Changes in the way homeowners buy and sell real estate may appear intimidating for those buyers and sellers not accustomed to technology. Virtual tours and remote closings, however, contribute to more efficient sales, as noted by Realtor.com.
Online real estate listings can attract buyers with appealing photos, videos and links to virtual maps of the neighborhood. The cost of promoting a property has decreased as a result of virtual tours replacing the in-person open-house approach.
Technology can assist both parties in real estate transactions
With technology, property owners or their agents can connect with seriously interested parties instead of individuals “shopping around.” Creating an online listing can serve as both a promotional tool and a way to communicate quickly through email and text messages.
Potential buyers may request virtual tours, in which sellers or agents present a live video walkthrough of the property through a mobile device. Sellers may now find several offers submitted through the internet, and documents may require only an electronic signature to confirm or move forward with a deal.
Quicker sales may result in higher area property prices
Because the virtual real estate market offers a way to list and sell properties quickly, the increase in closings means fewer available homes, which can drive up prices. As reported by Money magazine, bidding wars have surged and properties may sell in less than two months after sellers list them. Individuals serious about securing a transaction may also run into competition. A mutually acceptable agreement may require a strong and insightful round of negotiation.
Technology can foster real estate sales because it enables buyers and sellers to find each other through online listings. They can also perform a closing through a remote meeting. Both buyers and sellers, however, may require legal representation to review contracts and facilitate an acceptable transaction.