One of the biggest ways technology is changing the real estate industry is by providing access to timely and accurate data and insights to help make the process of buying and selling a home more transparent. 

In the past, consumers searching for real estate data faced significant challenges due to the limited availability of information and a heavy reliance on Realtors for that information. At different points in their real estate journeys, many buyers have experienced the frustration of having to go through an agent to access the information needed to make the biggest purchase of their lives.

The traditional approach to real estate has left buyers — and sellers — lacking the same degree of control they have when they read reviews before vacation stays, or objective star ratings before booking a ride or ordering food.

From providing access to detailed market and listings data, to artificial intelligence-powered platforms that can alert users about properties which have been relisted or reduced in price, here are three ways technology is contributing to a more efficient and transparent homebuying and selling experience. 

Historical listings information

Some digital real estate platforms now allow consumers to have access to comprehensive property listings, including a home’s history of previous listing data, sold prices and price changes. This historical data provides a full picture of a property, not just the most recent listing information. 

Buyers can see how a property’s price has changed over time, which can inform their negotiation strategies.

Sellers also benefit from access to historical data about price changes and past sales. This information can provide a more realistic view of where their property stands compared to similar properties on the market, so they can adjust their expectations accordingly. 

Relisted properties and real days on market  

One of the most valuable metrics for providing potential homebuyers with insights into market demand and pricing strategies is days on market (DOM). Lower DOM can indicate a hot market where demand is high, while higher DOM suggests a cooler market. 

Traditionally, if a home is delisted and relisted, the DOM resets, making the property appear as a new listing.

This can lead to flawed comparative analysis, including misrepresentation about how long properties are actually taking to sell in a particular neighbourhood. This lack of transparency can make it more challenging for buyers and sellers to make educated decisions based on accurate data. 

One of the most significant ways technology helps make listing information more accessible for consumers is through the tracking and reporting of the true cumulative days on market for properties, regardless of whether they have been relisted. By accessing the real DOM data, buyers can gain more negotiation power since sellers with properties that have been on the market for an extended period of time may be more motivated to sell at a lower price.

Furthermore, buyers can receive notifications about properties they’re interested in that have been relisted. This allows them to devise a competitive offer strategy based on current market trends in the locales where they want to buy. 

Property price changes  

Another technological advancement enabling access to real estate data is the ability to maintain up-to-date and accurate pricing information in property listings, including real-time price decreases.

Some digital real estate platforms offer automated alerts that notify users instantly in the app when the properties they’re interested in drop in price. This, along with real-time price updates in property listings, ensures buyers get timely and accurate information that can significantly impact buying decisions. 

In addition to price drop notifications, buyers can also receive instant notifications for properties they are interested in that have been relisted. These notifications keep potential buyers informed and up to date on pricing dynamics so they can act quickly, minimizing the likelihood of competing offers. 

The integration of technology into the real estate industry provides consumers with access to the data and insights that help make homebuying and selling more transparent at every stage of the process.

Tools that empower consumers with instant and accurate information, combined with the expertise of a Realtor, can help guide real estate decisions to ensure the best possible outcome.