You’ve heard about the cutthroat Bay Area real estate market before, resplendent as it is with cash offers and egregious overbids. Homes will be on the market one week, then snapped up the next.
It can be hard to catch a breath when ensnared in the quagmire of Bay Area real estate. According to a new study, some people aren’t even bothering to stop for air before placing a bid on a future home.
In a SurveyGizmo study for real estate listing site Redfin, 44 percent of San Francisco homebuyers said they made an offer on a home they had not viewed in person last year. The figure is likely indicative of the advent of online real estate listings, as well as the tenacity demanded of potential Bay Area home buyers. If you don’t act fast in this housing-deprived region, someone else will.
Of the 1,500 people surveyed throughout the country, all of whom purchased homes in 2017, 35 percent said they’d bid on a residence without viewing it first. That’s a 16 percent increase from the previous year.
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Tech-savvy Millennials were most likely to have purchased a home sight-unseen, which hints at the possible link between an increase in blind home buying and recent technological enhancements in the real estate sector.
San Francisco wasn’t the worst market for sight-unseen bids. In Los Angeles, a whopping 57 percent of buyers said they had bid on a house sight-unseen. In San Diego, the number was 46 percent. San Francisco was No. 3 nationally on the list.
It might sound insane to buy a house without seeing it, but the internet can act as a pair of eyes.
Redfin predicts the trend of sight-unseen bids to continue growing in 2018.
Michelle Robertson is an SFGATE staff writer. Email her at firstname.lastname@example.org or find her on Twitter at @mrobertsonsf.