Realtor.com is getting busy, which it thinks suggests that home shoppers are gearing up for a later than usual home-buying season.
Realtor.com listing visits, saves and shares are all up significantly since the first wave of shelter-in-place orders took effect on March 16, especially for those listings with virtual tours. Consumer survey data shows virtual tours have become an essential part of the home search process and will likely remain so even after in-person open houses resume across the country.
Listing visits, saves and shares up significantly
More than 70% of realtor.com users surveyed registered on the site so that they could save homes as a way to track price reductions and make a shortlist of homes to tour post COVID-19. Additionally, since March 16:
- Listing views for single-family homes and condos are up 30%;
- Saved homes are up 76%;
- Shared homes are up 95%; and
- Time spent per unique user is up 14%.
“Data suggests that home shoppers who had paused their search are now picking it back up, and the spring home-buying season won’t be lost, but merely pushed into the summer months,” said Danielle Hale, chief economist, realtor.com. “Tools such as virtual tours and Livestream Open Houses are enabling consumers to safely continue their home search while maintaining social distancing guidelines and have proven to be very popular with consumers.”
Virtual shopping technology is here to stay
Since shelter-in-place orders began, the growth rate of visits to listings with virtual tours has been twice as high as those without. User visits were also 29% higher for listings featuring virtual tours, with those listings generating increased engagement and greater likelihood of a consumer connecting with an agent about the home.
“While many consumers don’t see virtual tours as a replacement for in-person viewings, they have emerged as a valuable tool to learn more about a home, see details up close and help narrow down the search. We believe virtual tours will remain an integral part of the home search, even when shoppers feel more comfortable visiting homes in-person again,” said Hale.
A survey of realtor.com users found that:
- Two thirds (64%) had taken a virtual tour, and of those, 45% prefer listings that offer virtual tours;
- 65% of home buyers believe that virtual tours will continue to be a great resource in their home shopping process even after the pandemic; and
- An additional 8% think virtual tours can be a replacement for in-person tours.
When asked what they like about virtual tours, top responses include:
- They help me eliminate homes that aren’t for me (52%);
- They help me see the details of a home without having to step inside (43%);
- They help me create a shortlist of homes I want to see in person (38%); and
- They allow me to see more homes more quickly, without having to drive around to open houses (30%).
