Did you know? Approximately 63% of Americans that purchased a home in 2020 made an offer on a property sight unseen. This is the highest share of sight unseen offers that we have seen since 2015. In fact, this percentage is almost double what was observed one year ago. The most recent record was 45% in July 2020.
With the recent spike in the number of virtual tours of homes, it is expected that adopting these virtual technologies will be here to stay. Most real estate agents surveyed these days will tell you that they employ platforms such as Apple’s FaceTime or Google Duo to conduct live video tours. As a matter of fact, approximately 10% of showings are conducted via video tours in the current market.
Best Practices for buying sight unseen
Leveraging technology to potentially make an offer on a home is actually a wise strategy in the current market. For example, the South Florida market is seeing an all-time high in demand for housing from the local population. In addition, we are also seeing a record number of Americans moving to The Sunshine State. This has made the market even more competitive. Oftentimes, acting swiftly even from a remote location is key.
Of course, the best approach is to partner with a local real estate agent with deep knowledge of the current real estate market. He or she will be better able to guide you on what a fair market valuation might be on a particular property. Once the buyer and agent settle on an offer, it is critical to submit it as soon as possible. At this point, there is still no need for the buyer to travel to see the property in person.
In the event that the buyer gets a property under contract, it is advisable for a live showing to be conducted during the inspection period. Ideally, the home inspection is scheduled as soon as possible and the buyer is able to attend it. By doing this, the buyer and the buyer’s agent will have a good understanding of the overall condition of the home. It is important for the buyer to remember that he/she is still in complete control of the transaction during the inspection period. It is at this time that a potential credit from the seller may be proposed if there are issues found from the inspection. Of course, many sellers are typically remaining firm in this market due to the strong buyer demand.
Although sight unseen offers on homes may plateau or decrease over time, leveraging technology is here to stay. During competitive real estate markets such as the present time, it is imperative for buyers to act swiftly when properties hit the market. Utilizing video technologies are a great way to view a property as quickly as possible.
Of course, with many employees opting to work remotely these days, it is also quite common for buyers to continue their home search while residing in a completely different state. Needless to say, virtual showings will be the best option for these buyers. As mentioned previously in this article, a best practice is to get a property under contract before making a trip to view it in person. As always, we do advise physically seeing a property in person prior to ultimately purchasing it.
At Live South Florida Realty, Inc. we have been leveraging various technologies for many years. This has allowed for a more efficient transaction for all parties involved. Are you ready to begin your remote South Florida home search? We can help. Contact Live South Florida Realty, Inc. today!