Utah Real Estate and Technology Trends 2019 Review

Real Estate Technology Review 2019 

 

The US housing market is currently valued at $33.3 trillion and is projected to propell further in 2020. And a new deal from Trevor Milton, chief executive of Nikola Motor, sets a new price record for the state of Utah..Real Estate demand is high and supply is low in Utah and throughout most of the United States. Those looking for entry level properties are up against a fierce amount of competition in the marketplace. Despite popular belief Millennials have always wanted to buy homes, most just couldn’t afford it. But in 2020, Millenials will take the lead and propel us forward. 

Millenials Will Dominate Real Estate in 2020

With the recent strong economy, more Millenials are in a position where they can actually consider buying a home for the first time. It was recently reported that Chicago Real Estate is worse than Hong Kong. For now best chance is to focus on small and mid-sized cities. Motivating Millennials.

This accelerated growth has come with developments and innovation within the real estate industry, specifically the Proptech sector. The sector is ripe for disruption. From the beginning stages of cross-referencing property information to submitting offers and signing contracts, 2020 promises disruption across the board. 

Redesigning Real Estate 

Investing in Proptech 

Real estate is most likely the biggest asset class in the world. VCs are turning to real estate tech or proptech for ripe opportunities for juicy returns and disruption on a global scale. workforce housing, medical real estate, and senior housing. We are looking at investing in technologies that benefit processes within these non-traditional asset classes. The market is definitely hot, but the addressable markets are enormous and adoption is still relatively low and accelerating. We believe that now is a good time to invest in early-stage proptech, provided it’s done prudently.

 startups in the material sciences sector. Innovations like steel, bricks, timber, glass and reinforced concrete are hardly new, and they are still the predominant building materials of today. There have been minor advances like cross-laminated timber; however, we are looking for fundamentally new materials to bring into the building trades.in the Proptech industry is ripe for disruption to come soon.  E-signatures are now the industry norm in the United States. E-recording and e-notarization are also becoming new industry standards. 

Millennials have always wanted to buy homes just couldn’t afford it. 

What Sectors of the Real Estate Will Proptech Disrupt in 2020? 

  • Verifying and cross-referencing property information among several sources
  • Being pre-approved for a mortgage
  • Submitting offers
  • Hiring a real estate attorney
  • Signing the contract
  • Receiving a commitment letter from your bank
  • Submitting a co-op board application 
  • Having the board interview

Rapid changes in real estate influence by innovations in Property Technology Affordable mid-sized cities because the real estate market is doing the best it has ever done. For buyers, finding the home that’s right for them, and competing with other buyers, especially in affordable price points are challenges faced in 2020. Real Estate supply is in high demand as supply is low. The US housing marketing is currently sitting at $33.3 trillion. Let’s talk about Proptech, and Fintech, and where it meets the other. 

How to buy a home in 2020

The real estate market is great and fierce right now as many people want homes. 

How to sell a home in 2020

Virtual reality, virtual home-staging and augmented reality have all made their way into the real estate industry. 

Blockchain technology and a, and In most cases, those migraines originate in the number of documents that need to be signed and reviewed, and all the necessary actions that need to take place before getting your new home — getting pre-approved for a mortgage, submitting offers, hiring a real estate attorney, signing the contract, receiving a commitment letter from your bank, submitting a co-op board application and having the board interview, and that’s all before closing day.

 

JP London is an SLC based programmer and avid writer who has a passion for technology, photography, music and film. Born in Mumbai India, JP moved to San Francisco to study at UC Berkeley.

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