Real estate statistics can be very useful. They can give clients, investors, and real estate agents insight into the market.
If you are a real estate agent or investor and you want to boost sales when people search for properties on online real estate platforms, you could impress them with vast knowledge about the market.
Fortunately, there are many real estate details that you can learn in order to become a more successful investor. Here we’ve compiled some of the best statistics.
The U.S. Has More than 2 Million Real Estate Agents
Potential buyers who need some help in choosing the best home have many options when it comes to real estate agents.
The United States is home to more than 2 million of them.
Los Angeles already features 39,307 realtors, with other cities like Houston and Chicago also having more than 20,000.
43% of People Who Buy Homes Search Online First
Nowadays, the Internet can be used for almost everything – including home purchases.
In fact, many individuals find their ideal house online and then reach out to a realtor who can present the property to them. Only 18% of homebuyers contact a real estate agent to find a house, whereas 43% look on the Internet first.
Moreover, 97% of the people who purchased houses looked at homes online while they were still shopping.
For example, if you’re wondering about the number of active listings in Florida and want to get this information in a few clicks, Ofirio has got you covered.
According to info from Ofirio, the highest number of active listings in Florida is for 3-bedroom and 2-bathroom homes.
The U.S. Had 842,000 Homes Sold in 2020
2020 was a great year for the housing market, as no less than 842,000 were sold that year.
The information was revealed by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau in a 2020 report.
February 2022 Saw 6 Million Houses Being Sold
At the beginning of this year, more than 6 million houses were sold in the United States. Although the number is high, it is lower compared to the same period in 2021.
While more houses have been sold, the home inventory hasn't grown too much.
This means that people have fewer options in terms of available houses when they search for properties.
Besides, the competition is more intense now, so all sellers need to work harder to increase their chances of closing a deal.
Older People Tend to Buy New Houses that Are Farther from Their Old Home
One would think that an elderly person who moves houses will look for a property in the same area.
Well, this is not exactly the case. It’s been discovered that older people mostly prefer buying houses that are farther from their old residence.
For instance, individuals who are older than 64 years old move to homes that are up to 30 miles away from where they lived previously.
It’s younger people who don’t go that far, as they generally buy houses that are only up to 10 miles away from the old residence.
82% of Millennials Regret Some Things About Owning a House
Millennials are not 100% happy about homeownership. In fact, 82% of them share some regrets regarding their home purchase according to a study conducted in 2022.
Now, millennials do not regret investing in a new house, but they regret having to handle some of the issues that come with homeownership.
Many people don’t like the location of the house, mainly when the area is a bad one. Compared to millennials, only around 40% of boomers regret homeownership aspects.
41% of People Who Buy Houses Pick a Real Estate Agent After Getting Recommendations
Recommendations from friends and family seem to be the best way for people to choose the best services for them, even when it comes to real estate.
According to statistics, 41% of people who purchase a new home choose their real estate agent after a friend, relative or neighbor recommended one to them.
Meanwhile, only 12% of them choose realtors that they’ve worked with in the past.
20% of Homebuyers Have Problems with the Paperwork
One of the biggest burdens involved in the home-buying process is paperwork.
In fact, 20% of people who buy houses experience issues with the documents, and 38% of millennials don’t understand the homebuying steps and process, with 27% of them not being able to handle the paperwork.
Almost 80% of Seniors Own Homes
The elderly population has a large number of homeowners. 79.4% of individuals who are 65 or older own houses, whereas 75.3% of those between 55 and 64 are homeowners.
Most Homebuyers Spent 10 Weeks Looking for Their Dream House
Most people who buy homes spent 10 weeks searching for their new property. Generally, it takes 3 weeks for someone to search for a house before reaching out to a real estate agent for guidance.
40% of Realtors Live in New York, Texas, California, and Florida
If you live in California, Florida, Texas, or New York, you’re lucky as there is no shortage of realtors. Actually, over 40% of them live in these states.
No More than 2% Bought the House They Rented
People believe that renting a house and living there for years would increase the likelihood of the renter buying the property.
But this is not the case. 37% of people decided to rent an apartment before buying their forever home. However, only 2% of the homebuyers actually went for the property they rented.
Most of those who rented before picked a new property to invest in.
Interest Rates Boomed in March 2022
Things are not that simple for those looking to take a mortgage. It seems that the interest rates have risen in March 2022, reaching 4.17%.
This comes after rates were kept at around 3% throughout the last two years.
The Bottom Line
When homebuyers search for a house, they always come with specific needs.
Still, they all need an experienced and knowledgeable real estate agent to help them out throughout the process.
Learning these statistics could truly impress homebuyers and make them trust you, so do not hesitate to share the information with them.
Similarly, as an investor, you should know all these details so that you can make smart investments.