When a home gets sold the impact goes far beyond the buyer and the seller. The local economy is stimulated by the sale. A few of those who are impacted are:
- Home Builders and/or General Contractors
- Real Estate Brokerages
- Mortgage Lending
- Title Insurance
- Rental and leasing
- Home appraisers
- Moving companies/rental truck agencies
- Home inspectors
- Home stagers
Home ownership provides stability for the country. Locally the economy is impacted at macro level, where local business people can continue to operate their businesses, pay for their kid's soccer/swim/dance lessons, buy groceries, pay their mortgage, take vacations and contribute to their own neighborhoods.
Homeowners create financial security by paying their mortgage and over time developing equity in a home rather than renting and creating equity for a landlord.
How does Colorado rank ?
In Colorado the impact of a home sale is $67,000, well above the country's average of $52,205. Why? I like to think it's because people love living in Colorado as much as I do.
I know, it's hard to be humble when you live at the foot of the Rocky Mountains.