11 Real Estate Facts That Will Truly Astound You

Are you looking for your dream house? Or a second home for vacations and whatnot? Maybe you’re looking to rent a place closer to work or family. No matter what you’re looking for, as long as you’re in the real estate market, you’ll have your set of ups and downs. There’ll be excitement and joy and frustration and time lost. On the one hand, you’ve found your dream house, and you couldn’t be more ecstatic about it, but on the other hand, all the documentation, inspections, and everything related to it is a headache. It’s a rollercoaster ride with peaks and valleys, twists and turns, and you’re in it till the end.

Sometimes, all of these details and nitty gritty might distract you from all the surprising real estate facts you’ve never heard of before.

What facts, you ask?

There are many things you don’t know about the real estate industry that can help you make informed decisions about the house you’re trying to buy or rent. Let’s read about some Interesting real estate facts and see if they surprise you.

 

1. The Rising Popularity of Second Homes

Believe it or not, the concept of having a second home is becoming more and more popular with each passing day. In fact, this idea has seen a massive 99% increase since 2015, which is really saying something. But why is that, and what are the factors behind it? Is a second home popular because someone wants a sun-kissed beach house in Florida or a rusty and charming cabin in South Dakota? No matter what it is, what we know for sure is that this is not a trend, and it’s here to stay. More and more people are after second homes, and it is really changing the real estate landscape.

 

2. Haunted Houses: A Real Concern for Some

Ghost stories around the campfire might be fun, but for 1 in 10 Americans, the fear is all too real, so real that they've sold their homes due to suspected paranormal activity. But here's the kicker: some states have disclosure laws that mandate sellers to reveal if a property is believed to be haunted. Would that be a deal-breaker or a unique selling point for you?

 

3. Millennials: Real Estate's New Fans

Think millennials are just about avocado toast? Think again! They're diving into homeownership, valuing tangible assets over the unpredictability of stocks. So, where would you invest: a tangible home or volatile stocks?

 

4. Average Home Price Is $430,300 In The US

Before you dive into the dream of a new home, take a moment to check the price tag, especially in hotspots like Hawaii. It's essential to research the market and understand its dynamics. So, are you up for the home-buying challenge?

 

5. Renting: More Than Just a Monthly Bill

Believe renting is the simpler option? It might surprise you that many Americans allocate nearly half their earnings to rent. However, there's a silver lining: consistent, timely rent payments can enhance your credibility when you're gearing up to buy a home. Who knew punctual rent could pave the way to securing a mortgage?

 

6. First-Time Homeowners Accounted for 34% of 2021 Buyers

The face of first-time homebuyers is changing, and the National Association of Realtors has the data to prove it. But who exactly qualifies as a "first-time buyer"? The definition might be broader than you think, encompassing not just those purchasing their first home, but also individuals who haven't owned property in the last three years.

 

7. Millennials Go Digital for Homes

Millennials, known for their tech-savvy nature, are embracing the trend of purchasing homes through digital channels. In 2022, the comfort with online transactions extends to buying houses, with many Millennials relying on online images and social media platforms like Instagram and Facebook to explore and make real estate decisions.

 

8. US Housing Market's Huge Value

Have you ever wondered about the staggering worth of the US housing market? It's a value surpassing even the combined GDPs of both the United States and China! Such a revelation may come as a surprise, but there's more—California is at the forefront of this substantial market. If you're contemplating real estate investments, California might just be the ideal destination to consider.

 

9. The Magic of Home Staging

Investing in staging your home before putting it on the market can be a valuable expenditure. According to 85% of real estate agents, staged homes tend to sell three times faster compared to their non-staged counterparts. To attract potential buyers, it's crucial to highlight each room by decluttering and maximizing natural light. Additionally, focusing on maintaining the property's exterior can also boost its value significantly. Simple measures like spraying existing doors and window frames can potentially save money and potentially increase your home's value by up to $10,000.

 

10. Everyone Wants Outdoor Space

Surveys conducted by the National Association of Realtors (NAR) found that over two-thirds of both millennials and Gen Xers prioritize having access to a spacious yard or outdoor area. Additionally, NAR's community survey highlights millennials' desire for larger homes situated within walkable communities.

 

11. Detached Homes: Everyone's Dream

A significant majority of homebuyers, amounting to 67%, express a preference for detached homes. This desire for single-family, detached residences stems from the appeal of privacy and the flexibility to expand without affecting neighbors. Such homes also boast increased curb appeal, which holds value, especially if one considers the possibility of relocating in the future. In contrast, 15% of buyers lean towards townhouses, while 8% express interest in multi-family condos, as per findings from a report by the National Association of Home Builders.

Cleveland Income Real Estate: The Ever-Evolving World of Real Estate

Real estate is a combination of facts, trends, and surprises, and you don’t know which one will hit you first. As we went through the 11 surprising real estate facts, one thing is crystal clear: The real estate industry is constantly in a state of flux, and if you want to stay on top of it, you have to stay informed and update yourself. And who better to guide you through is constantly changing and evolving industry than Cleveland Income Real Estate, your guide through the entire process of buying your house.

 

Ready to dip your toes in the real estate sea? Choose Cleveland Income Real Estate. Discover the world of property investment with unmatched expertise and a partner that prioritizes your success. Your dream property is just a decision away.

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