Zillow reported that homeowners used an ibuying service to sell more than 15,000 homes in the second quarter, which were worth roughly $5.3 billion. This was over a 50% increase from the numbers seen during Q1, as ibuyers reached 1% of all U.S. home sales for the first time.
To recap, instant buying (or ibuying) is when real estate companies use algorithms to evaluate a property’s worth based on comparable market data and then purchase said property directly from the seller via cash transactions. From here, these companies quickly flip the property after making light repairs and updates by placing it on the open market.
Zillow also mentioned that most homes relisted by these ibuyers sold within a week of being on the market, with a third going for above their original list price.
For more information, check out Zillow’s press release.
Sources:
Zillow – zillow.com
The MReport – themreport.com
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