Buying a house has a big impact on the economy

Personal lives are experiencing major changes, and the housing market is changing too. We're practicing social distancing at the grocery store and with neighbors and friends. Lenders and real estate agents are also going virtual. What hasn't changed, though, is a key supporter of local economies: homebuying.

When you buy a home, you're not the only one who benefits

The impact of the coronavirus is affecting all of us in countless ways. It may help you to know that if you're currently ready and able to buy a home, you'll be a significant economic driver in your area. And until we know the outcome of the current pandemic, you have many options you can use to keep up your hunt for a new house.

As the National Association of Realtors' (NAR) annual report on the economic effect of home sales states:

"The total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance."

This is how the average home sale breaks down as a stimulator of the economy:

By buying a house, you have an impact. You'll meet your own needs for shelter and safe housing. You'll also generate jobs and earnings for the real estate agent, loan officer, appraiser, title agent, and many more industry professionals involved in the process.

Every individual or business you encounter in the transaction may have a team working hard behind the scenes. So, your impact multiplies. As you can see in the far-right circle on the chart, your impact may nearly double when buying a new build because of the additional labor required to construct the house.

NAR's report also shows the average economic impact in each state:

If you're a homebuyer, your need for a house is essential. You'll have an essential impact as a homeowner too. When you're able to act on your need for comfort, shelter, and a safe dwelling, either now or in the months ahead, you'll be building and growing an investment in yourself, your family, local businesses, and our nation's economy.

We're here for you: Just tell us what you need

Now, more than ever, it's important to know you're in good hands when you're getting a mortgage. With help from our industry-leading mortgage technologies, we're giving homebuyers access to the same information — remotely, to ensure loved ones stay safe. No need to put off buying a home when rates are at historic lows and local economies will benefit.