Surfing the net last night, I stopped to do a bit of shopping at my favourite online wine store, and as I finished up the transaction I started to think about how many of us now shop online. In particular, what still amazes me about online shopping is the types of things we're prepared to purchase without actually having any physical interaction with the product beforehand. And that got me thinking about buying real estate. I started to wonder how many people would actually be comfortable buying a home online and if, as the internet continues to become an increasingly prevalent component of our lives, the number of people purchasing homes online will increase dramatically. Since the recession hit internationally we've all heard the story about a property in the USA that sold online for $2, but when it comes down to it, a property you're actually going to live in is the biggest single purchase most people make in their lifetime. For that reason alone, a completely online purchase doesn't match many a customer's need to interact with their potential home in a real-life way before they make their final decision.
Of course the internet is the ideal place to source information about property, we know that. Online real estate sites have rapidly become equal to, if not having superseded, the use of hardcopy publications to source property information. The trend of online auctions is beginning to take off too, but at this point we're finding the majority of people are logging on to watch the event as research rather than participate as an active bidder. Technology allows buyers not only to view the property, but with the likes of Google mapping and Street View, you can see the location and even to take a virtual tour down the surrounding streets. Many of our Century 21 offices are introducing video to their online listings, so prospective buyers can also tour the home before actually touring the home, if you get what I mean. The online space provides such a comprehensive overview of most of the real estate on the market today, Century 21 is finding that those buyers that are coming through have basically already qualified themselves as genuinely interested. Often an inspection is the final step in their decision, but it's still a crucial one, and that's why I think it will take some time for online home sales to increase. So until such a time until technology advances even further - and who knows, maybe we'll end up with interactive 3D home walk throughs available - virtual property is another way to score your ideal home online. I take heart in the fact that although I may not be able to afford the mansion in Maui I've been looking at online, I may just be able to create something similar for myself in that funny website Second Life…