Published on December 5th, 2016 | by Guest

How Technology is Improving the Home Buying Process

As technology has found its way into more aspects of people’s lives, one area where it has had a significant impact has been real estate. When buying a home in today’s world, the times certainly have changed. Whereas years ago people picked up the newspaper listings to find their dream home, modern buyers take full advantage of technology. In fact, 45 percent start their searches online, while 13 percent start searching with their smartphone. And to show just how much technology is now relied upon, only 11 percent of home buyers start by looking in the newspaper. To find out just how much technology is improving the home buying process, take a look at some today’s most modern methods.

Virtual Tours

While for many years people had to physically go to a property to get an idea of what it looked like inside and out, today’s technology has made it possible to take a virtual tour of properties anywhere at any time. Known as 3-D tours, this technology uses interior mapping cameras to create 3-D images of a property. By letting potential buyers feel as if they are walking from room to room, agents can ensure buyers can get a physical sense of the property, which in turn lets the buyer gain an emotional sense of the property. As this tool becomes more and more popular with younger buyers, there are many instances where people purchase properties without ever setting foot on the grounds.

Comparing Mortgages

Rather than spending hours going from bank to bank asking about various mortgage rates, today’s savvy buyers let technology do most of the work for them. Many financial institutions now have mortgage calculators online, which let buyers find out which kind of mortgage they may be eligible for based on such factors as monthly income, current debt, and the amount of money available for a down payment on the property. Once this is done, buyers can speed up and simplify the process by applying for online pre-approval of their mortgage, giving them additional peace of mind.

Quicker Closings

As most people who purchase real estate are aware, closing on a property can take quite a bit of time, with some deals taking months before the deal is finally closed. However, with more real estate transactions being completed online, some realtors have decided to go paperless. Thanks to the ESIGN Act of 2000, electronic signatures are now legally binding in real estate deals.

For Sale By Owner Sites

With more people deciding to go it alone and sell their properties on their own, FSBO sites have become much more common over the past decade. Offering instant evaluations of a seller’s property that will result in the best possible asking price, free listings, and technology allowing videos and pictures to be easily uploaded to the site, buyers can have the most up-to-date information on any properties for which they may be interested. According to various research, on average a home is sold on sites such as these every 38 minutes.

Agent Reviews

Like most things today, real estate agencies and agents themselves are reviewed online by those who have used them in the past. As a result, people can get first-hand feedback as to how agencies and their agents handled the home buying process. By allowing such high levels of transparency, both realtors and customers can form a much more trusting working relationship that becomes a win-win situation for everyone.

By making full use of the many facets of current technology, customers looking to purchase property now have a variety of methods they can use to make the home buying process much more convenient. Whether it’s reading the latest reviews of an agent you may be considering working with when buying a home or taking a virtual tour of your dream home, there’s no doubt technology will play a key role in the home buying process.

Tags: buying, home, improving, process, technology