Would you buy a home you’ve never seen in person? That’s exactly what more and more home buyers are doing, thanks to changes in the real estate industry brought on by COVID-19, and the rapid development of sophisticated technology that makes shopping for a home through virtual tours a new normal.
Virtual home tours are on the rise, in some cases replacing in-home showings altogether, for a number of reasons including convenience, safety, and efficiency. When COVID-19 arrived, home buyers quickly became accustomed to using virtual tours when restrictions made in-home showings impossible. Even as pandemic restrictions eased, travel bans caused difficulties for out-of-state buyers who had to rely heavily on real estate websites, virtual tours, and the boots-on-the-ground expertise of a local real estate agent.
In addition, new developments in technology and software have dramatically reduced the cost of producing high-quality video. Virtual tours can now be filmed, edited, and produced on a smartphone and made available on the internet in a matter of minutes. 3D and 360-degree cameras that once cost thousands of dollars now cost hundreds, and there’s no shortage of apps available to realtors to create and manage an unlimited number of virtual tours.
Home buyers are increasingly relying on virtual tours as a starting point for a home search. Not having to tour multiple homes in person can eliminate stress from the process, and buyers who are still not comfortable meeting in person or traveling can feel safer. Buyers are also able to search more efficiently, using virtual tours to narrow down what they want and what they need without leaving home.
Real estate innovations — from e-signatures, to live video conferencing to virtual tours — can streamline the home-buying process, even when a buyer isn’t there in person.