Real Estate Facts You May Have Never Pondered
Home is where the heart (and equity) is: 61.4% of the average American family’s net worth is in home equity. So your financial value is pretty much based on the property you own. A homeowner’s net worth is over thirty times greater than that of a renter. So this is a great reason to buy. If you decide to list your house, time it, TGIF! The best day of the week to list your home is Friday. Most people work during the week, so listing a house on Friday will have a fresh listing on the market for buyers to check out over the weekend. Historically, the best month of the year to sell is April. I would dispute that, it might be the most common month, but often sellers fare better in the ‘off months’ of summer and winter.
Another FACT about selling, and I live this one: Homeowners have a 120% better chance of selling their home when they use a Realtor. In 2013, NAR reports that the median age of first-time buyers was 31. On average these buyers purchased a 1,670 square-foot home costing $170,000. Not bad for a national average. Not only first time buyers are getting it done though, the typical repeat buyer was 52 years old. On average these buyers purchased a 2,060-square foot home costing $240,000. So your second purchase will most likely be bigger and pricier.
According to a NAR Community Preference Survey, 78% of respondents said that the neighborhood is more important to them than the size of the home. So location, location, location is a true statement.
What about characteristics? Like I said, location is very important. How important? In a study, 57% of homeowners said they’d give up a home with a larger yard if they could have a shorter commute. Even though, NAR reports that 80% of home buyers believe their home is a good investment, 44% saying it’s better than stocks. Maybe because it is way easier to understand and you have a Realtor helping with the entire process.
When you decide to buy, you should know that buyers searched a median of 12 weeks and visited 10 homes. That means that you can’t be discouraged if you look at several houses and keep looking for a couple months. 90% of home buyers who used the Internet to search for a home purchased through a real estate agent. People who do their research learn quick that you have to leave it up to the experts. This is a major decision and you need someone who understands and can explain. How are most buyers getting the money to buy? 90% of buyers financed their purchase.
Just wanted to give numbers to the average person. It makes something easy to understand when you see the percentages. NAR studies the numbers and presents them to us so we can easily make decisions that will help us get to the best place possible in our attempt to secure our futures with an investment in real estate. With almost 400,000 real estate agents nationwide, your decision to use a realtor should be easy. Pick someone who knows your market well! Pick someone with a proven track record. Pick a full-time agent.