The Real Estate Industry & Tech: Then vs. Now
How has technology changed the real estate industry?
Around two decades ago, less than 10% of buyers found their home on the Internet. Now that number is closer to 50%.
There's no arguing that the Internet is a valuable tool. And while it might seem like we live in a world that exists in the cloud, and every imaginable sort of communication can be done electronically, you'll be surprised to learn that people are still pretty important to the real estate process.
In fact, 92% of home buyers 28 and younger bought their home with the help of a REALTOR®. This tells us that even though there is a vast amount of data and information available to younger, and first-time buyers, they still rely on the expertise of their real estate professional.
Something else to consider is the fact that the amount of people who sold a home using a REALTOR® or broker has increased by 12 percentage points since 2001, while for-sale-by-owner (FBSO) has decreased by 7 percentage points.
You may have heard about some of the iBuyer programs that are now in existence. These new companies buy homes directly from customers and claim to offer a seemingly modern solution to the real estate process.
But according to one consumer finance analyst outlet, transactions with iBuyers may net customers less than owners who choose to list and sell their homes through more traditional methods.
At the end of the day, your home is still likely to be your largest asset. No matter where technology takes us, there is still nothing that can compare to a relationship with an expert you know and trust.
Plus, you can rest easier knowing your Coldwell Banker Wallace & Wallace real estate professional has access to big data, predictive analytics and leading transaction management software.
When technology meets real world experience and in-depth knowledge of the local market, it's the best of both worlds for our clients!