Technology in the Home Buying Process 2020

Technology in Home Concept

In the year 2020,
technology is everywhere from classrooms and hospitals to the gaming world. It
was only a matter of time before technology entered the real estate industry.

Technology has become a
huge part of the home buying process. Sometimes, buyers aren’t able to
physically attend an open house or sign closing papers. Technology makes it
possible to 
view prospective properties and close deals.

Keep reading to learn
the many ways technology improves and expedites the home buying process.

Virtual Tours

Most homebuyers start
the process by taking to the Internet. Real estate websites allow you to
browse, save, and navigate thousands of 
available homes.

They say a picture is
worth a thousand words but when it comes to home shopping, most buyers want to
see the prospective home from the inside out. This holds true for both buyers
and renters.

Open houses and showings
are the perfect opportunities to get inside a house and see it for
yourself. But what if you’re 
moving to a distant city or have a very demanding work schedule?

Virtual tours give you the
opportunity to see a house from the inside out without ever leaving the comfort
of your current home. Similar to virtual reality, 
a virtual tour is done from the perspective of the buyer.

You will virtually open
doors, browse each room, and climb the stairs. Although buyers can’t feel the
railings, carpets, or countertops, they can get a detailed look at the interior
and exterior of a home.

Virtual tours are beneficial
for both buyers and sellers, increasing the number of sales.

Interactive Floor Plans

Floor plans are a staple
of the home buying process. They allow buyers to visualize their home from the
bottom up.

Floor plans outline, in
detail, room measurements and arrangement as well as window placement, doors,
and appliances. By examining a normal floor plan, buyers get a better idea of
the home’s layout.

The problem is, floor
plans aren’t always clear or easy to read. Often times, homebuyers are confused
over what certain symbols mean and other important details.

But what if you could
make this an interactive experience, truly bringing their home to life?
Interactive floor plans draw a picture for the prospective buyer.

It simplifies the
process, making it easier for buyers to digest and understand. Interactive
floor plans are attractive and full of useful information for home
buyers. 

Not only does the
technology of 2020 make it easier to create interactive floor plans, but
they’re also more accurate and convenient to share with buyers.

High-Quality Rendering Technology

High-quality rendering
technology is transforming the home buying process. Mixing virtual tours and
interactive floor plans, rendering technology provides 3-D representations
of 
model homes. These renderings help bring your property to
life.

High-quality computer
technology creates a detailed, visual example of a home — sometimes before
it’s even built. These renderings help homebuyers visualize spaces without ever
stepping foot on the property. 

Renderings create entire
environments including flooring options, wall colors, 
accents, and fixtures to create an entire experience.

This is the perfect way
to help a prospective homebuyer picture themselves in their new house and help
them make a final decision. 

Technology in Home Concept

Digital Contract Signing

Similar to how virtual
tours allow prospective buyers to view and possibly put in an offer on their
new home from afar, digital contract signing helps close the deal.

Once a buyer selects the
home they want to purchase, , contracts are drafted.
These contracts need multiple signatures including the buyers, the sellers, and
realtors.

It’s not always easy to
get everyone in the same place at the same time. With the introduction of
companies like DocuSign, all required parties can digitally sign important
documents conveniently and easily online, from anywhere in the world.

This helps expedite the
buying process and prevent delays. These systems are known as Digital
Transaction Management (DTM) platforms.

But closing
long-distance deals isn’t the only role electronic signatures play in today’s
housing market. Electronic signatures are also extremely secure, helping to
prevent errors and fraudulent transactions.

Personalized Selections

Choosing your forever
home is a deeply personal decision. 
Young homebuyers just starting out are eager with big
dreams. Older couples have been around the block and know what they want.

Technology is helping
personalize the home buying process. Realtors and selling agents can now
present clients and prospective buyers with only the homes that fit their
individual needs and likes. 

While some of this takes
years of insight on the realtor’s part, the introduction of technology and big
data is helping read the minds of homebuyers. What if technology could predict
what a homebuyer wanted without them ever verbalizing it?

Research shows that this
technological trend is on the horizon.

Specific platforms used
under ideal circumstances can generate a list of potential properties that meet
the needs of specific clients — some needs they didn’t even know they had.

ROI Calculations

Although a homebuyer’s
first thought isn’t always the 
resale value of their home, it is something to consider — especially for
young couples just starting out. 

The same holds true for
property investors looking to rent or resell a home in the future. The real
estate market is unpredictable, and while you can track trends and predictions,
there’s no concrete way to guarantee your desired return on investment.

Until now.

New technology is making
predictions about how much a home will sell for in the future, how much a
tenant can possibly make, as well as a real estate agent’s commission.

The same algorithms
might be able to recognize upcoming deals and savings, helping investors and
homebuyers make smarter purchases.

 

The Home Buying Process of the 21st Century

Technology has slowly
crept into every corner of the world and our lives. Despite some people’s
resistance, the truth remains that technology is improving our lives and the
way we do business.

Technology makes the
home buying process more convenient, stress-free, and lucrative. 

Are you ready to discover
your next dream home? 
The Summit Park Community is a picturesque location suitable for
families of all sizes.

Choose from one of our
beautifully designed single detached or townhomes.

Contact us today for more information on everything the community has to offer as you embark on the next step of your
home buying journey.