Buying a home is one of the most significant financial decisions of a person’s life. As such, policymakers have created many laws and regulations designed to protect consumers, such as the Fair Housing Act, the Truth in Lending Act and others. And while some policymakers are working to make housing more affordable, such as through targeted tax credits and lending programs, few have focused on how to use technology to drive down the transaction costs involved in buying and selling a home. Yet given that the fees involved in real-estate transactions can easily run into the tens of thousands, more should be done to create more efficiency through technology.
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Image: U.S. Air Force.