For thousands of years, technology has helped us throughout much of our daily lives by cutting down on time and energy in getting work done. Every year, there are bound to be more innovations that can help several aspects of our lives. Whether it’s in health, business, manufacturing, and automation, technology has always made our lives more convenient.
Even during a public health crisis like the pandemic, technology has always been on our side to keep us busy and help us stay connected with society. Although some industries require their workers to come to work since it’s essential for daily operations, some industries and businesses have completely migrated to a virtual platform. The real estate and property management industry is one of the few industries that have effectively migrated to the virtual sector, especially in streamlining the buying and selling process digitally.
Since much of the general public is staying at home and limited to their local communities, the amount of foot traffic for businesses has plummeted, which has lead to complications with the economy. That said, the real estate industry has been looking for different ways in revamping its day-to-day operations so that it can reach out to a broader audience.
What’s one of the best ways of maintaining a two-way form of communication to those that won’t be able to tour homes physically? Having a steady online presence is one of the best ways of letting; your buyers and sellers know that you’re still operational, even during tumultuous times.
Gone are the days when buyers will need to travel hundreds of miles to tour houses when this can be done at the comfort of our own home. Virtual tours to potential homes have skyrocketed in popularity in the past few months. Some would host live streams through social media platforms, such as Facebook. Inspectors are also conducting comprehensive and detailed inspections of homes while buyers are watching through video calls.
So how will innovations in technology help in buying and selling homes during the pandemic? We’ll be delving into some innovations and how the industry is faring during the pandemic.
Property appraisers are considered essential workers in the industry since they are working day-in and day-out to keep valuations of homes running smoothly. But the recent dangers of the coronavirus have limited the movement of appraisers, with most have to work remotely.
Fortunately, there are temporary rules in place to allow appraisers to do drive-by appraisals and appraising sessions through their desktop. This is working in conjunction with government entities to ensure that citizens that are going through some form of financial trouble can still utilize these loans.
If you’re not quite sure about the factors in play when it comes to property valuation, there are always professional real estate agents that can help you out. There are well-known home buyers who are willing to buy homes for sale at a fair and reasonable rate. Having professional help can ensure that your residential property will be sold in no time.
Verification of Employment And Changes In The Mortgage Rate
An essential part of any mortgage lending firm is knowing the credentials and professional history of the borrower. The borrower should get at least a stable job that can help him finance his loan every month.
Before the pandemic days, most lenders’ parameters were not as strict as it is today, with most lenders needing verbal confirmation from employers. But recent changes in the industry will mean that borrowers will need to put down a good percentage of a down payment to increase the likelihood of getting mortgage loans approved. On the brighter side of things, this will mean that the amount that you’ll have to pay for every month is lower than usual. Fortunately, the use of automated application systems has made this process even more comfortable.
Another factor that comes into play when it comes to approving mortgage loans is the individual’s income-to-loan ratio. While most borrowers will have a stable job that can help them finance a loan, but that doesn’t mean that they can start taking in a loan of any amount. The income-to-loan ratio is a percentage of the monthly income that individuals are willing to put aside for their debt. Most lenders and financial experts would suggest having a debt-to-income ratio of around 36% since this can increase the likelihood of loans being approved.
There are various ways that technology has made it easier for buyers and sellers to get their dream home or sell it. ; Although the pandemic has caused drastic changes to the real estate industry, it’s still one of the most important businesses in the market. After all, putting a roof over people’s heads in times of crisis can help bring the economy back up.