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Millennials bringing technology to real estate purchases

On Behalf of | Oct 4, 2018 | Residential Real Estate

Millennial homebuyers in Delaware and other parts of the country are changing the way real estate purchases and transactions take place. It wasn’t long ago that no self-respecting homebuyer would make a decision about a home without physically visiting the property. Today, younger, tech-savvy homebuyers are fully embracing virtual reality tours and the use of mobile apps to apply for mortgages and complete new home purchases.

With residential real estate, homeowners of all ages typically start their search for a new place to call home online. However, buyers 36 and under, who made 34 percent of all home purchases in 2017, are going even further by participating in live streaming open houses, virtually checking out potential homes instead of giving up half a day to visit in person, and completing the mortgage and closing process faster.

A leading real estate franchise conducted a survey and found that 77 percent of 3,000 U.S. adults surveyed would take VR tours of homes while nearly 85 percent want to view video footage. Additionally, more than 60 percent of those surveyed said that would choose a real estate agent who made VR tours available. It’s also becoming increasingly common for agents to use social media to give real-time tours and answer questions.

Millennials are changing the mortgage process as well. More financial institutions are offering mobile services that allow potential borrowers to apply for mortgages in a matter of minutes. In many cases, loans completed this way can close in less than a month: much faster than what can be done with traditional lenders. As for what the future holds, one company is already working on an intelligent personal assistant for the real estate industry that would provide instant answers to property questions 24/7.

Regardless of how technology changes, a real estate lawyer might prove to be a value asset for buyers. For instance, an attorney may be able to negotiate contract terms that are fair to both parties. A lawyer may also help settle disputes between parties that arise and help clients understand their responsibilities before key documents are signed.