Last year, the World Health Organization declared Covid-19 a worldwide pandemic and this led to very uncertain times. With such extreme challenges affecting all of us so greatly, it became increasingly more difficult to decipher where the economy stood. Despite the many challenges, the housing industry held strong and became one of the leading tailwinds to counter problems in the economy.
We have witnessed the residential real estate market reach new heights and progress as a pillar of strength. Sales prices are appreciating and there are also increasing amounts of sales with the constructions of new housing developments. As the economy continues to recover, moving forward we can all remain hopeful about the standing of the housing market. If you are in the right position to buy or sell a home, this could be the right time for you to make a move!
The National Association of Realtors (NAR) released a report that stated how real estate helps the economy:
“Real estate has been, and remains, the foundation of wealth building for the middle class and a critical link in the flow of goods, services, and income for millions of Americans.”
Real estate is a strong driver of the U.S. economy by accounting for almost 18% of the GDP. Their research also outlined how a newly constructed home has the potential to impact the economy by $88,416. This varies from the impact of the sale of an existing home value which is approximately $40,000. These tremendous results have proven to be a silver lining during historically uncertain times.
If you are interested in purchasing a newly constructed home or an already existing one, you can be certain that you will be helping to make a positive impact in the local community and national economy. Homeownership might be the right move for you this spring! Let Seven Gables assist you on your journey to acquire your dream home!