American homebuyers are increasingly buying homes without viewing them first according to a new survey
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American homebuyers are increasingly buying homes without viewing them first according to a new survey.
Among recent buyers, 33% made an offer sight-unseen, the Redfin survey shows, up from just 19% a year ago. Among millennial buyers, it’s even higher with 41% making an offer pre-viewing compared to 30% of Gen X and just 12% of Boomers.
“Millennials are already starting to set trends in the real estate industry,” said Redfin chief economist Nela Richardson. “They are three times more likely than Baby Boomers to make an offer sight-unseen, and they’re more likely than older buyers and sellers to negotiate commission savings.
The survey of 3,350 people in 11 metros conducted in May also reveals that most buyers would still buy even if interest rates top 5%.
Almost a quarter said that they would speed up their homebuying to complete before rates rose, 29% would slow down their search in the hope that rates would decline again, 25% said there would be no impact, 18% would seek out a neighborhood with lower prices, and just 5% saying they would cancel their plan to buy a home.
The poll also shows that buyers are more likely to seek a deal on real estate agents’ commissions than in similar surveys in 2016. More than half of buyers and almost half of sellers negotiated a lower commission.
Among recent buyers, 33% made an offer sight-unseen, the Redfin survey shows, up from just 19% a year ago. Among millennial buyers, it’s even higher with 41% making an offer pre-viewing compared to 30% of Gen X and just 12% of Boomers.
“Millennials are already starting to set trends in the real estate industry,” said Redfin chief economist Nela Richardson. “They are three times more likely than Baby Boomers to make an offer sight-unseen, and they’re more likely than older buyers and sellers to negotiate commission savings.
The survey of 3,350 people in 11 metros conducted in May also reveals that most buyers would still buy even if interest rates top 5%.
Almost a quarter said that they would speed up their homebuying to complete before rates rose, 29% would slow down their search in the hope that rates would decline again, 25% said there would be no impact, 18% would seek out a neighborhood with lower prices, and just 5% saying they would cancel their plan to buy a home.
The poll also shows that buyers are more likely to seek a deal on real estate agents’ commissions than in similar surveys in 2016. More than half of buyers and almost half of sellers negotiated a lower commission.
