Did You Know? Interesting Real Estate Facts That Will Leave You Astonished

 

One's emotions may be all over the place just thinking about the process of purchasing a home. 53% of buyers say that finding the perfect property is their biggest challenge. If you have a firm grasp of the facts, your real estate investment judgments could improve. There is some good news in the real estate market. You might be surprised by some of the fascinating facts about real estate. Did you know open houses often lasted for 12 hours? If you're in the market to purchase or sell a property, it can't hurt to brush up on the latest market trends. 

Here are 6 interesting real estate facts that can be proven very useful for you. 

1. The Demand For Second Homes Has Grown By 99% One of the most interesting real estate facts is more and more people are opting to purchase second and even third homes. The demand for vacation houses has increased by 99 percent since 2015. There are about 7.5 million vacation houses in the United States or 5.5% of the total. With over 1.1 million properties, Florida easily leads the nation in the number of vacation houses. With under 20,000 recorded second residences, South Dakota ranks last among the 50 states. 

 2. 50% Of Millennial Investors Choose To Invest In Real Estate Real estate is more appealing to millennial investors than the stock market. Real estate is a smart investment, according to 85% of millennials. Compared to shares in a company's stock, real estate is a more enticing and dependable investment. Most successful real estate investors say more than twice as much of their income as Baby Boomers did is being saved by Millennials. Younger people are less eager to become homeowners, so they take their time preparing for a down payment. Baby Boomers are the group with the largest real estate wealth, but millennials are starting to show an interest in the market.

 3. The Average House Price In America Is $428,700 Over the past four years, U.S. home prices have risen annually on average. Between 1980 and 2020, the median price of a home went up by 416 percent to $428,700. Although state-by-state house prices and incomes vary widely, the national average for a 30-year fixed-rate mortgage is $1,230 per month. Most successful real estate investors say the typical home in Hawaii costs $1,038,544, making it the most costly state to buy a property. 

4. The US Housing Market Is Worth $33.6 Trillion The value of the US housing market has surpassed that of the combined gross domestic products of the world's two largest economies. It is now estimated that the market value of all homes in the United States is $33.6 trillion. With a total house value of $7.1 trillion, California accounts for 21.2% of the entire United States. More than a trillion dollars have been added to the Los Angeles real estate market since 2010. 

5. Buyers Will Pay More For Smart Home Devices One of the most interesting real estate facts is that nearly eighty-seven percent of homebuyers said they would pay more for a property that included smart technology. The addition of smart home technology to a home increases comfort and efficiency. Two times as many women as males say they'd like a home security system. The most often used smart home gadgets are multi-purpose hubs, followed by video doorbells and smart lights. 

6. 42% Of Buyers Believe Real Estate Is A Better Investment Than Stocks Most successful real estate investors choose to invest in real estate because of the decreased perceived risk compared to the stock market. The National Association of Realtors found that 42 percent of respondents would rather put their money into a home than into the stock market. Stocks' volatility makes them a riskier investment option than property.

Conclusion

Understanding interesting real estate facts can greatly enhance your home-buying or selling experience. Fascinating facts reveal that the demand for second homes has grown by 99%, with Florida leading in vacation houses. Additionally, 50% of millennial investors prefer real estate over stocks. The average house price in the US is $428,700, with Hawaii being the most expensive state. The US housing market is valued at a staggering $33.6 trillion, surpassing the combined GDP of the world's largest economies. Moreover, smart home technology adds value to properties, and 42% of buyers believe real estate is a better investment than stocks due to perceived lower risk. Looking for a reliable broker service to navigate the world of income real estate? Look no further than Cleveland Income Real Estate! With a reputation for excellence and a deep understanding of the local market, we are your trusted partner in achieving your investment goals. Our team of experienced brokers is dedicated to providing personalized solutions tailored to your unique needs. Whether you're a seasoned investor or just starting out, we offer expert guidance and access to a wide range of income properties in Cleveland and its surrounding areas. With our comprehensive knowledge and unwavering commitment to client satisfaction, Cleveland Income Real Estate is the broker service you can rely on for exceptional results. Start maximizing your investment potential today by partnering with us.