Buying a House with FaceTime

Boulder’s housing market is notoriously tight, especially when it comes to premier properties in hot locations. It’s no secret that many of these properties are purchased within days of coming on the market, if not before they’re even listed. This can make it tough for buyers, especially if you’re from out of town, or just happen to be out of town and unable to immediately view the property in person. To stay on top of the competition, some home buyers are turning to video calling programs such as FaceTime and Skype to tour and evaluate homes. They’re even putting in offers site unseen.

A June 2016 survey of 2,000 recent home-buyers and sellers by real estate listing site Redfin found 19 percent reported having made a bid without seeing the property in person. Looking at homes with listing prices of more than $750,000, 39 percent of people surveyed put in an offer sight unseen, as higher-end homes are likely to attract more overseas buyers in already competitive buyer pools.

Tips for Digital House Hunting

So would you do it? Is it wise or foolish? The trend appears to be new enough that the answer to these questions may be yet to come. My opinion is that, especially with the size of the investment to buy in Boulder – the median home price is currently $869,000 – it’s probably worth your time and money to take the time to visit in person. There’s really no replacing a trip to walk, bike and drive our cities’ distinctive neighborhoods and spend time in local shops and parks. But if hopping a last minute flight every time your agent sends you a juicy listing just isn’t in the cards, you might just want to give FaceTime a try.

Here are some tips in case you decide to try out going digital house hunting:

• Use a real estate agent you know and trust. Make sure this agent has taken the time to get to know you and your family, and is able to pinpoint the character, amenities and location of neighborhoods that will be a great fit. Ensure the agent knows your style, your bare necessities and your absolute deal breakers. For example, do you absolutely need that fourth bedroom? Are you willing to do a little remodeling, or is your budget completely maxed out at the purchase price?
• Have the agent give you a digital “tour” not only of the property, but the street and neighboring homes, parks and shops. Get beyond what you and everyone else can see on Google street view.
• Make sure to take a look at more than aesthetics. Ask to see the furnace, the water heater, the basement and attic spaces.
• Send a representative if you can. Do you know a friend, relative or co-worker who knows you well and whose opinion you trust? Send then out with your agent for back up feedback. Some property management companies offer home search as a paid service.
• If you submit an offer, make sure your agent includes contingencies in your contract. Just because you’ve put in an offer, doesn’t mean you have to be locked in if you discover issues down the road. When buying sight-unseen, it’s not wise to waive inspection, for example.
• Once you’ve placed an offer, it’s time to come see the property in person! As stated above, you’re not locked in at this stage, and you want to ensure that if you’re offer is accepted, that this really is the right home for you.