The real estate industry is crucial to Florida’s economy. Let’s take a look at why all real estate entities should be deemed an essential business during these uncertain times.
Why the Real Estate Industry Should Be Considered an Essential Business during COVID-19
As we work our way through the COVID-19 pandemic, local and state governments are desperately trying to stop the spread and flatten the curve. One way is by mandating the temporary closure of businesses deemed non-essential. An essential business includes those that are crucial to the economy and the welfare of residents. Where does this leave the Florida real estate industry?
Real Estate is Essential
While some areas such as Orange County have already deemed real estate essential, other local governments are still on the fence. Real estate should be considered essential because it meets both of the above criteria. Real estate puts a roof over families’ heads and is the economy’s best chance at preventing another recession. In fact, the industry has helped pull the country out of recessions before. Here’s how:
- Significant amounts of money change hands during the sale of a property
- The money exchanged during the sale has a domino effect as it disperses through the economy
Let’s not forget about homes that have already been sold and the families that need to move. The real estate industry must continue to be operational for people in these situations.
The Numbers Do Not Lie
According to the National Association of Realtors, each property sale in Florida adds about $78,000 to the economy. This money is then distributed throughout the economy. Let’s take a look at an approximation of the distribution of this money.
- About $21,400 goes back into the real estate industry and strengthens it
- Almost $39,800 is invested in new home construction
- Approximately $4,300 goes towards home purchase expenditures
- An additional $12,348 is generated as the money from a sale works its way through the economy
Housing currently accounts for 14.6% of Gross Domestic Product.
Florida’s Economy Needs Real Estate
The bottom line is that the real estate industry is not only crucial to the residents who must make a transition despite the current situation, but to the economy. It is important to know that the professionals in the real estate industry are adapting their processes have both their teams’ and their clients’ safety and health as a top priority as we navigate COVID-19. Here at Gitta Sells, we are here to help you with all of your home buying and selling needs while adapting our processes to comply with social distancing. Feel free to contact us at 407-330-2181 or gittasells@gitta.com. This is Gitta, enjoy the rest of your week and stay safe!
