Virtual homebuying stays at the forefront of buyer trends

Virtual homebuying stays at the forefront of buyer trends

Virtual homebuying stays at the forefront of buyer trends
It started with the COVID-19 pandemic shutting down open houses and regular visits with an agent to tour homes but now virtual home buying is a growing way that house hunters are looking to get ahead of the competition. According to a report from Redfin, 45 percent of consumers who purchased a home in the last year made an offer on a property without having actually toured it in person.

Experts suggest that video tours through Zoom or FaceTime are likely to continue to grow in popularity and are a way for buyers to save time and get offers in ahead of the competition. Video walkthroughs are also helpful to those relocating to a new city and can’t travel.

The pandemic has proven how quickly the housing market has adapted to a contactless environment and suggests that these trends may be here to stay.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.