How New Technology is Affecting Real Estate in Northern Virginia

new technology is changing the face of real estate

In Northern Virginia and across the nation, technology is a big part of life for all of us. Unless you make a conscious effort to “unplug,” there aren’t many parts of your life where technology is not included in your daily routine; this is also true in real estate.

Source: information-age.com

Technology has changed the real estate industry. New technology affects buyers and sellers, as well. From searching online to 3D tours, real estate is greatly affected by technology.

Up in the Cloud

Northern Virginia buyers, sellers, and real estate professionals use the cloud in various ways, like making the lending process more straightforward and faster closing process using electronic signatures and sharing documents with all involved parties. 

Source: ist.mit.edu

Smart Home Technology

Smart home technology has reshaped the real estate world. Smart home technology is a favorable home configuration where devices such as remote controls and appliances are automatically controlled from anywhere in the world, as long as you have an internet connection.

Source: crn.com

The convenience of smart home technology helps homeowners boost their sale prices. Recent research suggests 59% of parents with children living at home and 61% of Millennials would choose a smart home over a house without advanced technology. According to the National Association of Home Builders and Consumer Electronics Association, smart home technology can boost home sales prices by up to 5%. 

3D and Virtual Reality 

When people think of virtual reality, real estate is not necessarily the first thing that comes to mind. However, 3D and virtual reality technology are changing the Northern Virginia real estate game.

Source: nytimes.com

Pursuing online photos of homes for sale has become the norm. However, prospective buyers can enjoy captivating 3D views from their computer or cell phone with virtual reality. This new trend in technology makes homes stand out from the competition. The ability for a buyer to immerse themselves in a property without leaving the comfort of their home is quite appealing.

Expectations of Agents 

Technology is quickly changing the way Northern Virginia Realtors sell homes. In addition to buying and selling homes, agents find that marketing themselves and properties are becoming much more productive using new technology.

Source: titlequest.net

With new technology becoming an expected piece of the real estate package, agents have new expectations. With buyers and sellers having effortless access to homes, clients expect to have just as easy access to agents. Agents who give delayed responses to clients are more apt to lose them.

Northern Virginia Real Estate Has Changed with New Technology

In recent years, the Northern real estate market has drastically changed with the emergence of new technology. Virtual reality, smart home technology, and the ease of communication through the cloud have transformed real estate into a technologically dependent industry that benefits agents, buyers, sellers, and everyone involved in the real estate transaction.