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17th August 2021

A Closer Look at the Technology Driving the Real Estate Market

If you’re reading this, likely on your smartphone or tablet, you probably remember a time when such devices didn’t exist. Our world used to be moving along without the influence of social media or current technology, and that time wasn’t all that long ago. The evolution of technology sure is a fast one, and new advances are popping up every day. This is especially true for real estate. Buying and selling houses is now a process that can almost be completely done online thanks to the help of technology. Here are some ways that we’ve witnessed technology drive the real estate market and how we can picture the future looking. 

Virtual Reality

If you told your grandparents that it was possible to see an entire house without setting foot in it, they’d probably think you’ve lost your mind. The fact of the matter is that via virtual tours and reality, you can tour a house completely by using a computer or smartphone. Not all virtual tours come the same. Some will involve the seller or real estate agent showing off the home in real time, allowing people to ask questions and interact during the tour while others will take place in a more staged setting. More recent technology has developed to allow people to take 3D-images that show an interactive, 360-degree view that makes it seem as though someone is walking through the house. When hiring a real estate agent, ask them what experience they have with virtual touring!

Social Media

These days, social media has grown much further beyond the usual posting images and statuses. It’s a gold mine for marketing purposes and allows real estate agents to reach a much larger pool of people than if they were to market locally via newspapers and magazines. Additionally, the algorithms and options involved in social media marketing provide options to target specific groups, making it easier for sellers to find serious buyers. According to top agent insights, the next few months in real estate are going to be fast-paced and competitive. We can also expect to see an influx of social media posting and advertising to accompany that.

Mortgage and Budgeting Tools

Applying for a mortgage is a process that will mostly involve you and your computer. Algorithms from mortgage and lending companies will use data that you input into their system to give you a pre-approval on a mortgage. Your pre-approval amount and rate will then help you to find out what you can afford when it comes to a new home. For even more insight, a home affordability calculator can also help you find your ideal budget. These online tools make it easy to find homes that you can afford and get a better understanding of your ideal price range.

Technology has been and will continue to be a major game changer in the world of real estate. We’re interested in seeing how the next few years will play out and what new tools and resources will be available to us!

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