How Are New Technologies Affecting Real Estate

Real Estate: There are a lot of changes happening in the real estate market right now. Across the country, there has been a trend towards high prices and bidding wars, and what’s called a seller’s market. With fewer homes on the market than can be met by the demand for people wanting to buy, multiple offers are the norm. In fact, in a recent survey from the real estate experts at HomeLight, 76 percent of agents shared that they expect homes to get multiple offers in their markets. With competition high, agents, home buyers, and sellers are using technology to their advantage, and new technologies are another factor to consider when you enter the real estate market.

3D and Virtual Tours

When we were at the peak of the pandemic last year, home buying and selling went on with the help of 3D virtual tours. Now that live open houses and tours are possible again, this 3D technology is still a powerful tool to speed up the home buying and selling process — especially when competition is high. These types of virtual tours can take many forms. They might be as simple as a real estate agent creating a video walkthrough to share with potential home buyers on-demand, or in real-time. With VR technology, another option is to create a tour that mimics the experience of being in a home, where potential buyers can control their experience from room to room. While a virtual tour can’t replace the real deal — and when it comes time to make a final decision about buying, a live tour will probably be needed — leveraging this technology can speed up the viewing and buying/selling process.

Mobile Aps

Like any other shopping experience, people want the convenience of shopping for their new home from anywhere. This is where real estate mobile apps come in. While this isn’t necessarily new, with more apps constantly added, it’s becoming easier to search for homes. Apps allow for saved search criteria and notifications to help buyers be the first to know when homes that might fit their parameters come up. With real estate apps, the convenience factor for buying or selling a home goes up in spades.

Smart Home Amenities

The Internet of Things (IoT) — embedding sensors and computing technology into everyday objects — has entered the realm of real estate. Smart devices that allow you to manage climate control, lights, sound — even your home’s sprinkler system — from your phone, are a hot real estate trend. To get an edge, homeowners are adding smart devices that buyers will love. Smart locks and lights can also make it easier for real estate agents to show homes without homeowners present.

One of the biggest overall real estate trends is to make everything in the home buying and selling process move faster, and technology is taking a leading role. Anyone who is looking to buy or sell right now will benefit from staying aware of new technologies that can make the whole process easier. Like the real estate market, technology is in flux and the next new trend to help you buy or sell a home is just around the corner.

Also Read: Best tips for avoiding COVID-19 Scams – Get all Information

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