Many homebuyers are still putting in offers on homes sight-unseen, but fewer than they were in November 2017. A new Redfin survey finds that the share of these offers dropped 15 percent.
In November 2017, 35 percent of buyers were making offers on properties they had not stepped foot in, which has been attributed to rising home prices, speedy sales pace, and anticipation of higher interest rates. In May 2018, the share decreased to 20 percent of buyers across the 14 metros studied, still a sizable share, but a change in trend. “Now that most homes are staying on the market for longer than a week, there just isn’t as much pressure for buyers to make offers so hastily,” said Jessie Culbert, a Redfin agent in Seattle.
A buyer can tour a home virtually on their computer or smartphone, seeing the walls, appliances and nooks and crannies from every angle ... This technology is especially useful to homebuyers moving to a new city, who would have to drive for hours or take a flight to see a home. Over time, as technologies continue to advance and people become more comfortable relying on them to make big financial decisions, we expect sight-unseen offers to become more commonplace, even throughout fluctuations in supply and demand.
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