Facts About Buying and Selling a House
One of the business transactions that has existed since the birth of America and will continue until the economy changes and has an overhaul is one that not many people would expect. The act of buying or selling luxury homes or just regular households happens nearly every day and it is a process many Americans will engage in at least once in their lifetimes. Not only will most people buy a house in their lifetime but they will more than likely also sell a house.
Now it is important to understand that when people sell houses it is not always of their own free will. Sometimes a relative will leave their house to someone in their family when they pass. For many people, they cannot afford to take care of another house or they may already have a property that they own and want to live in. This means that they will have to enter the real estate market.
Zillow released information revealing that 48% of all buyers will look for homes that have not been lived in before, meaning they are brand new. There are many of these random facts that surround houses for sale, luxury real estate, and buying and selling luxury homes. For instance, 33% of all current home buyers are older Millennials between the age of 25 and 34.
If you are in the real estate industry involving luxury estates then make sure you arm yourself with knowledge and possibly even the help of a professional.
Know The Value of Luxury Homes When Selling
Millennials cited three of the top reasons for buying a new home and these include getting married or moving in with a significant other, planning to increase the size of their family, or even possibly growing tired of their current living space. This bit of information is essential as it can help you understand why millennials prefer to buy or sell a home and thus you can understand an age group that exists within the real estate industry.
Buyers will, on average, spend about 4.2 months on the market trying to buy a home. That is just about a quarter of a year spent purely searching for a home and not even including the process of actually seling or buying the house. If you are selling then, understand that it may take some time and thus patience is a virtue. Realtor.com released a Active Home Shopper Report which revealed that 24% of all current buyers prefer townhouses, only 8% prefer to live in a condo, while 56% prefer to live in single-family homes.
Know What You Want When Buying
About 48% of buyers interested in a new home believe that energy-efficiency is one of the most important aspects of the home they may buy. If you are searching for luxury homes then you should have an idea of what you want to get out of the house. There are so many different types of luxury homes that exist and thus you should really sit down and flesh out the types of things you want out of your new home.
Urban Land Institute conducted and released a survey which revealed that 50% of the people involved in the survey believe that walkability is either the top or a high priority in terms of choosing a place that they want to live in. While some may view this as silly or minor, according to almost half of the participants it is very important to them. The top three goals on average amongst current home buyers are family needs, asset accumulation, and also privacy.
In Conclusion
Out of all homes purchased in 2016, 33% were sold to first-time buyers. Also, know that 52% of all prospective buyers in 2017 are first-time buyers as well. if you are buying a home for the first time you are not alone.
