There
are a lot of interesting statistics, trends, and historical lessons to be found
in the world of real estate. Despite the fact that purchasing or selling a home
is a serious business, there are some interesting real estate fun facts that
can just help you laugh out loud. Continue reading to learn 16 amazing new
things about and the interesting real estate facts about the real estate
industry.
1. Renting Furniture is On the
Rise
It is
intriguing to observe the trend of individuals opting to lease furniture rather
than making a purchase. More and more people are choosing this choice,
especially those who move around a lot or live in temporary housing. It can be
easier to decorate your home without making a big purchase if you rent
furniture instead of buying it.
2. Americans Really Love Huge
Homes
Since
1973, the average size of a new house in the U.S. has grown by about 1,000
square feet. Now, a new house is usually over 2,500 square feet big, but back
in the early 70s, they were only around 1,500 square feet. It seems like
Americans' love for big houses is not going away anytime soon.
3. Mobile Homes Are Actually Not
Very Mobile
Another
real estate fun fact is that most people think mobile homes move often, but
actually, only 1 out of 15 ever does. Once they're made, they're moved to their
spot, and 97% stay there for good after being set up with utilities.
4. Zillow Gets Its Name From
"Zillion Pillows"
Zillow's
founders liked brainstorming fun names. They thought about calling it
ZillionPillows.com because buying a home means you can have as many pillows as
you want. They chose "Zillow" because it sounded better, combining
"zillion" and "pillow."
5. Real Estate Investing Through
Crowdfunding
People
can invest in real estate through crowdfunding sites without having to buy the
whole property. People can put small amounts of money into real estate projects
and get money back if the projects succeed. Plus, you can do it with less money
than you might think.
6. Only 38% of Realtors Are Women
Another
real estate fun fact is that males drastically outnumber females in the realty
industry. Only 38% of Realtors are women, even though ladies make most
household real estate decisions. Yet few women choose it as a career path.
7. Green Homes are Becoming More
Common
Green
homes, which are better for the environment, are becoming more popular. To have
less of an effect on the world, these homes use renewable energy sources, like
solar power and long-lasting building materials.
8. Online House Hunting is the New
Normal
A lot
of people start their search for a new home online these days. From anywhere,
you can use websites and apps to look at homes for sale, take video tours, and
even apply for mortgages.
9. Homes Sell Quickly
On
average, homes sold in just 43 days in 2021, much faster than the 84 days it
took ten years ago. This shows that houses, especially in popular areas, are
bought quickly due to competitive market conditions.
10.Average Hotel Room Size
The
average hotel room is about 330 square feet, small compared to the average new
home size of 2600 square feet or even tiny homes at 300 square feet. However,
hotels offer amenities like housekeeping and room service.
11.Northeast Has Oldest Homes
Another
real estate fun fact is that the Northeast, especially states like
Massachusetts and Connecticut, has the oldest homes in the U.S., with many over
300 years old. These historic homes were built by early colonists to endure
through time.
12.Record-Breaking Home Sale
In
2021, a New York City penthouse was sold for $238 million to hedge fund
billionaire Ken Griffin, setting a record for the most expensive home sale,
surpassing the previous record by over $100 million.
13.Vacation Rentals as Investment
Vacation
rental properties are a popular real estate investment. In high-demand areas,
owners can make a lot of money renting to visitors. Websites that make
short-term property rentals easier have fueled this trend.
14.The Impact of Walkability
Homes
in walkable neighborhoods, where shops, schools, and work are all within
walking distance, are becoming more valuable. People value the convenience and
lifestyle of being able to walk places, which can drive up home prices in these
areas.
15.The Rise of Smart Homes
One
more real estate fun fact is that smart homes, equipped with technology that
controls lighting, temperature, security, and more, are on the rise. These
features offer homeowners comfort, convenience, and safety, often controlled
right from their smartphones.
16.Location Still Rules
In
real estate, the location of a property is still the most important factor.
Homes in desirable locations, close to good schools, amenities, and
transportation, tend to hold their value better and sell faster than those in
less sought-after areas.
Make
Better Investment Decisions with Cleveland Income Real Estate
We
hope you enjoyed digesting these 16 fascinating real estate fun facts. When
you're ready to buy or sell property in the Cleveland area, contact Cleveland
Income Real Estate or visit our website. Cleveland income real estate has experienced agents that
make transactions smooth while offering homes as unique as the real estate
industry itself!
FAQs
Can I buy a house without a
real estate agent?
Yes,
you can buy a house without a real estate agent, but it might be harder. Agents
help find homes that fit your needs, deal with paperwork, and negotiate prices.
What's the first step in buying
a home?
The
first step is getting pre-approved for a mortgage. This tells you how much
money a lender will give you, which helps you know what homes you can afford.
It also shows sellers you're serious about buying.
Why do people rent instead of
buy?
People
rent for many reasons: they might not have enough money for a down payment,
they want flexibility to move easily, or they're not ready to commit to one
place. Renting can also save on maintenance costs that owners have to pay.
What is a mortgage?
A
mortgage is a loan from a bank or financial institution that helps you buy a
property. You pay back the loan over a set period, typically 15 to 30 years,
along with interest.
Need REal Estate that changes your life?
Call me (Brett) 216-703-5740 Fathom Realty or WhatsApp
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