Technology in the Home Buying Process 2020
Written by Multi-Area Developments | on April 29, 2020 | Posted in Buying Your New Home
In the year 2020, technology is everywhere from classrooms and hospitals to the gaming world. Itwas 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 hom 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.
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 atenant 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 slowlycrept into every corner of the world and our lives. Despite some people’sresistance, the truth remains that technology is improving our lives and theway we do business.
Technology makes thehome buying process more convenient, stress-free, and lucrative.
Are you ready to discoveryour next dream home? The Summit Park Community is a picturesque location suitable for
families of all sizes.
Choose from one of ourbeautifully 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.
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