Tech Bytes: Zillow launches new tool to help homebuyers
Real-time ‘BuyAbility’ information will show shoppers homes in their budget and calculate their odds of getting a loan, plus more tech news.
Editor's note: Technology is a driving force in real estate. From startups to established players, tech companies are constantly innovating, growing and forging partnerships. Here we highlight some of the latest news about the companies that help power the industry.
Zillow has unveiled a new tool designed to show would-be buyers homes that fit in their budget, with a real-time estimate of their monthly payment — and their chance of qualifying for a loan.
The tool, called "BuyAbility," provides information that less robust mortgage calculators cannot, the company says, by using real-time mortgage rate information from Zillow Home Loans and information that home shoppers share about their income, credit score, savings and existing debts.
When they look for homes on the Zillow app (in every state except New York), listings that fit a shoppers "BuyAbility" will be clearly marked.
"Mortgage rates have been on a wild ride this year," but could "ease slightly heading into the new year," said Orphe Divounguy, a senior economist for Zillow Home Loans. "Buyers will be in a stronger position to act quickly when the right home enters their BuyAbility, bringing them one step closer to the American Dream of homeownership."
More tech news
Reloq + Rexdat = 360° solution: Reloq has launched a new product that will allow MLSs and Realtor associations to provide advanced data management as well as the ability for members to create branded consumer-facing portals. The offering is powered by Rexdat, a data-sharing platform. "Our business has always been founded on the idea of creating a fully transparent and collaborative ecosystem in real estate," said Reloq Founder and CEO Anvesh Chakravartula.
A "Fast" accolade for Real's tech: The Real Brokerage came in at No. 38 on the Deloitte Technology Fast 500, a ranking of the fastest-growing companies in tech, media, life sciences and other sectors. "This award is yet another sign that the industry is ready for a technology-first brokerage platform that boosts agent productivity through automation," said Tamir Poleg, chairman and CEO of Real. Poleg credited the company's proprietary tech stack with playing a vital role in Real's exponential growth.