Technology is Helping Buyers Navigate the Home Search Process
Whether it’s out of necessity or out of convenience, more home buyers these days are taking advantage of technological developments to advance the homebuying process. While there is still no substitute for touring a home in person, a recent realtor.com survey revealed that today’s technological alternatives have improved to the point where many would consider purchasing the home in certain circumstances without seeing it in person.
Younger demographics and renters feel more comfortable moving sight unseen
While the majority of people still want to see a home in person before making a purchase, that sentiment is shifting. With access to accurate listing data, detailed photos, virtual and live video tours, 24% of people say they would be willing to buy a home without seeing it in person and 30% would be willing to rent one. With younger demographics generally being more active with video, those numbers rise to 29% willing to buy and 34% willing to rent
With increasing limitations around social interactions and open houses, buying and selling homes is becoming more difficult and agents are needing to adjust. According to Nate Johnson, CMO at realtor.com:
“As real estate agents and consumers seek out ways to safely complete these transactions, we believe that technology will become an even more imperative part of how we search for, buy and sell homes moving forward.”
Of course, accurate and detailed information about the listing and the neighborhood, and high-quality photos are always important to potential homebuyers. But when deciding on a new home without seeing it, 61% said they would insist on taking a virtual tour of the home, while 39% said they would settle for having the agent or landlord walk them through the property via video chat.
No matter how you look at it, times are changing rapidly in the real estate industry and realtors are adjusting quickly to the new order.
Some information provided by PRNewswire — Realtor.com, April 16, 2020.