The practice of buying property without actually seeing it is making a comeback, now that the real estate market is heating up in some areas and there’s real competition for making deals. In some markets, putting down a deposit on a house without visiting it in person is the only way for distant buyers to get an edge.
In markets such as Boston and New York, limited supply has resulted in multiple bids on homes, according a Federal Reserve report in April, and it has helped spark a 14.7% increase in the U.S. median home price between August 2012 and this August.
“The market is so tough right now,” says Tanya Marchiol, the CEO of Phoenix-based real estate investment firm TEAM Investments, which handles residential and investment deals. “A lot of people are doing this, more than they ever have, because they want a certain house.”
Shopping in person is best, but even if you can’t, you can still come out ahead by following these tips.