The process of buying a house has significantly changed over the years. The proliferation of the internet, as well as advancements in technology, has made buying a house easier in many cases. Now, potential buyers can look through pages of listings online, and they can easily view the houses they’re eyeing through photos and walkthroughs.
Evolving Home-Buying Process
There is less traveling around because buyers have the option to scour through available listings and pick out properties that interest them through the internet. They can also go online to compare prices across mortgage lenders. They may even contact a broker to provide expert advice and guide the buyer through the process of investing in real estate.
Through various online real estate sites, such as What If We Finance Mortgage Broker, negotiations and transactions can happen over the phone, through video chats, and via email. If a buyer does not have the time to be physically present in a certain location, the client and the broker can still connect in case of questions and concerns.
In the past year, when lockdowns happened around the world and physical distancing was recommended to stop the spread of the virus, the process of buying a house further transitioned online.
More People Buying Houses Online
The restrictions caused by the pandemic forced the housing market to innovate. The threat of infection discouraged in-person home viewings. However, there remained an increased interest among the public to buy a house.
Instead of shutting down business and losing potential revenue, real estate agents shifted viewings on social media. Through Facebook, Instagram, and YouTube, real estate agents staged digital tours as if they were guiding a potential buyer around the house. They also posted three-dimensional photos of listings that people can drag and move for a panoramic look at the space.
These strategies made buying a house during the pandemic possible.
Prior to COVID-19, home buyers had to physically be at the house to get a feel of the property and spot problems in the making. It is only through in-person viewings that potential buyers can see small details, such as growing mold on the walls or weird sounds coming from the pipes. Therefore, home buyers should still visit the property before finalizing the purchase.
However, in 2021, more people acquired their own real estate without actually seeing the property.
It is not happening in just the United States, either. Thanks to the internet, home buyers can shop for properties beyond borders. Agents are now global, aiding clients from other countries to buy a home. They do not have to fly to another country to see it; they can simply go online to see and inspect a property.
Busy Australian Housing Market
Australia has had far stricter restrictions that successfully curbed the spread of the coronavirus across the country. However, that did not stop people from buying houses. Since the World Health Organization declared COVID-19 a pandemic, Australians from the east coast spent a total of AU$381 billion in properties. Reports reveal that the majority of acquisitions happened in the residential sector. Meanwhile, commercial property sales made up a fifth of settlements in the past year.
The trend of buying a house online will likely not fizzle after the pandemic. While Australia is still not out of the woods yet, the demand for real estate properties continues to grow. The internet and online services will continue to play a role in a huge portion of all house sales in the coming years.
How to Buy a House Online
There are, of course, risks that come with buying a house over the internet. For the best results, sometimes, it is worth heading to the property on your own for a thorough inspection. However, it is also still possible to get a good property by making a purchase online.
The key is to work with trustworthy people.
A house is a very hefty investment. It would be a waste of money and time to end up with a house that turns out to be in an unfavorable condition or is simply not a good fit for your needs.
The brokers, real estate agents, and inspectors you hire will be your eyes and ears on the ground. They will do the work for you. With that said, you should be involved in the process as much as you can. You can try to be present by requesting more photos and videos of the property, setting up a video call during a house tour, and asking questions about the house.
Many people still dream of buying and owning a house one day. For some people, even a pandemic would not stop them from pursuing homeownership. As a compromise, they stay at home and shop for available properties online.