Real estate is a big business, making it a ripe target for scammers, con artists, and thieves. But what exactly are the numbers behind real estate that one can use as a financial template? We have attempted to make this daunting task as simple as possible by splitting the numbers into categories with the help of real estate industry experts.
The Biggest Homebuyers in 2022 are Gen X
In 2016, people aged 35 and below constituted 24% of homebuyers. Housing is becoming more and more affordable for Gen Xers.
Homes Stay on the Market for About 38 Days in 2022
Due to an oversaturation of properties, it takes 38 days for homes on the market to be under contract in 2022. City of Westlake Realtors speculate a continuous rise in prices because new buyers will always be willing to pay a premium for move-in ready properties.
Married Couples Comprise 62% of Homebuyers
Although the percentage of married couples has declined since the early 70s, married couples comprise about 62% of all homebuyers in 2022.
In 2022, 43% of Homebuyers Search Online Before Calling the Agent
City of Westlake Realtors have noted a growth in online research about home buying.
Homebuyers are willing to spend more when they have access to research that gives them all of the information they need before visiting a property.
The Number of Vacation Homes Will Decline in 2022
The realtors say that many people are resorting to buying second homes to use as vacation properties.
City of Westlake Realtors reveal that the rise in the percentage of second homeowners is because of increased prices and the shortage experienced in many areas.
The Number of Investors Will Increase in 2022
City of Westlake Realtors say the percentage of investors willing to spend more than $500,000 on real estate has jumped from 21% in 2014 to 29% by 2021.
Investment in real estate has risen because the debt situation in the United States has gotten better.
82% of Millennials Regret Home Ownership
Millennials regret home ownership mainly because they cannot sell their house if they need money. However, the percentage of regret is expected to decrease from 82% in 2017 to 79% in 2022.
Home Prices Are Expected to Rise in 2022
The demand for homes grows by between six and ten percent per year. Therefore, the median price per square foot will also increase by 2022.
House Construction Spending will reach $1.3 trillion in 2022
According to realtor reports, the number of new construction projects is expected to be between 4,000 and 6,000 in 2022. This increase will lead to a demand for more skilled labor, requiring larger buildings for these structures to satisfy this need.