Let’s talk about Real estate and some of the things you may not know. Real estate is a huge industry and according to World Property Journal in 2020, for decades the U.S. housing market struggled to regain its lost position, however, it reached new growth heights in early 2020 of 11.3 trillion (more than 50%) bringing it to $33.6 trillion. This puts it equal to the combined GDP of the U.S. and China which are two of the largest economies in the world.
The generations today are very different from one another. What does “silent generation” mean, do you know? They were children to be seen and not heard. This generation was born between 1925-45. The Baby Boomers were born between 1946-1961. Generation X was born between 1962-1980. Generation Y is also known as the Millennials, was born from 1981-1995. And generation Z was born from 1996-2015. Did you find yourself on this list?
In 2020 it was estimated around 67.9% of Americans owned their homes. More people browse online to find new homes to buy putting this in at 50%.
2020 was also the expected year for peak immobile property purchases by millennials which would account for 45% of the mortgages on the market.
Did you know that real estate is everywhere which means it is worldwide? It can be said that our environment is so based on real estate that it is almost invisible.
When selling your home did you know that a staged home sells faster? 25% faster than non-staged homes. So, if you are looking to sell quickly this is one step you might not want to miss.
If you are in the market to buy do your own research before you go off house hunting. Make sure you thoroughly investigate the market, which should bring you to the steps of your new home with a key in your hand.
Here is a list of some of the top real estate websites to get you started.
You can also visit a ton of other places! The fact is, you should start online before speaking with a broker.
You can also browse the websites that list items for sale by owners. Unexpected upkeep and repairs are, according to 36% of recent homeowners, their biggest regret. 84 percent of first-time homebuyers claim that the data they discovered online was essential to their research.
Things to keep in mind if you are a buyer:
Do some internet market research before speaking with a real estate agent! Because there aren’t enough existing homes to satisfy all the buyers, property values are increasing.
Use a mortgage calculator; the goal is to be aware of your financial situation before making a choice.
You require a qualified real estate agent whether you are buying or selling.
It is worthwhile! Do you have credit issues? Fear not; even for first-time homebuyers with poor credit, there are always options.
And if you are a realtor:
Make sure to give millennials special consideration! Millennials made up around 50% of all homebuyers in 2020! People start their research on YouTube, so post there.
Using video marketing will gain you more clients.
List your property on Tuesday (and never on a Monday).
Be aware of your competition – staged homes sell better!
Acquire more leads with the help of the top-rated real estate lead generation companies.
I hope this article has helped broaden the areas of the real estate industry and the things you did not know.