Question of the Day: What percent of homebuyers in Nov/Dec 2020 made an offer on a house they hadn't seen in person?

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Feb 24, 2021
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Budgeting, Mortgages, Purchase Decisions, Behavioral Finance

Answer: 63%

Questions:

 

  • Would you consider buying a house that you couldn’t see in person? 
  • What do you think home buyers might miss if they rely strictly on online sources of information?

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Behind the numbers (NY Times): 

Sixty-three percent of buyers who used Redfin in November and December went on to make an offer on a home they hadn’t seen in person, and monthly views of 3-D walk-throughs on the site are up more than 500 percent since February 2020.

“In this market, because the homes are gone so quickly, if I had contacted the agent and set up a showing, by then they could have had five other offers,” Ms. Horton said.

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About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.