There are hidden benefits to the community when you buy or sell your property.
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There have been countless articles focusing on the benefits of buying and selling homes for home buyers and home sellers. Rarely do you find one talking about how it can benefit your community. I recently spoke with an older gentleman who lived in his house for 30 years. Back then, the price of the house was very low, and now he is considering selling or renting it out. Either way, his decision will impact the community in different ways.
According to a yearly survey by the National Association of Realtors, a new construction home can contribute around $124,000 to the community, while a resale generates roughly $54,000. Buying or selling a property involves a lot of people, not just Realtors, escrow companies, and title reps. When you need to fix up your home, you need to hire termite companies, moving companies, and plumbing companies. Moreover, for inspections and showings, you need to consult with electricians, pool cleaners, stagers, and photographers.
"Real estate activity impacts different industries, boosting the economy in different ways. "
Real estate activity impacts different industries, boosting the economy in different ways. The survey also found that a home sale creates about three jobs. This is also good for the local economy, as it brings in more money and tax revenue. In California, for example, selling a $1.1 million property generates roughly $12,000 in property taxes alone. This is compared to a house that sold 30 years ago for $50,000, which would only bring in about $5,000 in taxes.
There’s also the income tax benefit. All of the jobs created by the purchase of a home mean more people paying income taxes. On top of that, there are gas taxes paid by the service providers working on your property, corporate taxes from the companies involved, and employee taxes. There’s a ripple effect happening that affects the local economy in many ways.
So, if you are considering buying or selling a home, know that it’s not just a personal endeavor; you are also contributing to the community. Feel free to reach out to me if you have any questions or are thinking about making a move. I’ll help you achieve your goals while helping the community.