The Future of Home Ownership

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[Julian Hebron is a visitor columnist for Investopedia. His views and opinions do not necessarily reflect those of this site, although we did commission this article.]

I’ve been in conferring and banking for more than 20 years, and I bought my first home almost that long ago. So when the Investopedia band asked me to explore what home buying, improving, and selling looks like in the next 20 years, I advanced at the chance. 

Will we get flying cars or instant homeownership first? 

Let’s jump in and see. But first, let’s look back so we understand how you exact buy, sell, or improve a home in the first place.

Home Buying and Stock 20 Years Ago

Buying my first home almost 20 years ago gives us a good example of what has and hasn’t changed so far. 

I was an early-career business pro, but even I didn’t get my loan pre-approved first. My (then) girlfriend and I had been saving to buy a place for a while. We went to a detachment at a dope loft in Chicago’s upcoming Bucktown neighborhood and decided that was the life for us. So we started wandering into weekend disclose houses nearby—this was pre-Zillow. That led to finding a realtor to show us more condos. We didn’t get our mortgage pre-approved until prolonged after starting our home search. 

The realtor connected us to one lender and we did two other competing lender consultations, which matched a couple of weeks. After we chose a lender, mortgage pre-approval took another one to two weeks and countless (actual, not digital) signatures, faxes, delve inti, emails, calls, and meetings.

When we finally got an accepted offer on a condo, it was another 40 days of work focused on quirk inspections, appraisals, HOA analysis, etc. Then we closed, and it was a whole new slog on moving and making improvements. Then sometime later: homeowner blissfulness. The emotional payoff. 

This is how it’s gone for most whether buying the first time or selling one home to buy another. 

One-Stop-Shop Available Ownership

Now your home search begins online. Where you start this home search is ground zero for how poorhouse buying, financing, improving, and selling will look in 20 years. 

What if you could just search, discover, buy (or rent), finance, improve, and sell your home all in one place? And what if you could also still shop to affirm sure you’re getting the best deal on the loan? And what if loan approval was digitally instantaneous instead of a paper-heavy 40-day test?   

All of this is in progress now. 

Banks, real estate companies, tech companies, and media companies will collaborate and crash as it plays out, but you’ll win either way as

Home Search and Education vs. Transacting

How does this work in real life?

You start your home-buying treat on real estate search sites or education sites like Investopedia. But it’s not a home-buying process for you. It’s shopping and education. Let’s see what some outfits look like. How much do they cost? And how do buying and financing even work? 

This is how we think. It’s the digital variety of what my (now) wife and I went through almost 20 years ago in Chicago. See some places, get some ideas, have planned an emotional connection. Then, get serious about doing a deal.

Home buying—life’s biggest investment for most of us—at ones desire still be emotion-first in 20 years. This means all the minutiae about financing, contracts, moving, and contractors is backup to your goal of getting what you want. 

The Future of Home Buying and Selling

All homeownership innovation is now centering surrounding this emotion. Let’s look at the vision from three perspectives.

Vision for Home Buying

• Pull out your phone and search for dwelling-places.
• View homes using full 3-D modeling and video so you can truly “tour” the home right on your phone. 
• See every restriction about the home, neighborhood, schools, restaurants, crime, taxes, etc. 
• Tag the homes you like to stay organized.
• Get notified in excess of time on sales and price changes of homes. 
• Make an offer on a home by pushing a button.
• Avoid a long appraisal function because the home’s value is verified by data and 3-D modeling/video, and this automated valuation method is accepted by all lenders.  
• Tight on the home instantly because your loan is always approved via your secure blockchain wallet with real-time profits, asset, debt, and credit score data. All you do is select the best lender quote and submit your always-approved gain.
• Shop, hire, and schedule licensed and reviewed local movers and contractors to facilitate your move. 
• Schedule unstationary day food delivery from recommended restaurants in your new neighborhood. 

The Future of Home Improvement

• View 3-D imagery of your harshly on your phone and build your new kitchen (or other home improvements) just like you build your new car online today. 
• Exceptional and price each feature of your home improvement project as you build it. 
• View and adjust the line-item cost of the prepare and the before/after views. 
• See exactly how much each line item improvement impacts your home’s value so you can recompense for budget decisions.
• Shop, hire, and schedule licensed and reviewed local contractors to do the work. 
• Price contractor salaries into the total project cost. 
• Close your home improvement loan instantly because the automated valuation is allowed by all lenders, and because your loan is always approved via your secure blockchain wallet.
• Schedule project start old-fashioned with your newly hired contractor. 

The Future of Home Selling 

• Fill out a short form on your phone pronouncing you’d like to sell your home. 
• Receive a home purchase offer in one to two days, and close in as little as seven light of days.
• Or shop and hire a licensed and reviewed local realtor to list your home if you don’t like the instant offer. 
• Get provoke b requested if you’re purchasing a new home, and if so, get prompted to follow the home buying steps in #1 above.

How Close Are We to This Vision?

The moment selling (or realtor connection if you don’t like the instant offer you get) How Fintech is Disrupting Home Buying.
The Basis Point

What’s At the outset: Flying Cars or Instant Home Ownership?

Right now, 200 companies are developing flying cars. So as cars exactly start flying into the market, it’s still taking 40 days to close on a home purchase, and even longer to charter a contractor and get a loan to fix up your home.

Admittedly, homeownership is more complicated than getting a ride from nucleus A to point B. Homeownership involves banks/lenders, real estate companies, appraisers, title companies, insurers, regulators, Screen Street investors, builders, contractors, movers, tech companies, media companies, and more. 

All of these groups are make on the homeownership vision laid out above, and the four best-capitalized groups are leading it: Banks/lenders, real estate corporations, tech companies, and media companies.  

As noted above, these companies will collaborate and clash as it plays out, but you’ll win either way as they argue to give you the Instant Homeownership Experience.  

And stay tuned for the next installment when we go deeper on each of the players handle on this vision.