The Community and Economic Impacts of a Home Sale

<article class="post-2986 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-2986"><span class="entry-date">August 9, 2021</span><div class="entry-header center-block text-center"><h1 class="entry-title">The Community and Economic Impacts of a Home Sale</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=The+Community+and+Economic+Impacts+of+a+Home+Sale&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-community-and-economic-impacts-of-a-home-sale%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="The Community and Economic Impacts of a Home Sale | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/04140507/20210809-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/04140507/20210809-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/04140507/20210809-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>If you’re thinking of buying or selling a house, chances are you’re focusing on the many <a href="https://www.simplifyingthemarket.com/2021/05/21/americans-choose-real-estate-as-the-best-investment-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">extraordinary ways</a> 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.<span id="more-44893"></span></p>
<p>The <em>National Association of Realtors</em> (NAR) releases a <a href="https://cdn.nar.realtor/sites/default/files/documents/2020-state-by-state-economic-impact-of-real-estate-activity-united-states-of-america-3-31-2021.pdf">report</a> 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:<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/04140509/20210809-MEM-Eng-1.png"><img alt="The Community and Economic Impacts of a Home Sale | Simplifying The Market" class="aligncenter wp-image-44896" decoding="async" height="366" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/04140509/20210809-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/04140509/20210809-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/04140509/20210809-MEM-Eng-1-533×300.png 533w" width="650"/></a>To dive a level deeper, NAR also provides a detailed look at how that varies <a href="https://www.nar.realtor/reports/state-by-state-economic-impact-of-real-estate-activity">state-by-state</a> for newly-built homes (<em>see map below</em>):<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/04140510/20210809-MEM-Eng-2.png"><img alt="The Community and Economic Impacts of a Home Sale | Simplifying The Market" class="aligncenter wp-image-44897" decoding="async" height="366" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/04140510/20210809-MEM-Eng-2.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/04140510/20210809-MEM-Eng-2.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/08/04140510/20210809-MEM-Eng-2-533×300.png 533w" width="650"/></a>As you can see, a single home sale can have a massive effect on the overall economy. Ali Wolf, Chief Economist for <em>Zonda</em>, talks about this in a <a href="https://www.builderonline.com/money/economics/housing-market-is-main-driver-for-the-u-s-economy_o">recent article</a>, noting there’s a significant impact at each distinct phase of the transaction:</p>
<blockquote>
<p>“<strong><em>The housing market contributes to the economy in four main stages:</em></strong><em> during planning and land development, throughout the actual construction of the home, at the point of sale, and upon moving in.</em>”</p>
</blockquote>
<p>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 <a href="https://www.simplifyingthemarket.com/2021/06/14/the-right-expert-will-guide-you-through-this-unprecedented-market/?a=712984-fa409495d5d70154d03a25e81e9540e2">real estate advisor</a> to the architects who design new homes, has their own team of professionals involved behind the scenes.</p>
<h3><strong>Bottom Line</strong></h3>
<p>Homebuyers and sellers are economic drivers in their community and beyond. If you’re thinking of buying or selling, let’s connect today to start the process. It won’t just change your life; it’ll make a powerful impact on our entire community.</p>
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