More U.S. home buyers are purchasing their homes without the help of a real estate agent – and more are buying homes they’ve never seen in person
More and more U.S. home buyers are purchasing homes without the involvement of a real estate agent, according to a study by online brokerage Redfin.
According to the Redfin survey, 17% of people who bought a home within the past two years did so without an agent’s help.
“There are large inefficiencies in the real estate brokerage industry, and the results of this study show consumers are aware of them,” said Panle Jia Barwick, associate economics professor at Cornell University.
The study also found that 21% of buyers made an offer on a home without ever seeing it in person. According to Redfin, certain demographics were more likely to make an offer sight unseen:
53% of people who purchased homes above $750,000
30% of millennials
30% of single, never-married people
The study also found that 13% of people who sold a home in the last two years did so without the services of a real estate agent. The majority of those who sold their homes without an agent – 61% – said they did so primarily to save money, according to Redfin.
According to the Redfin survey, 17% of people who bought a home within the past two years did so without an agent’s help.
“There are large inefficiencies in the real estate brokerage industry, and the results of this study show consumers are aware of them,” said Panle Jia Barwick, associate economics professor at Cornell University.
The study also found that 21% of buyers made an offer on a home without ever seeing it in person. According to Redfin, certain demographics were more likely to make an offer sight unseen:
53% of people who purchased homes above $750,000
30% of millennials
30% of single, never-married people
The study also found that 13% of people who sold a home in the last two years did so without the services of a real estate agent. The majority of those who sold their homes without an agent – 61% – said they did so primarily to save money, according to Redfin.
