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You are here: Home / Blog / Home Ownership

The economic impact of buying a home

March 31, 2020

Economic impact of buying a home

We’re in a changing real estate market, and life, in general, is changing too — 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’t changing, however, is one key thing that can drive the local economy: buying a home.

We’re all being impacted in different ways by the effects of the coronavirus.

If you’re in a position to buy a home today, know that you’re 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 you can do in the meantime to keep your home search on track.

Every year the National Association of Realtors (NAR) shares a report that notes the full economic impact of home sales. This report summarizes:

“The total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, includes aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.”

Here’s the breakdown of how the average home sale boosts the economy:

Average Economic Impact of One Home Sale

When you buy a home, you’re making an impact. You’re fulfilling your need for shelter and a place to live, and you’re 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’s 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.

The report also breaks down the average economic impact by state:

Average Economic Impact of One Home Sale by State

As a buyer, you have an essential need for a home – 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’re able to act on that need, whether now or later, you’ll truly be creating gains for you, your family, local business professionals, and the overall economy.

Bottom Line

Whenever you purchase a home, you’re an economic driver. Even if you’re not ready or able to make a move now, there are things you can do to keep your own process moving forward so you’re set when the time is right for you. Let’s connect to keep your home search – and your local contributions – on track.

Filed Under: Home Ownership Tagged With: Home Equity

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"Russ was impressive from the first moment we met him. We were looking at a property in a complex where he just happened to be previewing a unit. We asked if he was a real estate agent and he dropped what he was doing to show us some properties in the same complex. From that moment forward he was attentive, responsive and showed us that he knew the area and was helpful in looking for the right property for us. He got us through the process with ease and even went the extra mile in the offer process to make sure we made the best effort to secure our choice. Can’t say enough about him. Russ is truly a professional in the best sense of the word. "
- M. L., Green Valley AZ
"Russ was always very responsive and returned calls in timely manner. Was extremely Calm and rational when going gets jiggy. Keeps any drama from becoming dramatic. His experience in executive management is an asset when dealing with the variety of challenges related to closing the sale. I Highly recommend him to handle complicated transactions. "
- M.L., Tucson AZ
"Russ is the best agent on the planet, bar none! He came highly recommended to me and I suggest everyone should work with this stellar man. Russ is a fantastic negotiator. I don’t think another agent would have been able to seal this deal as well as Russ. He knows when to back off and when to apply pressure. Russ is always a gentleman and treats everyone with respect. He has a good sense of humor and although a bit dry, he really makes you chuckle when the chips are down. I came to Green Valley hoping to have an accepted offer on a house in one week. Russ did it! And, my house is very special. Plus I was on a tight budget. Russ has the patience of a saint and will answer a dumb question 4 times over if need be. His knowledge of local contractors and laws specific to your purchase is more than helpful. Russ has a great knowledge of the area in general and he works to find you just what it is you are looking for. Russ listens. Rare quality in a man, hu? And, he’s a dog lover! "
- R.H., Green Valley AZ
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
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