Currently Reading

Redfin Debuts On-Demand Virtual Home Tours Amid Coronavirus Outbreak

Advertisement
Sales + Marketing

Redfin Debuts On-Demand Virtual Home Tours Amid Coronavirus Outbreak


March 5, 2020
Woman using phone for virtual tour
Photo: nenadaksic

Despite initially having little effect on the housing market, the coronavirus is starting to make its mark on the industry as fear of its spread increases, especially in areas with confirmed cases such as Seattle. In response, Redfin launched an on-demand virtual tour feature in its app so potential buyers can conduct everything online: They can even close on a house online if state laws allow it. Redfin is unsure if the coronavirus’ effects on the housing market—which are still relatively small at this point—will be short lived, but the company’s digital efforts position it to navigate this virus and any future outbreaks. Even so, the company stresses that it is still confident in the housing market long-term outlook.

Until Sunday, U.S. housing demand seemed unaffected by the coronavirus. The National Association of Realtors reported last week that pending home sales were at the second-highest level in the last two years. But over the past three days in Seattle, where the first U.S. coronavirus death was confirmed on Saturday, February 29, we’ve seen a significant drop in demand from homebuyers and sellers.

Smart People at Redfin Disagree About the Virus’s Impact

Redfin’s demand fluctuates plenty from day to day, especially in a single market, and this may only be a significant but short-lived reaction to the first serious virus infections on the U.S. It could also be more serious, and affect the rest of North America.

Redfin Agents Across the U.S. Mostly Still Confident

The word among our agents, who have been sensitive to demand shifts in the past, especially when rates began rising in the summer of 2018, has mostly been good. In many markets, last week’s stock-market decline seemed to have had a bigger impact than consumer fears about the virus itself. Our agents still report strong demand in the middle of the country, especially Chicago, and in Washington DC, Virginia and Boston.

Read More

 

Related Stories

Building Technology

Construction Innovation: Framers Fitted for Tech

When it comes to high-tech construction, framers are fitted for tech. The construction industry should embrace that

NAHB

NAHB and HUD Showcase Housing Innovations

NAHB Policy Briefing | NAHB partners with HUD on Innovative Housing Showcase seeking solutions for housing affordability and resiliency; data show number of active homebuyers drops

Q+A

Abby Ivory and The Ivory Prize’s Impact on Affordability

Spearheaded by managing director Abby Ivory and VP of strategy Michael Parker, the Ivory Prize recognizes innovative and ambitious solutions to housing affordability

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.