from Keeping Current Matters, https://www.keepingcurrentmatters.com/2020/10/30/should-i-renovate-my-house-before-i-sell-it-infographic/
As the economy recovers from this year’s health crisis, the housing market is playing a leading role in the turnaround. It’s safe to say that what we call “home” is taking on a new meaning, causing many of us to consider buying or selling sooner rather than later. Housing, therefore, has thrived in an otherwise down year.Today’s high buyer demand combined with low housing inventory means we’re seeing home prices appreciate at an above-average pace. This demand is being driven by those who want to take advantage of historically low mortgage rates. According to Freddie Mac:
“The record low mortgage rate environment is providing tangible support to the economy at a critical time, as housing continues to propel growth.”
These factors are driving a positive impact on the economy as a whole. According to the National Association of Realtors (NAR), the real estate industry provided $3.7 billion dollars of economic impact to the country last year.
To break it down, in 2019, the average newly constructed home contributed just over $88,000 per build to local economies. Across the country, real estate clearly makes a significant impact (See map below):In addition, last week, the Bureau of Economic Analysis announced the U.S. Gross Domestic Product increased at an annual rate of 33.1% in the 3rd quarter of this year, after decreasing by 31.4% in the second quarter. There’s no doubt the growing economy is being fueled in part by the soaring housing market. Experts forecast this housing growth to carry into 2021, continuing to make a big impact on the economy next year as well.
The American Dream of homeownership has continued to thrive in the midst of this year’s economic downturn, and “home” has taken on a new meaning for many of us during this time. Best of all, the housing market is making a significant impact as the economy recovers.
Author:Jen McGoon Phone: 417-300-1123 Dated: November 16th 2020 Views: 46 About Jen: Real estate is my passion - but passion is just the spark. As your agent, I represent and advocate ...
Real estate is my passion - but passion is just the spark. As your agent, I represent and advocate for you. I feel strongly that a successful real estate transaction involves finding a "win-win" for both parties. If one party wants to buy, and another wants to sell, there is no reason that an agreement cannot be reached - every time. As long as both parties feel that they are treated fairly, any problems can be overcome.
I moved from Michigan in 2006, and have been living in the Nixa/Ozark area since then. I raised my family here; I taught Chemistry at Nixa High School; and I got to know the community. My background is in chemistry/chemical engineering, so I enjoy analyzing housing data and projections. The teacher in me enjoys explaining the process of buying or selling a home. And the wife, mother, sister, daughter, and friend in me recognizes the importance of honesty, integrity, and timeliness.