The next big thing in real estate is already here. Technology is changing the industry for home buyers and Realtors® alike, all in ways that make the home buying process easier.
In 1964, 40 percent of home buyers read newspaper ads to find a home and 7 percent drove around looking for an open house, according to the National Association of Realtors® Profile of Home Buyers & Sellers. In 2014, 43 percent looked for properties online first. Buyers now have apps like realtor.com® that let them search by location and neighborhoods. Online listings have virtual tours so viewers can look at multiple potential homes while narrowing down their search to a select few in the effort to save time. It’s not surprising that home buyers are increasingly using online technology in the home search process: web searching maximizes the ability to compare and contrast homes on the market by selected features from the convenience of your own home.
Despite the increased use of technology in the home search process, the buying process hasn’t necessarily become easier. Difficulty finding the right property and understanding the process along with increased paperwork means buyers are increasingly utilizing the knowledge and expertise of a real estate agent (88 percent of buyers in 2014 purchased their home with assistance from a real estate agent, up from 83 percent in 2010.)
Check out the infographic below to learn more about how technology is affecting the home buying process for different generations of buyers.