Los Angeles Real Estate BlogRecently posted or modified blog posts in the category - Real Estate Technologyhttps://www.dennismaynard.com/blog/Copyright DennisMaynard.com2020-12-08T11:28:53-07:00tag:dennismaynard.com,2012-09-20:11957A New Way to Shop for Homes in a Virtual WorldA New Way to Shop for Homes in a Virtual World
<img width="750" height="410" src="https://files.mykcm.com/2020/12/02172051/20201203-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="A New Way to Shop for Homes in a Virtual World | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2020/12/02172051/20201203-KCM-Share.jpg 750w, https://files.mykcm.com/2020/12/02172051/20201203-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2020/12/02172051/20201203-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
In a year when we’re learning to do so much remotely, homebuying is no exception. From going to work to attending school, grocery shopping, and even seeing our doctors online, digital practices have changed the way we live.
This year, rather than delaying their home purchases, buyers – alongside their trusted real estate professionals – turned to the Internet to do more than just a typical home search. In some cases, they bought homes without even stepping foot inside. Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), <a href="https://finance.yahoo.com/news/people-are-actually-buying-homes-without-ever-physically-seeing-them-national-association-realtors-study-150424649.html" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“People really didn’t buy houses sight-unseen, traditionally. It’s still not a huge number, but it has gone up, and we have definitely seen that trend accelerate.”
According to NAR, throughout the coronavirus pandemic, one in every 20 homebuyers purchased a house sight-unseen.
How Your Real Estate Agent Will Pave the Way
Today, real estate professionals are using digital practices to help <a href="https://www.simplifyingthemarket.com/2020/07/24/a-real-estate-pro-is-more-helpful-now-than-ever-infographic/?a=449748-a71c6c45a143065687d3e304d9f7edd9" title="homebuyers" target="_blank" rel="noopener noreferrer">homebuyers</a> and <a href="https://www.simplifyingthemarket.com/2020/11/09/is-it-safe-to-sell-my-house-right-now/?a=449748-a71c6c45a143065687d3e304d9f7edd9" title="sellers" target="_blank" rel="noopener noreferrer">sellers</a> walk through many steps in the process virtually. While following the regulations set forth by the <a href="https://www.cdc.gov/" title="CDC" target="_blank" rel="noopener noreferrer">CDC</a> and all local guidelines, this year, agents quickly empowered buyers and sellers with virtual tours, 3D floor plans, high-quality photos, videos, online open houses, and more. For those who had homebuying and selling needs in 2020, trusted advisors made it possible in many markets.
Here’s a graph showing some of the digital options buyers found most helpful in their searches this year, as noted by NAR in the <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" title="2020 Profile of Home Buyers and Sellers" target="_blank" rel="noopener noreferrer">2020 Profile of Home Buyers and Sellers</a>:<a href="https://files.simplifyingthemarket.com/2020/12/02172049/20201203-MEM-Eng-1.jpg?a=449748-a71c6c45a143065687d3e304d9f7edd9" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-96661" src="https://files.mykcm.com/2020/12/02172049/20201203-MEM-Eng-1.jpg" alt="A New Way to Shop for Homes in a Virtual World | MyKCM" width="600" height="450" /></a>The report also mentions that buyers this year generally searched for eight weeks. Throughout that search, they viewed a median of 9 homes, but not all of them were seen in-person. Yahoo Finance <a href="https://finance.yahoo.com/news/people-are-actually-buying-homes-without-ever-physically-seeing-them-national-association-realtors-study-150424649.html" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“Buyers viewed five homes online and four homes in-person during the pandemic, compared to nine homes in-person in 2019, according to NAR. This was the first year NAR asked buyers to specify the number of homes toured virtually.”<br />
In true 2020 fashion, virtual practices helped buyers safely narrow down their top choices, so they didn’t have to unnecessarily walk into more homes than they needed to see throughout the process. Here’s the breakdown by region:<a href="https://files.simplifyingthemarket.com/2020/12/02172046/20201203-MEM-Eng-2.jpg?a=449748-a71c6c45a143065687d3e304d9f7edd9" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-96660" src="https://files.mykcm.com/2020/12/02172046/20201203-MEM-Eng-2.jpg" alt="A New Way to Shop for Homes in a Virtual World | MyKCM" width="600" height="450" /></a>At a time when health and safety are top priorities, current technology is making it possible for buyers and sellers to move their real estate plans forward at their own comfort levels, even through a worldwide pandemic. For many, this means buyers no longer have to physically tour every home they want to see, and sellers don’t need to open their doors over and over again throughout the process. Safety can come first, and trusted real estate professionals are here to help.
Bottom Line
If you’re ready to make a move, you may not have to press pause on your plans this season. Let’s connect to determine the safe and effective options to buy or sell a home in our area or wherever you’re looking to move.
2020-12-03T11:28:00-07:002020-12-08T11:28:53-07:00Dennis Maynardtag:dennismaynard.com,2012-09-20:8518How Technology Is Enabling the Real Estate ProcessHow Technology Is Enabling the Real Estate Process
<img width="750" height="410" src="https://files.mykcm.com/2020/04/07131958/20200408-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="How Technology Is Enabling the Real Estate Process | MyKCM" srcset="https://files.mykcm.com/2020/04/07131958/20200408-KCM-Share.jpg 750w, https://files.mykcm.com/2020/04/07131958/20200408-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2020/04/07131958/20200408-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
Today’s everyday reality is pretty different than it looked just a few weeks ago. We’re learning how to do a lot of things in new ways, from how we work remotely to how we engage with our friends and neighbors. Almost everything right now is shifting to a virtual format. One of the big changes we’re adapting to is the revisions to the common real estate transaction, which all vary by state and locality. Technology, however, is making it possible for many of us to continue on the quest for homeownership, an essential need for all.
Here’s a look at some of the elements of the process that are changing (at least in the near-term), due to stay-at-home orders and social distancing, and what you may need to know about each one if you’re thinking of buying or selling a home sooner rather than later.
1. Virtual Consultations – Instead of heading into an office, you can meet with real estate and lending professionals through <a href="https://www.nar.realtor/virtual-showings-and-virtual-tours" title="video chat" target="_blank" rel="noopener noreferrer">video chat</a>. Whether it’s your first initial needs analysis as a buyer or your listing appointment as a seller, you can still get the process started remotely and create a plan together. Your trusted advisor is still on your side.
2. Home Searches & Virtual Showings – According to theNational Association of Realtors (NAR), the Internet is one of the three most popular <a href="https://www.nar.realtor/infographics/2019-real-estate-in-a-digital-age" title="information sources" target="_blank" rel="noopener noreferrer">information sources</a> buyers use when searching for homes. Your real estate agent can send you listing information and help you request a <a href="https://www.nar.realtor/virtual-showings-and-virtual-tours" title="virtual showing" target="_blank" rel="noopener noreferrer">virtual showing</a> when you’re ready to start looking. This means you can virtually walk through the homes on your wish list while keeping your family safe. As a seller, you can still have virtual open houses and virtual tours too, so as not to miss those buyers looking to find a home right now.
3. Document Signing – Although this is another area that varies by state, today more portions of the transaction are being done digitally. In many areas, your agent or loan officer can set up an account where you can upload all of the required documents and <a href="https://www.jdsupra.com/legalnews/e-signatures-and-the-coronavirus-how-to-32412/" title="sign electronically" target="_blank" rel="noopener noreferrer">sign electronically</a> right from your computer.
4. Sending Money – Whether you need to pay for an appraisal or submit closing costs, there are options available. Depending on the transaction and local regulations, you may be able to pay by credit card, and most banks will also allow you to wire funds from your account. Sometimes you can send a check by mail, and in some states, a mobile escrow agent will pick up a check from your home.
5. Closing Process – Again, depending on your area, a mobile notary may be able to bring the required documents to your home before the closing. If your state requires an attorney to be present, check with your legal counsel to see what options are available. Also, depending on the title company, some are allowing <a href="https://magazine.realtor/sales-and-marketing/feature/article/2020/03/drive-thru-closings-the-sale-must-go-on?fbclid=IwAR1xkZph6PxcYBzSok6MSscMc6Ta_YntXygo9dg0ZhNBOFjiugG-6bfdtp0" title="drive-thru" target="_blank" rel="noopener noreferrer">drive-thru</a> closings, which is similar to doing a transaction at a bank window.
Although these virtual processes are starting to become more widely accepted, it does not mean that this is the way things are going to get done from now on. Under the current circumstances, however, technology is making it possible to continue much of the real estate transaction today.
Bottom Line
If you need to move today, technology can help make it happen; there are options available. Let’s touch base today to discuss your situation and our local regulations, so you don’t have to put your real estate plans on hold.
2020-04-08T15:33:00-07:002020-04-08T15:36:27-07:00Dennis Maynard