If you’re thinking about buying or selling a house, it’s important to know that it doesn’t just affect your life, but also your community.
The National Association of Realtors (NAR) releases a report every year to show how much economic activity is generated by home sales. The chart below illustrates that impact:
As the visual shows, when a house is sold, it can make a big difference in the local economy. The impact comes largely from the workers required to build, update, and buy and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community:
“The economic impact means housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year, per NAHB research. . . . And one job for every $100,000 in remodeling spending.”
Housing being a major job creator makes sense when you consider there are many different industries involved in the process. A recent article from Fortune notes housing activity could have a more robust impact than you think due to the many ways it’s tied to the economy:
“Housing has three direct linkages to economic activity (GDP): the construction of new homes, the remodeling of existing homes, and that of housing transactions. . . . consider the activity associated with home sales – think broker fees, lawyers, etc. – which are a sizable contributor to housing’s GDP footprint.”
When you buy or sell a home, you work with a team of professionals, including contractors, specialists, lawyers, and city officials. Each person plays a role in making the transaction happen.
So, when you make a move in the housing market, you’re not just meeting your own needs, you’re also making a positive impact on the community. Knowing this can give you a sense of empowerment as you make your decision this year.
Bottom Line
Each and every home sale is important for the local economy. If you’re ready to move, let’s connect. It won’t just change your life – it’ll also have a strong positive effect on the whole community.
Check out our latest show!
Join Ryan Coleman in this episode of Ryan Coleman Hometown Realty as he discusses Knoxville’s booming real estate market, with home sales soaring despite higher mortgage rates. Gain valuable insights and expert advice on navigating the market and maximizing your opportunities. Don’t miss this must-watch episode!
Be sure to like/subscribe https://www.youtube.com/channel/UC1c4z7IVs5rIs0QxWXCibAw?sub_confirmation=1
Click here for links to our Radio Show!
Check your home’s value by visiting our free home valuation tool here: What’s my home worth
Hometown Realty is a Proud Sponsor of the Tennessee Volunteers:
As Tennessee’s Realtor®, we are proud to partner with the University of Tennessee’s athletic program each year. Our partnership with UT Athletics is a powerful way for us to align our brand with the community pride and passion that surrounds this beloved institution. By supporting UT athletics, we demonstrate our commitment to not only providing exceptional real estate services but also investing in the success and growth of the community we serve. Overall, our partnership with the University of Tennessee’s athletic program allows us to give back to the community we are proud to call home.
Did you know we are giving away free tours of the Tennessee Athletics Departments at UT? If you are one of our great clients give us a call to set up an exclusive VIP tour! For more information visit the VIP TOUR page! This is completely free, we want to give back to our awesome clients & potential clients!
