A deep look at home sellers by Zillow confirmed some anecdotes that occurred during the spring and summer home buying frenzy such as the regular occurrence of cash offers and buyers waiving inspections.
Zillow’s 2021 Consumer Housing Trends Report showed that the typical seller was 45 years old and about a quarter were 60 or older, Most (70%) sold a detached single-family home. As for why they moved, 46% cited a change in their household or family size; 36% said it was a job transfer, and the opportunity to work remote was the reason for 35%. Also, the increasing usage of remote viewing, 3D tours, and other digital options appears to be complementing the services of a real estate agent rather than replacing them as 82% of sellers used an agent to sell their home.
Most sellers (65%) said they received at least one offer that waived an inspection. However, 88% of successful buyers said they got an inspection prior to finalizing their home purchase. A similar share of sellers (84%) reported that a potential seller completed an inspection on the home at least once. The discrepancy between offers that waive inspections and the share of buyers that complete one suggests that waiving inspection contingencies is not a surefire way to win against other offers. Much like competing with cash, buyers that insist on an inspection can still generally win if their offer is adequately appealing to a seller’s desire for profit and undelayed timeline.