What is the goal of real estate law?

The process of buying a home can be tiresome and stressful. It involves excitement yet a lot of chaos. For around 53% of buyers, finding the right property is the biggest obstacle. Understanding the real estate world can help you make better investment decisions.

Real estate isn’t all bad as there are a lot of interesting facts about real estate. There are a lot of real estate laws in place as well. Following are some fun and practical facts about real estate.

9 Surprising Facts About Real Estate

Second homes are in demand by 99%

Home buyers often prefer buying a second or third home. The demand for second homes has increased by 99%. There are an estimated 7.5 million second homes in America, which makes up 5.5% of the total housing stock.

50% of millennial investors choose to invest in real estate

Investors from the millennial generation are choosing to invest in real estate more than in the stock market. 85% of these investors agree that real estate is a fruitful investment. Owning a house or property is a more stable asset as compared to shares in the stock market.

More than 17 million Americans spend half their income on rent

According to a report, 1 in 4 renters spends almost 50% of their income on rented property. Most of these people are contemplating buying a home so their monthly rent expenditure is reduced.

44% of millennials would buy a home based on listing photos

Millennials are more comfortable purchasing online than the older generation. In 2023, buying a house based on online listing photos is an ideal socially distanced and acceptable way to purchase a property. This recent generation is also used to applying for their mortgages online. Consulting with a real estate agent to buy a house is less convenient than searching for property online whenever you want.

Staged homes sell three times faster

Staging your home is always worthwhile as it helps sell your home. It is reported by 85% of real estate agents that staged homes tend to sell three times faster than non-staged homes. Each room should be showcased by clearing the space and increasing natural light. Buyers are attracted to a fresh and well-maintained property. These suggestions are not some real estate laws but rather tips to make your home sell faster.

The average home purchase takes 51 days

According to a mortgage company, it takes an average of 51 days to purchase a home on a loan. You can shorten this time by getting pre-approved for your mortgage. This also improves your chances for a better mortgage rate.

42% of buyers believe real estate is a better investment as compared to stocks

Real estate is a low-risk investment for many Americans. 42% of home buyers prefer investing their money in real estate than the stock market. Stocks are more vulnerable to vary than real estate.

Gen X and millennials want large yards

Most millennials realize that their first house might not be the home they live in forever. Even then, their list has outdoor space at the top. More than two-thirds of millennials and Gen X want to have access to a large outdoor space or yard.

67% of buyers want a detached home

Most buyers avoid having neighbors. National Association of Home Builders revealed that 67% of buyers are more interested in detached and single-family houses. 8% want a multi-family condo and 15% of buyers would like a townhouse.