Luxury buyers are more likely to bid on a home before seeing it

U.S. buyers of high-end homes are almost twice as likely to bid on a property before seeing it in person than the buyer of an average house, according to a new survey commissioned by Redfin.

Among buyers of houses worth more than $750,000, 39 percent made an offer without visiting the properties first in the past year vs. 19 percent of those who bought a residence at any price.

Bidding wars and fast home-selling speeds are two factors driving the trend, says Redfin. The increased use of technology in residential real estate, including apps, 3D photos and video, is another factor.

There are steps buyers can take before bidding for a property they fall in love with through photos or video. Redfin recommends hiring a real estate agent that they trust, asking the Realtors to point out aspects of the home that are not easily captured in photos, and including inspection and other contingencies in their offer.

Source: Mansion Global (09/06/2016) Cruzado, Andrea Lopez

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Luxury buyers are more likely to bid on a home before seeing it