Top Realty Trends of 2018

Written by Posted On Thursday, 02 November 2017 11:10

The year 2017 is almost over and we’re already looking into the new year. In every year, we see new innovations in technology across every field. Just like other areas, the real estate sector is not left untouched by technology.

Last year, Forbes listed the 7 technology trends that people should watch out for in 2018. These trends extend to the real estate sector and are projected to further influence the industry.

 

The future of buying and selling homes

Buying and selling a home can be really complicated for homeowners. A lot of things can impact this process in a negative way. Therefore, you need to be more cognizant about the latest developments in this regard.

A lot of tech platforms have emerged, which make the conventional process of selling and buying homes straightforward and quick. These range from websites and listing apps to virtual reality assistance. This blog focuses on how virtual reality and renewable energy can transform the realty sector and thus be beneficial for everyone.

 

Virtual Reality (VR) and Augmented Reality (AR)

It is anticipated that the virtual reality market will be worth $150 billion by the year 2020. This proves virtual reality as lucrative technology advancement in all industries, including real estate. Virtual reality aids this industry in many ways.

VR and AR facilitate virtual home tours. This means home buyers no longer have to take out time and visit every home their broker suggests or that is on their list, rather they can just view the homes from anywhere and even show it to everyone in their family. This diminishes the hardship if one has to buy a home in another nation or state and has to keep visiting that place to check out their potential home and spend money on the journey as well.

An example of such a realty website is YouVisit that engages virtual reality to provide home tours without any special equipment or gear. What’s more? You can take a tour of the street you wish you buy your home in through Google’s Instant Street View. You just have to type in the name of the street you wish to explore and then move your cursor.

Virtual reality and augmented reality will surely impact the realty sales in both commercial and residential sectors. Experts speculate that real estate applications will bring in $2.6 billion into this industry by 2025.

 

Utilizing renewable energy in homes

In 2015, renewable energy formed one-tenth part of the overall energy consumption in the United States. And, half of this energy is consumed in the form of electricity, which can be generated from various sources, such as geothermal, solar, hydroelectricity, biomass, and wind. Amongst these, biomass contributes the most with 50%.

Before we go further, let me explain to you what renewable energy really is. It is the energy that is derived from a source that does not deplete over time with usage, such as wind, solar power, etc. Renewable energy can be used to power your home since it has dual advantages, that is, it helps the environment as well as saves your money in utility bills and taxes.

You can use renewable energy in your homes in many ways. Some of the major ones include:

  • Geothermal heating from heat pumps: Geothermal pumps come in handy for cooling and heating buildings. They keep the ground warmer as compared to the air during winters and cooler than the air during summers. These pumps use much less energy as opposed to traditional heating systems in buildings because they operate with the help of ground heat. Plus, these are quite efficient in cooling and heating homes and at the same time save money and energy, along with decreasing the air pollution. Additionally, all areas in the US have almost constant shallow-ground temperatures; which means you can install geothermal heat pumps in your home no matter in which part of the US you dwell in.
  • Solar electric panels: This is the most obvious and common ways to use renewable energy in your home. As you might already know, solar electric panels are installed on the roof of a building, whether commercial or residential. Additionally, these panels can also be installed in the yard. These panels can produce 10 or more watts of power per square foot as per the direction and latitude of the panels. On an average, one house consumes a minimum of one kilowatt of power. This means most of your electricity needs can be sufficed by a few solar panels spread within one of two square feet.

As you can see, the real estate technology is here to stay and will revolutionize the processes of this industry. With virtual reality, augmented reality, and renewable energy, the industry will not only lower its initial costs but will also make it simpler and quicker for home and retail buyers and sellers alike.

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