We admit it, this headline may be a bit sensational; but if you consider the latest homebuyer reports, it may not be that far-fetched after all.
In 2017, 35% of all homebuyers made an offer on a home sight unseen, according to a Redfin report. The fear of missing out in some hot housing markets seem to have turned more otherwise rational, responsible Americans into risky homebuyers. Throw in sales contracts that also waive home inspections in order to win bidding wars, then yes, in essence, a sizeable number of desperate homebuyers have now been reduced to pretty much buying blind.
But that’s not the whole story. The latest ValueInsured Modern Homebuyer Survey revealed that some homebuyers are also planning a purchase without having basic understanding of new tax laws, interest rate trends and how home value in the areas where they are shopping could potentially be affected.