How technology is changing the real estate industry

WASHINGTON, DC (WUSA9) - Technology is changing everything. The real estate industry is no different. "Buyers are so sophisticated right now," says Real Estate Agent Meredith Margolis from Compass Realty. Buyers can do their own research to find out how much sellers paid for their homes. And thanks to certain apps, they can discover details of a home before they even see it. The Compass app has a mortgage calculator and tax information, so buyers can just enjoy the experience of finally visiting a home.

Technology has changed the mortgage side of real estate as well. "One of the biggest problems is asking for tax returns and documentation," says Chong Yi, Sales Manager at Caliber Home Loans. "Now you can do an application and through third party verifications, you can get bank statements with the permission of the buyer." Encryption is used to verify and protect the identity of all loan applicants. This allows the buyer to better understand their price point, and be able to hone in on exactly what they want. 

Once you find that home, long gone are the days when you'd have to be in the the settlement office signing paperwork. "We just did a deal where the person bought a house in Virginia when they were actually in China," says Josh Greene, President of Eastern Title & Settlement. "We were able to close the deal without them being in the country using a digital notary online." Celebrate signing on your dream home while on your dream vacation! 

 

This article is sponsored by The Real Deal in Real Estate. Contact them for all your buying and selling needs! 

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© 2017 WUSA-TV


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