CCM Finance Research Finds COVID Results in Almost 65% of US Homebuyers Making Offers Sight Unseen during 2020

The pandemic has not only affected the ways in which individuals live and work; a national US property broker, Redfin, recently announced that up to two thirds or almost 65% of individuals who purchased a home during 2020 made offers on properties that they had not even viewed in person. This figure is the highest since 2015 and has increased from just over 30% during the previous year and 45% during last July. 

Chief economist of Redfin, Daryl Fairweather, stated, “The virtual home tour is here to stay. 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. The 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.”

Video house tours have become even more popular this year than before. Where video tour requests were at around the 1% mark during early 2020, more than 10% of house tours are now taken online. In addition, monthly view figures of 3D walkthroughs on Redfin’s website have increased by over 560% since February. 

A Redfin agent, Mary Ellen Wisneski, mentioned, “Live-video home tours have gone from futuristic fantasy to an everyday part of the home buying process. Over video, I’m able to show my buyers close-ups of anything in the home and describe peculiar details they can’t experience in 3D walkthroughs or photographs – it’s like they are actually here with me.”

A substantial amount of virtual home buying activity is being fueled by an increase in migration as remote working has become more common for several individuals around the country. Last year, just under 28% of Redfin.com users were considering the option of relocation, which is an all-time high and an increase of just over 2% from 25.5% during 2019. 

Information in Redfin’s report has been based on survey information that was obtained during November and December, where almost 2,000 potential homebuyers across 32 major markets were interviewed. 

CCM Finance is here to assist homebuyers with obtaining the funds they need by means of short-term loans, construction loans and hard money loans. Individuals who would like to learn more about the financing options that can be provided by CCM can do so here: https://ccm-finance.com/loans/

About CCM Finance

CCM Finance comprises of a team of hard moneylenders and seasoned real estate investors who understand how critical it is to be able to obtain loans as quickly as possible after finding the right property to purchase. The company is situated at 7801 E. Bush Lake Road, Suite 430, Minneapolis, MN and can be contacted by calling (612)-254-0025, emailing info@ccm-finance.com or completing the website contact form. For more information please visit https://ccm-finance.com.