Real Estate Trends in 2021 – Rise of Digital Homebuyers
Post by : favouritehomes
The pandemic has affected almost every industry since its onset, with the real estate sector not being spared either. The first two quarters of 2020 saw dwindling sales in the residential market. With the easing of lockdown, the fourth quarter saw a comeback, demonstrating amazing resilience and promising greater recovery through 2021.
The residential market is clearly showing an upward swing in 2021 with around 80% of prospective homebuyers looking to own a home within a year’s time and 65% of homebuyers preferring to buy ready-to-move-in homes in 2021. Sales are being further boosted with cheaper home loans, flexible payment plans, better discounts and ease of homebuying using digital technology.
Big brand builders are increasingly turning towards the use of digital technology to shape the newest trends and developments in the domain of property sales. Here’s a look at the latest real estate trends gaining momentum in 2021:
Virtual home tours
With the new mobility restrictions and social distancing norms in place, physical visiting of the properties has been minimised. Not to be daunted, property owners have created a new norm, providing ‘virtual home tours’ to prospective homebuyers using digital technology. A software or app is used to create these enhanced 3D experiences with chatbot-assisted enquiries and 3600 in-depth, real-feel property tours. With this trend witnessing a good amount of success, builders are expected to continue providing this digital platform even in the post-pandemic era.
Online property transactions
While digital property searches were in use even before the pandemic, they have reached the ‘necessity’ level with the pandemic. As per industry reports, online search volumes and queries have increased during the pandemic, and are only touted to continue through 2021-22. Remote, online property transactions which were earlier given physical preference, are now increasingly happening over online payment gateways too.
E-signing and Online property agreements
With property deals being increasingly concluded over video calls, another notable trend that has come up is e-signatures and online notarisations. Home buyers are now using electronic signature apps to make online transactions in a seamless process through digital technology.
Perhaps the biggest impact of the pandemic has been on the entire process of property transactions going online.