Among the most important financial decisions you can make, buying a home is an extremely significant undertaking. Given that today’s market of real estate may appear as fairly overwhelming, especially to potential buyers, modern technology is able to give you a whole range of tools at your disposal.
From mortgage calculators to virtual tours, there are several ways in which tech can create an easier journey in buying a house.
Below, some of the most central tools and technologies that can make this process easier and more fact-based are discussed, while some simple statistics depict the growth of their influence.
1. Online Real Estate Platforms
The rise of sites such as Zillow, Redfin, and Realtor.com has transformed the manner in which people search for homes. In fact, a report done by the National Association of Realtors in 2022 estimated that 97% of home buyers used the internet in their home search process. This allows viewers to access home listings, information about neighborhoods, ratings of schools, and even price trends to compare options without ever having to leave the comfort of their own home.
More important, most of these portals have powerful filters that can be used to filter down properties according to price, location, size, and other critical features. It will also help the buyer zero in quickly on properties that fit their needs.
2. Virtual Home Tours and Augmented Reality (AR)
In-person visits to scores of houses can become tiring and cumbersome, especially when the market is hot and the properties have been sold in a snap. According to Zillow, 35% of buyers took advantage of virtual tours in 2022. Virtual home tours make it possible to tour homes conveniently from where you are located, whether that be across the street or across the country.
It takes the next dimension by letting you virtually tour properties in three dimensions, giving a sense of realism of layout, room size, and even natural lighting. You are able to use AR to conceptualize any potential renovations and design changes, helping with the decision if the space can support your needs for the long term.
3. Mortgage Calculators
Knowing what you can afford is one of the biggest hurdles to getting through the home-buying process.
In fact, according to a survey conducted by LendingTree, 76% of home buyers used a mortgage calculator to figure out their affordability before they contacted a lender. This is one of the critical things one can do to help manage expectations and ensure that one is not over-extending themselves financially. Now, most calculators take into account property taxes, insurance, and homeowners’ association fees, which…