1 In 3 Homebuyers Made An Offer On A Home Sight-Unseen

Source:  Forbes / Kate Ashford  / JUN 30, 2017 @ 06:21 AM

Shopping for a home has always been something of an arduous process. But lately it’s gotten even crazier. Consider Redfin’s recent survey that found that one out of three people who bought a home in the last year in 11 metropolitan areas made an offer on a house sight-unseen. That’s up from one in five a year ago.

This is partially because of market conditions. “Homes are going under contract faster than ever,” says Rachel Musiker, senior communications manager at Redfin. “The typical home that sold in May went under contract in 37 days, and that’s the lowest number we’ve recorded since we’ve been tracking this trend in 2010.”

The markets tracked in this survey are some of the fastest in the country, and they’re also places that attract a lot of relocators – people changing cities for a job or other reasons. “They can’t be flying in every single weekend to be touring homes,” Musiker says. “So sometimes if a home hits the market on Thursday and we know it’s going to go under contract by Sunday, and if you think this is the one, you might have to make a really informed decision before you see it in person.”

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