How Each Arizona Home Sale Boosts the Local Economy
The Premier Title Agency team understands how valuable an investment a home can be. That’s why we work so hard to protect your property rights. But did you know that buying a home not only has an impact on your finances but is a boost for the entire community as well?
We recently came across some research completed by our friends at NAR, which found that each home purchase in the country had more than $113,000 of economic impact on the local community. Now, that’s a number worth celebrating! And here in Arizona, every average home sale yielded more than $127,000 of economic impact. So, every time you (or your customers) buy a home, you’re helping to add the equivalent of two jobs to your community!
Here’s how the money you or your clients use to purchase your home reverberates throughout the community and improves our economy.
Income Generated From Real Estate Industries
This part of your purchase goes directly to the people who help you buy and move into your new home. Realtor commissions, closing fees and moving expenses go toward small businesses that are the backbone of our economy.
- Average economic impact: $21,846
- 26.1% of total impact
Expenditures Related to Home Purchase
Picture this: You just closed on a new home with that home office you’ve always wanted. So, what’s one of the first things you’ll buy? A new desk, of course! These new furnishings, appliances or remodeling expenses are necessities for new homebuyers and make up a sizable part of the economy.
- Average economic impact: $5,000
- 6.2% of total impact
Multiplier of Housing Related Expenditures
In both previous examples, the money spent doesn’t just go into people’s pockets and stay there. The moving company may use it to hire another employee, and the furniture store may use it to buy more supplies. These additional purchases make waves throughout the economy, multiplying the effect of your home purchase.
- Average economic impact: $12,886
- 16.1% of total impact
New Home Construction
This has the most significant impact of all, and yes, even if you’re buying a home from a seller, this still applies to you. Typically, one new home is built for every six existing home sales. So, when you buy a house, you’re encouraging developers to build even more homes, boosting our economy even more.
- Average economic impact: $40,455
- 50.5% of total impact
We know that a new home is a cause for celebration for the buyer and everyone else involved in the transaction – but this data shows how much every home sale should be a true community celebration. Premier Title Agency has the skilled and knowledgeable title and closing experts you need to get your transaction to the finish line. If you want to boost your finances as well as the community’s, reach out to us today!