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DataDigest: iBuyers slide farther from hyped market disruption

Housing Wire

Offerpad is an instant buyer, or iBuyer, a company that gives sellers cash offers for their homes and attempts to resell the homes for a profit, sometimes after making renovations. iBuyers have consistently produced steep losses as the companies seek to establish national footprints. Opendoor lost about $1.4 billion last year.

Marketing 414
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Inside Zillow’s misadventures in iBuying

Housing Wire

It may be difficult for algorithms and folks who are making a value assessment,” said Pasadena, California-based Compass agent Tracy Do, who has been encountering iBuyers in her deals in the past months, “particularly when they don’t know that specific market and buyer preferences.”. “It Then Zillow came along. Become a member today.

Agents 529
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Rocket cautiously wades into iBuying

Housing Wire

Rocket’s low-key entrance might be explained by the company not envisioning itself as becoming a true iBuyer: it will not be buying homes with the help of an algorithm, throwing a new coat of paint on the wall, and then reselling the home for a markup. In fact, Rocket has no interest in buying homes at all. Become a member today.

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Redfin losses soar amid iBuying ramp up

Housing Wire

You can’t please all the people all of the time, but Redfin is a unique real estate brokerage , an instant homebuyer, a popular listings website, a platform for renters, a mortgage company, a title company, a concierge service, and a research service on the U.S. housing market. What does that all add up to? The loss was accompanied by rapid growth.

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Offerpad proposes iBuyer-agent marriage

Housing Wire

The success of iBuyers is the failure of real estate agents. But the iBuyer-agent relationship is shifting, as iBuying company Offerpad – the only iBuyer of the above group to ever turn a profit – is now quietly employing roughly 200 real estate agents, which the company calls “Solutions Experts.”.

Agents 404
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Spencer Rascoff SPAC to take iBuyer Offerpad public

Housing Wire

Savor the irony: A blank-check company started by Spencer Rascoff is bringing an iBuyer, Offerpad, public. The deal will provide the iBuyer with “up to $650 million in gross cash proceeds,” per the release. The post Spencer Rascoff SPAC to take iBuyer Offerpad public appeared first on HousingWire. Presented by: Propertybase.

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Zillow: Over half of our iBuying inventory is on the move

Housing Wire

Zillow said Thursday that more than 50% of its remaining iBuying inventory “has sold, is under contract to sell or has reached agreement on disposition terms.”. Also, the company’s board of directors authorized the repurchase up to $750 million in shares of Zillow stock, according to a press release. billion as of Sept.