More homebuyers are commonly making offers to owners after only looking at photos of the properties in La Crescenta and Fullerton, two preferred locations for Korean-Americans. This has especially been a common way to shop for homes among millennials.
Real estate industry experts said that the technological advancements and scarcity of available homes have triggered more buyers to streamline their shopping process.
“The supply of homes has not met the demand in recent years,” said Dream Realty president Kenneth Jeong. “Recently, maybe it’s because buyers can see high-quality photos and videos online, so the younger generations have been making offers this way.”
Realty One L.A. president Heather Jeong explained that buyers in the past shopping for properties for investment have made purchases without visiting the homes, but now, even those seeking residential properties are making offers based on pictures and videos online.
Besides pictures, 3D maps, virtual reality tours, and videos shot from a drone are becoming more common for homebuyers. That has made it easier for buyers to make decisions without having to visit the homes. Even the likes of Google Map have helped them to research the neighboring areas.
“The technology now allows buyers to research the home without having to make physical visits,” said IT system engineer Lee who often travels on business. “It’s also better to make offers as soon as possible rather than waiting for the open house.”
According to research conducted by Redfin, one in every three homebuyers have made a purchase without visiting the home in 2016. The figure in 2015 was one in every five.
“Technology may have advanced in recent years, but visiting the home still has to remain critical in the decision-making process for buyers,” said a source within the real estate industry.
“If visiting the home is impossible, the buyer should be very careful with the paperwork that ensures the conditions of the property. Videos should be preferred over pictures and appointing a veteran real estate agent is the best way to prevent problems in the future.”
By Sungcheol Jin