For decades, real estate agents have been helping home buyers with the art of buying a home. They have advised them on what to look for when touring neighbourhoods and they have offered helpful insights when visiting houses.
In many ways, the art of buying a home has remained unchanged for more than fifty years. The internet has made it easier for people to search for homes online but the process of touring neighbourhoods and houses and making offers hasn’t changed very much.
What is beginning to change is a shift towards understanding the science of home buying. The science of home buying doesn’t help buyers with the art – the process of touring neighbourhoods, viewing houses and ultimately selecting one. Buying a home is a highly personal decision and technology is not going to help very much when it comes to picking the right house for you.
The science of home buying is more focused on using data and technology to help address many of the most common fears and questions home buyers have.
- Am I buying at the peak of the housing cycle?
- Is this neighbourhood a good investment?
- Does school quality impact my home’s value?
- Is this condo a good investment?
- Does this house have hidden problems?
Most buyers assume that the answers to the above questions are unpredictable and that there’s very little that they can do to mitigate these potential risks or concerns.
Fortunately, much has changed in the world of residential real estate. Real estate brokerages and home buyers have access to much more data today than they did ten years and the smart brokerages and buyers are analyzing this data to make smarter real estate decisions.