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Buyers and Their Tech: How Technology Can Help Them Find Their Next Home

September 08 2022

Have buyers that are unfamiliar with the world of real estate technology? Share this consumer-facing article to help your buyers understand how tech can help them in their home search:

hdc buyers and their tech 1The traditional way to buy a home might seem ancient to today's buyers: the yard signs, the land lines, and the newspaper ads, but many of these old ways have become digitalized. That isn't to say that yard signs aren't used; they are still helpful and will probably withstand the test of time.

Though as technology has become more widespread and ever changing it can be hard to keep up. So, let's look at the technology that has made the home buying experience easier for buyers.

The Search

When the COVID-19 pandemic hit, everything evolved into a new way of living. The digital world took over, giving homeowners a new way to look for homes.

In a study done by the National Association of Realtors (NAR), 97 percent of home buyers start the search online. Studies also found that millennials are the largest group of home buyers and 99 percent of them start their search online. However, the older generations aren't that far behind in keeping up with the trends, as 87 percent of the silent generation also begin their journey for a new home on their desktops.

Remember, searching for a home online is more than just a few pictures attached to a price. Homes.com provides you with relevant information, like schools and agent information. Even finding homes is easier because of features like maps, scores, and others, enabling you to narrow down your search and making the home buying experience simple and efficient.

Though the initial search for homes starts online, the next step hasn't changed: finding an agent. Today finding an agent online is just as reliable as an agent recommendation from a friend or family member.

Agents

hdc buyers and their tech 2The internet has a wealth of information, enabling you to know more about the home buying process. But it won't have the nitty gritty details that an agent can offer you. An agent can help you with many things including finding the right home, negotiating terms of the sale, negotiating prices, and they can help you with the paperwork. A NAR study published in 2022 found that 87 percent of buyers used an agent when buying their homes.

Technology may have helped you find your home, but even with the power of the internet an agent is still an asset for a home buyer. Who else would give you a detailed tour?

Virtual Tours

In the early months of the pandemic, in-person activities were limited, or in some places, nonexistent, making virtual tours the new normal.

3D renderings of a physical space provide you with the ability to view properties in the comfort of your home. This was not only a safe option during the pandemic but also became convenient when in-person tours returned as bans and regulations were lifted or modified, depending on where you live.

In the future, you may see home tours brought to you by the metaverse. The metaverse is a combination of all things digital, including items like apps, bitcoin, and virtual reality. The metaverse could allow you to tour homes via virtual reality (VR) technology in your own home. So, if an agent wants to show you a home that might go quickly but you are out of town, with access to VR technology, you and your agent could still tour the home together in the metaverse.

This kind of technology is still very new, but a scenario like this is plausible. So, look out — you may have a new way of touring homes.

Homes Go Digital

Buyers today can not only buy a physical home, but an NFT home, too.

An NFT is a nonfungible token record on a blockchain that is associated with an asset bought with cryptocurrency like bitcoin. A blockchain is a record of transactions made via cryptocurrency that are linked peer-to-peer on digital devices. Together, these two technologies can change the way you buy a house.

In 2020, CNN reported that a home in the metaverse sold for a little more than $500,000. Artist Krista Kim created and designed the home after being inspired by the "feeling of Zen." Kim also teamed up with Jeff Schroeder from Smashing Pumpkins and together they created a soundtrack to go with the home to bring ultimate relaxation to the buyer. After all, why have a have a summer island home when you can have a digital home on Mars?

The possibilities of purchasing a digital home using NFT don't stop there. A physical home was sold in Florida via NFT in 2022 successfully for the first time in the U.S. This process is very new, so it's not a reliable option for home buyers, at least not yet.

Paperwork

The word paperwork may be dull, outdated, or even a welcome sight after looking at too many screens. It will always be a part of the home buying process even if you purchase a home in the metaverse.

Your agent may opt for e-signing using a technology like DocuSign. This is where an agent can email you the documents for you to sign electronically. This process is not only faster and could save the trees, but it can be more reliable for buyers, sellers, and agents. If you wanted, you could print those documents for your records, save them on your computer, or both for extra security and peace of mind.

Social Media

hdc buyers and their tech 3When social media first dropped on the scene, it was a way to connect with friends and family. Today, it has blossomed into a network of building personal and business connections with people all over the world.

If you can't find an agent by word of mouth, then social media may be a good place to start. In a study done by NAR, 52% of agents use social media apps like Facebook, Instagram, and LinkedIn. You may already use these apps, maybe even longer than some agents. You can use social media to read an agent's reviews, see their work, and even get a sense of their personality to determine if it will mesh well with yours.

With updates being thrown your way left and right, new things can be intimidating. Technology seems to be changing in the blink of an eye, but it's helping you find a future dream home. After all, when the pandemic hit, many were stuck at home only to realize that their home wasn't the haven they thought it was. It might have sparked a renovation, or a new furniture set, or even a new house.

To view the original article, visit the Homes.com blog.