From a distance, shopping for or selling a home may appear to follow the same old process, but if you were to look closely, you would see that over the past several decades technology has drastically changed the home buying and selling process. Home buyers and sellers in Texas have probably noticed that in the past several years the process has become much more efficient and much less time-consuming. Below are several ways technology has transformed home buying and selling in Texas.
Home Searches
Several decades ago, if you were interested in purchasing a home you couldn’t just hop on your cell phone and browse through hundreds of listings. Not too long ago we had to first contact a real estate agent to even have an idea of what the inside of a home for sale looked like. A decade ago we were forced to scroll through blurry and barely legible photos that hardly resembled the true nature of a home. Today, the online marketplace is ripe with virtual tours, 360-degree images, and interactive marketing that makes it so much easier to get a good look at a home without ever stepping foot in it.
Purchasing Power
One of the least thought about but most time-consuming processes when purchasing a home is the mortgage application process. Generally filling out a mortgage application may be quick, but the time that it takes to provide documentation, await approval, and then wait even longer for the delivery of the application approval can feel endless. However, technology has cut the process of applying for a mortgage in half just by eliminating the use of snail mail. Instant sending features mean applicants and mortgage brokers can upload necessary documents, fill out applications, receive applications, and receive approval or denial within a very short period of time.
Close From Anywhere
Prior to advances in technology, buyers who found their dream home had to be physically present to make an offer on a home. With so many papers to sign and stacks of paperwork to go through buyers, sellers, and real estate agents had to set up meetings to sign their agreements. With new technology buyers and real estate agents no longer need to be in the same room to sign papers. With technological advances, buyers can make an offer, accept a counteroffer, and even close on a home from anywhere in the world. Digital contracts and e-signatures have opened the door for buyers and sellers to sign binding contracts from anywhere they can find a source of electricity and decent Wi-Fi.
iBuyers
All of the above changes have drastically changed the way homes are bought and sold within the traditional home-selling market. But what about selling the nontraditional route? IBuyers have become a major player in the world of real estate mainly because of the ease of use and quick cash offer they provide. An iBuyer, or Instant Buyer, uses technology to make you an almost instantaneous offer on your home. Using an iBuyer is as simple as logging onto a website, inputting information about your home, and submitting the information for consideration. Without 24 to 48 hours the iBuyer will come back with an all cash offer on your home and without 10 to 30 days you can close and have the cash in your bank account. Several iBuyer companies such as OpenDoor and HomeLight Simple Sale have made selling a house fast in Texas much easier.
Conclusion
There is no doubt that technology is quickly advancing the real estate process for the better. Home buying and selling have become much easier and more efficient with enhanced access to listing, quicker turnaround with mortgage applications, and the option to forgo the traditional sales method and instead turn to an iBuyer.
