Boston Real Estate for Sale

Views on real estate and the economy

Boston Condos for Sale and Apartments for Rent

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Views on real estate and the economy

If you’re thinking about buying or selling a Boston condo, it’s important to know that it doesn’t just affect your life, but also your community.

The National Association of Realtors (NAR) releases a report every year to show how much economic activity is generated by home sales. The chart below illustrates that impact:

20230615 economic impact of a typical home sale

As the visual shows, when a Boston condo is sold, it can make a big difference in the local economy. The impact comes largely from the workers required to build, update, and buy and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community:

The economic impact means housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year, per NAHB research. . . . And one job for every $100,000 in remodeling spending.” 

Housing being a major job creator makes sense when you consider there are many different industries involved in the process. A recent article from Fortune notes housing activity could have a more robust impact than you think due to the many ways it’s tied to the economy:

“Housing has three direct linkages to economic activity (GDP): the construction of new homes, the remodeling of existing homes, and that of housing transactions. . . . consider the activity associated with home sales – think broker fees, lawyers, etc. – which are a sizable contributor to housing’s GDP footprint. 

When you buy or sell a home, you work with a team of professionals, including contractors, specialists, lawyers, and city officials. Each person plays a role in making the transaction happen. 

So, when you make a move in the housing market, you’re not just meeting your own needs, you’re also making a positive impact on the community. Knowing this can give you a sense of empowerment as you make your decision this year.

Boston Condos and the Bottom Line

Each and every home sale is important for the local economy. If you’re ready to move, let’s connect. It won’t just change your life – it’ll also have a strong positive effect on the whole community.

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Housing market investors and executives speak with Yahoo Finance Live anchors over the rise in housing prices, mortgage rates and inflation over the past several weeks.

https://youtu.be/meA6o61RUQ4
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The news these days seems to have a mix of highs and lows. We may hear that mortgage rates are at historic lows, but we’ve also seen some of the worst economic data in the history of our country. The challenge today is to understand exactly what’s going on and what it means relative to the road ahead for the Boston condo market. We’ve talked before about what experts expect in the second half of this year, and today that progress largely hinges upon the continued course of the virus.

A recent Wall Street Journal survey of economists noted, “A strong economic recovery depends on effective and sustained containment of Covid-19.” Given the uncertainty around the virus, we can also see what economists are forecasting for GDP in the third quarter of this year (see graph below):The Beginning of an Economic Recovery | Simplifying The MarketOverwhelmingly, economists are projecting GDP growth in the third quarter of 2020, with 5 of the 9 experts indicating over 20% growth.

Lisa Shalett, Chief Investment Officer for Morgan Stanley puts it this way:

“Indeed, the ‘worst ever’ GDP reading could be followed by the ‘best ever’ growth in the third quarter.”

As we look forward, we can expect consumer spending to improve as well. According to Opportunity Insights, as of August 1, consumer spending was down just 7.8% as compared to January 1 of this year.

Boston Real Estate and the Bottom Line

Economic recovery is beginning to happen throughout the country. While there are still questions that need to be answered about the road ahead, we can expect to see improvement this quarter.

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Ford Realty – Boston Real Estate Google Reviews 2019 & 2020

Click here: Beacon Hill Apartment rental stats for the last 30 days

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