How Technology is Changing the Way We Buy Houses

Posted by Hannah Lapin on Oct 12, 2018 9:00:00 AM

How Technology is Changing Home Buying

The National Association of Realtors (NAR) reported that in 1981, 22 percent of home buyers read newspaper ads to find a home and 80 percent relied on friends for information. By 2016, 44 percent of home buyers turned to the Internet first. There is no question that technology is changing the way we buy houses, along with buyer expectations of what they can find online about properties. We compared the value of real estate website online features buyers reported finding helpful in the NAR Real Estate in a Digital Age 2017 Report to the NAR Real Estate in a Digital Age 2015 Report.  In just two short years, here’s what changed:

  • Buyers who found photos very useful: Increased by 6%
    • 83% in 2015
    • 89% in 2017
  • Buyers who found detailed information about properties useful: Increased by 6%
    • 79% in 2015
    • 85% in 2017
  • Buyers who found virtual tours useful: Increased by 10%
    • 40% in 2015
    • 50% in 2017
  • Buyers who found neighborhood information useful: Increased by 7%
    • 37% in 2015
    • 44% in 2017

Clearly, home buyers are becoming increasingly more reliant on the Internet for information on properties. Are you technologically prepared to keep up? Read about the latest technology trends in real estate in the full Real Estate in a Digital Age 2017 Report.

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Related: Smart Homes=Smart Sellers, Virtual Reality Poised to Revolutionize Home Buying

Topics: Property Management