Harnessing Technology in Home Buying: A Comprehensive Guide for First Home Buyers
In the modern era, technology has revolutionised almost every aspect of our lives, and home buying is no exception. While purchasing a property used to be a complex and somewhat mysterious process, today’s buyers have a wealth of information right at their fingertips. But how can first-time homebuyers fully leverage these digital tools to make the best decisions?
In this episode of Home Buyers Australia Podcast, hosts Damien Walker, a mortgage broker from Atelier Wealth, and Jack Corbett, a buyer’s agent at Corbett Property Buyers, discuss the ways technology is shaping the home buying experience. From utilising real estate platforms to navigating off-market opportunities, they share invaluable tips on how buyers can use technology to their advantage in a competitive property market.
The Old Days of Property Buying: A Pre-Digital Era
Rewind the clock 30 years, and the process of buying a home was a far cry from what it is today. As Damien recalls, back then, the only real option for buyers was to rely heavily on real estate agents. If you were interested in a property, you would have to call up an agency, and often the agent would personally pick you up and drive you around to view potential homes.
There was no real-time access to property listings, no sold data to analyse, and certainly no online reviews or price comparisons. This meant that many buyers were at the mercy of agents who may not always have had their best interests at heart. As Jack points out, “You had to trust the agent, and that sometimes led to buyers paying too much or missing crucial information.” Today, with the internet providing vast amounts of data, buyers can go into the process far better informed.
Real Estate Platforms: More Than Just Listings
In today’s property market, websites like realestate.com.au, Domain, and Homely are the go-to places for anyone looking to buy a home. Most people visit these sites to browse property listings, look at photos, and check out price guides. However, Damien and Jack highlight that these platforms are often underutilised. The real value lies not just in what’s available for sale, but in the sold section.
The Importance of the Sold Section
Browsing sold properties gives buyers a clearer picture of market trends, helping them to avoid being misled by potentially inaccurate price guides. As Jack explains, “The price guide on a listing is rarely what the property will sell for, especially in a hot market.” For instance, agents might list a property with a guide of $1 million to attract attention, but it could easily sell for $1.2 million or more. By regularly checking the sold section, buyers can track recent sales and make better-informed offers.
Generating Suburb Reports for More Insights
Another underappreciated feature on these sites is the ability to generate suburb reports. These reports can provide deep insights into key metrics like median property prices, average land sizes, and historical price growth in specific areas. Armed with this data, buyers can understand what their money will realistically get them in a particular suburb and avoid the common pitfall of overestimating their budget.
The Power of Google Maps: An Invaluable Home Buying Tool
While real estate websites provide a wealth of information, one of the most underutilised resources in the property buying toolkit is Google Maps. Jack emphasises that street view, satellite images, and even Google Earth can reveal much about a property that photos or online listings may not show.
Checking the Neighborhood and Surroundings
For example, a property might have beautiful photos online, but Google Maps could reveal that it’s right next to a busy highway, high-voltage power lines, or even a noisy industrial area. “You can’t hide from Google Maps,” Jack jokes, stressing that it’s a great way to vet a property before you even schedule a visit.
Flood Maps and Insurance Considerations
In addition to exploring the neighborhood, buyers should also use flood maps provided by local councils to assess whether the property is at risk. “Flood zones aren’t always obvious,” Damien explains. “Even if a property looks perfect, if it’s in a high-risk flood zone, your insurance premiums could skyrocket.” Before making any serious offers, buyers should contact insurance companies for quotes, which will quickly reveal the risks of the property.
Off-Market Opportunities: How to Access Hidden Gems
Many buyers focus solely on properties listed online, but savvy buyers know that some of the best deals never make it to the open market. These off-market opportunities are often available only through strong relationships with real estate agents. Jack explains that one way to tap into these opportunities is by building relationships with agents in your area.
Leveraging Real Estate Relationships for Off-Market Deals
Agents often send out email blasts to their preferred clients with off-market listings. By signing up for these lists and staying in touch with key agents, buyers can get access to properties before they hit the major real estate platforms. Jack also mentions that many agencies now have private Facebook groups where off-market properties are shared with serious buyers. Joining these groups can be a game-changer for those wanting to stay ahead of the competition.
Consider a Buyer’s Agent for a Competitive Edge
For those who are time-poor or want to streamline the process, engaging a buyer’s agent is a worthwhile investment. Buyer’s agents, like Jack, have built extensive networks with local agents, allowing them to access off-market properties regularly. They also handle the legwork of negotiating, inspecting properties, and ensuring the buyer gets the best deal, saving clients both time and stress.
Avoiding Information Overload
With so much data available, it’s easy to fall victim to information overload. Damien and Jack caution against relying too heavily on unverified online sources. From social media posts to random blog comments, there’s an overwhelming amount of content out there, but not all of it is accurate.
Be Selective About Information Sources
“Anyone can start a blog or a podcast,” Damien points out, “so it’s important to critically evaluate where you’re getting your information from.” It’s always better to consult professionals like mortgage brokers or buyer’s agents, who are bound by legal obligations to act in their clients’ best interests.
While online research is valuable, it’s important to avoid analysis paralysis, where too much information prevents you from making decisions. First-time buyers should use technology to inform their choices but also lean on trusted professionals to guide them through the process.
The Final Step: Balancing Technology with Human Expertise
While technology has undoubtedly made the home buying process easier, Damien and Jack emphasise that there’s no substitute for personal relationships and professional guidance. Whether it’s reaching out to mortgage brokers, building connections with real estate agents, or leveraging buyer’s agents to access off-market deals, the human element remains an essential part of the equation.
Combining the Best of Both Worlds
Tech tools can help you research properties, compare rates, and assess market trends, but having an expert in your corner can save you from costly mistakes. As Jack says, “We sell time, expertise, and experience,” and that’s something no app or website can replicate.
Take Advantage of the Best of Both Worlds
In conclusion, today’s homebuyers have access to an unprecedented range of tools that can make the property buying process more transparent and manageable. From real estate platforms and Google Maps to flood maps and online loan calculators, the digital age has put buyers in a much stronger position than ever before.
However, technology should be used in conjunction with professional expertise. Mortgage brokers, buyer’s agents, and real estate agents offer personalised advice, deeper insights, and practical support that tech alone can’t provide. By blending the best of both worlds—digital tools and human relationships—first-time buyers can confidently navigate the property market and make informed decisions.
Get in Touch
Ready to take the next step? Contact Corbett Property Buyers for expert guidance in navigating the property market, and reach out to Atelier Wealth for tailored mortgage solutions that suit your financial goals. Your journey to homeownership starts here!
For more tips and insights, tune in to the Home Buyers Australia Podcast on Spotify and Apple Podcasts.
