How the Home Buying Process is Changing...

This is kind of tacking on to a previous blog I wrote about the new IPhone App allowing potential renters and buyers look at MLS listings from their phone...

Technology is really impacting the real estate market, making it a less stressful and time consuming process for buyers. Back in the "old days" a mere few years ago, buyers and agents would spend countless hours driving around to different properties without knowing anything about the inside. Times quickly changed allowing agents produce print outs of properties, giving dimensions, and some additional information on the property, to aid while looking. Now, that email has become common (and almost standard) agents are able to upload up to 30 pictures of a property into the MLS system, and email listings to potential buyers so they can see pictures of the inside, and know more details.

We are seeing this technological phenomenon become more common with higher end properties (just because the technology aspect is incurring an additional price). Agents are spending the extra "buck" to create virtual tours of their properties and posting them online. This allows potential buyers to really get a feel for the layout, dimensions, and condition of a property without even leaving the comfort of their own home. I can't tell you how many times I've had clients go into a house, stand there for 5 seconds and say "nope" just because there were no pictures or floorplans to show the buyer before looking at the property. Buyers will be able to do extensive research before looking at properties, and minimize wasted time looking at properties.

Also, additional tools like google maps have really helped potential buyers, especially those relocated to an unfamiliar area. These features allow them to see exactly where they are located within a city or neighborhood, and even have actual footage of the street, lot, and neighborhood.

Check out this article which goes into more detail about these high tech virtual tours...Who knows what will be the next phase of real estate technology! Since properties are at a premium in Arlington, VA, I can only assume these "premium" features will become common in the sales of high rise condos in the area.


http://www.washingtonpost.com/wp-dyn/content/article/2010/02/04/AR2010020405008.html