Things Every Homeowner Should Know About the Real Estate Market In 2024

Before you dip your toe into the property market, it makes sense to make sure you gain as much information and education as possible. With that in mind, check out the following facts every homeowner should know about real estate.

Hawaii is the most expensive state for house prices.

While you may have suspected it was somewhere with providence such as New York, the Hamptons or Boston, actually the most expensive place to buy real estate right now in the USA is Hawaii. Indeed, the average house there is over 1 million dollars, compared to the just under $500,000 average across the US in general, making it almost twice as expensive!

Over 40% of people prefer investing in real estate to the stock market.

There’s just something about bricks and mortar that people feel more confident in when it comes to investing their money. Of course, it is worth noting that the return you can expect from your invest is likely to be lower if you put it in property compared to stocks and shares. However, the risks tends to be lower as well.

There are plenty of options for investing in real estate these days as well including buy-to-let and flipping. It’s even possible to make money from syndication in the real estate field now. This is when a group of people get together, with indivdiauls putting up smaller percentage of the price of a property that together combine to the whole amount. It’s a great way to get in on property investing even if you don’t have the funds to cover an entire house, or commercial building on your own.

Buyers loved staged homes.

When someone buys a house, they aren’t only purchasing the bricks and mortar it’s made of. They are also investing in a place in which they will live their lives. This is what so many sellers forget when they have open houses but fail to stage their property in the right way.

Indeed, buyers love and buy staged homes much more frequently than upstaged ones. The reason for this is that a staged property is stripped of all the personal touches that make it someone else’s home. This helps to make it easy for potential buyers to superimpose their lives onto what is essentially a blank canvas.

Additionally staging a property helps to tap into the aspirational aspect of buying a home. After all, if the interior reflects the life that the viewer desires, they are much more likely to be drawn to it and buy it.

You may choose to stage your home for sale yourself. Although there are plenty of professional companies that now offer to do this for you. Yes, it will cost you the initial outlay, but you can expect to make this money back once you sell your home.

Plenty of American homes seem to be haunted!

Whether you believe in the supernatural or not, you may be surprised to discover that statistics show around 1 out of every 10 Americans cites paranormal activity as the reason for selling their home.

Houses with more than one floor seem to be the most frequent home to ghosts, and many state that they have asked local religious leaders for help before moving out!

Increase property value with smart devices.

Smart devices are big business these days, and homes with smart systems already fitted are in demand. Indeed, many people say that they would pay a higher asking price for a home with smart systems such as lights, video doorbells, and security systems already fitted.

To that end, if you are looking to make your property more desirable and increase its value, then fitting smart devices is a good start.

On average it takes over 50 days to go through the process of buying a home.

You probably already know that purchasing a property is not a fast process. However, what you may not realize is that the average time that the process takes is a whopping 50 days! There are things you can do to speed this process up including getting pre-approved for your mortgage and making sure that you have all the documents you will need to apply for your loan to hand before the process even starts. Once the purchase is complete, it is just as important to stay informed about ongoing ownership costs. Many homeowners are surprised to learn that property taxes can be appealed if their assessment seems too high. Using a trustworthy Property tax protest service can help review your assessment and handle the appeal process on your behalf. This can lead to meaningful savings long after the home buying process is finished.

Buyers today want outside space.

One of the most desirable things on modern-day home buyer’s lists is some decent outside space. Indeed, both Gen X and millennials are looking for homes with big back yards wherever possible. This is in stark contrast to the generation before them which says large yards as a drain on time and money.