Baby, You've Changed

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All of us get into stuff (relationships included) with a feeling that nothing shall ever change. But change is inevitable and often hurtful, even if it's trying to push us into a better spot. 

While following numerous housing trends across the globe, we are fairly confident that something about home buying has changed forever too. 

No Way!

The pandemic has played a key role in reshaping real estate markets, like we have never seen before and likely never will again.

As we put the worst of Covid-19 behind us, with cities coming out of lockdown, some major components of the way things have become for the real estate sector, will remain. 

Like What?

Essentially, both buyers and sellers are more willing today to ingratiate themselves with easier and swifter ways of going about property transactions, and there are a boatload of proptech tools that work hand in glove to facilitate this. 

The rapid advance of property technology, like FaceTime home tours, Google maps, online reviews of other homes sold in the same area, community forums and virtual asset platforms are making it simple for buyers to do their homework on their potential purpose and make better decisions.

The biggest shift is in trust. With the real estate sector’s take-up of technology, buyers and sellers are both more confident in their life altering home moves.

So?

The most significant permanent change is in the eagerness of home buyers to buy their new home ‘sight unseen’.

Yes, Covid-19 has turned what was a ‘no-go’ buying tactic into a smart move that could give buyers the edge in purchasing their next home.

In fact, many global cities have witnessed a five-fold explosion in homebuyers not physically touring a property before purchase – a new state of play that experts think is set to stay. Pre-Covid, out of 20 houses sold, maybe only one of those might have been sight-unseen. Today, that number is 4 or 5, a 5x jump from before. 

Essentially, buyers just don’t want to miss out. When that new home is about family happiness or a key lifestyle driver, buyers are now comfortable buying it without physically walking through it. 

Everyone has re-evaluated what is most important to them and if they find a house that fits the bill, booking checks are being handed over in person instead of being mailed.