How Buying and Selling Homes in PA Impacts the Community

How Buying and Selling Homes in PA Impacts the CommunityThere are several benefits to buying or selling a central PA home. You may be surprised to discover that buying or selling a home is not only beneficial to the person/people involved in the sale transaction, it is also beneficial to the economy and community. Let's take a look at how.

To get some insight into how home sales make an impact on the economy and community we can look at the National Association of Realtors annual report on real estate impact. In their report, NAR calculated the total economic impact of real-estate-related industries on the economy with the sale of a single home. 

The report found that the average income generated from a home sale transaction was $35,040 and that the average impact percentage was 28.1%. The average expenditure related to a home sale is around $5,460 or 4.4% impact. The average multiplier of housing-related expenditures is $19,440 a 15.6% impact. For new construction homes, the average was $64,800 or a 52.0% total impact. These totals are rounded to the nearest hundred. The average resale home brings about $59,900 into the economy and the average newly built home brings around $124,700 according to the research. 

How Housing Transactions Impact the Economy

When a home is bought/sold the boost is not just for the realtors working on the project or the parties involved in buying and selling the home. Every home sale transaction creates a boost to the local economy. The impact made is on every part and person involved in the entire transaction process not just those benefiting from the direct sale. All the people needed to finalize contracts, fix and make repairs, build, originate loans, conduct inspections and appraisals, etc. All benefit from a home sale transaction. The housing industry adds jobs to the community.

Robert Dietz, the chief economist of the National Association of Homebuilders, shares this on how the housing industry adds jobs to a local community ". . . 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 . . .”

 Robert was mainly referring to new construction and its positive impact on local economies but the resale of an existing home also creates jobs in a local community for not just real estate agents but also other industry professionals as well.

Purchasing is a major life decision and there are a lot of details and legalities that go into ensuring a home is bought and sold safely and properly. Each local community is going to have a different set of legal ramifications and required practices for the sale of a home but the process is a long and detailed one. This long and detailed process demands several professionals to step in and help to make sure that a home is sold properly and safely. The buying and selling of homes means people's life savings and daily life safety and as such there are several details to ensure that things go properly.

When you buy or sell a home you're helping out yourself and several other people around you. Not many people think of the fact that they have helped to employ dozens of people when they decide to buy or sell a home in central Pennsylvania. You're not just taking a new move in your own life you are impacting the lives of several people around so you can feel good on a whole other level when you buy or sell a home in central Pennsylvania.

If you are considering buying or selling a home in central Pennsylvania including areas like Carlisle, Mechanicsburg, Boiling Springs, and more I am here to help. Whether you are looking for your first home or your fifth home I would love to talk over your homebuying goals and budget and start finding that perfect central PA home you will love. If you are getting ready to sell your home I can help you get your home sold in a shorter timeframe for the best price possible. Contact me anytime with any central Pennsylvania real estate needs.

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