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Technology to accelerate time from offer to closing

The future of residential real estate transactions in Delaware is expected to be influenced by the introduction and use of new technology by buyers, brokers and other participants. It is estimated that 92 percent of prospective buyers conduct at least part of their home searches on the Internet, so the infusion of $1.5 billion of investment money by venture capitalists into technology firms catering to the real estate market should contribute to improving how the marketplace functions.

Real estate professionals and other participants in residential property investment and development are making greater use of technology to improve the sharing of information, data, predictions and market analysis. Already available to buyers is information about school districts, crime rates, commuting times and other facts to help them to decide if a particular neighborhood is the one in which they wish to purchase a home.

This ability to share information about available properties and market conditions has also changed the way in which residential real estate brokers and agents build and maintain relationships with the clients they represent. Social media and other technologies can facilitate communications and help to expedite the process of bringing the two sides closer to reaching an agreement than has been possible in the past.

Innovations in the technology available in real estate deals have already reduced the time it takes for the participants in a residential property transaction to get from the time an offer is made to when the sale is closed. Attorneys handling complex residential real estate matters, including short sale transactions and those involving the clearance of title issues, may also benefit from the introduction of technological advances.

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