Embracing Tomorrow’s Homes: The Future of Real Estate

Written by Wena Roeloffze, REALTOR and Lifestyle Expert. Owner of Realty Club 74, brokered by Coldwell Banker Realty.

The real estate landscape is undergoing a transformative journey, propelled by emerging trends and cutting-edge technologies. In this blog post, we'll delve into the exciting world of the future of real estate, exploring the latest innovations that are reshaping the way we buy, sell, and live in properties.

1. Virtual Tours and Augmented Reality (AR):

- Virtual tours have become the norm, allowing potential buyers to explore properties from the comfort of their homes. Some websites offer a walk-through video with a floorplan to get a feel for the property layout and living spaces. But virtual tours is not only a made video. I have done several virtual showings for clients that are either out-of-state, at work and even out-of-country. There is no time to waste when a new listing hits the market and the beauty of these virtual showings, is that it still gives the buyer and agent the opportunity to discuss the home in a way that would not be possible otherwise. A virtual tour may not provide you with the energy and feel of the home, but through the video and the communication with your agent, this is a great opportunity to “see” the home with the help of technology.

- Augmented Reality enhances the virtual experience, enabling users to visualize furniture and decor within a space before making a decision. This particular asset comes in handy when a property is vacant, in a “not so great condition” or even in a newly constructed home. It is sometimes difficult to envision how your furniture will fit in an open floorplan or to see the possibilities for a minimal renovation of a home. With this type of technology, you have access to so many possibilities and the creativity and ease of this, makes it very easy for buyers to envision how they will live in a space or change a space to suit their requirements.

2. Blockchain in Real Estate Transactions:

- Blockchain technology is a revolutionary process, that has been offered as a way to handle property deals. For most of us, this is still a very “grey” area and lots more has to happen in this field to make it more than just a transactional challenge for now. It’s still very new in the real estate industry and here is a short description from Consensys about it: “In real estate, tokenization refers to the digitization of securities, alternative assets, and financial instruments. With Ethereum blockchain technology, digital assets can be programmed to include ownership rights, transaction history, and rules to ensure asset issuance, distribution and transfers are regulation compliant. Simple examples include controls to ensure that tokens can only be transferred to certain counterparties, or not at all during a lock-up period. Digital assets can be customized to meet all kinds of issuer requirements.”

- In the real estate market, the advice, knowledge, and know-how of real estate professionals will remain crucial to commercial buyers. However, the processing of securities, liability management, document processing, and accounting will inevitably change. How exactly this will influence the residential market, will have to be seen in the near future. According to Lee Nelson, a writer for the National Association of Realtors, “Propy has already completed over $4 billion in real estate transactions on the blockchain. Recently, the company seamlessly transferred ownership of a Tampa, Fla. condo in 15 minutes. The process offered transparency that the traditional real estate transaction does not. Everything from the appraisal to the offers was available online.”

3. Online closings and notarization:

- The pandemic days increased the need for virtual closings and Title companies stepped up the pace to deliver a system where sellers can close on their home in different locations at the same time, all while the buyers can be in different locations as well. This is a significant improvement in closing on real estate transactions and a positive end-result for all parties.

- Alas, the days of the fax machine will soon retire, just like the mail pigeon has. Buyers and sellers are free to use their time effectively on the transaction process, instead of the traveling process. Realty Club 74 offers notarization to all our clients.

4. Smart Homes and IoT Integration:

- The rise of smart homes involves integrating Internet of Things (IoT) devices for enhanced security, energy efficiency, and convenience. From smart thermostats to security systems, these innovations make homes more connected and responsive to residents' needs.

- A smart home refers to a convenient home setup where appliances and devices can be automatically controlled remotely from anywhere with an internet connection using a mobile or other networked device. Smart homes allow you to have greater control of your energy use, all while automating things like adjusting temperature, turning on and off lights, opening and closing window treatments, and adjusting irrigation based on the weather. It can provide insights into energy use that can help you become more energy efficient and mindful of ecological factors. And it can also pinpoint areas where you’re using more energy than you need to, allowing you to cut back in those areas and save money.

5. Sustainable Living Spaces:

- Increasing awareness of environmental issues is influencing homebuyers' preferences. Sustainable building materials, energy-efficient designs, and eco-friendly features are becoming key considerations in real estate development.

- Local architects, Galbraith and Carnahan, is known to say that the greenest building already exists. And that is what I hope to see more of this year - older built homes, redesigned and re-purposed for a more modern living. Building new isn’t the only consideration to enjoy a living space that is more sustainable.

6. Remote Work Impact on Housing:

- The surge in remote work has shifted priorities for homebuyers. This shift in how we work, as employees, consultants or free lancers has been an enormous priority. No one wants to work in a dark basement or a desk in your bedroom to have some space (or quiet) to attend meetings, give class or interact in collaboration projects. Dedicated workspaces and enhanced connectivity have become a true necessity.

- The true impact is reflected, not only in the nature of work, but also includes hobbies, schooling from home, tutoring, side hustles and any other activities that would require a dedicated or allocated space which is organized and productive.

The future of real estate is undeniably intertwined with technological advancements that enhance efficiency, accessibility, and sustainability. As we embrace these emerging trends, the real estate industry is poised for a dynamic evolution. Whether it's virtually touring a property, leveraging blockchain for secure transactions, or living in a smart, sustainable home, the future promises a more connected and innovative real estate experience. I am very excited to be a part of this.

Stay tuned as we witness the unfolding of this exciting chapter in the evolution of real estate. Embrace tomorrow, today!

Feel free to send comments and questions to me directly. I would love to hear what you think: contact.