The Importance of Tech Literacy for New Homebuyers
Technology rears its head nearly everywhere nowadays. It underpins how we order food, book vacations, track our finances, talk to friends, solicit legal advice, and a thousand other everyday processes. Naturally, technology has also become an intrinsic part of life’s biggest transaction: real estate.
In the past decade alone, technology has penetrated nearly every aspect of the real estate transaction experience – from finding an agent to searching for homes, qualifying for a mortgage, to signing the final documents.
Below, let’s illustrate the importance of tech literacy for new homebuyers by listing the digital tools, platforms and solutions at the modern homebuyer’s disposal.
Online Tools Make Sense of a Complicated Process
Most contemporary home buyers don't start their real estate journey at an open house. They begin online – with a suite of helpful tools for saving, financing and learning. Here are a few essential online tools that you should know as a new homebuyer:
- Mortgage Calculators: These simple online calculators allow you to punch in a down payment amount, term length and likely interest rate to determine your monthly payments.
- Affordability Calculators: These calculators factor in your income, existing nest egg, current and future expenses and more, to give you a rough idea of what you can afford in the real estate market.
- Market Conditions Indicators: These indicators tell you the overall “weather” of your local real estate market, based on supply and demand – whether it’s a seller’s market, buyer’s market or balanced market.
- Pre-Qualification Forms: These indispensable bank tools represent the first step in your eventual mortgage approval.
Use these tools as a first step in the homebuying process.
Open Digital Marketplaces Pair You with the Ideal Agent
After learning about mortgages, affordability and market conditions, it's time to contact a real estate agent. Before the tech era, this was a frustrating process for consumers; honest reviews and transparent information was hard to come by.
Thankfully, open digital marketplaces have changed that for consumers. The best example here is Nobul, a real estate digital marketplace that matches buyers with relevant agents through an AI algorithm. According to Nobul founder and CEO Regan McGee, “Our platform enables buyers, and sellers to openly see the transaction histories, pricing, reviews and services of real estate agents. Agents can then actively compete for the prospective buyers’ business.”
If you want an agent with your best interests at heart – one suited to your lifestyle and preferences – start your search online at Nobul.
Listings Algorithms Allow You to Strike First at Relevant Properties
According to recent studies, most home buyers start their property search online. The best online listing platforms pull properties from several regional databases to give you a comprehensive overview of your options.
One of the upticks of using online listings algorithms is that it helps give you a competitive edge when making offers. If you wait for your agent to convey relevant properties, you may miss out on your window of opportunity for making an offer – especially in hot markets.
Transactional Tools Facilitate a Seamless, Paperless Process
Lastly, it’s closing time. The real estate closing process can be prohibitively complex for many first-time buyers, chock filled with forms, agreements and obligations. A good real estate agent should hypothetically coach you through the process, buffering you from some of the more confusing elements. (Yet another reason to find the perfect agent through Nobul: see above). But they will probably require you to become comfortable with transactional tools like e-signing and document management platforms. Don't worry. These transactional tools are simple to understand.
If you’re considering buying your first home, familiarize yourself with the digital tools and platforms above. Not only will they help you prepare, but they can give you a competitive leg up to find your dream home.