Technology has changed the way that people all over the world do everyday as well as once in a lifetime activities. One of the areas of life that technology has made a huge impact is on the buying of a home. The once complex process of purchasing a house is now made easier and simpler through the use of widely available technology. These top 5 ways that technology affects the home buying experience have changed the ways that real estate transactions take place.
Browsing online listings of homes for sale has become an addiction for some home buyers, explains this article on Time Magazine’s website. More than two-thirds of home buyers reported being addicted to viewing listings of homes up for sale. Just like the announcement of a new text or email grabs a person’s attention, so does the ping of a notification that a new house has been listed on the market. This type of addiction was unknown before the advent of online real estate listings.
Home buyers feel that technology such as apps for getting updates on home listings have helped them save money on their purchase of a residence. Smartphone apps allow home buyers to compare homes with similar features and determine which one is the most fairly priced. Home buyers also use technology to compare interest rates and fees associated with the purchase of a home. For buyers looking to purchase a home in need of large repairs and restoration, you may need more specialized assistance from providers like Next Gear Solutions.
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Rather than having to drive around neighborhoods to get a feel for the community, home buyers can do so online through a variety of apps. This is especially convenient for people who are buying a home in another state and cannot spend days or even weeks scouting out the unfamiliar territory. Many online real estate listing services also allow home buyers to compare the ratings of the local schools and to get “walkability” scores for the neighborhood.
Comparing Home Features
A buyer who has never owned a home before might not be sure whether he or she wants hardwood flooring or ceramic tiles or whether a heat pump is better than a furnace. The technology used to create online home listings allows homeowners to compare different home features and limit the listings they see based on particular features such as a corner lot or a three-car garage. Home buyers feel that the technology helps them be smarter and savvier about making a selection and conducting the real estate transaction.
Social Media and Over-sharing
A surprising result of the Time study was that only about one-quarter of Americans consult their friends or share listings they’re interested in through social media. In the age of selfies and over-sharing, this was a significant finding. People share the least amount of information in highly competitive real estate markets. When it comes to getting personal advice about buying a home, new buyers and experienced buyers alike are still turning to real estate agents for their extensive knowledge about local homes.