How Many Offers Did the Typical 2021 Buyer Make? Two
While stories about multiple offers and foregone inspections are pervasive, a study found that most buyers won by their second bid and 88% had a home inspection.
JACKSONVILLE, Fla. – While more frustrated buyers tried to make their offers seller-friendly so far this year, a Zillow study suggests that it’s not as pervasive as many of the media reports may indicate.
According to the research, the typical U.S. homebuyer nationwide made just two offers so far in 2021 before one was accepted. And while some buyers have decided to forego a home inspection to make their offer more palatable to a seller, 88% of buyers had an inspection done, despite reports that homebuyers were waiving inspections due to the hot housing market.
Before 2021, though, homebuyers had to submit a median of one offer.
The share of first-time homebuyers also dropped in 2021 to 37%, down from 43% in 2020.
The research also found that fewer buyers opted to buy a home sight unseen. Researchers found that virtual home tours proliferated, but nearly all buyers still took a private tour of a home before putting in an offer, with typical homebuyers going on three private tours before making an offer. Only 5% of buyers skipped private tours entirely.
Even though most buyers wanted an in-person home tour before making an offer, however, they still liked the virtual tours – 68% agreed that virtual tours helped them get a better feel for homes than just photos. About 61% wished more listings had 3D tours, and 61% said they wanted to schedule in-person tools online.
On questions about homebuyers’ motives, about 60% said low mortgage interest rates influenced their decision, and about 50% said they had enough saved up for a down payment.
Source: Jacksonville Business Journal (10/11/21) Medici, Andy
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