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One in three recent homebuyers made an offer sign-unseen

Thirty-three percent of people who bought a home in the last year made an offer without first seeing the home in person, according to a May survey of 3,350 homebuyers and sellers commissioned by Redfin ( ), the next-generation real estate brokerage. In a similar survey last year, 19 percent of buyers said they had offered sight-unseen. Among recent Millennial homebuyers, 41 percent had done so.

Five other major findings include:

  1. Affordable housing was the most prevalent economic concern, cited by 40 percent of buyers; rising prices caused 21 percent to search in other metro areas where homes cost less.
  2. Forty-one percent of buyers would be hesitant to move to a place where people have different political views from their own.
  3. Orders restricting immigration influenced the buying and selling plans of 52 percent of Arab, Asian and Latino respondents; 45 percent of minority buyers felt that sellers and their agents may have been less eager to work with them because of their race.
  4. Buyers remain resilient amid the prospect of rising mortgage rates. Just 5 percent said they’d cancel their plans if rates surpass 5 percent.
  5. Fifty-one percent of buyers and 46 percent of sellers saved money on real estate commissions.

“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. Despite their tech-savvy confidence, politics are seeping into Millennials’ decisions about where to live; nearly half cited hesitations about moving to a place where their neighbors wouldn’t share their views.”

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