Would you buy a home without ever seeing it in person? If that seems like a stretch to you, it isn’t to a good number of young people. According to a new report, many millennials would purchase a home sight unseen. The reasons why reflect the craziness of the housing market.
The study of millennial home shoppers found that 90 percent would buy a home without ever laying eyes on it. The main factor behind that decision is that houses are selling quickly and inventory is low. Young people are simply worried that if they don’t snatch up a home immediately, it’ll be gone. But while that makes a little sense — you don’t want to miss out on your dream home — it’s an unwise strategy.
To start, a listing paints a home in the most beautiful, favorable light. Realtors use all sorts of techniques to create photos that make homes look immaculate. As USA Today reports, sometimes the photos even make rooms look much larger than they actually are. You need to see a home in person so that you know exactly what the home looks like. Seeing the home will also give you an opportunity to spot any things that might need to be repaired. If you don’t see the home first, you could end up buying a house that busts your budget right off the top because it needs several repairs.
It might be tempting to buy a home without seeing it in person, but you should resist the urge. Yes, the home might get sold, but remember: There will always be more houses. Take your time. Buying a home is not something that should be rushed.
Purchasing a home is a big step with many moving parts and decisions to make. Fortera’s Mortgage Team will be here to answer your questions and guide you as little or as much as you need.
Adapted from an article distributed in partnership with SavvyMoney with reporting by Chris O’Shea.