How Technology is Changing the Housing Market

Searching for properties to rent or buy has never been as easy as today. All you need is a mobile device and a connection to the internet, and you can see all of your options. Filter your search for housing in a particular area to match your budget and preferences for things like the number of bedrooms and bathrooms, and you’re away. As technology plays an increasingly important role in our daily lives, its impact on the housing market will become even more substantial. Here we will go through some main ways technology has changed the housing market.

Online listings

One of the most obvious ways in which advancements in technology have altered how we buy, or rent properties is through the creation of the internet and websites where people can list their homes. These websites have become the main way people find new properties in the areas they are interested in living in, and they can do it from wherever they happen to be in the world with just a connection to the internet and a mobile phone or tablet.

These real estate websites are useful for finding properties that meet your requirements. You can choose everything from the price range, the number of bathrooms and bedrooms, and even the property type. The internet has made it quick and easy to find a new home or even just a room for rent nearby, speeding up the process. In addition, online listings also provide you with important information, including purchase history, information about the neighborhood, and school ratings. They usually also have the option to look at the property from a satellite image, giving you a good idea of the surrounding area and proximity to amenities like supermarkets and schools.

Mobile apps

Source: Istockphotos

Online listings have undoubtedly changed how people buy and rent properties however, mobile apps have played a crucial role in facilitating this change. Many websites on which people can list their properties also have apps on mobile phones and tablets. Property searching apps allow you to access everything you need to search for your next home with just a click of a button. You can often create accounts through these apps and set them up to send you notifications if new properties are listed which match the preferences that you have previously chosen.

In addition, mobile apps are great for managing things like your budget and giving you easy access to the contact information of property managers and agents. Under each listed property, you can usually see what else that letting agency has on the market, allowing you to contact them if you require further information about the property.

3D Virtual tours

Source: istockphoto

One of the more modern forms of technology which has started to transform the housing market is the introduction of 3D virtual tours. These virtual tours have enabled people to get a good idea of the layouts of homes without booking a viewing in person and traveling to see it in real life. Of course, seeing it for yourself is best, but these tours are a great alternative if you cannot travel to your chosen area in time for a viewing. 3D virtual tours will only become more realistic and immersive as technology advances, and we’re excited about that.

Online real estate investing

With the enormous growth and ubiquity of the internet in our modern lives, online real estate investing is becoming more popular than ever. Nowadays, people can pool money online and purchase properties together, owning a fraction of each. People can now invest in markets they previously could not access, opening up the world of real estate investing to all.

E-Signing services

Before the introduction of e-signing services, paper and pen had to be used to fill out all of the paperwork involved in renting or purchasing a property. Thankfully, this is no longer required as the process has become digital. Digital signatures and form filling mean that people can sign everything digitally, saving time and money for everyone involved in the transaction.

Conclusion

Technology has changed how the housing market functions significantly and will continue to do so in the coming years. From the availability of mobile apps and online listings which give people instant access to properties up for sale or rent to new software which facilitates 3D virtual tours and even new ways to invest in real estate, we recommend not underestimating the power of technology and its impact on real estate.