Technology Trends Changing The Face of Real Estate

When you think of buying and selling real estate, your mind most likely goes to the following:

  • A sign in the yard
  • listing on MLS
  • Big name home listing websites
  • Home tours
  • Open Houses

But it seems that a shift is occurring in the real estate world.  In particular, in the world of LUXURY real estate.  According to a recent article by the Institute for Luxury Home Marketing, consumers are looking for new ways to buy and sell real estate.

"A recent Redfin-commissioned survey of 2,314 individuals who had bought a home in the last 2 years...64% of were open to unconventional, alternative, and innovative takes on the home buying and selling processes."

So what defines 'unconventional, alternative, and innovative'?  Would you ever consider making an offer on, and purchasing a home without ever having set foot inside it?  Pretty unconventional huh?  According to the article, 21% of that same survey set have done just that.

"And more than 50% of these site-unseen offers were made by high-end consumers who ultimately bought luxury homes with a purchase price of $750,000 or more.  Behind luxury homeowners, the demographics most likely to make an offer without seeing the property are millennials (30%) and single, never married people (30%)."

Surprised?  How could anyone possibly gain all of the information needed about a property virtual-reality-1237523_1920.jpgto make such a big sticker purchase without ever having seen it in person?  In a nutshell - TECHNOLOGY.  3D virtual walk-throughs, hyper-performing websites, and superb photography provide invaluable information to these types of buyers.

Technology is changing the world of real estate, just as it is changing every other industry on the face of this planet.  There are, undoubtedly, varying opinions about whether its for the good of mankind or not.  Regardless, one thing's for sure - if you want to stay in the game, you'd better keep up with technology.

 

source - Institute for Luxury Home Marketing

Comment balloon 1 commentJenifer Lower • April 08 2016 10:32AM

Comments

Interesting article.  I'm a little concerned about their stats since they don't say where they got the survey population.  Being that it's Redfin, which has an unconventional model, if they only asked their clients it could be skewed.

 

I've bought homes site unseen (not even pictures), but only because I was going to reno them for investment rentals.  As far as buying a house to live in, we won't accept ANY offer on a property if the buyer hasn't seen it physically.  Videos, pictures, etc are not acceptable.

Posted by Ryan Huggins - Thousand Oaks, CA, Residential Real Estate and Investment Properties (www.HugginsHomes.com) over 2 years ago

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