More Homebuyers Make Sight-Unseen Offers

« TITLE TALK / More Homebuyers Make Sight-Unseen Offers

Would you buy a house without seeing it? Well, according to a recent Redfin survey report, almost half of the American homebuyers have made bids on homes without seeing the properties in-person! This desire to put in a quick offer could be fueled by the low supply of homes and intensifying demand on the housing market. With so much competition in the market, homebuyers are required to move fast. Reports show that 45% of homebuyers placing sight-unseen bids is a record high since 2015. Last year, it was only 28%. Another factor that could play into homebuyers submitting an offer without visiting the home is Covid-19. Because of the pandemic, buyers and sellers have been making adjustments. Sellers are moving to “virtual” open houses and making other requests when people view the home. Meanwhile, potential buyers are staying away from in-person views due to health concerns from contact. While these offers are at a record-breaking high, experts predict a continued increase. Chief Economist, Daryl Fairweather, explained, “I predict that by the end of the 2020 homebuying season, the majority of homebuyers will have made a sight-unseen offer. The pandemic has changed the way many people view homes, and on top of that, the market is highly competitive. If you aren’t using this strategy, another buyer who is could beat you to the punch.”