There is no doubt that technology has changed the world as we know it. Fewer industries have been impacted as significantly as real estate which has embraced the digital world wholeheartedly. Technology can help with every aspect of the home buying and selling process, including the closing process. Here are a few ways in which technology can be used to close a home.
Digital marketing has completely transformed the real estate game over the last few years and is now an invaluable part of successfully buying and selling homes. Studies estimate that around 84% of real estate professionals now use social media platforms to market homes, getting their properties in front of a huge, worldwide audience with the click of a few buttons. And that is just the tip of the iceberg. Responsive websites, email campaigns, and pay per click advertising are just some of the other ways in which technology can be used to hook buyers, get offers, and close a great sale on a home.
It probably comes as no surprise to learn that even before the Covid-19 pandemic, the vast majority of people searching for a new home were beginning their home buying journey online. From the comfort of your favorite armchair, you can search dozens of different websites and look at countless homes anywhere in the world. Checking online listings will give you a good understanding of what is available on the market in the location that you want to buy in, and how much the properties that you might be interested in are selling for. This will help you to determine what you might get for your money in your preferred area.
The only way you can really get a feel for a property is to visit it yourself. However, if the home you want to look at is a long way away, Covid restrictions mean that viewings are currently on hold, or even if you just want to narrow down your list of potential purchases, a virtual tour is the next best thing. A virtual tour can be pre-recorded by either the seller or agent and provide buyers with the opportunity to get a better sense of the space and layout of a home, helping them decide if it is right for them.
Buying or selling a home involves a significant amount of money, and not just for the purchase of the property itself. There are numerous transactions to consider, but fortunately, there are also more methods of settling these bills than ever before. From paying by credit card to wiring money directly from your bank, digital money transfers can help you close your home sale.
Digital signing isn’t a new concept, but it is something that has really gained momentum during the last few years. It can be used in many different types of transactions, including many real estate transactions. Although regulations differ between states, e-signing can allow you to complete the official paperwork involved in buying or selling a home from wherever you are. Not only is this more convenient, but it can also help minimize delays and streamline the entire process.
The Covid-19 pandemic has forced the real estate industry to utilize technology in every aspect of the process, including for appraisals and closings. Fannie Mae and Freddie Mac have loosened restrictions on appraisals and are allowing drive-thru and desktop appraisals so that there is no need for appraisers to enter properties. Similarly, many title companies are allowing drive-thru closings, preventing the need for all parties to come together in the same room.
Learn more about how technology helps with the closing process, contact Altmann Ayala Realty Team in San Diego, CA at (858) 216-2700.