Using data to make the right home purchase
Wednesday Aug 09th, 2017
The world of data and technology has changed many industries, and real estate is not immune to this. The impact that data and technology has had in the marketing, sale and syndication of real estate homes and home related content is immense.
Today many home owners and home buyers are using this data themselves to further their reach on how to list, sell and market their home or how to better buy a home. The truth is that despite all the available data and technology around real estate, home buyers and sellers are not using it in full and Real Estate agents have been the ones who are truly taking advantage of all the information that is out there.
Home buyers in particular have access to more information that ever before. They can use readily available home and neighbourhood data to do things like:
- Avoid neighbourhoods where property values are falling
- Decide which neighbourhood will slowly or rapidly increase their property value over time
- Determine which condos are bad investments or good investments
- Find a history of structural, or neighbourly issues surrounding a property
- Crime rate and history of neighbourhoods
- School grade averages in neighbouring schools
- Average family income of specific neighbourhoods
- Learn traffic patterns, energy efficiency, air quality of a location
- Other various demographics surrounding the city, neighbourhood, people and trends
The data that home buyers collect during their findings can also help them get insight on how banks and lenders mitigate risk, and allow them to further get a leg up on strategically requesting a loan or mortgage. Banks and lenders safeguard all investments by leveraging all data and analytics so it is a great choice to go into any mortgage meeting with as much data as you can.
Insight into the future can be greatly helped by this data as well by determining and identify previous and future issues, repairs and expenses.
The truth is, when buying a property, the Real Estate game is greatly helped by old school networking and timing. Having data, analytics and trends on your side can help you arm yourself with facts to help bring down the cost of your future home.
Getting the insight on the home you want and the networking and reputation skills of an agent like myself can be the catalyst that turns all the data you collect on your own into the home of your dreams.
Find out more about my home buying experience here.