There's an old saying that goes, "Nothing happens until someone sells something."
This Labor Day, I was thinking about how the sale of a home supports so many occupations.
According to statistics from the National Association of Realtors, there are about 1.38 million members of the NAR.
They sold more than 5.34 million homes in 2018.
Those home sales, as you know, generate quite a bit of activity.
First of all, there are all those brokers and agents themselves.
Then you have the support staff at their brokerage firms. There are about 86,000 of these in the US by the way.
Also involved are mortgage brokers, bankers, credit reporting companies, title companies, appraisers and property inspectors.
Home sales involve many occupations
Then there is all that activity involved in preparing a house for sale.
That might include repair staff, contractors, landscapers, painters and home stagers.
In this day and age, maybe even a drone pilot. There's a new occupation.
Then after a sale is made, you got your property inspectors and movers.
Think about how many times you've seen a new homeowner buy appliances and furniture. All those items support a large number of factory workers, shippers and retail employees.
Then you have all the other related companies like the one I work for, Home Junction, that supply data and technology services to the real estate industry.
Five million-plus property transactions a year certainly funds a large number of paychecks and feeds quite a few families.
All those sales have a significant rippling effect on the US economy. Billions of dollars.
And it all begins when someone, a real estate professional, sells something.
This holiday weekend that might be something to contemplate...and appreciate.
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