Why is home ownership is crucial, critical to our economy?

Why is home ownership is crucial, critical to our economy?

Do you ever wonder what happens when the sale or purchase of a home occurs from the first day and into the future of ownership and the amazing benefit to our local and U.S. economy?
Well, here is the scoop! You first have to consider, that you had already hired a moving company, assuming you had possessions to move or if a smaller quantity of things, you rented a U-haul trailor or a small to medium sized van, right?

So, you paid via your charge or debit card or paid cash, right? It was the beginning of a bit of infusion of dollars to our economy.

Wait, before you moved to your new residence, did you do any repairs, renovations, or upgrades to your home? Before you sold, did you hire anyone for the same reason, and decided beforehand, that certain items had to be taken care of and completed?

Your buyer during negotiations, asked for certain repairs that had to be done, based on the home inspection report (more dollars spent by the purchaser who hired the inspector), which then became an integral part of your contract for you to do, to consummate the sale?

How about all the new furniture, appliances, (TVs, washers, dryers, ovens, microwaves, etc.) or whatever you are going to add to your home and all those improvements over the first five years and later on, that would obviously be beneficial to those working in the factories, which pays their salaries, overhead, profit, etc.

I know what you are thinking, yes, so much is made abroad, but wait, are you aware that there are plenty of foreign companies that have built plants here and are manufacturing cars (Mercedes, BMW, Honda, Nissan, Toyota, Mitsubishi, Hyundai (Not Audi!) (Forbes, Nov 2017). as well as many other foreign companies, creating American Jobs?

Also, the following American companies have re-shored or more simply, brought back tens of thousands of jobs to America: Amazon, GM, Ford, GE, Boeing, Caterpillar, IBM, Walmart, Sprint, Lockheed Martin, and many, many others.

So, as you can see, a huge influx of billions of dollars have been added into our economy, as well as higher paying jobs to those who are able to keep up with the technology of today’s businesses.

These higher paying jobs enable future purchasers to have
that “American Dream” of owning a home, condo or co-op or at least save money in a rental for their future purchase to build their long term wealth.

The American consumer is responsible for 70% of the disposable spending in the U.S. and the sales of homes and purchases of goods and services are incredibly crucial and tantamount to a robust and solid economy contributing to our growing and expanding  Gross National Product.

So you can surmise and understand the impact that those that are able to purchase and those that are selling or will be thinking about selling their homes, condos and co-ops and also buying investment properties adds tremendously to our economy with all that is related in the process.

From the beginning of your purchase through the years of ownership and to the end, when we sell our places; our hard earned dollars are spent to upkeep and maintain our domiciles in hopefully pristine and excellent condition.

We will finally reap the rewards of our efforts and the potential profit and increase in our wealth to finally retire to a sunny and warmer climate, maybe?

Doesn’t this sound like a really fantastic idea, considering how frigid and cold it has been lately?

You will have a major and positive effect on our economy and we all want to see it improve, right?
Sellers, this is something you should seriously begin to ponder and think about; because we need your home for all those purchasers that are patiently waiting on line with prequalification letters and cash in hand to buy their next “Place to Call Home.”

New Year’s Bonus to My Seller, Millennial and Buyer Readers:
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Phil is the owner of Turn Key Real Estate at 7 Bond St. in Great Neck. He can be reached by email: [email protected] or by cell (516) 647-4289 to answer any of your questions. To search for any type of properties or to see what your home is worth or homes that have sold in your area, go to:: WWW.Li-RealEstate.Com or https://homeasap.com/471363/
Or call for an appointment for a Comparative Market Analysis to see today’s market value.

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  1. An interesting article. Home ownership does affect the economy of country. The huge amount of taxes involved goes to the governemt. In most countries the government has the right over any property as well.


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