5 Ways Technology is Changing the Home Buying Process

Homebuying has long been regarded as an exciting yet stressful experience. From having to navigate hundreds of listings to find the perfect home, to spending days touring properties only to realize they look nothing like the pictures. However, thanks to the unyielding advancement of technology, particularly AI, the process may be getting closer to all excitement and no stress. Read on to see how tech is impacting every step of the home buying process.

1. AI-Powered Home Searches

While searching for a home is typically the first step of the home buying process, it’s arguably also one of the most stressful. Luckily, modern real estate platforms utilize AI to analyze your preferences, including budget, location, style, and features to curate highly relevant property recommendations. These systems learn from your search patterns and saved listings to refine suggestions over time, helping you discover homes that truly fit your needs. Additionally, many of these platforms offer real-time notifications when a property matches your criteria or its price drops, providing you with the competitive edge you need to secure your dream home.

2. Virtual Reality (VR) Tours

Imagine touring as many homes as you want without having to leave your home. With the emergence of VR real estate showings, this is now a reality, and some might even say the future of all home tours. Using high-resolution 3D imaging and 360-degree cameras to create immersive, walkable digital replicas of properties enables buyers to “move” through a home at their own pace. Some applications even let you interact with features like opening cabinets or adjusting blinds. This technology is especially valuable for those buying a home remotely from another location, or in some cases, even before the home has been built.

3. Aerial Drone Imaging

With the recent surge in popularity and availability of drones, capturing stunning aerial photos and videos are easier than ever, offering unique perspectives on a property’s layout, landscaping, and surrounding neighborhood. These visuals help listings stand out and give you a better sense of the property’s scale and features.

4. Smart Contracts and Blockchain Transactions

Another area in which technology is revolutionizing the home buying process is in contracts. Smart contracts are self-executing agreements coded on the blockchain. When pre-set conditions are met, like payments being received or inspections completed, the contract automatically transfers ownership and funds without the need for banks, escrow, or agents in some cases. While the primary value is speed and security, blockchain also enables tokenization, allowing multiple investors to own verified shares of a property.

5. AR for Interior Design

We previously discussed virtual reality tours, but augmented reality has carved out its own niche. It’s often difficult to imagine yourself in a new home, especially when it’s an empty space with no furniture. Staging a house requires a significant amount of time and resources, but AR enables real-time, in-home changes. Many AI platforms allow you to virtually place furniture or decor in a room or even paint the walls, allowing homebuyers to truly visualize themselves in the home. The best part is that many of these applications do not require additional hardware, such as a VR headset, and can instead run on most smartphones.

Looking Forward

Zillow and Realtor.com already utilize AI in home buying, from property searches to valuations, while Matterport combines drone photography with digital twin technology for virtual tours. Propy has completed over $5 billion in transactions and is expanding its smart contract services across the US, allowing buyers to purchase homes remotely with title transfer and payment handled instantly. All of these innovations help buyers spend less time on the stresses of the homebuying process and focus more on the fun and excitement. They’re reshaping the home buying experience today and for the future to come.

About Teravalis™

Teravalis is primed to be a 37,000-acre premier master planned community located in the West Valley of the Phoenix metropolitan area, in Buckeye, Arizona. Translating to “land of the valley,” Teravalis is positioned between the White Tank and Belmont Mountain ranges and is committed to embracing the natural High Sonoran Desert beauty. Utilizing innovative technology and sustainable planning, the community will feature unparalleled amenities and wide-open spaces to explore and discover.

Teravalis is a community of Howard Hughes®, known for its mission to curate vibrant communities that elevate the everyday, creating meaningful moments in great places where people can live their best lives – and thrive for generations to come.