How Technology Is Influencing the Real Estate Market

Posted by Andree Huffine, PA on Monday, July 27th, 2020 at 6:59pm.

 

 

The internet has become a cornerstone to the real estate industry over the past twenty years. The interconnection between various technology and the web has exponentially grown to incredible heights in 2020. Some industries are slower in adapting to the new implementation of virtual tools, and real estate has notoriously been one of them. However, in recent years the real estate industry has been transforming itself to enhance buyers and sellers experiences like never before.
In the United States alone, almost $3 trillion of our country’s economy stems from the real estate market. That’s a healthy chunk, to say the least. Technology companies have finally come to realize the opportunity to infiltrate the market like never before. Here are four ways technology is shaping the industry, and how it can help you.


1. Online Real Estate Spaces
In-person meetings between buyers, agents and sellers have been a formality for years. Although that may never go away, 2020 has proven to rely on technology more than ever. The days when buyers have to walk inside of a house before they buy are gone. The majority would still want to, yes. But do they have to, not at all. Agents have created online portals on their websites where buyers can see virtual tours, photos and specs of all of their properties listed. 


2. List Price Accuracy
Home-buying is all about making the most intelligent decisions for you and your family. Arguably the most pivotal factor in buying a new home is the property price point. Appraisers and real estate professionals formulate home value through various factors, including comparable houses in the neighborhood. Artificial Intelligence (AI) is changing the game every day with enhanced features on searchable tools in various real estate search databases. A home-buyer can search anything and everything about a property and comparable homes to make the best decision possible. 


4. Personalized Notifications
Apps and sites like Zillow, Redfin, Realtor and Trulia all offer incredibly personalized notifications for your home search. In addition, local Realtors are stepping up their game and virtually enhancing their sites, as well. Any time a property comes available that matches your criteria, you’ll be notified however you choose—email, smartphone notification, etc. You may be thinking “this has been going on for quite some time, has it not?” Yes, in fact it has. However, the modern AI to formulate new search criteria has erupted. It is now easier than ever to narrow down and get more info on new homes. 


Talk to your local real estate agent today about how they can help you with your virtual home search!

 

 

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