The real estate industry has never been static, but things have changed here more than normal on several fronts. The skyrocketing cost of housing is not the only major difference.
As technology evolves, disruptors are leveraging platforms to help people make more informed purchasing decisions. They’re also removing pain points along the journey, so buying a home doesn’t have to be a murky, slow, and excruciating process.
Let’s check out some of the technology in today’s real estate market.
Innovators like Regan McGee have made open digital marketplaces where homebuyers, especially millennials, can enjoy transparent data working for them. Compare qualified and verified local real estate agents based on their pricing, service, reputation, and experience level. Then, pick the agent who works best for you.
On a platform where agents vie with each other for your business, prospective homebuyers get further incentives like cashback or improved services, which are likely to be very appreciated given housing costs. As McGee explained to Toronto Life, “People think buying and selling real estate is complicated, but that’s a way for agents to justify their fees.”
Prop tech helps people entering the housing market for the first time learn what questions to ask so they don’t find out hard lessons after it’s too late. Homebuying doesn’t have to be a nerve-wracking, drawn-out process if you rely on today’s leading technological support.
Virtual Reality and Augmented Reality
While the development of virtual reality tech predates the COVID-19 pandemic, the need for remotely viewing property was only made more acute. Pictures and even videos of the property up for sale don’t give prospective buyers granular control over what they’re viewing.
Exploring a property using virtual reality lets you delve deeper into the home itself. Imagine looking at a picture of a home and wondering what’s around a certain corner you can’t see. Virtual reality lets you step inside the pictures and even the video and roam freely.
Facebook, now known as Meta, has people spending fortunes buying a virtual property you can’t actually live inside.
Airbnb was originally meant to allow homeowners to rent out their space while they were away on vacation or for whatever other reason. In the years since, people have purchased property for the sole purpose of renting it out short-term on Airbnb.
Such practices have driven up the cost of living, and not every community is supportive. Local battles between long-time community members who resent living in ghost towns and short-term landlords who aren’t breaking any laws are increasingly common.
Each jurisdiction responds differently, but technology has created possibilities that didn’t exist even a few years ago, and that is definitely something to watch.
Technology has evolved so much in the past decade or so that it’s hard to think of a sector it hasn’t affected. From prop-tech platforms, developments in augmented and virtual reality, and apps that increase your property’s value, real estate is presently different than ever. In a way, the future of real estate is now.
Toronto real estate class-action could affect billions of dollars in commissions – Financial Post
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Katy Perry real estate battle inspires a bill to protect elders from financial abuse
While Katy Perry prepares to take the stand in court, a bill with her name might be going to DC.
The “Fireworks” songstress and her partner Orlando Bloom are currently tied up in a legal battle with 84-year-old Carl Westcott, the founder of 1-800-Flowers, who claims he was on painkillers when he agreed to sell the couple his Santa Barbara mansion. Perry and Bloom are not named in Westcott’s filing, which is against the couple’s business manager, Bernie Gudvi.
As the trial rages on, members of the Wescott family are throwing their support behind a newly launched campaign for the Protecting Elder Realty for Retirement Years (PERRY) Act. “The Katy PERRY Act addresses the risks of elder financial abuse, especially as it relates to property and real estate sales and transfers,” a website for the act explains.
Representatives for Perry did not immediately respond to EW’s request for comment.
Jason Kempin/Getty Images Katy Perry
In an op-ed for The Federalist, Carl Wescott’s son, Chart Wescott, called upon California and other state legislators to pass the act, which establishes a 72-hour grace period during real estate sales and transfers of personal residences that allows either party to rescind the agreement without penalty, if one party is over the age of 75.
The website also lists the 38 state and local politicians who are backing the act.
Per PEOPLE, Perry and Bloom originally purchased the 9,285-square-foot home from Wescott in July 2020 for $15 million. Days after the deal was finalized, Wescott claimed that he had been recovering from spinal surgery at the time of the agreement.
During opening statements last Wednesday, Westcott’s attorney Andrew Thomas said that his client, who was diagnosed with the genetic brain disorder Huntington’s Disease in 2015, had been showing signs of “delusion” and “intrusive thoughts” after taking the painkillers and was still recovering from “post-operative delirium.”
In a countersuit, Perry is seeking more than $5 million in damages due to loss of potential rental income and for the cost of maintaining other properties that she and Bloom rent. She is expected to remotely testify this week in the non-jury trial which began last Wednesday.
RBC says only a housing market crash would quickly restore affordability in Canada
A new report from RBC says short of a housing crash that would “destroy property values” in Canada, it will take years and concerted efforts to restore affordability.
The second-quarter report on housing affordability lays out some dire conditions across the country and warns “any progress in restoring housing affordability is likely to be slow.”
According to RBC, in order to see any sort of difference in the current housing situation, supply needs to increase by giant leaps.
But the bank says that doing that will take a long time and even if new homes are built, the rising construction costs could still result in Canadians being priced out of the market.
The dream of home ownership remains out of reach for many
As Canadians across the country deal with high interest rates and real estate prices, the report suggests buyers will continue to deal with “extremely difficult affordability conditions.”
“We believe those pressures are behind the notable cooling in home resale activity we saw this summer in Ontario and British Columbia. They are poised to weigh on demand for months to come in both regions, with many buyers entirely priced out in Vancouver and Toronto,” reads the report.
RBC says we are still seeing the effects of the sharp erosion of affordability from the pandemic playing a role.
Any hopes for any improvement in affordability were dashed as the market rebound in the second quarter sent home prices climbing at a rapid clip again after soaring interest rates saw prices drop the previous year.
According to RBC, Calgary is apparently the hottest housing market in the country right now. The bank says inventory is at a 15-year low and that “home resales [are] running at the pre-pandemic peak” and as buyers compete fiercely for the little inventory Edmonton
We’re not in Calgary… The situation is Edmonton is quite different as there seems to be “plentiful inventory” that is resulting in a “calming effect” on price negotiations.
RBC says Toronto has more in common with the situation in BC than Alberta right now. There is “no material relief” in sight in Toronto and RBC says “the dream of owning a home remains far out of reach for ordinary folks.”
Interest rates seem to have ignited resale activity in the spring, but RBC is predicting “a more subdued tone” in the months ahead.
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