Virtual Reality For Buyers, Sellers, and Investors
When buying a home, you often have to look at a variety of different properties before deciding which one is right for you. Likewise, when selling a home, showing it over and over to different potential buyers can be a long and tedious process. Advances in technology are poised to make this process easier from both ends. While virtual reality and advances in 3D technology could make buying or selling real estate as easy as a few clicks of a mouse, it could also provide a financially profitable opportunity to investors.
The Use of Virtual Reality to Buy or Sell Property
Virtual reality technology is taking the real estate market by storm, according to a February 2016 report in the New York Times. Real estate developers and brokers looking for a competitive edge are using the technology to enable potential buyers to peruse a property without having to actually be on the premises. Three dimensional displays and virtual headsets are popping up in increasing numbers of offices, and are of particular benefit to buyers relocating from other areas and looking to get a feel for what is out there without the costs associated with making numerous scouting trips. It is an added bonus for sellers, who can now market their properties to a broader audience.
According to the Times article, while virtual technology and 3D headsets are more likely to be associated with higher end properties at the moment, the technology is trickling down to middle-income homebuyers. 3D walkthroughs are likely to replace the panoramic photos and videos that have previously been used to give a potential buyer a feel for a home, and users can use mouse or arrow keys to move from room to room. Future enhancements could include haptic technology, which would allow users to actually open closet doors or turn lights off and on.
Investing In Virtual Reality
Whereas virtual reality has previously been limited to gaming, a Business Insider report on virtual technology suggests it is in the process of expanding to include other areas as well. As virtual headsets begin emerging in the market, it could transform e-commerce as well as changing the way we currently view videos. Business Insider offers the following projections, which should be of particular interest to investors:
- Virtual headsets will be priced similarly to smartwatches, and demand is likely to be fueled by gamers, currently estimated at 1.2 billion worldwide.
- The growth rate for virtual headsets is expected to be 99 percent between 2016 and 2020.
- The virtual reality hardware market is currently estimated at $37 million, but is looking to reach $2.8 billion within the next four years.
Let Us Help You Today
At Cavallo & Cavallo, our experienced New York real estate and asset attorneys are here to help, and can advise you on all your important legal matters. From home buying or selling to asset management, we provide professional, trusted legal service you can count on. With offices in the Bronx and Westchester, we are your neighborhood law firm. Call or contact us online today for a free consultation.