{"id":632,"date":"2020-03-31T16:14:36","date_gmt":"2020-03-31T16:14:36","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=632"},"modified":"2022-07-04T23:45:59","modified_gmt":"2022-07-04T23:45:59","slug":"economic-impact-buying-home","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/economic-impact-buying-home\/","title":{"rendered":"The Economic Impact of Buying a Home"},"content":{"rendered":"
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The Economic Impact of Buying a Home<\/p><\/div>\n

We\u2019re in a changing real estate market, and life, in general, is changing too \u2013 from how we grocery shop and meal prep to the ways we can interact with our friends and neighbors. Even practices for engaging with agents, lenders, and all of the players involved in a real estate transaction are changing to a virtual format. What isn\u2019t changing, however, is one key thing that can drive the local economy: buying a home.<\/p>\n

We\u2019re all being impacted in different ways by the effects of the coronavirus. If you\u2019re in a position to buy a home today, know that you\u2019re a major economic force in your neighborhood. And while we all wait patiently for the current pandemic to pass, there are a lot of things\u00a0you can do<\/a>\u00a0in the meantime to keep your home search on track.<\/p>\n

Every year the\u00a0National Association of Realtors\u00a0<\/em>(NAR)\u00a0shares<\/a>\u00a0a report that notes the full economic impact of home sales. This report summarizes:<\/p>\n

\u201cThe total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.\u201d<\/em><\/p><\/blockquote>\n

Here\u2019s the breakdown of how the average home sale boosts the economy:<\/p>\n

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Average Economic Impact of One Home Sale in the U.S.<\/p><\/div>\n

When you buy a home, you\u2019re making an impact. You\u2019re fulfilling your need for shelter and a place to live, and you\u2019re also generating jobs and income for the appraiser, the loan officer, the title company, the real estate agent, and many more contributors to the process. For every person or business that you work with throughout the transaction, there\u2019s also likely a team behind the scenes making it all happen, so the effort multiplies substantially. As noted above in the circle on the right, the impact is almost double when you purchase new construction, given the extra labor it requires to build the home.<\/p>\n

The report also breaks down the average economic impact by\u00a0state<\/a>:<\/p>\n

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Average Economic Impact of One House by State<\/p><\/div>\n

As a buyer, you have an essential need for a home \u2013 and you can make an essential impact with homeownership, too. That need for shelter, comfort, and a safe place to live will always be alive and well. And whenever you\u2019re able to act on that need, whether now or later, you\u2019ll truly be creating gains for you, your family, local business professionals, and the overall economy.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Whenever you purchase a home, you\u2019re an economic driver. Even if you\u2019re not ready or able to make a move now, there are things\u00a0you can do<\/a>\u00a0to keep your own process moving forward so you\u2019re set when the time is right for you. Let\u2019s connect to keep your home search \u2013 and your local contributions \u2013 on track.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

Contributions When a House is Bought Finish Reading The Economic Impact of Buying a Home<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[38,150,149,27,91,86,52,9,49,42,23,63,12,48,13,54,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/632"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=632"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/632\/revisions"}],"predecessor-version":[{"id":636,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/632\/revisions\/636"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}