Technology has changed the home buying process in so many ways that homebuyers of the last two decades have seen everything shift from paper and faxes to email and e-signatures. Not only has the actual document signing process changed, but the entire process of buying a home has changed from beginning to end.
Home shoppers are increasingly and almost exclusively searching for homes on the internet first before ever seeking out a real estate agent and most if not all of the business is taken care of online. These are some of the ways how technology is changing the home buying process.
Finding a Home
As we’ve already mentioned, the home search, in general, has changed so that most home searches are starting online. Real estate firms have become increasingly more aware of how buyers are shopping and have practically set up shop online with all of their listings available at the click of a mouse.
With so much available at our fingertips, it’s a wonder buyers even need to see a home anymore. That, however, can lull buyers into a false sense of security. It’s important that no matter how appealing an online listing can be that seeing a home in person is of utmost importance.
Connecting to Agents
The internet has changed how buyers get in touch with agents and the process for doing so is almost instant nowadays.
As a buyer peruses online listings, there are endless ways they can get in touch with an agent and see a home. What this aspect of technology has done is to eliminate the need to find an agent and figure out a way to contact them. This not only saves both agents and buyers time, but it can close deals much quicker and increase sales volume as well.
Negotiation and Closing
While the offer letter is certainly not dead, it’s becoming less and less a part of the paper process traditionally associated with home buying. Especially in high sales season, an honest, heartfelt offer letter can really set you apart as a buyer when in competition with other buyers.
The rest of the process is very much different than it once was. Negotiation can be done online, through email, and even through text instead of through letters and phone calls as in the past. The wheeling and dealing part of homebuying have been truncated into bits and bytes instead of traditional communication methods.
Additionally, more hands-off buyers and sellers have the luxury of doing most of the document signing electronically which not only saves time but eliminates the need for parties to be at a specified location to conduct business. This major change to homebuying has made purchasing a home seamless and available from virtually anywhere in the world.
Getting a Mortgage
The financing process of a home has traditionally been one of the most tedious parts of the home buying process, and while there are still ample documents to sign and provide from a buyers’ prospective, it’s not what it used to be.
Buyers can apply for a mortgage online now and can submit the required documents to their lender electronically. After all, for many of us, our paystubs, bank account information, and general financial wellness is provided electronically from our financial institutions. All to say, getting a mortgage is far less work than it’s been in the past and buyers can shop with more confidence knowing what they can borrow and that they’re qualified.
To learn more about applying for a mortgage online, contact Tidewater Mortgage Services, Inc!