Weird but True: 16 Fascinating Facts About Real Estate Business

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.

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