How Self Driving Cars Will Affect Real Estate

The future of real estate and what self driving cars have to do with it

  Everyone is affected by the real estate market in one way or another. It’s something we all should understand. Everyone needs a place to live. Many people will buy a home. Others will invest in real estate as part of their fiscal portfolio. Some people may specialize in commercial real estate while others focus on the residential real estate market. In any case, most people pay close attention to the real estate market. Understanding the factors that may be influencing the housing and commercial real estate markets at any given moment, as a real estate agent can tell you, is crucial. People need to know housing values in case they need to move and need to prepare to sell their home quickly. Investors also need to know what factors may influence the housing markets as they rent properties, buy a home or make improvements to their existing portfolio of properties.

Location Has Been Highly Important

Traditionally, many factors have influenced the price and desirability of any given piece of property. In general, the most important factor of all is that of the property's location. Real estate agents tell clients that everything can be changed but the property's location. The location has been traditionally the single most important factor when it comes to setting a price. A good location is usually located in an upscale neighborhood with lots of amenities. The good location will typically include easy access to many transport networks, public parks and an area with a low crime rate. A less than desirable location is usually one that has certain kinds of drawbacks. The location may be adjacent to a busy city, located in a relatively high crime area or be one that does not have good schools or scenic views as a real estate agent can tell their clients.

The Dawn of Driverless Cars

While location has been the driving force in the real estate market, people believe this may be changing. One of the newest factors that may influence the price and desirability of any houses for sale may that of the potential for driverless cars. Driverless cars have long been a dream of tech buffs. This new real estate technology holds great promise in many ways. Such cars offer many advantages of conventional cars. They will probably be safer than standard automobiles and easier to use. Such cars are very much in development today. Prototypes have shown great promise. These cars can help reduce traffic, decrease commuting times and avoid accidents. Relying on computer technology has the potential to vastly revolutionize the entire automotive industry. While these cars may affect many areas of life in the world, they have the potential to entirely reshape the entire real estate market.

Changing the Real Estate Markets

Over time, certain places have emerged as centers of commercial and industry. Cities like London could be set for driverless cars and are highly sought after destinations. People have lived here for centuries. In the modern era, they've also made their homes in the area surrounding London. Many in the greater London area have learned to endure long commutes to the center of the city in order to enjoy high paying jobs and better educational and economic opportunities for themselves and their children. Like so many other cities, the prices of real estate in London have continued to climb. Places where people want to live and work are places that traditionally have high real estate costs. However, this new development may change all that. It may not only change the real estate markets in London and other big cities but in much of the United Kingdom and other highly developed, modern day countries that have relied on the car as a method of transport. These new cars may profoundly change the way people view the desirability of a London location.

Getting in and Going

For many residents of the suburbs, one of the chief advantages of living in suburbia is that such places are close to many areas. In many instances, all people need to do to head to work is walk to a subway station. Areas within a quick commute to London and a metro station have traditionally been highly valued in the real estate market. These areas tend to have housing and other real estate that sells at a premium. The new cars mean that anyone can now simply hop in and not worry about traffic. No need to head for the nearest public transport. No need to spend hours behind other cars each day. The new cars make it possible for people to locate the best route to their destination and use it. They also make it possible for people to relax in the car without the need to spend hours paying attention to the road. Consequently, this may decrease the value of a home near a local subway station. It may also decrease the value of homes in the center of the city. As people have more access to easy transport, the value of homes that allow for a shorter commute may dissipate.

Changing Landscape In Other Areas

Many large retailers have set up hubs in a specific area. The goal is make it possible to easily transport goods from a single location of the rest of the region. This means that cars and trucks are no longer subject to the need for a break. Instead, they can go for longer periods. This means that large retailers may have the option of spreading out their central locations. Companies could choose to build up areas that are much less expensive. Real estate agents look to the United States and see that many towns have devoted facilities to feeding and caring for long distance drivers. This could change if trucks are driven by machines rather than people. Machines have no need to visit a fast food food restaurant. They're certainly not interested in local scenery and other attractions. Locations that were part of this network of service may fare poorly as driverless cars continue to emerge.

Other Types of Transformation

In areas where the pedestrian has traditionally been king, this may also change as driverless cars come on the market and become increasingly affordable and more widely used. Streets will be safer and the sidewalk may finally fade. It's clear that the full effects of the driverless cars industry are not yet apparent. As real estate technology continues to evolve and improve, many areas of modern life will be affected.