Would you make an offer on a home you’ve never seen in person? Well, believe it or not, Redfin found that 1 in 3 buyers did just that last year! I thought this was crazy, and then I remembered that I sort of did it too! My realtor showed me a home last year and the key wouldn’t turn in the lock, but I made an offer anyway. So, what compels a buyer to make an offer sight-unseen? Here are the three most common reasons.
Real estate has an inventory problem just now. There just aren’t enough homes for all the buyers out there, so things can get pretty competitive. The house I purchased had over thirty showings and 8 offers just hours after it hit the market. In that situation, a buyer may not have time to visit a home before throwing their hat in the ring. If location is your first priority (as it should be!), you may have to take the risk!
Folks are relocating more often these days. Whether its Millennials choosing a more affordable or hip city after college, or Baby Boomers retiring in milder climates, people are making more big moves than ever. Often, buyers have to rely on a trusted friend or realtor to tour a house for them. This can be scary, but necessary for buyers who can’t afford to travel back and forth to see every house.
Technology has Improved
With dozens of pictures, video and 3D walk-throughs, and the ability to virtually tour neighborhoods with Google Streetview, many Millennials aren’t so worried about seeing a property in-person. In fact, of those surveyed, nearly half of Millennial buyers had made an offer on a home without seeing it. With all the tech available, some buyers are able to skip in-person showings altogether.