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.
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.