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The Influence of Technology on Home Showings

by Kelly Leighton on

While technology has undeniably had a strong influence on the real estate industry, the ability to look at homes online has helped both Realtors® and buyers save hundreds of hours of home tours.

According to the National Association of Realtors®, homebuyers looked at a median of eight homes last year, including a median of three virtual tours or virtual open houses or virtual videos, before signing on the dotted line of an Agreement of Sale. Thanks to decreased inventory and an increase in bidding wars, some buyers even had several offers declined, meaning they may have found their “dream home” three times and still only looked at a median of eight homes. This is the lowest number since NAR began tracking this data in 1987. Comparatively, buyers were looking at 12 homes, the height, between 2009 and 2011, when inventory was high.

What has changed? Buyers are able to look at high quality photos online and quickly decide whether the house is something they want to pursue an in-person showing or virtual tour or if it is not the house for them. NAR found that 95% of buyers were looking online for homes last year, compared to 80% in 2006. Today, 51% of buyers first found their home online, compared to 24% in 2006.

Additionally, buyers are moving at a much quicker pace than in the past. In 2021, buyers looked for eight weeks before purchasing a property, compared to the peak period from 2019 through 2013, when buyers looked at homes for 12 weeks before deciding.

Both technology and limited inventory have pushed buyers to faster paces in the process, making an agent’s guidance with their clients more important than ever.

Topics

Technology
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