The 2021 Guide to Buying Your Next Home Sight Unseen
In the wake of the COVID-19 pandemic, millions of Americans have decided to relocate. Some did so due to the privilege of working from home, others wanted more property space to socially distance and reconnect with nature. Though the greater Seattle area was not insulated from the effects of COVID-19 as it related to a brief housing decline, demand ultimately soared and coupled with low inventory, the market was hot for a record amount of time over the year, whereas it may have normally leveled out as the temperatures dropped.
Because demand has been at a record-high, and inventory continues to remain low even as we enter 2021, some buyers are electing to purchase a home sight unseen in order to secure the type of property they truly want. After all, 2020 was the year of bidding wars, especially in the highly-desirable suburbs outside of Seattle. Additionally, with Amazon pending a massive Eastside shift, employees who will have the flexibility to work from home for the near future, the pool of potential buyers is only growing.
If you’re considering buying a home unseen (as nearly 45% of surveyed home buyers reported they are), there are a few things to note in order to protect yourself and make sure you have a good experience.
Carefully vet your real estate agent. Make sure you’re choosing a partner who you know, trust, and have references for. Luckily, when you use an agent from our world-renowned Sotheby’s International Realty® network, you can rest assured that your real estate advisor comes with countless references. Because we serve a global network and foster a collaborative culture, chances are, you can find a referral agent in almost any market you’re interested in. Consider consulting with us, so we can connect you with the right agent for your specific needs.
Inspect everything with a fine-tooth comb. When you can’t be there to see every nook and corner of the home you’re considering, it’s crucial to vet and hire a high-quality inspector and make sure no space is left untouched. While some may elect to inspect only certain things in a normal home-buying process because they can be more hands-on, in a sight-unseen scenario, it’s best to get additional inspections and make sure everything is running properly before you move in.
Expect the unexpected. While even the average real estate transaction may have surprises from time to time, it’s more likely for hiccups to occur when the buyer hasn’t physically toured the property. Be sure to do your due diligence and take every virtual tour, ask every question, and set realistic expectations for yourself. Things may take longer during a fully-digital closing, so build in that buffer time when planning your move.
As always, if you’re considering a new residence this year, we’re happy to offer our counsel and help you achieve your real estate goals. Send us a note today, we’d love to hear from you!