Morning Minute: Home sales mean business boost to local retailers

An increase in home sales in the Bloomington-Normal market is producing another benefit: an increase in retail business at area furniture and building material stores, the Pantagraph reports. Bloomington furniture sales jumped 20 in the first quarter of this year, while Normal’s sales remained stable. Sales of building materials increased 44 percent in Bloomington and 16 percent in Normal.

Steve Rader, president of the Bloomington-Normal Association of REALTORS®, told the Pantagraph about the connection between moving into a home and the positive ripple effect it has on related businesses:

“People don’t give enough credit to home sales; they stimulate paint businesses, flooring, carpeting, furniture and all kinds of (other) retail sales,” said Rader.

A study commissioned by the Illinois Association of REALTORS® took a closer look at the substantial impact each property sale can have on the greater local economy.  According to the study, the total direct expenditures per home sale in Illinois is $28,581 for a total of $3.2 billion in annual expenditures for all home sales occurring in the state. Find the full study as well as geographic breakouts.

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.

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