Hi friend! I wanted to share two new articles that I came across today:
Survey: Quarter of Consumers Accept Virtual Home Buying
Listing data, detailed photos, and virtual and live-video tours will suffice for a growing number of consumers who are looking to buy a home; they don’t need to physically visit the property before making an offer, according to a new joint survey from realtor.com® and Toluna Insights.
Twenty-four percent of 1,300 consumers surveyed say they’d be willing to buy a home without seeing it in person, and 30% would be willing to rent one, the survey shows. Younger demographics appear to be the most comfortable using virtual tools in lieu of physical, in-person showings (29%). Further, 21% say that COVID-19 has made them more likely to move into a home sight unseen in the future.
The survey follows on the heels of findings this week from the National Association of REALTORS® that a quarter of REALTORS® and their clients have put a contract on a home without physically seeing the property. “Uncertainty around COVID-19 and limitations around social interactions and group gatherings, like open houses, have made buying and selling homes more difficult than ever,” says Nate Johnson, chief marketing officer at realtor.com®. “As real estate agents and consumers seek out ways to safely complete these transactions, we believe that technology will become an even more imperative part of how we search for, buy, and sell homes moving forward.”
Still, 47% of respondents say they prefer to see a home in person with a buyer’s agent before submitting an offer. But with social distancing guidelines in place, they are willing to adapt: 23% of that group say they prefer to go view the home alone, 13% prefer an online video tour, and 6% prefer their agent to show the home via video chat, the survey finds. Survey respondents indicate the following technology features are most helpful when deciding to buy a new home virtually:
- A virtual tour of the home (61%).
- Accurate and detailed listing information (58%).
- Accurate and detailed neighborhood information (53%).
- High-quality listing photos (51%).
- The ability for the agent or landlord to show the property via video chat (39%).
Sight-Unseen Offers Are Growing
Real estate sales are continuing on within a global pandemic as the use of virtual tools is giving buyers a feel for homes—so much so that some are willing to put an offer on a home without even physically stepping inside.
A quarter of REALTORS® surveyed reported that their clients put contracts on homes this week without physically seeing the property. The survey was released Thursday by the National Association of REALTORS®.
As stay-at home orders keep more Americans physically distant, real estate pros are rushing to adapt their businesses and find ways to still show properties for those wanting to continue on with a home purchase. Virtual tours online are growing more common, whether through video or 3D models, and agents are conducting private video showings via platforms like Zoom, FaceTime, Skype, or others.
Real estate sales are continuing during the global pandemic as the use of virtual tools is giving buyers a feel for homes—so much so that they’re willing to put an offer without physically stepping inside.
A quarter of REALTORS® surveyed by the National Association of REALTORS® April 12–13 reported that their clients put contracts on homes this week without seeing the property in person.
As stay-at-home orders keep more Americans physically distant, real estate pros are rushing to adapt their businesses and find ways to show properties. Virtual tours online are growing more common, whether through video or 3D models, and agents are conducting private video showings via platforms like Zoom, FaceTime, Skype, and others.
These virtual options are leading to offers. The brokerage Redfin reported that for the week ending April 12, one in eight Redfin offers were written by customers who viewed the home via video chat. Some of these customers also viewed the home in person after viewing the home on video chat first. Mara Gemond, a real estate professional with Redfin in Virginia, said she’s had three buyers who’ve written offers based on a video tour. | redfin data source
Of those home buyers who put in an offer last week, they had viewed three homes prior, either virtually or in person, according to NAR’s latest Economic Pulse Flash Survey released Thursday. That indicates the buyers who are currently looking for a home are being very decisive and acting quickly. A previous 2019 survey from NAR shows that buyers typically look at nine homes prior to placing a contract on a home.
While some offers are continuing on—albeit in different ways—the real estate industry warns a slowdown is inevitable while the economy is shut down.
“Expect second-quarter home sales activity to slow down with the broad observance of stay-at-home orders, but sales will pick up when the economy reopens as many potential home buyers and sellers indicate they’re still in the market or will be in a couple of months,” says NAR’s Chief Economist Lawrence Yun. “Home prices remain stable as deals continue to happen with the growing use of new technology tools. Remarkably, 10% of REALTORS® report the same level or even more business activity now than before the economic lockdown.”
One-third of REALTORS®–or 33%—reported no closing delays from the COVID-19 outbreak. For those who did report delays, the top reasons cited were delays due to financing, appraisals, and home inspections.
Within the multifamily sector, property managers are reporting a surge in tenants who are facing rent payment issues. Forty-one percent of property managers reported being able to accommodate tenants who cannot pay rent, and about a quarter of individual landlords—or 24%—reported the same, the NAR survey showed.
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