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Millennial homebuyers more likely to put in an offer sight unseen

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Gotta do what you gotta do?

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One in three recent homebuyers put in an offer without first seeing their potential future home, according to a new survey from Redfin. That’s a significant increase from last year, when just 19 percent of buyers did so. Of those recent buyers who didn’t first see the property, 41 percent were millennials, 30 percent were Gen-Xers, and 12 percent were baby boomers.

“Millennials are already starting to set trends in the real estate industry,” said Redfin Chief Economist Nela Richardson. “They are three times more likely than Baby Boomers to make an offer sight unseen, and they’re more likely than older buyers and sellers to negotiate commission savings.”

Millennials may feel that they have little choice in order to achieve homeownership. The country’s pent-up housing demand is causing more and more buyers to swoop in and purchase anything that’s available, driving up prices and creating an atmosphere of scarcity.

Construction Dive also credits tech advances like 3D photography in listings, as well as the country’s booming housing market as two key drivers of the trend. The Redfin survey included answers to questions from 3,350 U.S. residents in 11 metropolitan areas who recently bought or sold a home or plan to do so.

Via: Construction Dive, Redfin