No more needs to be said about the maddeningly, saddeningly slow recovery rate of the real estate market in America. Innovative businesses, however, such as Zillow and Hotline America, are capitalizing on technology to develop ways for citizens to know more about buying and selling homes in these difficult times.
A real estate company called Zillow recently launched a new program on their website that allows homeowners to analyze what they call the “break-even horizon” that compares the profitability of buying versus renting the same house in different markets over time.
For example, their research showed that in Newport Beach, California, people need to wait 14 years for buying a property to be more financially sound than renting it. Conversely, in Los Angeles the wait is more like 4.3 years and in Banning, CA it is just 1.6 years. The analysis accounts for factors like down payment, mortgage payment, rental fees, buying and selling prices, taxes, utilities, and maintenance costs. They also adjust for inflation and forecasted appreciation in value.
Another real estate business called Hotline America has been working on a program that allows greater schedule flexibility for people looking to sell their homes. By registering for a personal toll-free number, homeowners are able to communicate with potential buyers with greater ease than scheduled appointments.
The benefits of this system are that the toll-free number connects interested buyers to information about the property through website links, automatic text messages, and faxed flyers. The caller ID is recorded every time, so you can maintain a thorough record of potential clients and contact them in the future. You can also transfer hotline calls to your other phones and set up automatic responses to calls.
As the real estate economy slowly churns, Americans have seen mortgage interest rates remain low with affordability still at record highs. The subprime mortgage housing bust has taught us that homeownership cannot be pushed, and that being knowledgeable is the most important thing you can do to increase your chances of successfully buying, renting, or selling property. Luckily, technology is helping us refine and improve the process in various ways.
Hotline America is a real estate marketing service that puts homeowners and real estate agents in greater control of their properties by allowing a simplified process of communication with interested buyers. Their services provide toll-free numbers with built-in voice messages, automatic text message systems, fax messages, and instant transfer to other phone lines.