If you’re thinking of buying or selling a home, chances are you’re focusing on the many extraordinary ways it’ll change your life. However, buying or selling a home impacts the economy at large as well.
To measure that impact, the National Association of Realtors (NAR) releases a report each year to highlight 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:
As the visual shows, a single home sale can have a significant effect on 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?
Real Estate Industry Professionals
For starters, there are multiple industries that play a role in the process. Numerous contractors, specialists, lawyers, town and city officials, and so many other professionals are all necessary at various stages 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 at large. By working with local real estate industry professionals, you’re voting for your community with every dollar spent and earned.
BONUS: You’re fulfilling a lifelong dream.
Homebuyers and sellers are economic drivers in their community and beyond. Reach out to the Ultimate Lending Team today if you’re ready to get started.
It won’t just change your life; it’ll make a powerful impact on your entire community.