Improving Our Economy through Homeownership
May 19th, 2011 -- by JonMoultrieThings are looking up in Memphis real estate and that means more jobs for residents. According to the Memphis Area Association of Realtors (MAAR), 1,166 homes were sold in March 2011 with an average sales price of $126,179. That is an increase from February 2011 when only 881 homes were sold and the average sales price was $116,389.
Ron Phipps, National Association of Realtors (NAR) president, recently stated that “[homeownership] is critical to the national economic recovery. Every home sale and commercial real estate transaction generates direct economic activity and jobs. And most of the work triggered by real estate transactions stays in the United States.”
NAR estimates that one job is created for every two homes sold. Watch this video by NAR economist to learn more.
In addition to creating jobs, homeownership can create stability and wealth for homeowners. As you well know, the national economy has seen better times. With lots of uncertainty regarding the inflation of fuel, food and mortgage rates, homeownership provides a buffer against inflation because in most markets appreciation over time outpaces inflation.
Got a question? Ask the Experts!
Was this article helpful?
- Forward to a friend (Mail Link to a Friend).
- Becoming a fan on Facebook.
- Following Enterprise Realtors on Twitter.
- Sign-up for our Monthly Newsletter.
Tags: Arlington Tennessee Real Estate, home sales improve economy, Memphis Home Sales, Real Estate Market