Why Buying or Selling a Home Helps the Economy and Your Community

<article class="post-717178 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-717178"><span class="entry-date">June 15, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Why Buying or Selling a Home Helps the Economy and Your Community</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=Why+Buying+or+Selling+a+Home+Helps+the+Economy+and+Your+Community&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhy-buying-or-selling-a-home-helps-the-economy-and-your-community%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
<div class="fb-share-button display-inline-block" data-href="https://gilliggroup.com/blog/why-buying-or-selling-a-home-helps-the-economy-and-your-community/" data-layout="" data-size=""><a class="facebook solid fb-xfbml-parse-ignore" data-tracking="Post,Social Post Link Clicked,Twitter" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhy-buying-or-selling-a-home-helps-the-economy-and-your-community%2F&amp;src=sdkpreparse" target="_blank"><span class="force-hidden">Facebook</span></a></div>
<a class="pinterest solid display-inline-block" count-layout="horizontal" href="https://pinterest.com/pin/create/link/?url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhy-buying-or-selling-a-home-helps-the-economy-and-your-community%2F&amp;description=Why+Buying+or+Selling+a+Home+Helps+the+Economy+and+Your+Community" target="_blank"><span class="force-hidden">Pinterest</span></a>
<a class="linkedin solid display-inline-block" href="https://www.linkedin.com/shareArticle?mini=true&amp;url=https://gilliggroup.com/blog/why-buying-or-selling-a-home-helps-the-economy-and-your-community/?shareSlug%3Dwhy-buying-or-selling-a-home-helps-the-economy-and-your-community" target="_blank"><span class="force-hidden">LinkedIn</span></a>
<a class="email dashicons dashicons-email solid display-inline-block" href="mailto:?subject=From gilliggroup.com: Why Buying or Selling a Home Helps the Economy and Your Community&amp;body=Why Buying or Selling a Home Helps the Economy and Your Community%0D%0Dhttps://gilliggroup.com/blog/why-buying-or-selling-a-home-helps-the-economy-and-your-community/" target="_blank"><span class="force-hidden">Email</span></a>
</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Why Buying or Selling a Home Helps the Economy and Your Community Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20230615-why-buying-or-selling-a-home-helps-the-economy-and-your-community.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>If you’re thinking about <a href="https://www.simplifyingthemarket.com/2023/06/06/real-estate-is-still-considered-the-best-long-term-investment-1/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">buying</a> or <a href="https://www.simplifyingthemarket.com/2023/05/26/moving-now-can-give-your-house-its-day-in-the-sun-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">selling</a> a house, it’s important to know that it doesn’t just affect your life, but also your community.</p>
<p>The <em>National Association of Realtors</em> (NAR) releases a <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-state-by-state-economic-impact-of-real-estate-activity-report-us-05-01-2023.pdf?_gl=1*13hskvj*_gcl_au*NTQ4NDc1ODEzLjE2Nzg5MTgyNzk" rel="noopener noreferrer" style="color: blue;" target="_blank">report</a> every year to show how much economic activity is generated by <a href="https://www.simplifyingthemarket.com/2023/05/25/the-benefits-of-selling-now-according-to-experts/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">home sales</a>. The chart below illustrates that impact:</p>
<p><a href="https://www.simplifyingthemarket.com/content/images/20230614/20230615-economic-impact-of-a-typical-home-sale.png?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20230614/20230615-economic-impact-of-a-typical-home-sale.png"/></a></p>
<p>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 <em>National Association of Home Builders </em>(NAHB), <a href="https://chicagoagentmagazine.com/2023/01/02/nahb-robert-dietz-new-construction/" rel="noopener noreferrer" style="color: blue;" target="_blank">explains</a> how the housing industry <a href="https://www.simplifyingthemarket.com/2023/05/18/powerful-job-market-fuels-homebuyer-demand/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">adds jobs</a> to a community:</p>
<blockquote><p><em>“</em><strong><em>The economic impact means housing is a significant job creator.</em></strong><em> 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.”</em> </p></blockquote>
<p>Housing being a major job creator makes sense when you consider there are many different industries involved in the process. A recent article from <em>Fortune</em> <a href="https://fortune.com/2022/08/09/real-estate-housing-market-falling-prices-economic-risk/" rel="noopener noreferrer" style="color: blue;" target="_blank">notes</a> housing activity could have a more robust impact than you think due to the many ways it’s tied to the economy:</p>
<blockquote><p><em>“Housing has three direct linkages to economic activity (GDP): the construction of new homes, the remodeling of existing homes, and that of housing transactions. . . . </em><strong><em>consider the activity associated with home sales – think broker fees, lawyers, etc. – which are a sizable contributor to housing’s GDP footprint.</em></strong><em>”</em> </p></blockquote>
<p>When you <a href="https://www.simplifyingthemarket.com/2023/05/24/owning-a-home-helps-protect-against-inflation/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">buy</a> or sell a home, you work with a <a href="https://www.simplifyingthemarket.com/2023/05/22/why-buyers-need-an-expert-agent-by-their-side/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">team of professionals</a>, including contractors, specialists, lawyers, and city officials. Each person plays a role in making the transaction happen. </p>
<p><span style="color: rgb(0, 0, 0);">So, when you </span><a href="https://www.simplifyingthemarket.com/2023/06/13/your-needs-matter-more-than-todays-mortgage-rates/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">make a move</a><span style="color: rgb(0, 0, 0);"> in the housing market, you’re not just </span><a href="https://www.simplifyingthemarket.com/2023/05/23/why-buying-a-vacation-home-beats-renting-one-this-summer/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">meeting</a><span style="color: rgb(0, 0, 0);"> 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.</span></p>
<h3>Bottom Line</h3>
<p>Each and every home sale is important for the local economy. If you’re ready to <a href="https://www.simplifyingthemarket.com/2023/06/01/the-true-value-of-homeownership/" rel="noopener noreferrer" style="color: blue;" target="_blank">move</a>, reach out to a trusted real estate agent. It won’t just change your life – it’ll also have a strong positive effect on the whole community.</p>
</div>
</div></article>