Would You Buy A Home Sight Unseen?
The coronavirus outbreak has caused us to change a lot about the way we get things done. Everything from grocery shopping to getting a haircut has undergone some rethinking.
The home buying process is no exception. Fortunately, the adjustments the real-estate industry put into place have been successful so far. In fact, the option to tour homes virtually or via FaceTime has a significant share of buyers saying they'd be comfortable buying a house without ever seeing it in person.
Recent surveys show nearly 40 percent of buyers say they would, which is up from 25 percent in surveys done earlier this year. Additionally, there was close to a third of current survey participants who said they'd like the option to buy and sell virtually even after the outbreak ends.
Obviously, that still leaves a majority of buyers who feel they'd need to see a home in person before they'd make an offer. But the success of virtual tours benefits them as well – as an online tour can be used to narrow options down, so buyers have fewer homes to see when they do go out.
Like a lot of things, real estate has had to adapt quickly. The good news is that the changes it underwent look like they've increased convenience and speed for both buyers and sellers.