Monday Market Update - Fall
Home Buyer Tips

21% of Home Buyers Make an Offer Without Seeing the Home in Person

Happy Monday!

Today, we’re sharing some interesting buyer facts that may prove useful to you if you’re considering buying or selling a home in the near future.

The recently released National Association of REALTORS® Real Estate in a Digital Age report showed that searching for homes online is the first step in purchasing for 40% of home buyers. Others, contacted a real estate professional, looked for information online about the buying process, talked with a friend/relative, contacted a mortgage banker, or conducted drive-by searches. 43% of home buyers found the home they purchased online, followed by 33% who found it through a real estate agent and 9% through a yard sign. 87%-88% used a Realtor to purchase a home.

The typical home buyer is now a Millennial (age 25-35 years) and with that comes a larger emphasis on technology in buying trends. According to a recent study conducted by Redfin and Survey Monkey, 21% of respondents (home buyers) bought their home without seeing it in person. That’s 1 in 5 home buyers. 53% of these buyers paid $750,000 or more for their home. These results are a strong argument for the importance of quality photos and video tours for online listings.

Of the buyers who purchased a home without seeing it in person, the largest segment was Millennials at 30%. However, despite this action, which many would associate with risk, Millennials were the most likely to choose a home and neighborhood for its stability. According to this same survey, their priorities include schools and safety.

Previous studies have identified walkability as a growing importance among buyers, but only 11% of buyers in this survey identified that as a priority. The study also conflicts the stereotype that Millennials prefer urban properties with only about 13% of Millennials naming walkability as an important feature, as well as 12% citing access to public transportation.

Despite changes in technology and the way people buy homes, the reasons for buying haven’t really changed. 58% of home buyers said they purchased for “a sense of stability or permanence”, 44% for “a safe place to invest their money and wealth”, and 35% “to achieve the American Dream of homeownership”.

As always, if you have questions about buying or selling a home, just give us a call at 910-202-2546 or email us at cameronteam@seacoastrealty.com. We’re here to provide guidance and assistance at all stages of the buying and selling process.

Have a great week!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s