The Future Of Real Estate Is Upon Us
While driving to my office after meeting with a client, I was contemplating whether it is good to allow technology to run my business as much as I allow it. From setting up my showings through the Internet to writing contracts directly on my touch screen laptop.. the answer is an astounding YES!
With the wonderful advancements we have made in real estate compared to the old hard copy MLS print outs that use to be handed out to local brokerages, we are really in a good time for real estate.
Considering all the gadgets and gizmo’s out there in the world of real estate, its only a matter of time before buyers can basically show houses themselves. Pretty soon it will be almost impossible to ignore how easy it is to see that house down the street you were dying to critique with little or no agent interaction. With the invent of things like virtual tours, blackberry phones, and touch screens – we just can’t help but find ways to make it easier to show and sell homes.
By the time I reached my office, ideas had overwhelmed me. Virtual tours so advanced that a buyer may get so immersed with a house that they need not leave their computer to have confidence to hit the BUY button!
Imagine for a moment, cameras through-out a home with panoramic views that rival that of Google-Maps. Its almost here and there’s no way to stop it.. unless the owners don’t like to see their home sold like eBay vs reality TV.
Yet another hike in the lending rates by the Reserve Bank of India (RBI) has caused an unprecedented hike in the home loan rates also. Buying a home has just got costlier. Private banks HDFC and ICICI have hike the rates by 75 basis points (100 basis points=1%). This is the third consecutive hike in interest rates this year. On an average, home loans have got costlier by 2% this year as compared to 2007.
The properties in India have been hit by many factors. The global recession had hit the real estate segment hard. The property prices all over the country have stagnated. This is the first such instance in the last five year when property prices have stabalised. Otherwise, the prices for real estate in all segments were rising without any halt. The demand for property had taken off like never before. Besides, property seekers and investors were keenly investing in property segment. Anybody who had little funds to spare found it conducive and profitable to invest in property. At that time, other investment instruments like mutual funds, securities and shares were being neglected by investors.
Home loan rates were affordable and easy payment options like Equated Monthly Installments (EMI) had attracted many home buyers to consider borrowing from banks and financial institutions. The scenario has changed now. Borrowing funds from banks has become a costly preposition. The costs for constructions material is rising. As a result, private property developers have hinted at hiking the prices of property projects. These market conditions are dissuading investors from investing in the property segment. Home seekers too are waiting for the market conditions to improve. As a result, the number of property transactions has dwindled. Property brokers, builders and home seekers are hoping for better times to come.For more view- realtydigest.blogspot.com
Comment by riathareja — August 11, 2008 @ 4:24 am