The following real property market trends and facts will assist you to acquire market information, buyers and real estate retailers themselves. You will discover your competitive qualities by scrutinizing the competition in the market. This article will review a number of the many thrilling real estate market trends and facts.
Here are the pinnacle and maximum exciting Real Estate Market trends:
The median sales rate for homes that can be bought in September 2019 was approximately $300,000.
73% of realtors are using the Facebook platform in their discipline.
More than one million real property sellers exist within the United States. The average price for a new residential property is $59,880.The common US realtor has approximately seven year’s experience. 700,000 new homes are sold each year.
Home Prices Are Raising in Real Estate
Overall home prices rose at a slow rate in 2019 (3.3%) compared to 2018 (5%). From the look of things, this year may be no different. Real estate gurus expect that the cost of homes will rise by about 2.8% this year. So you will probably see home prices rise, but that trend may not be so rapid as we have seen in the past.
Profits may be achieved greatly. But also have in mind that quite a several buyers are being priced out of the market at the moment. This could lead to fewer offers for your private house. What should be your reaction? Be well aware of your competition. With fewer offers to juggle with, you need your house to stand out among similar properties within your location.
Prepare your house for a potential home buyer and have a real estate agent who will help you list your property at a competitive price. Commit to operating within that price range. Do not rush into making a home purchase that makes no economic sense no matter the amount of pressure you may experience watching competitors get good houses.
If you could not put down at least 10% on a 15-year fixed-rate conventional loan, you most likely do not have enough money to purchase a house in that particular market. Down payment, less than 10% will choke your finances with large loan repayment amounts. In case you are prepared to purchase and are stuck to your budget, you may want to consider a few alternatives:
Continue saving. Sacrifice a few of your other needs. If you can’t seem to find the money to buy the house you need, sacrifice a few “high-quality-to-have” for “must-haves”. Find the lowest-priced homes in the best neighborhood. When you get enough money you can upgrade as your earnings and savings increase over time.
Expand your search base. What if the location you are considering is the problem? You could be amazed at what you can find in less populated neighborhoods. Working with a real estate agent who knows the area is a great way to find homes that you can afford, and one that fits your lifestyle.
We will now review 15 Real Estate Market trends for the last few years
60% of The Buyers Are Choosing Their Agent in an Interview
If you manage to meet a potential buyer, there is a great chance that you will make the sale. Many people settle for their first client. This simply means that you need to put a considerable amount of effort into getting that first interview. Smart advertising and marketing combined with a good reputation can help you a great deal.
There are over 2 Million Real Estate Agents Operating in The United States
Another aspect of the real estate market trends is that it has licensed NAR Realtors real estate agents who are not part of the NAR. Real property data per city shows that Los Angeles, for instance, has 39,307 real estate agents actively operating in the market. Phoenix, Houston, and Chicago top the list with over 20,000 estate agents.
Approximately 65% of Realtors Are Women
The NAR surveyed in 2019 and came up with this statistic out of 1.32 million people. Compared to 2018 this is a 4% increase. This translates to 50,000 new lady realtors within 12 months. This increase is likely to continue with more and more homes being sold. NAR’s study shows that the current standard realtor is a 54-year old white college graduate woman.
The Midwest is Holding the Highest Homeownership at a Rate of 68%
This is according to the US Census Bureau. The Southside of the US comes second at 66.2%, followed by the Northeast at 61.7% and the Western area at 60.6%. Evaluating these figures, we find out that they are more or less the same as those of the real estate agents. The only significant difference is the 0.8% increase in the South.
Approximately 700,000 Houses Were Sold in 2019
This is according to the data obtained from the United States Census Bureau in October. The range is occasionally adjusted to account for the seasonal changes that usually take place between February and October. It is usually that time when people scout for and purchase new houses.
To Afford a New Home You Need To Earn $60,000 a Month
This is according to the HSH which is a website that conducts analyses of mortgage rates. They used the median home price across 50 metropolitan regions to obtain these estimates. These statistics may be a little outdated.
According to HSH, the median national home price is $279,500. However, official data reveal the median rate to be $299,400. At this estimate, you will probably need to earn a higher income to be able to cater for the expenses.
Around 33% in The United States Are First Time Buyers
This indicates that nearly 33% of all home purchasers need professional assistance from real estate marketers to carry out a successful purchase. It makes experience important considering the FSBO and NAR data indicate that the majority of people don’t like buying directly from homeowners. Homes being sold by owners often turn out to be scams or may have very complex paperwork.
The Desire To Own a Home Is Higher In Young People
This statistic decreases with age, so it works for 7% of those over 64 years of age. Putting in that factor, the main motivators slowly shift to being retirement and the need to be close to family. Additionally, many aged people just need a smaller, more energy-efficient home that is less expensive.
The Majority of Purchased Houses Are Previously Owned Homes
It is not a wonder that 86% of prospective buyers prefer homes that have been previously occupied to newer ones. Resale homes are generally less expensive. Even though they may not be up to standard, some of them are well furnished. Buyers below 28 years of age have the lowest tendency to buy new homes. About 94% of them opt for resale houses.
Approximately 80% of The Buyers Are Detached From Single-Family Homes
More enthusiasm is recorded among the younger middle-aged people aged between 39-54. 88% of them are likely to go for this option.
Those aged over 73 are least likely to opt for this form of living. Without any doubt, all the age groups are least likely to acquire rentals in a property with five or more units. Most people do not seem to like the idea of living next to people they don’t know.
92% of The People Are Searching For Homes Online
Almost all age groups prefer visiting a website to seek out lucrative offers. Older millennials seem to be leading in this trend with 98% of homebuyers relying on the internet. The real property industry records that the ‘silent generation’ has the opposite tendency, while 72% of them use the internet.
Approximately 86% of ‘old-timers’ would opt for a discussion with an estate agent. About half of all buyers acquire information through backyard signs, and a few got for open house events.
52% of The Home Buyers Are Saying That Real Estate Agents Found Their Desired Property
A majority of clients would want to assist in the price negotiations. Approximately 25% of customers depend on estate agents to negotiate sale prices and get better deals.
If your primary aim is to promote the neighborhood to the client and tell them the pros of that locality, you are probably wasting your time.
Quite some buyers go through commercial real estate records way before they consider buying from that neighborhood. Just about 1% of buyers will be enthusiastic to get information about the neighborhood from the agent.
Buyers Spend Over 10 Weeks Searching For New Home
Before contacting an agent to help them, buyers spend about 3 weeks trying to find a suitable home on their own.
Throughout the process, buyers visit 10 homes on average. If you are in the market to obtain a brand new house, you have to be able to handle this.
The Main Problem for 18% of The Buyers Is the Documentation Process
Young people are the ones who suffer the most due to this bureaucracy. However, this gets less complicated as one age. While 27% of Millenials under 28 years of age can’t handle the paperwork, 38% have a hard time trying to understand the whole home-buying process. Older people are more confident about this. It is like a walk in the park.
For More Than 30% of The Buyers, Reducing Commuting Costs is the Most Important Factor
Generation Xers are likely to desire that their cooling or heating expenses are reduced. They want a home with well-fixed intact doors and windows.
Despite their varying considerations, real estate market trends reveal that people of all ages care the least about solar panels; only about 3% do care.
As we have reviewed the real estate market trends, we can conclude that the reason home prices have increased rapidly over the past few years is that some customers are less choosy.
The more decisive ones could even be willing to consider homes in neighborhoods that are not easily accessible from highways or are not within proximity to a big city.
If you suspect you could be residing in an unpopular neighborhood, or think your house is not what buyers are seeking, think twice. This may be the ideal time to think of selling it. We have reviewed some common real estate market traits.