Buying a house has both never been more easy and yet never more complicated. This is thanks to one thing: technology. Real estate these days is controlled by a wide range of technological advances that allow sellers, buyers, and agents alike to conduct business without having to be present physically most of the time. There are quite a few things that have changed since the time our older parents and grandparents have been buying houses. If you’re looking towards selling or buying this season, take a look at some of the ways that technology is driving the real estate market.
Reliance on Data
It wasn’t too long ago that people applied for loans and other real estate necessities through a physical person. These days, you can easily apply for, get approved for, and get funding for a mortgage loan right on your computer or smartphone. Lending sites have the capability to use data inputted into their system to determine whether or not you will be approved for a loan– commonly known as pre-approval. Usually, an actual loan officer will determine whether or not you’re actually eligible, but setting up your account and paying can be done online or through an app.
Other uses of data input include things like home affordability calculators which are designed to help you find out how much you can afford for a home. They’ll use data inputted into their system to give you a ballpark answer.
Online showings and viewings became a lot more prevalent during the COVID-19 lockdowns, but will likely be around to stay. Using a variety of methods, sellers and real estate agents are able to show buyers a home from top to bottom using video and 3D, interactive photographs. Some people choose to do the showing in a live setting whereas others enjoy taking it to a more creative level by constructing interactive tours using photographs that give people a 360-degree view of the rooms. Both come with their own set of benefits and can be used alongside each other!
Real Estate Dedicated Websites
These days, the options for looking for a house are pretty endless. There are a huge variety of websites that show real estate listings that go far beyond what the newspaper’s classified section ever could. These websites are designed and updated by home buying companies that either bring on the use of real estate agents or use a platform built for locating homes and making offers, known as iBuyers. iBuyers are newer to the game and give people the option to sell their homes without having to go through the traditional process and are a much quicker option.
Whether you’re selling, buying, or both, there are a ton of options for technology that can help you through the process. Take a look at some of the options above and you’ll be set!