- 36 percent of Americans would be more likely to try to buy a home entirely online during the current coronavirus outbreak; 43 percent would be more likely to try to sell a home entirely online
- In a departure from traditional practice, 1 out of 3 would prefer taking a virtual or video home tour instead of touring a home in person after the current coronavirus outbreak ends.
- For shoppers who want to tour a home in person, virtual tours will allow them to winnow down their options and save time attending showings or open houses.
Home buyers and sellers say they are more likely to make the purchase or sale of their biggest financial asset entirely online.
Digital tools widely adopted during the coronavirus pandemic are giving people the ability and the confidence to buy or sell a home in a tight real estate market where homes are selling at their fastest pace in two years. Consumer demand will likely keep those tools in place and lead to more online real estate transactions in the future according to a new Zillow survey¹.
More than a third of Americans (36%) say they are more likely to try to buy a home entirely online during the coronavirus pandemic, and 30 percent say after the current outbreak ends, they would do the same.
Even more Americans appear to be getting comfortable with the idea of selling a home virtually. During the pandemic, 43 percent say they are more likely to try to sell a home entirely online. When the current outbreak ends, 33 percent anticipate they would still be more likely to try and sell a home entirely online.
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Our take:
Virtual is in. We would recommend all buyers and sellers have some form of online presence and to continue to look for digital upgrades that allow them to stay current in the market. Even when the coronavirus has subsided, it is likely that this trend will continue as homebuyers learn that it is quicker and more cost-effective to narrow down options by researching online first.