By: Lauren Cummings
So much has changed within the real estate industry since we opened our brokerage, especially with the process buyers use to search for homes. Today, buyers have far more control over the process!
Home Search
When it comes to searching for a home, today’s buyers have advantages with technology that wasn’t always available to them. In 2003, homes were advertised in local newspapers and homes magazines, which meant that a new listing might take more than a month to be marketed to the public due to the publication dates of
print materials. Of course that delay a really big deal back then, because the MLS wasn’t computerized: new listings were published in thick blue books which were delivered to REALTORS every 2 weeks. Today, consumers can access new listings immediately as MLS entry is dynamically fed to broker websites, consumer
portals such as REALTOR.com and Zillow, and search apps like Homesnap. Liz Moore & Associates
also dynamically promotes listings 24/7 in a variety of digital magazines.
Showings
The internet has also impacted home showings dramatically. In 2003, you had to book an appointment
with an agent to see the interior of a home or visit at an open house. Today, many agents utilize 3D home tours
online, enabling prospective homebuyers the ability to virtually walk through the home from the comfort of
their living rooms. This resulted in buyers being able to make an offer on a property from across the country,
without physically seeing it.
Contracts
New technologies have replaced the old carbon-copy versions of sales contracts, as well as the disappearing
purple ink of fax machines. Digital signatures are common, and most real estate contracts are executed via
email. Another change? Our sales contracts have gone from 2 or 3 pages to over 15, with multiple addenda!
Age of First Time Buyers
The age of first-time home ownership has risen over the years. In the 1970’s and 80’s, it was typical for first
time buyers to be in their mid to late twenties. Today, it is more common to see first time buyers entering
the market in their early 30’s. This is undoubtedly due to a combination of factors including the rise in both
the cost of living and home ownership, as well as an increase in student loan debt.
Average Sales Prices
The average sales price of a home 50 years ago was just $23,400, while in 2022 it has climbed to $389,500.
While that may seem shocking, the upside is that there are millions of homeowners who have built generational wealth simply by purchasing homes that appreciated over the years.
With the advent of Artificial Intelligence and other emerging technologies, it will be fascinating to see what
the real estate experience of the future looks like!