According to a recent survey by Clever Real Estate, 30% of millennials say COVID-19 pushed them to begin house hunting earlier than originally planned.
“Millennials, younger people, they’re forming households, they don’t want to live with their parents anymore,” Mike Ruzicka, President of Greater Milwaukee Association of REALTORS tells WTMJ. “They’re getting out, they’re getting married. They’re looking for houses, both single-family and condos. They don’t want to rent anymore. There’s a lot of people out looking for houses so it’s caused the inventory to drop precipitously.”
The survey also stated that nearly 80% of millennial home buyers would buy a home sight unseen.
“It’s not uncommon,” adds Ruzicka. “I wouldn’t recommend it. You really want to get in there, smell it, feel it.”
He adds that a home inspection is important.
“It’s kind of an insurance policy for yourself. It’s a good idea. You’re protecting your investment.”
Home buyers are also writing letters to sellers and bidding over asking prices. That’s because each home can average 100 showings and 40-50 offers.
For the full interview with Ruzicka on Wisconsin’s Morning News, click in the player above.