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Almost half of all Americans say that buying a house is one of the most stressful life events imaginable. A further 44% said that the home-buying process is stressful and makes them nervous. When you bring together large sums of money, swathes of paperwork, and lawyers, things are bound to get complicated, but thankfully technology has stepped in to make things easier.
In recent years we have seen an increase in technological solutions for homebuyers, real estate agents, mortgage brokers, and other stakeholders. Digital innovation has swooped in to save the day by providing new and disruptive ways to complete the buying cycle. In this article, we will take a look at some of the ways technology is changing the way you buy a house.
Blockchain technology
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The blockchain first emerged almost 12 years ago as the network that underpinned Bitcoin. Now it has evolved, and the concept can now be used independently of cryptocurrency or virtual assets and for a variety of different uses. Totally immutable in nature, it provides a decentralized record of transactions and actions that cannot be edited, removed, or reversed. Through the use of smart contracts, it can also execute pre-determined actions when a previous one is complete, such as the various steps included in buying a house. Blockchain is being used to facilitate sales, register deeds, make payments, and to generally simplify and streamline the whole process.
The online transition
Previously, buying a house would mean scheduling in-person meetings with multiple mortgage providers, banks, real estate agents, lawyers, surveyors, and much much more. Now, thanks to the internet, many of these activities and tasks can be carried out online or via apps. As a great starting point, Trussle provides a detailed comparison of mortgage rates where buyers can evaluate what’s on offer and pick what is right for them. This type of mortgage comparison site saves significant amounts of time and money as all their options can be displayed with just one click. Other examples of online services for homebuyers include working with a real estate agent, viewing properties, submitting the offer, and authenticating documents.
Cryptocurrency
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As the adoption of cryptocurrency has increased, so to have the things you can buy with it. Did you know that you can now buy your home fully, or partially with virtual or cryptocurrencies? Over the last couple of years, some people have bought and sold real estate around the world, using digital currency.
Of course, it can be a bit of a gamble as the asset can increase or decrease in value after the transaction has taken place, significantly altering its value. That said, it seems that there is a place for this kind of digital payment in the future. Cryptocurrency transactions take place on the blockchain and are immutable and secure, furthermore fees are low and cross-border transactions can take place in a matter of seconds. In an increasingly globalized world, we can expect to see crypto playing a bigger part in the housing industry over the coming years.
Technology sure is shaking up many of the world’s financial industries, but the property market is one where it’s expected to have and continue having a huge impact.
