Craig PornoreyFor those who entered the home-buying market several decades ago, it was a very social and personal environment. When a home was listed for sale, potential buyers would go to see it in person, connect with a real estate agent, and attend open houses as they popped up. Today’s buying and selling process has changed dramatically, and much of that is because of the technology now available.
Nowadays, potential homebuyers don’t even have to leave their home to enjoy a tour. Online home buying and selling platforms have completely transformed the process to make it easier, faster, and more streamlined for everyone involved. Virtually touring the home’s features, amenities, and surroundings means they can narrow down the options without having to go see a bunch of properties in person.
Let’s dive in a bit deeper into how technology has shaped the modern housing market.
Technology Provides Home Investors with a Sense of Control
It used to be that potential buyers would contact a real estate agent, give them a wish list, and then cross their fingers that the agent understood their wants and needs accurately. The agent would then take potential buyers from property to property, showing them a very small sample of what’s typically available on the market.
While that still does happen, home buyers now have a greater sense of control thanks to technology. They can visit one of the online buying and selling platforms, select their preferred criteria, and get a list of every property that meets the parameters. They can then go through a much bigger list than a typical real estate agent would show them.
Once they’ve parsed out the properties that catch their eye, they can connect with an agent who will set up showings of those specific properties. Potential buyers feel like they get exposed to everything on the market this way, and they don’t have to worry about a real estate agent misunderstanding their wants and needs.
Online Listing Platforms Are Dynamic
Those who are closer to their golden years will remember the days when houses appeared in the classified section of newspapers, under the “for sale” section. There were multiple issues with this approach. First, it could be rather costly to buy an ad; some papers only offered black-and-white pictures, and you were limited to whatever number of words could fit into the description.
Another big problem with newspaper listings was that by the time a potential buyer saw it, there might already have been an offer on the property, or it could have been sold. With online listing platforms, updates and changes are dynamic and can be reflected much faster. If you’re seeing the listing online, there’s a good chance it’s still available. Again, it goes back to streamlining the process and making it work better for everyone involved.
Online Calculators Help Potential Investors Get a Clearer Picture
Finding a home is only half the process. Buyers also need to know about things like mortgage rates, terms, and how much money they can be approved for. Most of the big banks offer online calculator tools meant to give you a good idea of how much your monthly mortgage payments would be, how a down payment changes that monthly total, what the current rates are, and what you would likely be pre-approved for.
These tools don’t replace a mortgage broker, but they can at least help you figure out the price ranges of homes you can look for.
Sellers Also Benefit
Technology can indeed make finding your dream home faster and easier, but sellers also benefit by having more eyes see their property. This is especially important if they want to attract both out-of-state and international buyers. Buyers who live far away may not want to travel to the city or town to tour a house, and if they have all they need online, it can help push them to make an offer.
Online listing platforms encourage sellers to add photos and video tours that provide 360-degree views. Potential buyers can then get a sense of the space in the room, the views from the yard, the neighborhood, and much more. Depending on the platform, buyers may be able to zoom in and get an even better view of specific features in the home.
Buyers can also meet with real estate agents online without having to travel there in person. A video chat can be just as impactful as an in-person meeting.
It’s Not the Only Industry Benefiting from Technology Advances
The home buying and selling industry has certainly benefitted from technology, but it’s far from the only market doing so. Pick just about any industry out there, regardless of size, and you will find ways that technology is helping it to be more streamlined and beneficial for all involved.
Take a look at online entertainment industries, especially streaming platforms like Netflix and Spotify, digital distribution services like Steam and Bandcamp, and sites that allow users to explore what SC coins are. All these industries have been positively affected by technology.
Technology can be intimidating at first, but the more you embrace it, the more helpful you’ll find it can be. The fact it helps you sort through information quickly and easily is a huge advantage, never mind all the other benefits.
