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INVESTMENT GOVERNMENT PROPERTY PRESERVATION INDUSTRY UPDATES
THE
INCREASING
POPULARITY
OF VIRTUAL
HOME TOURS
More than half of homebuyers, last year,
purchased a house without seeing it, opting
instead for a virtual tours, inspections, and
closings, according to a report from Redfin.
Researchers reported one in 10 shoppers
requested a remote tour, due to fear related to
COVID-19.
A survey—of more than 1,900 homebuyers
across 32 major markets—commissioned by the
company showed about two-thirds of 63% of
those who purchased a home in 2020 made an
offer on property they had not viewed in person.
at makes the highest share of sight-unseen
purchases since at least 2015, the researchers
said. e numbers are up 32% from the previous
year.
"e virtual home tour is here to stay," said
Redfin Chief Economist Daryl Fairweather
in her housing market predictions for 2021.
"Homebuyers who are searching for a home
out of town and don't have the time or ability to
view the home in person will use virtual tours
as their primary means of viewing a home.
e increased use of this technology, coupled
with more people relocating, mean the sight-
unseen trend will continue, and the majority
of homebuyers will make offers sight unseen
during their search for a home in 2021."
In addition to a surge in video tours with
Redfin agents, from less than 1% of Redfin tour
requests at the beginning of 2020 to about one
in 10 today, monthly views of 3D walkthroughs
on Redfin.com have increased 563% since
February.
"Live-video home tours have gone from
futuristic fantasy to an everyday part of the
homebuying process," Connecticut-based
Redfin agent, Mary Ellen Wisneski said.
"Over video, I'm able to show my buyers
closeups of anything in the home and describe
peculiar details they can't experience in 3D
walkthroughs or photographs—it's like they are
actually there with me."
Redfin real estate analyst Tim Ellis,
referring to the study, describes the process of
purchasing an old home in coastal Connecticut
via mostly virtual means in his own experience.
"We spent two or three hours over the span
of a week pouring over the 3D walkthrough
on the Redfin.com listing and video toured the
home via Google Duo with Wisneski, who was
our agent," Ellis said. "rough the video tour,
Wisneski pointed out cracks in the plaster, loose
doors, and other minor issues that weren't visible
to us on the screen."
