8 Facts About Real Estate You Must Know

Facts About Real Estate
Facts About Real Estate

Investing in real estate has always been one of the most effective ways to earn a good return on investment. However, selling or buying a home is not for the faint-hearted and can be full of challenges and pitfalls. It can be emotionally exhausting, physically draining and mentally taxing. Despite that, the opportunities that the housing market offers are almost endless and property investors of all levels of experience can reap massive rewards if they implement the right investment strategies.

The real estate industry is always changing’ evolving with the times and with technology having levelled the field, it has become more easily accessible. Virtual real estate viewings have completely changed the dynamics of the marketplace by making property visits more convenient, and allowing connections with a wider audience. 

Real estate investment is no child’s play and is pretty serious business once you get into it. But all the same, there are some really interesting things that have happened in the real estate world that will make for some fun dinner table conversation. Some are cold, hard facts and some are quite bizarre. Let’s jump right in!

  1. Selling a Home is Inconvenient

Knowing up front that you’re going to be inconvenienced once you’ve decided to sell your home, will make the home selling process a lot easier to handle. You’re going to have to get your home ready to sell, you’re going to have to do some packing and you’re normal everyday living schedules will likely be interrupted by visiting prospective Buyers. When you’re able to anticipate this, it can make the process a lot less painful.  

  1. Hitler Actually Owned a House in the Pacific Palisades Near Malibu

Through a number of subsidiaries, Hitler came to own a chunk of property and a small home on the outskirts of Malibu in the Pacific Palisades. The property was originally purchased as a “refuge and retreat” for his supporters in America, but historians also believe that this was meant to be a West Coast retreat for Hitler himself if and when a successful ground invasion of America reached the West Coast. The property has been turned into a nature preserve and hiking area now, and as you can imagine, there are some pretty strong feelings about what to do with the actual structure.

  1. Homes Sell if They Are Priced Right

Price your home to sell. From the very first day that you list your home for sale, you will attract the most qualified and most interested buyers. The first few weeks of a new home listing shines brightest. A fresh new listing draws the attention of buyers waiting for a new home to hit the market and those buyers who just started looking will see your home priced right, and will break down your front door to take a closer look.

  1. Less Than 500 People Own More Than 50% of the Land in Scotland

Much of Scotland’s privately held land belongs to a group of people small enough that they could all fit on a Boeing 747. This has a lot to do with Scotland’s early societal caste system, where high-born Lords owned much of the land and the low-born worked it (and paid taxes to the owners). Remember, 67% of the landmass in Scotland is used for animal grazing, another 17% is forest and woodland, and 9% is used for growing crops, making private ownership of typical home plots less common.

  1. Agents Aren’t Obligated to Show You Homes

Agents are under no obligation to show homes that might be of most interest to you. They are not obligated to show you everything that’s available. They may try to steer you toward homes that serve their purposes more, including ones that would be easier for them to sell, or that have been languishing on the market. They can be selective about what they show. That said, if you’ve signed contract with the agent, you can pinpoint the homes that you want to see. 

  1. Housewarming is a Tradition That Comes from Burning Your Mortgage Paperwork

Even though the current mortgage is far from perfect, it has come a long way since the early 1900s. In the early days of the mortgage, interest rates were pretty high and the loans would often culminate with a “balloon payment” similar in size to a down payment. This made paying off a mortgage an even more momentous occasion, and homeowners would celebrate by throwing a big party and burning their mortgage documents. 

  1. Cash is Not always King

Cash does not always rule the roost. When financing buyers have to compete with cash buyers, they can make their offer look very appealing in a number of ways that can beat out the cash buyer. First, by making sure they’ve presented their offer without any errors, making sure it is accurate and complete. Next, they’ll want to make sure their pre-approval letter indicates their strong ability to secure the mortgage to buy the seller’s home. In addition, a real estate purchase contract has many different time frames. The buyers can make sure that they’re going to be quick in adhering to speedy time frames.

  1. The Hollywood Sign in L.A Was Originally a Real Estate Sales Promotion

The iconic Hollywood sign built into the side of Mount Lee has gone through a couple of iterations over the years, but the original intent of the sign was to promote the sale of homes and property that, according to the LA Times in 1923, would provide “… a clean, healthful atmosphere and beautiful outlook of the (Hollywood) Hills.”

Read About : Importance of The Financial Advisor in 2021

While some of these facts make for fun discussions, the few hard facts give you some food for thought, if you’re someone who’s looking to invest in real estate at some point. It is worth mentioning again, that real estate investments don’t come easy – physically, emotionally, or mentally – and to understand this multifaceted industry, you will have to understand the market. 

Thanks to technology, virtual site visits help you do just that. They are in-depth, insightful, informative and allow buyers and sellers an immersive experience. Courtesy smartphone apps like Proxgy, which use 360-degree camera technology by way of smart helmets, virtual real estate tours were never easier.  

The Proxgy app allows users to visit their selected properties with just a click of a button. All you need to do is log on to the Proxgy user app, click on Proxgy for Real Estate and you’re good to go! Your virtual assistant will be with you throughout the process and guide you as you explore the property at your own pace. So, what are you waiting for? Book your Proxgy, now!