Real estate agents, buyers, sellers, investors and everyone involved may already know some well-known facts about the housing market and statistics regarding homeownership – yet there are numerous fascinating and unexpected aspects of real estate worth knowing! But everyone should also keep an open mind! Real estate can provide some fascinating and surprising facts!
1. The average home is on the market for a year and a half.
No matter if you’re an agent, broker, commercial property owner or soon-to-be homeowner; being informed on real estate facts can be invaluable in making informed decisions when purchasing, selling or investing in real estate – plus some might just surprise or amaze!
Average home sales take approximately 18 months on average to sell; although this may seem counterintuitive given that we are currently experiencing a housing boom, it is essential to remember all of the variables that impact home sale processes, from market forces, supply/demand dynamics, mortgage rates and homebuyer behavior.
Home prices have experienced a dramatic surge since the COVID-19 pandemic first emerged, driven by low inventory levels and increasing demand. National median sales prices have reached $348,079 — an all-time record — while homebuyers find it increasingly difficult to locate suitable properties; inventory levels currently sit at a 10-year low.
Buyers who are shopping for their dream home take into account not only its features and square footage but also its location in terms of neighborhood amenities. Real estate agents should emphasize these local features during open houses to give prospective homebuyers an understanding of how it could become home for them and increase interest in the home itself.
Real estate facts that make for interesting reading include that most homes sell for over asking price; this number has steadily increased from just under 20% at the start of the pandemic to over 75% by Q3 2021. Furthermore, they’re taking less time on the market with 75.7% of sold properties closing within 30 days.
Real estate professionals need to remain up-to-date on industry developments in order to provide their clients with exceptional service. Understanding these fun facts about the housing market can give them a competitive advantage and keep them ahead of their game in this demanding business.
2. The average home stays on the market for a year and a half.
Home buyers spend much time and energy looking for their ideal property, yet may be unfamiliar with some aspects of real estate market. Many don’t realize that homes aren’t the only thing people invest in when purchasing a property; they also choose a neighborhood in which to reside. Real estate agents in the UK should focus on marketing the neighborhood of their listings by using images, videos, virtual tours or actual showings – this will enable homebuyers to understand how comfortable living in that specific location would be for them.
Real estate brokerage firms don’t always open up as freely as might appear. While they might freely discuss favorite resources for signage or inspector recommendations with clients, or mortgage-securing strategies with them – there is often another side they don’t reveal to them.
Gracee Arther from Ewing and Associates notes that it may not necessarily reflect on its condition – rather, the issue could lie more with economy or housing market trends.
No matter your industry expertise – whether as an agent, investor or homebuyer – it never hurts to expand on what you know of the real estate sector. These fascinating and enjoyable facts will certainly come in handy when discussing real estate with clients or colleagues.
3. The average home stays on the market for a year and a half.
Real estate professionals, investors, landlords, home buyers/sellers, and future homeowners generally know many key facts about the industry; however, lesser-known facts that could prove useful or interesting can also help increase awareness. Becoming informed with some of these lesser-known facts will only increase your knowledge on real estate! Whether or not you work as an agent/broker yourself – taking part in these fun facts could make an already knowledgeable industry even more so!
Averagely, homes stay on the market for approximately 18 months from listing to closing, due to factors like getting financing approved, inspecting properties thoroughly and closing. Furthermore, it takes time for homes to become show-ready so they can be shown to prospective buyers.
Current real estate market conditions also play a part in how long homes remain on the market, especially if supply and materials costs are prohibitively expensive; as with overpriced properties which stay on sale longer.
Keep in mind that homes are sold within their communities. Buyers aren’t only interested in the house itself; they also want a place that suits their lifestyle and provides amenities. That is why home sellers must highlight localities when advertising, videos, tours or showing houses.
Integrating lesser known facts into your arsenal will enable you to demonstrate more knowledge in real estate and impress those around you. They’re also great way to educate clients on what they should expect when buying or selling a home!
4. The average home stays on the market for a year and a half.
Real estate industry boasts an abundance of fascinating and fun facts, from quirky anecdotes to practical advice – there’s something to teach everyone in real estate! Real estate agents looking to add something extra entertaining for clients or just wanting to gain some knowledge can learn something useful here! Whether they want to impress clients or simply keep informed, these fun real estate facts will certainly do so.
As you show a home, ensure to secure valuables and electronics like computers, iPads and laptops before showings begin. Also avoid leaving cash, credit cards or prescription drugs lying around; thieves could easily take these items during showings.
The housing market can fluctuate greatly, causing homes to remain on the market for different periods. For instance, in 2021 due to low inventory caused by pandemic-related inventory reduction, homes stayed on the market for shorter times on average than before. Therefore, it’s vital to stay up-to-date with market trends if you are planning on selling your home; get an instant price estimate online right now from an iBuyer and they could make you an offer in just minutes.