If anyone needs proof that the real estate bubble is back, or soon will be, a new study by housing site Redfin shows that one in five people made offers on homes they have not seen. So much for home inspectors and examinations for problems with the properties and possible repair costs, which in these cases have been abandoned.

Redfin said of the study:

A survey of 2,134 Americans who bought and/or sold a home in the past two years revealed while small portions of homebuyers and sellers had used unconventional methods to buy and sell homes — like offer sight unseen or forego an agent’s help — a majority is open to an alternative to the traditional real estate service. One in five buyers made an offer on a home without having visited it in person

What is unclear is how many of those offers may have been withdrawn once potential owners see the homes. If the number is high, the Redfin research may not mean much.

Buyers willing to take the “no see” path to home buying are distinct from many other house shoppers:

Twenty-one percent of buyers said they made an offer on a home without ever seeing it in person. Certain demographics were more likely to have made an offer on a home sight unseen, including:

• 53% of people who bought homes for more than $750,000
• 36% of people who bought a home with a Redfin agent
• 30% of millennials
• 30% of single, never married people

It is entirely possible that Redfin clients are very different from traditional home buyers. However, if the data are any indication of the overall behavior in the market, the rich and young are particularly intrepid.

Home price appreciation in some markets has reached levels at which prices have moved to or above what they were in 2005 and 2006. Making an offer for a home a potential buyer has not seen supports the argument that the real estate market has become irrational again.

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