How to simplify the appraisal process for everyone in today’s hot market

The housing market isn't slowing down anytime soon, and appraisers need to make sure they have the right tools to manage the high demand.

Who’s afraid of the PSPA?

Stakeholders are divided over whether, in light of proposed changes to its capital rule, the FHFA should retool its agreement with the U.S. Treasury and remove policies some say never belonged there in the first place.

Back to the Future of Mortgage Lending

This webinar will discuss what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on jobs data and the bond market

In this episode of HousingWire Daily, Logan Mohtashami discusses what the jobs data, changes in the bond market, and the Omicron variant could mean for housing.

Real EstateCoronavirus

More home shoppers are willing to buy without seeing the property first

Would you buy a home sight unseen?

During a time when we are told to stay home for our own good, there are still home shoppers out there. But how are they shopping?

According to a survey from Realtor.com, about 25% of shoppers say they would buy a home without even stepping foot in it.

As more people are remaining socially distant, technology is taking center stage. In March, Redfin saw a 94-fold increase in video chat tour requests, while Zillow had a 191% increase in the creation of 3D home tours.

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,” said Nate Johnson, chief marketing officer of 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.”

Despite social distancing guidelines, 47% said they still would prefer to see a home in person with a buyer’s agent; 23% would prefer to go alone; 13% prefer an online video tour and 6% of shoppers preferred their agent going to the home and showing it via video chat.

When asked which technology features were most helpful when deciding on a new home, 61% said they preferred a virtual tour of the home; 58% said they prefer accurate and detailed listing information; 53% preferred accurate and detailed neighborhood information; 51% preferred high-quality listing photos and 39% preferred the ability for the agent or landlord to walk them through the property via video chat.

But does this mean home sellers are comfortable with others touring their homes?

When asked by Realtor.com about selling within the next six months, 56% of sellers said they were comfortable with letting their agent in their home to take photos. Over half of the respondants would allow their agent in the home to give a virtual tour; 47% would let an agent walk a buyer through the home in person; 44% would let the agent walk a buyer through the home via video chat and a whopping 53% would actually hold an open house.

Looking toward some stability in the housing market, 68% said their plans to move or not to move haven’t changed in response to the pandemic. But, of those whose plans have changed, 9% said they weren’t planning to move, but need to now; 14% canceled their plans to move altogether; 9% said they would rent rather than buy and 7% said they would rather buy than rent.

Thanks to virtual advances, 24% of people said they would be willing to buy a home without seeing it in person and 30% said they would be willing to rent one.

While 83% of respondents said their living situation has not changed because of COVID-19, 8% said they moved in with immediate family; 6% moved in with a partner; 2% moved in with extended family and 2% moved in with a new roommate.

Most Popular Articles

Pending home sales shock 2021 housing crash bears

Pending home sales beat estimates and we can now say the 2021 housing crash bears are even worse forecasters than the 2020 housing crash bears.

Nov 29, 2021 By

Latest Articles

How did the pandemic change the state of the appraisal market?

Brian Zitin, CEO at Reggora, a HousingWire Tech100 mortgage winner, shares how technology is impacting the future of the appraisal process and what’s to come for appraisal fulfillment in 2022. 

Dec 07, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please