The COVID-19 pandemic has accelerated digitization across all sectors and the real estate market is no exception. It is still very much a seller’s market and still just as competitive as it was in 2020.
Buyers are still purchasing homes sight-unseen. Many folks can view virtual property tours due to virtual capabilities such as 3D tours, drone videos, virtual staging, even by video chat. Virtual tours aren’t the only aspect of home buying that is going digital, getting pre-qualified or pre-approved by a local lender can also be done online as well.
Now purchasing a home sight-unseen may be nerve wracking, however, the COVID-19 pandemic has "remade" house hunting. Now a days, buyers are bidding on properties even though they have yet to set foot inside due to the intense shortage of homes for sale and the number of buyers competing for homes. If they choose to wait for an in-person tour, the offer might arrive too late. As a result, buyers have embarced the new reality of getting to know homes virtually.
Even though this new reality of home buying isn't typically ideal, it's important to have a trusted real estate advisor in your corner. If you are a buyer that is from out of state, your agent can give you an unvarnished picture of the property. This way they can point out the good, the bad and the ugly. Things that would not typically be able to detect online, such as a busy street or a concerning item within the home. While making an offer sight-unseen seems risky, its doable. If you do your due-diligence, put in contigencies or not (whatever is in your comfort level) and have a good idea of what the place is, there shouldn't be any major surprises.
If you are considering buying a home in the new year, our office can help you find the one! Contact our office today and one of our trusted real estate advisors would love to assist you.