Decrease In Buyers Making Offers On Properties Sight Unseen

When markets are hot and properties are selling quickly, many buyers will make an offer sight unseen in order to edge out the competition and successfully buy a home. A high number of buyers making offers without ever seeing the property in person is a telltale sign of a buyer’s market.

But it looks like the hot seller’s market that has been driving buyers to purchase property sight unseen is (finally) cooling.

According to a recent survey from Redfin, only 20% of recent home buyers (defined as people who have purchased property within the last year) made an offer on a property sight unseen. That’s down from 35% in November 2017 when the number of people putting in offers on homes before seeing them in person had been steadily rising since early 2016.

The Takeaway

If you’re trying to buy a home, consider this good news. The fact that the number of potential homeowners making offers sight unseen is decreasing is a good indicator that the market is shifting back towards buyers—making now a great time to start your home search.