The pandemic has fundamentally changed our way of life over the past year and a half. We have changed the way we work, how we communicate and how we educate our children. But perhaps most of all, it has caused many of us to rethink where and how we want to live.
The townspeople fled to the suburbs. The secondary housing market has grown rapidly. Freed from work that used to require you to work at your desk, and made possible by significant improvements in teleworking technology, people can now move wherever they want.
This has been a record year for many in the real estate industry.
For those of us who stayed at the same place (or for whom the move was not possible), we made repairs. We’ve turned spare bedrooms into Zoom-friendly offices, added backyard pools and modernized technology. During a recent webinar hosted by Keller Williams *, “How COVID Has Changed the Real Estate Industry,” 76% of homeowners have improved at least one home during the pandemic. The reasons why are different:
– 25% “finally made it”
– 11% “adapt to work from home”
– 21% “are adapting to a new lifestyle in the conditions of COVID”
And this is still happening. Anyone starting a project will tell you how difficult it is to find the professional available or the materials needed for the project.
With all this buying, selling, relocating and renovating happening at the national level, an important question arises: how much has real estate impacted our local economy? The answer, thanks to interactive research from the National Association of REALTORS® (NAR), is a heck of a lot.
The report “Economic Impact of Real Estate Transactions by State” focuses on real estate and related industries, including income generated by all parties to the transaction, costs associated with buying, selling new homes, etc. … – affected the gross government product of each state.
According to the study, the real estate sector accounted for 18.3% of the gross government product in 2020, with each transaction generating $ 93,800. The impact on each state ranges from 13% (South Dakota) to 23% (Florida).
You can see how real estate has contributed to your state at https://bit.ly/2SIr7oF…
If agents need a different “why” in order to do what they do, we found it. Their influence extends far beyond the confines of one home. Dozens of local businesses rely on a healthy and sustainable real estate industry.
If you’re an agent looking to support the local economy and make it easier for your clients to move to a new home, find home renovation professionals and get discounts at home-related retail stores, create an account with MooveGuru. With over 500,000 recommended agents, home service professionals and the best relocation concierges, we can help your clients and your local economy.
* Keller Williams contributed this poll to Porch: https://porch.com/advice/home-improvement-trends-covid…
Rob Morelli – President of HomeKeepr, MooveGuru Company.