0
0
0

iBuyers gain market share nationwide, South Florida transactions grow

by Liz Hughes

For the first time, iBuyers, also known as instant buyers, clinched 1% of the overall market share of homes purchased nationwide, according to Zillow Research.

Put another way, homeowners — some lured by the prospect of fast cash — enlisted an iBuying service to unload more than 15,000 homes in 33 markets, with Atlanta, Phoenix and Dallas leading the way.

Zillow’s analysis is based on purchases and sales by the four largest U.S. instant buyers, including Zillow Offers, Opendoor, RedfinNow and Offerpad. Collectively, they represent nearly 84% of homes purchased by an iBuyer in the second quarter.

Unlike traditional agents, iBuyers typically buy off-market homes directly from sellers themselves at market rate. Then after making minimal repairs, they quickly list them on the open market removing the real estate agent altogether.

While metro Atlanta topped the list with 1,987 iBuyer transactions, in the Miami-Fort Lauderdale area ranked 19th from the bottom with 119.

Read More Related to This Post

Join the conversation

[gravityform id="3" title="true" description="false" ajax="true"]