Old World…One of a Kind. Almost 1600sf with Woodwork throughout this Home, Lots of Details, and Showmanship from this 100-year Home. Looks Sound and Solid… Family Room with a Center-pieced Fireplace. A Formal Dining Room from the Past. Some Original Hardwood Floors under the Carpet, Built-in original Hutches, Cabinets, and more. Great Home with A Large Front Porch and a Huge Backyard. Alley Access with a Workshop and a single car Garage. 2 Bedrooms and 2 Full Baths. Walking Distance to Shopping, Parks, and Churches… A Must See!!
$15,395,900 – 118.43 Acres In INDUSTRIAL ZONING in Turlock. This Parcel sits in the City Limits and in the WISP Planned Development. Very close to City Services and Minutes from Highway, Freeway, and Ports. Located near Large Manufacturing, Commercial, and Industrial related Businesses. User Friendly and Benefits from this Planned Development.
On the Turlock Golf Course!! WOW!! What a Home!! Views from all Windows. Completely Remodeled with New Kitchen, New Cabinetry, Master Bathroom, Paint, Floors, Appliances, Garage Doors, Fans, Electrical Fixtures, Plumbing Fixtures, Countertops, and More. Roof is Newer, as well. Great-open Family Area with Large Entrance, Kitchen, and Dining Bar. Lots of detail throughout with Crown Moldings, Ship Lap Walls, Sky Light Design, and more. Almost 2300sf with 3 Bedrooms and 2.5 Baths with an Extra Media Room. Large Lot with Large Side yard Grass Area for the Kids Playground. Other Amenities include Hardwood Floors, Granite, and Newer Domestic Well. Back Patio to Entertain with New Pergola. There are no CCR’s on the street. This Home is close to Everything and has a Turlock Address, Hilmar Schools, and Minutes off Highway 99. A Must See!
Real estate technology has been rapidly evolving in recent years, and the introduction of cutting-edge technologies in real estate promises to change the way business is conducted in this age-old industry. The real estate market is a major component of the world’s economy, with a global value of over $7 196 billion.
Real Estate Tech Trends 2022
In some respects, the adoption of technology in real estate has lagged behind its use in other business sectors. It was partially due to a reluctance to change methods that had worked well in the past. Another factor that slowed down the widespread use of real estate technology was major players’ attempts to develop proprietary real estate technology tools.
But now, these issues are fading, and the market has seen an increase in real estate tech in recent years.
Moreover, the industry players are starting to understand the benefits of investing and using modern technologies. According to the Technology and The Future of Real Estate Investment Management report created by the University of Oxford, in 2020, 53% of digital real estate companies are now directly investing in technology. 42% of Statista respondents confessed they see potential in Smart Building technologies, while 56% of respondents have already noticed the impact from the tech sphere.
Real Estate Innovations in 2022
It is poised to see even more growth in how new technologies are genuine real estate disruptors and will affect everyone involved in the industry.
What Is Proptech: Industry Overview
Proptech is a rather amorphous term that is formed from the words property and technology. It encompasses the various solutions that are involved in the growth of commercial real estate software.
Proptech is also known as CREtech for commercial real estate technology or REtech for real estate technology. It usually refers to the software employed in real estate tools and applications.
Six months through 2021, VC deal activity in residential real estate tech has already reached an annual record of $6.2 billion, according to PitchBook data. And with $2.6 billion in funding, the commercial segment is on track to make 2021 the second-most valuable year for venture activity.
The industry shows no signs of slowing down with new generations of consumers and realtors opting for smart solutions that facilitate faster rentals and more convenient living arrangements.
Real Estate Technology Trends For 2023 That Disrupt the Industry
The successful adoption of a specific technology in the real estate industry will be determined by its ability to provide value for its users.
According to the 2021 NAR Home Buyer and Seller Generational Trends report, certain features are important to users. Photos, detailed information, floor plans, real estate agent contacts, and virtual tours are among them.
Real Estate Tech Trends 2023
Technologies help to cover the users’ needs and bring them valuable information they use for decision-making.
Automated Rental and Purchasing Property Platforms
This real estate innovation is truly changing the industry. Nowadays, how clients find the new property they bought is changing to the Internet more than meeting with real estate agents.
The benefits of using automated property technologies are overwhelming. Consumers and real estate professionals will be at a distinct disadvantage if they choose not to use these valuable real estate technology tools to find or sell a home.
3D Virtual House and Apartment Tours
Closely associated with search applications are solutions that enable prospective buyers to take a virtual tour of properties while selecting. It is among the main tech trends in real estate for 2023 as it eliminates the time and expense of visiting multiple properties, many of which can be removed from the buyer’s list of potential purchases through virtual viewing.
Of course, most buyers will want to tour the property before making a final decision physically. Still, the time and money savings for the customer and real estate agent in determining the best fit can quickly add up. Moreover, today VR technologies allow having almost realistic virtual tours to houses where you can easily examine the property state, interior details, and furniture. And the real estate photo editing services allow to make photos as true to life as possible.
Real estate software customers expect to get the best service and experience from using the technologies. Contact channels must be available 24/7, the response time must be as fast as possible, and the error rate should be close to zero.
An automated service desk with the conversation AI can easily fulfill the requirements. This technological approach goes beyond common chatbots making it one of the main real estate innovations in 2022. According to Deloitte, ‘these assistants would be built for purpose, have a rich set of capabilities, and be integrated into the end-to-end process landscape of the enterprise.’
Big data
Databases and data warehouses are used to store the immense quantities of information that is gathered concerning consumer preferences.
According to McKinsey’s research, real estate applications based on machine-learning models can predict changes in rent rate with 90% accuracy, while the changes in other property metrics can predict with 60%. That can pretty well help clients understand what property is a better choice for their investment, as in the case of commercial property and non-commercial.
Blockchain
Tech-savvy readers may not immediately make the connection between blockchain technology and real estate. While many individuals are familiar with how the blockchain is used in cryptocurrency, it has wide applications in other areas of commerce, including the real estate industry.
Blockchain technology can be used to verify encrypted transactions and ensure that no tampering impacts financial records. It will prove useful in fractional property investment and allow landlords to sell portions of their stake in a given holding.
The property technology will also enable important documents such as property titles to be stored securely. As with other market sectors, the surface has only been scratched as far as the potential in employing the blockchain for other cases in the real estate industry makes it one of the top real estate tech trends in 2023.
Fractional Property Investment
Fractional ownership refers to percentage ownership in an asset. It is a common investment strategy when purchasing expensive items such as aircraft or vacation homes. Using the blockchain mentioned above technology, fractional property investment is flourishing for a variety of reasons.
The high price of homes put them out of reach to many would-be buyers. Fractional property investment allows these individuals or groups to build a deposit on a future full purchase.
Communal investors can all share rental income from a shared property, opening up an additional income stream. Employing a fractional ownership approach will enable more diversified investment and allow people to unlock the value in their homes.
Mobile Apps
One of the most efficient technologies used in the industry is mobile, e.g., developing different real estate apps. The most popular ones are rental and purchasing mobile platforms.
These apps offer several advantages to potential renters over the traditional means of locating an apartment or house. Databases are frequently updated, providing more timely information on new properties put on the market and those that are no longer available.
Consumers interested in purchasing, selling, or renting a property can also use apps tailored to their needs. They can help you locate the house you want and put you in touch with a real estate agent to help facilitate the deal.
Internet of Things (IoT)
Smart homes, apartments, and devices are changing the way we live in many ways. Smart devices, in general, are powered by the Internet of Things (IoT) and are becoming one of the main property management technology trends.
The IoT refers to the practice of embedding sensors and computing technology into various items with which we interact every day. The ultimate goal of this technology is to provide individuals with a more convenient and pleasurable life.
Let’s investigate in what way IoT technologies are changing our homes and transform them into smart homes. There are three main characteristics of a smart apartment:
Smart amenities include devices such as smart lights and locks and integrated services like home cleaning and package delivery.
Connectivity is designed into a smart apartment when it is built to enable devices, building systems, residents, and management to communicate. Items such as WiFi, smart sensors, and intelligent access controls are benefits afforded by enhanced connectivity.
Community management by providing services that save residents time, money, and minor difficulties is the final component of a smart apartment. Built-in event calendars, resident assistance, and on-demand services are some of the features that help property managers and renters build a more vibrant community.
By the way, this is one of the most demanded trends in proptech for apartment websites and real estate platforms. While new construction is prime territory for implementing smart apartments, older structures can be retrofitted to provide the same level of connectivity.
Analytics and data management
Among other tech trends impacting real estate, it is worth mentioning data management. Data will influence decisions, and since there is still no centralized national system for agents, new startups will have unlimited opportunities to develop and change the existing process. Accordingly, now is the perfect time to create an innovative solution in this industry. You can build an application that will analyze a huge amount of data to provide valuable information necessary for decision-making by real estate market participants. For example, your solution might show the level of reliability of a developer and their buildings.
Digital twins
As more information is made available online, prospective buyers will have more opportunities to study and explore properties. Imagine seeing a 3D digital model of each building when looking for housing. Such applications will make predictions of the critical parameters of environmental conditions that a particular house can withstand (earthquakes, tornadoes, landslides, etc.). Maintain companies will know the current conditions of buildings (existing and potential damage, date, and place of repair) and fire escape plan.
Moreover, digital twins can be useful during constructing houses, which helps the developer understand how safe their project will be. Such applications can prevent the collapse of buildings and use developers’ resources rationally.
Direct digital engagement
More touchless services are offered to end-users, resulting in a safer and healthier process. Traditional procedures, such as in-person home tours, would be automated due to direct digital interaction and disruptive technology in real estate. Buyers and real estate agents will no longer need to travel to every apartment or house to make a decision. Therefore, photos, digital brochures and virtual tours should be of high quality. Thus, people can see each element in detail.
But it’s much more important when, in applications, buyers can look at houses that are still under construction. At the same time, the developer posts photos every month about the state of the future building, increasing its reliability in the buyers’ eyes, thus making direct engagement one of the most popular digital trends in real estate.
Digital Transaction Management
That’s one of the important property technology trends, and we recommend paying attention to it. Buyers and agents value their time. Thus, you can create a solution to remove paperwork and enable signing documents electronically. Consequently, the parties to the transaction can be in different parts of the world and still access the contracts from any device.
Hyper-personalized messages
Among emerging technologies in real estate, this is another very interesting one. Datasets and predictive analytics allow agents to understand their customers better and group them with those who share similar lifestyle characteristics. As a result, agents can now build highly targeted messages and content that target particular audiences. They send emails to describe the housing, the benefits, and the documents needed to conclude a deal. What’s more, agents use Facebook and Instagram to conduct tours of apartments or houses. They can also create their own YouTube channel, where they talk about the latest news on the real estate market, share life hacks in this industry, and much more.
Lead generation and engagement automation
Conversation chatbots powered by artificial intelligence will initiate conversations and respond instantly to inquiries. It will assist agents in capturing, engaging, and qualifying online leads. These bots will also manage the initial stages of working with a potential customer using natural language processing. This technology helps agents be with their customers 24/7 and get new leads they connect with during business hours.
These trends in real estate have been very helpful throughout 2023 and in our view will continue to be relevant in 2023.
Essential Technology for Real Estate Agents
Some technological innovations are equally important to consumers and real estate professionals. Today, real estate agents begin to use specific technology for realtors designed to help them provide services to their clients. Here are some popular real estate agent technology tools that are in use today:
Multiple Listing Services (MLS)
In-app communication
Social media
Advertising automation
Ad campaigns for new listings can now be generated automatically by software systems. They can also display ads to the appropriate audiences and include real-time statistics such as views, clicks, and demographics. Real estate agents can understand which housing is best for sale or rent. And accordingly, they concentrate their efforts on the objects that bring them the most profit.
Robotic process automation
Real estate transactions can be challenging to handle, especially when it comes to communication. New technologies are being implemented to fix these issues that allow two groups of users to communicate online. Real-time chat, file sharing, and transaction tracking will also be possible. You can also develop an application where potential buyers can solve some of their small questions using a chatbot, significantly saving real estate agents’ time.
Or, you can create an AI-powered Virtual Assistant solution where a customer interacts with a robot that speaks like a human. This assistant can connect potential clients already with a real agent for deeper discussions of real estate issues. Sensely has done something similar in the healthcare industry (a virtual nurse app).
High-Tech Devices in the Real Estate Industry
The innovative use of new technology in real estate has been incorporating drones into showcasing and selling homes. Here are some of the advantages that drones offer real estate agents and those buying and selling homes:
Aerial photography
A better view of large properties
Additional interest in listings
The Future of the Real Estate Technology
Proptech is one of the young industries that is expected to grow dramatically in the upcoming years. As the world population is predicted to double by 2050, the demand for real estate will also double.
Anyway, as the world’s citizens become more comfortable with technology, the possibilities will continue to expand. Since everyone interacts with the real estate industry to some degree, it will impact the lives of countless individuals in the years to come.
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Canterbury Estates… Park-like Backyard. Large Pebble-Tech Pool/Spa with Flagstone Decking. Huge Lot Size of 14, 932sf with RV Access. This Semi-Custom Home is 2618sf with Lots of Upgrades and Picture-Perfect Settings. There’s been recent Remodeling in the Kitchen, Bathrooms, and Laundry Areas. Great Family Home with Large Living Spaces throughout this Home. Master Suite Has Vaulted Ceilings with an Extra Retreat Area. Downstairs Office could be the 4th Bedroom with a Connecting Full Bath. Family Room is Big and Cozy with a Wood Burning Fireplace. The kitchen has a Large dining Bar with recent newer Quartz Countertops. Front Living and Dining Areas have Wood Floors with Custom Shutters. Lots and Lots More…3 Car Garage… Whole House Fan…Two High-Efficiency HVAC Systems, Newer Appliances, and More. A Private Backyard to Entertain and Enjoy… Patio, Pool, Spa, Large Grass, Large Trees, and Well-Landscaped. A Must See!!
The lender and the type of loan you choose determine the credit score you need for a mortgage.
Mortgage lenders consider your credit score a measure of your ability to responsibly manage debt. The higher your credit score, the better your chances of being approved for a home loan, and vice versa. Having good credit can also make it possible to qualify for a mortgage with more competitive terms, like a lower interest rate.
The minimum credit score you need to buy a home depends on the type of mortgage you plan to borrow. A conventional mortgage usually requires a credit score of at least 620, but it may be possible to qualify for a government-backed loan with a score as low as 500.
However, just because you’ve reached the minimum credit score to borrow a mortgage doesn’t necessarily mean you’ll meet all the other eligibility requirements. And generally, having a higher credit score will help you qualify for a home loan with a lower mortgage rate, so it’s important to work on improving your credit score well in advance of buying a home.
Minimum Credit Score Requirements by Loan Type
Mortgage credit score requirements vary based on a number of factors, including the loan type, amount and lender.
Conventional conforming loans, which are not backed by a government agency, require a minimum credit score of 620 in order to meet the criteria to be purchased by Fannie Mae and Freddie Mac. Jumbo loans that exceed the conforming loan limits have stricter eligibility requirements for credit score, down payment and income.
Meanwhile, government-backed mortgages are insured by a federal agency, such as the Federal Housing Administration, the Department of Agriculture or the Department of Veterans Affairs. This government guarantee protects the lender if you default on your mortgage, which translates to less stringent credit score requirements.
You can see minimum credit score criteria by mortgage type in the table below.
MINIMUM CREDIT SCORE
WHO CAN BENEFIT
Conventional loan
620 for fixed-rate loans; 640 for adjustable-rate mortgages; lenders may have stricter requirements.
Well-qualified buyers seeking a traditional mortgage.
FHA loan
580 with a 3.5% down payment; 500 with a 10% down payment.
Homebuyers with fair credit and small down payments.
USDA loan
No set minimum; borrowers with a score of 640 or higher may qualify for a streamlined credit analysis.
Qualified buyers purchasing homes in designated rural areas.
VA loan
No set minimum; lenders may require a score of at least 580.
Active-duty and retired military personnel who are buying or refinancing a home.
Jumbo loan
700, depending on the lender; higher loan amounts may require stronger credit scores.
Buyers borrowing a mortgage that exceeds the conforming loan limit.
Why Credit Score Matters When Buying a Home
In general, having a higher credit score makes it possible to qualify for better loan repayment terms, such as a lower mortgage rate. This is true regardless of which type of mortgage you decide to borrow.
For conventional loans, your credit score directly correlates to the mortgage rate you pay through loan-level price adjustments. Borrowers with a FICO credit score above 780 and a down payment of at least 40% will see the lowest possible financing charges, while those with a score below 640 could see the highest rates available.
Even a small difference in your mortgage rate can translate to thousands of dollars in savings over the life of the loan. On a $250,000 30-year loan with a 6% mortgage rate, you can expect to pay $289,595 in interest charges over the duration of the loan. With a rate increase of just a 0.25 percentage point, you’d pay an extra $14,550 in interest by the time the loan is fully repaid.
A lower mortgage interest rate can also help you save money in your monthly budget. The monthly principal and interest payment on the same loan at 6% would be $1,499, compared with $1,539 at a 6.25% rate.
Other Eligibility Criteria for Getting a Mortgage
Your credit score is just one measure of your financial health, and it’s not the only factor mortgage lenders will consider when determining your eligibility for a home loan. Here are some additional criteria that affect your chances of mortgage approval:
Debt-to-income ratio, which is your total monthly bills divided by your gross monthly income. Having a DTI ratio of 43% or higher may make it more difficult to qualify for a mortgage.
Loan-to-value ratio, which is the loan amount divided by the house purchase price. If you have a higher down payment, your LTV ratio will be lower, and vice versa.
Negative credit history, such as defaulted loans, foreclosure or bankruptcy. For example, you need to wait two years after bankruptcy to apply for an FHA loan.
Liquid assets, such as savings and investment accounts. This is particularly important for jumbo loan borrowers who are buying multi-million-dollar homes.
Profits and losses, if you own a business. This can help measure your likelihood of repaying a mortgage as a self-employed individual.
How to Prepare Your Credit Score for Buying a Home
If your credit score is holding your back from buying a home, you should start building better credit now. If you have bad credit, it could take months or a year to get your credit in shape to qualify for a mortgage. Here are a few steps to help improve your credit score before applying for a home loan.
1. Check Your Credit Score and Report
Before you can come up with a plan to boost your credit score, you’ll need to find out where you currently stand. Many banks and third-party financial apps let you check your FICO score for free without damaging your credit.
You should also get a copy of your credit report from all three credit bureaus – Equifax, Experian and TransUnion – on www.AnnualCreditReport.com. Your credit report provides an in-depth look into your financial history, including your outstanding debts, total accounts and on-time payment record. If you find errors on your credit report, dispute them with the bureau directly.
2. Find Areas for Improving Your Credit Score
With your credit report and scores in hand, look for areas where you can make improvements before you apply for a mortgage. Here are a few common credit issues and how to resolve them:
Poor on-time payment history: Enroll in automatic payments for credit cards, auto loans and other bills. Additionally, make sure any bills you pay each month (such as rent or buy now, pay later installments) are reported to the credit bureaus.
High credit utilization: Pay down your credit card balances. You can also request a credit line increase, but make sure not to rack up more debt just because your limit is higher.
Low age of credit: Keep older, well-established accounts open. If you have a credit card account that you never use, consider charging it once every few months and paying off the balance to keep it active.
3. Avoid Applying for New Credit While You Shop for a Home
Opening a new account, such as a credit card or auto loan, lowers your average age of credit and results in a hard credit inquiry that can lower your score by a few points. Importantly, applying for new credit after you’ve already been preapproved for a mortgage can pose big issues during the underwriting process.
Source: money.usnews.com ~ By Erika Giovanetti ~ Image: Canva Pro
North East Modesto!! Over 1800sf with 4 Bedrooms, Corner Lot, 2 Car Garage, and Single story. This Family home is Turn-key with Newer Amenities. Newer SS Appliances, Newer Paint, Newer Carpet, Remodeled Mater Bathroom, Remodeled Hall Bathroom, and More. Open Floor Plan with a Large Area Between Kitchen, Dining, and Living Spaces. Big Kitchen with island. Formal Dining Area. Inside Laundry. Lots of Storage and Cabinets throughout. Cozy Backyard with a Very Nice Patio Area. Mature Front Yard Shade Trees. A Must See!
West Modesto has Approx. 98.98 Acres of Ag Land For Sale!! Almonds in the MID District. Butte/Padres Planted in 2008-2009 on Double Line Drip. 40 Hp Booster Pump accessing through it’s own Private (21 inch) Irrigation Line to MID Gate/Canal. These two parcels irrigate in One Set through pumping system. Great Water, Great Soils, and Great location…. These Parcel could be Sold Separately.
