The pandemic drastically changed how we lived our lives over the last year and a half. We changed how we worked, how we socialized and how we educated our children. But perhaps more than anything, it forced many of us to rethink where and how we want to live.
City dwellers fled for the suburbs. The market for second homes skyrocketed. Unshackled by jobs that formerly required you at the desk—and made possible by significant improvements in remote work technology—people could now move wherever they desired.
It was a record year for many in real estate.
For those of us who stuck it out in the same place (or for whom moving was not an option), we renovated. We converted spare bedrooms into Zoom-friendly offices, added pools to our backyards and upgraded technology. During a recent webinar hosted by Keller Williams*, ‘How COVID Has Changed the Real Estate Industry,” it was stated that 76% of homeowners made at least one home improvement during the pandemic. The reasons why varied:
– 25% “finally have time for it”
– 11% are “adapting to working from home”
– 21% are “adapting to a new lifestyle under COVID”
And it’s still happening. Anyone starting a project will tell you how hard it is to find an available pro or the materials needed for the project.
With all this buying, selling, moving and renovating happening nationally, it raises a great question: How much of an impact did real estate have on our local economies? The answer, thanks to an interactive study by the National Association of REALTORS® (NAR), is a heck of a lot.
The report, “State-by-State Economic Impact of Real Estate Activity,” zeroes in on how much real estate and related industries—including income generated by all parties to a transaction, spending related to the purchase, new-home sales, etc.—affected each state’s gross state product.
According to the study, the real estate industry was responsible for driving 18.3% of gross state product in 2020, with each transaction contributing $93,800. The impact on each state ranges from 13% (South Dakota) to 23% (Florida).
You can see how much real estate contributed to your state at https://bit.ly/2SIr7oF.
If agents needed another “why” for doing what they do, we’ve found it. Their impact travels far beyond a single home. There are dozens of local businesses that rely on a healthy, robust real estate industry.
If you’re an agent looking to support your local economy while making it easier for your clients to move into their new home, locate pros for home improvement and receive discounts at home-related retailers, create an account at MooveGuru. With over 500,000 agent-recommended, home-service pros and the best moving concierge in the business, we can help your clients and your local economy.
*Keller Williams sourced this Porch survey: https://porch.com/advice/home-improvement-trends-covid.
Rob Morelli is president of HomeKeepr, a MooveGuru company.
