Local Realtor Donnie Weddle talks with us about real estate on how home sales are impacting the Economy in the Greater Tulsa Area. Don tells me that while sales of homes are down compared to last year, amazingly enough, the price at which they are selling is closer to the list price by almost a full percent compared to the previous year for April. He says people are paying close to asking price in many instances, and some listings are receiving multiple offers. In Oklahoma, real estate is considered essential, meaning all professions that are part of buying, selling, lending, closing, or making repairs are open for business.

I ask Don what has changed for him about his day to day operations. Don tells me that what the quarantine has done to the industry is making it get more tech-driven. Almost all agents who wish to work during the health event are working via Zoom, Facetime, or some type of video conferencing. He says that his offices at Keller Williams have selected ZOOM as the media choice.

He goes on to talk with me about many other ways tech helps buyers and sellers with real estate. Don demonstrated an app he had downloaded to the mobile phone that allowed him to view homes near him that are listed on the MLS. His app gave the consumer the ability to view pictures of the house and see real-time data like price, size, bedroom count, and so on. He talks more on the subject of tech and how it will stay with real estate even after the coronavirus is no longer a threat to us all. REALTORS have used digital contracts with electronic signatures for years is another way tech has migrated into the real estate industry

He goes on to say. The impact of each house sold in Oklahoma has a monetary value, of course; however, the positive effects on families and individuals that agents reach out to every day to see that they are ok is not mentioned in an article from NAR which is the National Association of REALTORS® he wanted me to read. He said that some of the most rewarding time for him in the industry has been over the last three weeks when he calls a client just to check-in, and they are so grateful that he cared enough to call. I read the article and thought I should include it in this blog for you.

How Each Home Sale Adds to the Economy

While the Economy faces a slowdown from the COVID-19 pandemic, economists are pointing to the housing market as a way to jumpstart the recovery. Every home sale added at least $54,741, up to a maximum of $184,763, to the Economy in 2019, the National Association of REALTORS® reports. And economists point out that home sales can have that same economic boost during the coronavirus pandemic, too.

“Real estate has been, and remains, the foundation for wealth building for the middle class and a critical link in the flow of goods, services, and income for millions of Americans,” Nadia Evangelou, a research economist with NAR, notes on the association’s Economists’ Outlook blog. Real estate accounts for nearly 18% of the GDP.

NAR calculated the total economic impact that real estate–related industries can have on individual state economies, and how the expenditures from a single home sale can drive other businesses, like in home construction, real estate brokerages, mortgage lending, title insurance, and more.

The states with the largest economic impact from each home sale in 2019 were:

1. Washington, D.C.: $184,760
2. Hawaii: $184,700
3. California: $171,390
4. Washington: $132,740
5. Massachusetts: $128,810
6. Colorado: $122,780
7. Oregon: $118,430

Source: 

“Every Home Sale Adds More Than $88,000 to the Economy. How do Home Sales Affect the Economy in Your State?” National Association of REALTORS®’ Economists’ Outlook blog (May 6, 2020)