Homes were purchased remotely long before electronics existed.
Just think about the original western pioneers traveling long months crossing the Rocky Mountains for the promise of a homestead in the Oregon Territory. That was done with nothing more than a hope and a promise, long before anything as legally binding as an escrow account became involved.
Today, it’s easy, secure and convenient to buy your next home from your favorite chair or the corner Starbucks. In 2019, buying a house completely online is becoming mainstream.
Cutting-Edge
The real estate industry has made big strides to stay current with technology.
Almost every step of the process is becoming automated as fast as technology makes it possible.
Ninety-three percent of Realtors prefer communicating with clients through email, 92% prefer text messaging and 37% through instant messaging, according to the National Association of Realtors.
Completing the purchase process online isn’t yet the gold standard, according to Properties Online.
“The internet has become an essential and indispensable tool in the home search process, with nearly 95% of home buyers using it to search for homes and 54% of buyers stating that the use of the internet was the first step taken during the homebuying process.”
In 2007, only 1% of home searches included an online video tour. By 2017, that number skyrocketed to 95% of searches.
Today’s emerging trend is toward 3D tours allowing viewers to arrange virtual furniture in the rooms.
Other Important Steps When Buying Online
High tech buyers are using the internet to do much more than just view potential houses online. Before making an offer and closing the deal, they research the neighborhood for:
- Household income averages, education, commute times and more (Census Explorer).
- School data (SchoolDigger.com).
- Crime statistics (NeighborhoodScout)
- Environmental issues (MyEnvironment).
You can also research current and historic property values, as well as view public records for a specific property’s assessed value, ownership, previous sales and property taxes. Mortgage applications and escrow account setups are also commonly done online.
Where To Buy Completely Online
Today, there are a few startups working towards bringing the entire purchasing process online.
As you would imagine, these companies are offering new and unique homebuying experiences. As with all things online, you want to research several before deciding which solution best matches your circumstances.
SparkOffer keeps the real estate agents in the loop but manages the purchase offer, counteroffers and fully binding accepted offer all through a convenient online dashboard. It also accepts deposits to an escrow account via a credit card using any device.
Other sites auction houses online. Others temporarily buy your existing home online so that you can purchase your next home before selling the existing one. Of course, real estate brokers specializing in remote relocation services have been around for years.
Although end-to-end service isn’t yet widely available, the existing business models are sure to merge into what buyers and sellers find most useful useful for a complete online homebuying process.
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