The Internet and technology have brought along so many changes from when I was first licensed in 2000. According to a recent survey of agents in 11 major markets, 33 percent of respondents indicated they had made offers on homes sight unseen. This is getting to be more common in tight housing markets, such as here in Bend.
New technologies, video tours, and virtual reality options including Facetime can provide enough information to decide on a purchase without actually seeing it in person. As I am writing my first offer on a home unseen by my buyers, I am reflecting on those changes and how this is possible with modern technology.
My buyer is out of town and relocating here to accept a teaching position in a town with a very tight housing inventory for mid-range buyers. The perfect house came up yesterday, so I rushed over last night and prepared a virtual tour for the buyers, including pictures of neighboring homes, and now I have an offer to present.
It may sound like a scary concept, but because technology has come so far, people are even purchasing multi-million dollar homes sight unseen. In the real estate industry, we are also seeing more providers of 3D virtual tours.
I think we will be seeing more of this with our competitive housing market.