How Technology Is Changing Real Estate
Real estate is changing. It always has, always will. And when it comes to the home buying experience, technology is making a big difference, not just in the process but in establishing a mutually beneficial experience.
Technology has been a staple of the real estate process for years. From the earliest days of agents drawing floor plans by hand to seeing properties in 3D, technology has always been a part of home buying. As time has progressed, so have the benefits and ways that technology changes real estate for the better.
As observed in recent years, the pandemic has accelerated changes in buying real estate, bringing with it improvements like online portfolios and transactional tools, streamlined showing schedules, and quick access to information.
Some of these technological improvements like virtual tours, online home searching, online mortgage approvals, and remotely signing documents come in. This article will discuss why they are essential and how they change the home buying experience.
1. 3D Cameras Or Virtual tours
Virtual reality tours also VR Tours have been gaining popularity recently. VR Tours are a means to allow potential homebuyers the opportunity to virtually tour a property, in addition to the traditional way of showing properties in person. While this is not something new, it has been a growing trend for only about two years now and is showing no signs of slowing down.
Benefits Of Virtual Tours
• Saves Time
Because the real estate market is changing, it is more important than ever for homebuyers to be able to see all the potential homes for sale firsthand before making a purchase. Many people who missed out on homes by not seeing them are now rushing to buy a home.
With this in mind, virtual tours have been very beneficial for buyers. By seeing the entire layout of the house, a person will get a reasonably good feel for the property before making an offer.
• They Are Very Versatile
When a person is viewing a virtual tour, the chances of seeing the property’s layout are much higher, which means that the home buyer can get an idea of how accessible and functional the home office is and how big it will be for living and entertaining. Viewing such things in 3D, shows that virtual tours provide a far better experience than anything else on the market.
• Creates a sense of ownership
Another benefit of virtual tours is that they allow families to live in their potential homes before purchasing, which can be very nice for families not from the area who get to see and like an idea of their new home. Most of the time, families decide on moving into the home during the tour process instead of buying one online or in person.
2. Online Home Searching
People did home searches in person in the past, which meant they needed to visit every property for sale to find the perfect home. But with the internet, it is easier than ever to search online for homes without leaving the house.
Benefits of Online Home Searching
• It’s Convenient
Being able to search for a home in the comfort of one’s own home is by far the most convenient way to search for homes. It eliminates the need to drive around and look at properties in person and make plans that can be difficult to change.
• They Are Quick and Easy To Use
Having the ability to do a home search online allows an individual to search and see properties in less than an hour while having just as much time to tour these homes in person. This process is swift, making it easier than ever for people interested in buying houses to find the right home.
• Save Time and Money
Online home searching allows people to save a lot of time and money. It allows people to narrow down the search for their next home from the comfort of their own home. The ability to view many properties at once allows individuals to get an idea of their likes and dislikes, and when they finally decide on a house, they will tour it effectively with little time wasted.
This same concept also applies to the convenience of searching for homes from the comfort of your sofa. If you were looking to buy a Scottsdale home for sale in the middle of summer, would you rather sit in your apartment, or jump in your car and drive around town all day?
The Top 5 Real Estate Websites
• Zillow, which is the best overall
• Realtor.com if you are looking for the most accuracy
• Trulia, which is the best mobile app
• Foreclosure.com, which is best in foreclosures
• Apartments.com which best for renting
3. Online Mortgage Approvals
One of the biggest trends in the home buying process is applying for a mortgage. While this isn’t new, it has been beneficial recently as many people rush to buy homes. While online mortgage applications are also not new, there have been some notable improvements over other offerings in recent years.
Benefits Of Online Mortgage Applications
• Allows quick follow up
In the past, people looking to buy homes could apply with a lender and then wait for the lender to call back, which could take days or even weeks. With an online application, this response time is shortened dramatically, allowing people to find out if they are approved for their home loans in a day or two at most.
• Financial Flexibility
This is the most significant benefit of all. People applying for loans online can apply at their convenience, free of the confines of a time limit, meaning that on a Friday night or Saturday morning, a person can make an application at any time if they need to.
With many benefits like these, it is clear why online mortgage applications are becoming more popular than ever before. They are changing the home buying process and creating a new way to buy their first homes.
• They Are More Accurate
Online mortgage applications are made directly on the bank’s website, making them more accurate than the alternatives. In addition, banks have been working with technology companies to provide the best possible experience for potential home buyers.
Now, applications are processed and approved more quickly, which means that a person can start searching for their perfect home as soon as they finish.
4. Signing Documents Remotely
The most important thing to a home buyer is getting their perfect home. While this is typically done by signing all of the documents in person, using remote signatures has become more and more popular in recent years, allowing people to sign documents and see the home online and save time and money on every purchase.
Benefits of Remote Signing Documents
• They Are Convenient
The ability to sign contracts and documents remotely is so convenient that many people do this over the phone and is usually done by using a service that allows a person to sign their documents over the phone electronically. But what makes this even more convenient is that it is done in addition to an in-person signing which means people don’t have to go through the entire home buying process while away from the area and still get everything they need.
• Reduces Hassle And Errors
By signing online, a person can avoid scanning and mailing documents, manually typing them into the bank’s application, or getting their lawyer to sign them. They can be signed by a person who works from home rather than traveling across town. Also, this makes it easier for banks to accept documents digitally and in a more secure way than other options.
• Confirms Compliance And Security
Using remote signing means that a person will confirm that they comply with all of the purchasing requirements and know that their documents will be secure. It helps people get the best deal possible and avoid any potential complications.
Buying real estate is a complicated process that requires a lot of people and a lot of money. But with the growing trends in real estate technology and other aspects of home buying, there has never been an easier time to buy a house.
If you want to buy a house or move, there is no better time to do it. So long as you keep your eyes open, you will see the benefits offered by these new technologies and how they can change your homes for the better.