To measure that impact, the National Association of Realtors (NAR) releases a report each year to highlight 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:
As the visual shows, a single home sale can significantly affect the overall economy. To dive a level deeper, NAR also provides a detailed look at how that varies state-by-state for newly built homes (see map below):
You may be wondering: how can a single home sale have such a major effect on the economy?
For starters, multiple industries play a role in the process. Numerous contractors, specialists, lawyers, town and city officials, and so many other professionals are necessary during the transaction. Every individual you work with, like your trusted real estate advisor, has a team of professionals involved behind the scenes.
That means when you buy or sell a home, you’re leaving a lasting impression on the community. Let the knowledge that you’re contributing to those around you while meeting your own needs help you feel even more empowered when you decide to make your move this year.
Homebuyers and sellers are economic drivers in their community and beyond. Let’s connect so you have a trusted real estate advisor on your side if you’re ready to start. It won’t just change your life; it’ll make a powerful impact on your entire community.