Just 6% of Home Listings Held Open Houses in July, Down From 16% a Year Earlier, Redfin Finds

“Housing demand has roared back during the coronavirus pandemic due to record-low mortgage rates, but open houses haven’t recovered to the same extent because it’s still risky to allow groups of strangers into your home,” said Redfin chief economist Daryl Fairweather. “As a result, more homebuyers have been exploring the world of virtual tours and 3D walkthroughs. I predict that even after the pandemic is behind us, many buyers will continue to do the initial part of their home searches online instead of opting for open houses.”

The West has seen the slowest recovery, with just 4% of homes listed in July holding open houses during their first week on the market, compared with 29% a year earlier. The Midwest clocked in at 9%, compared with 16% in July 2019, while the rate in the Northeast was 12%, versus 20% a year earlier. In the South, 7% of homes listed last month hosted open houses in their first week on the market, just shy of 12% a year prior.

Florida Redfin agent Brian Walsh has attended several open houses since they started popping back up across the Tampa area in June.

“Open houses are back in Tampa, but they’re not quite what they used to be,” Walsh said. “Today, you walk in the door and you immediately have to sanitize your hands and sign a piece of paper saying you have no coronavirus symptoms and haven’t traveled out of the country in the past two weeks. Only three parties are allowed in at a time, and there can’t be more than two people in a party. There’s usually an extra listing agent there to control the flow of people. Some sellers leave drawers, closets and cabinets half open so you can peek inside without touching.”

One reason sellers in Tampa have started to host open houses again is they can’t keep up with all of the requests they’re getting for individual tours, Walsh added.

“Before the pandemic, I was advising sellers against doing open houses because it was a waste of time—we were just getting looky-loos who weren’t serious about buying,” he said. “But now, demand for showings is through the roof, so open houses can alleviate a lot of stress for sellers. Why do 15 back-to-back showings with individual buyers when you can just host one open house?”

At the same time, the market in Tampa is so hot that some sellers may not even need to hold open houses, Walsh explained. If your home is in decent shape and you list it for a reasonable price, it’s possible to find a buyer within a matter of days, he said.

Demand for homes has been rising across the country as a result of record-low mortgage rates and an intensifying housing shortage, both of which are fueling competition. In July, more than half of Redfin offers faced bidding wars for the third month in a row.

In some areas of the country, including parts of Washington and California, open houses still aren’t allowed, Redfin agents said. In Seattle, showings are by appointment only, and are commonly booked through an app called ShowingTime, according to local agent Jessie Culbert Boucher.

“It’s kind of like making an online reservation for a restaurant, except you only get 15 minutes to see the home, and then the next party comes through,” she said. “We’re seeing lines out to the sidewalk for the really popular listings.”

While the rate at which sellers are hosting open houses has begun to recover in some parts of the country, it may never return to pre-pandemic levels nationwide, as many house hunters have grown accustomed to viewing homes and making offers from the comfort of their couch, according to Fairweather. A July Redfin survey[1] found that nearly half (45%) of people who bought a home in the past year made an offer on a property that they hadn’t seen in person, the highest share on record.

Redfin has taken numerous precautions to keep homebuyers and sellers safe during the pandemic. In places where open houses are legally allowed, Redfin is using a queue system to allow only one group from the same household into the home at a time. The company is also requiring all attendees to observe social distancing rules and wear masks. In addition, Redfin is offering private video-chat tours led by Redfin agents, as well as live video open houses.

For more information and complete methodology visit: https://www.redfin.com/blog/real-estate-open-houses-decline-coronavirus[2].

About Redfin
Redfin (www.redfin.com[3]) is a technology-powered residential real estate company, redefining real estate in the consumer’s favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country’s #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate[4]. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we’ve helped them buy or sell more than 235,000 homes worth more than $115 billion.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com[5]. To learn about housing market trends and download data, visit the Redfin Data Center[6]. To be added to Redfin’s press release distribution list, email [email protected][7]. To view Redfin’s press center, click here[8].


Related Links


Source URL: Read More
The public content above was dynamically discovered – by graded relevancy to this site’s keyword domain name. Such discovery was by systematic attempts to filter for “Creative Commons“ re-use licensing and/or by Press Release distributions. “Source URL” states the content’s owner and/or publisher. When possible, this site references the content above to generate its value-add, the dynamic sentimental analysis below, which allows us to research global sentiments across a multitude of topics related to this site’s specific keyword domain name. Additionally, when possible, this site references the content above to provide on-demand (multilingual) translations and/or to power its “Read Article to Me” feature, which reads the content aloud to visitors. Where applicable, this site also auto-generates a “References” section, which appends the content above by listing all mentioned links. Views expressed in the content above are solely those of the author(s). We do not endorse, offer to sell, promote, recommend, or, otherwise, make any statement about the content above. We reference the content above for your “reading” entertainment purposes only. Review “DMCA & Terms”, at the bottom of this site, for terms of your access and use as well as for applicable DMCA take-down request.

Acquire this Domain
You can acquire this site’s domain name! We have nurtured its online marketing value by systematically curating this site by the domain’s relevant keywords. Explore our content network – you can advertise on each or rent vs. buy the domain. Buy@TLDtraders.com | Skype: TLDtraders | +1 (475) BUY-NAME (289 – 6263). Thousands search by this site’s exact keyword domain name! Most are sent here because search engines often love the keyword. This domain can be your 24/7 lead generator! If you own it, you could capture a large amount of online traffic for your niche. Stop wasting money on ads. Instead, buy this domain to gain a long-term marketing asset. If you can’t afford to buy then you can rent the domain.

About Us
We are Internet Investors, Developers, and Franchisers – operating a content network of several thousand sites while federating 100+ eCommerce and SaaS startups. With our proprietary “inverted incubation” model, we leverage a portfolio of $100M in valued domains to impact online trends, traffic, and transactions. We use robotic process automation, machine learning, and other proprietary approaches to power our content network. Contact us to learn how we can help you with your online marketing and/or site maintenance.