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Pandemic? Not a Problem for These Sight-Unseen Buyers
Thursday, April 16, 2020
Is it possible that home buyers are adjusting
more quickly to this brave new virus-driven world than was hoped? Will
Americans now do the whole home purchase shtick from their living room couch? A survey the National Association of
Realtors® (NAR) conducted among its members this week found that one-quarter of
them had facilitated a purchase contract where their customers had not physically
seen the property. Those buyers had visited a median of only three homes,
either virtually or in person, before signing a contract. NAR's 2019 Profile of Home Buyers and Sellers found buyers typically
looked at nine homes before buying. NAR chief economist Lawrence Yun
said, "Expect second quarter home sales activity to slow down with the broad
observance of stay-at-home orders, but sales will pick up when the economy
reopens as many potential home buyers and sellers indicate they're still in the
market or will be in a couple of months, Home prices remain stable as deals
continue to happen with the growing use of new technology tools.
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