In the pandemic, buying a home online is accelerating
Their budget is in the order of $ 1 million, with an additional built-in cushion for construction costs. They plan to complete the entire buying process in California, and they’re not even sure they’re going for a final inspection. “Personally, I’m really worried about the variations and what that means for air travel right now,” Ms. Anderson said. “We are prepared to do everything remotely, including shutting down here and all construction work.”
Brokers, who saw most of their open houses close during the pandemic, have also quickly adapted to technology, with many offering virtual tours and adopting tools like TikTok and Instagram to help them market their homes.
But other brokers recommend a great deal of caution before entering the online market.
“The first time around, it’s so overwhelming and hard to figure out how the process even works. And now you are being asked to compete at a very high level, ”said Michelle Kolker, a San Diego broker at Kolker Real Estate Group. She added that first-time shoppers, especially those who shop online, may not have been made aware of, for example, the need to plan for inspection contingencies or the benefit of ” establish a schedule in which the seller will carry out the agreed repairs.
Zillow, who reports that traffic to its listings for sale jumped 41% in 2020, found in a July 2020 poll that 36% of Americans would be more likely to buy a home entirely online. Jeremy Wacksman, president of Zillow, said the company plans to update this survey next month. In the meantime, traffic to Zillow’s online tool suite, which includes the ability to create 3D home visits on a smartphone, as well as technology for remote signing and remote notarization, indicates that these figures remain stable.
“We saw an explosion,” he said, adding that in the early months of the pandemic, creating 3D home visits on zillow.com increased by 750 percent. DotLoop, a remote signing and notary service that Zillow acquired in 2015, has been one of the biggest sleepers in the pandemic.
“It was a technology that was available but was hardly used because the existing process was working, but now all of a sudden if you could avoid getting together you found a way to sign remotely,” did he declare.
Not all new home buyers fall in love with the idea of buying out of the blue. But even for those who prefer to see before they buy, new technology is making the mortgage process much easier.