Back in 2020, the convergence of virtual technology and the COVID-19 pandemic resulted in a big increase in sight-unseen homebuying. According to the National Association of REALTORS® (NAR), during the first few months of the pandemic, 1 in 20 buyers purchased a property without ever setting foot inside. But while the pandemic is over, it looks like the trend of sight-unseen buying may be around a little while longer.
This is partly due to the competitiveness of today’s market, with demand still far outpacing ready supply. In fact, another NAR survey from last year found that almost half (48%) of Millennial homebuyers would purchase sight unseen to gain an advantage over other buyers.
But sight-unseen transactions can also create headaches for both buyers and sellers. So, before you buy or sell a home this way, here are some things you should know.