How homebuyers are using new technology to aid their purchase – JS

In uncertain economic times, the homebuying process can be overwhelming. However, advancements in technology have made it easier for buyers to make informed decisions efficiently. From AI image-matching to high-tech home inspections, there are several cutting-edge tools available for homebuyers today.

OneHome portal by Cotality utilizes AI image searching to help buyers find homes that match their preferences. This innovative tool allows buyers to upload photos of features they desire in a home, such as a kitchen or patio, and receive listings with similar characteristics. This service, launched last summer, is revolutionizing the home search process.

Fetch Agent is a platform that assists buyers in finding the right agent for their needs. By allowing buyers to submit custom commission offers to agents in their area, Fetch Agent aims to match buyers with agents who have expertise in their desired location. A good agent can help buyers navigate the market and negotiate the best deal.

Technological advancements have also improved the home inspection process. Infrared cameras and drones with cameras allow inspectors to access hard-to-reach areas and provide more detailed reports. These tools help buyers identify potential issues and negotiate repairs with sellers.

Automated valuation models (AVMs) have become more accurate due to advancements in technology. These models use publicly available data to estimate home values, providing insight for both buyers and sellers. Companies like Restb.ai are incorporating image data into their AVMs to provide a more comprehensive view of property condition.

While homebuying technology has made the process more efficient, buyers must still have their finances in order. Purchasing a home is a significant financial decision, and technology can only go so far in assisting buyers. It is crucial for buyers to have a solid financial plan in place before embarking on the homebuying journey. In order to successfully navigate the homebuying process, it’s important to focus on some traditional, non-high-tech strategies. This includes:

1. Building your credit score by consistently paying bills on time and living within your means. A higher credit score can lead to lower mortgage rates.
2. Saving up for a substantial down payment, allowing you to pay more upfront and borrow less.
3. Comparing different lenders to find the one offering the most favorable terms and deal for your situation.

By following these steps, you can set yourself up for success in purchasing your dream home.