sense in theory, but will it happen? And if so, when? Why It Won’t Have a Huge Impact on the Housing Market in 2024 Experts say, so far, a silver tsunami hasn’t happened – and it probably won't anytime soon. According to that same article from HousingWire: “. . . the silver tsunami’s transformative potential for the U.S. housing market has not yet materialized in any meaningful way, and few expect it to anytime soon.” Clearly, not every baby boomer is planning to sell or move – and even those who do won’t do it all at once. Instead, it will be more gradual, happening slowly over time. If you’re worried about a Silver Tsunami shaking up the housing market, don’t be. Any impact from baby boomers moving will be gradual over many years. Fleming sums it up best: “Demographic trends, they don't tsunami. They trickle.” #realestate #homeownership #homebuying www.DanFreshley.com

Image
Will a Silver Tsunami Change the 2024 Housing Market? Have you ever heard the term “Silver Tsunami” and wondered what it's all about? If so, that might be because there’s been lot of talk about it online recently. Let's dive into what it is and why it won't drastically impact the housing market. What Does Silver Tsunami Mean? A recent article from HousingWire calls it: “. . . a colloquialism referring to aging Americans changing their housing arrangements to accommodate aging . . .” The thought is that as baby boomers grow older, a significant number will start downsizing their homes. Considering how large that generation is, if these moves happened in a big wave, it would affect the housing market by causing a significant uptick in the number of larger homes for sale. That influx of homes coming onto the market would impact the balance of supply and demand and more. The concept makes sense in theory, but will it happen? And if so, when? Why It Won’t Have a Huge
Read more