Real Estate Trend: Sight-Unseen Home Purchases
Home: the most expensive purchase you’ll ever make.
By the time we’re of age (and of worth) to buy a house, this is a fact we’ve grown to accept. So it would be no surprise if first-time home buyers seemed overwhelmed and a bit hesitant to commit to a home until they knew and felt – it was the perfect one. But in fast-moving markets around the country, viewing a home in person, let alone revisiting the house, is simply not an option for many serious searchers. And it’s millennials, many of whom we can assume are first-time house hunters, that led the way for the following reality:
Thirty-five percent of home buyers bid on a house unseen in 2017.
Redfin, the real estate listing site that conducted this research, offers a few logical reasons for this statistic, which rose from 19% in 2016. First, there’s the inability to physically see spaces when a buyer is relocating but wishes to have a home purchased before the big move. Then, there’s the growingly-competitive nature of many major markets across the U.S., leaving buyers no choice but to put in an offer ASAP or risk losing the home to a bolder buyer.
But something else that has likely increased sight-unseen offers is the ever-improving quality of online listings. With high-resolution, perfectly-edited photographs and impressive video walkthroughs, buyers can be left feeling as though they stepped down the halls themselves – all from the comfort of wherever they may really be.
While not touring homes may lead to less buyer-realtor interaction physically, the trust and understanding between the two have never needed to be stronger – an exciting direction for agents across the country.