Housing Wire

NOVEMBER 20, 2024

Nearly three-quarters (73%) of recent home sellers say agents are the best way to sell, with 77% opting for traditional full-service agents—outpacing all other methods, including FSBO and iBuyers , by a wide margin. About 35% of those who sold to cash buyers and 33% of iBuyer users would choose a different method if they could do it over.

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Housing Wire

MARCH 18, 2021

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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Housing Wire

JANUARY 4, 2022

Offerpad , a Chandler, Arizona-based iBuyer, snared $500 million in a revolving credit facility from an unnamed lender, according to a Dec. As Zillow tries to swiftly disentangle itself from iBuying, a one-time competitor may borrow over $600 million more to radically increase its instant home-buying purchases.

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Housing Wire

SEPTEMBER 2, 2021

The post iBuyer Offerpad goes public at $2.7B Offerpad’s transition escalates the rivalry between Rascoff and his former company Zillow. It also nudges Offerpad from intriguing upstart to another business vying to move iBuying from dazzling concept to profit making enterprise. Offerpad turned a $9.2 valuation appeared first on HousingWire.

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Housing Wire

NOVEMBER 15, 2021

Fast forward to today, and alternative valuation models – redubbed automated valuation models or AVMs – are deployed to extend credit, appraise a home, and – in the case of iBuyers – even guide when to purchase a home for cash that might be profitable to resell. Both are scaling up rapidly. Opendoor posted a 91% revenue increase to $2.3

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Housing Wire

NOVEMBER 8, 2023

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.

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Housing Wire

MARCH 19, 2021

A fury of iBuyer expansion hit the industry this week, with Redfin and Opendoor announcing new locations and Offerpad announcing Thursday it will go public. The company’s iBuyer platform is already available in Arizona, California, Colorado, Texas and Washington.

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Housing Wire

NOVEMBER 2, 2021

Exclusive access to the HW+ Slack community and virtual events. HousingWire Magazine delivered to your home or office. Become a member today. Already a member? The post How Zillow’s model crushed its iBuying business appeared first on HousingWire.

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Housing Wire

FEBRUARY 18, 2022

As with rival Zillow , Redfin grew its 2021 revenue and losses due to iBuying. The company’s properties division, home to iBuying arm RedfinNow, saw revenue rocket to $881 million in 2021 compared to $210 million in 2020, a year when the company partly paused iBuying due to COVID-19. Kelman said that the company is being cautious. “We

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Housing Wire

AUGUST 11, 2020

Lucie, Florida, as the first iBuyer in the region. Offerpad announced on Tuesday the expansion of its Real Estate Solutions Center into Port St. The company resumed making cash offers in different parts of the country on May 8. Those options include selling the home instantly to Offerpad or partnering with Offerpad to list the home.

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Housing Wire

DECEMBER 2, 2021

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.

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Housing Wire

NOVEMBER 2, 2021

Barton, who took over Zillow from Spencer Rascoff in early 2019, and spurred Zillow’s reinvention as an iBuyer, was evidently rattled during Tuesday’s call. The company reported $1.73 billion in total revenue with 68% of the total coming from Zillow Offers, through which the company sold 3,036 homes in the third quarter.

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Housing Wire

APRIL 9, 2021

” He added: “We’re giving them 100% of the value creation so they make out better in the end, as opposed to an iBuyer program where it’s their business model to buy low and sell high and make the difference in between. . The post William Raveis ain’t no stinkin’ iBuyer appeared first on HousingWire.

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Housing Wire

SEPTEMBER 27, 2021

You’re about to read another story about instant homebuying, or iBuying. That’s even though iBuying sales made up less than 0.5% of the total U.S. residential real estate market in the second quarter of 2021, according to a report from Redfin. Offerpad is a six-year-old company founded in 2015 by Brian Bair after a career in real estate investing.

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Housing Wire

NOVEMBER 10, 2021

“I think the news that came out was shocking to a lot of people,” Bair said on Wednesday’s third quarter earnings call, in which the iBuyer sold 1,673 homes across 21 markets, down from 2,025 in Q2. The post Offerpad says it’s cracking the iBuyer code appeared first on HousingWire. Become a member today.

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Housing Wire

AUGUST 5, 2021

New quarter, same story. Zillow makes money through agents advertising on its website. It loses money via buying homes for cash and then reselling them. Add it up and the Seattle listings-and-iBuying giant on Wednesday reported $9.6 million in net income for the second quarter of 2021, and $1.3 billion in revenue. Become a member today.

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Housing Wire

DECEMBER 20, 2024

Same with the iBuyers. Price growth is slowing down so there’s less flippers in the market. That’s a harder business model to maintain when prices aren’t going up quickly. Theyve dropped out a lot.

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Housing Wire

MAY 7, 2021

Between April 2020 and the end of March this year, Opendoor , an iBuyer but also a residential brokerage, sold 1,613 homes listed on First Multiple Listings Service , the greater Atlanta region’s National Association of Realtors’ endorsed spot for home listings. Led by CEO Eric Wu , Opendoor is arguably normalizing iBuyers in real estate.

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Housing Wire

AUGUST 19, 2021

Wallace, a former regional sales manager for iBuyer Opendoor , said that Better would provide more details on the instant homebuying program in the coming weeks. The seven-year-old, New York City-based company will also soon provide an instant cash offer program to homesellers, said Christian Wallace, Head of Real Estate Services at Better.

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Housing Wire

OCTOBER 18, 2021

Can independent real estate brokerages outperform iBuyers? Offerpad’s ibuyer operations are running as smoothly as ever,” said a company spokesperson. Three years ago, Zillow dramatically transformed into a company that primarily does instant homebuying, or iBuying. billion in unsold home inventory. Overall, Zillow reported $9.6

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Housing Wire

AUGUST 16, 2021

The post iBuyer Offerpad claims profitability, pre-IPO appeared first on HousingWire. Exclusive access to the HW+ Slack community and virtual events. HousingWire Magazine delivered to your home or office. Become a member today. Already a member?

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Housing Wire

MARCH 28, 2022

And now, we’ve seen most of these early digital innovators, plus new startups and more traditional players, like Keller Williams (through Keller Offers ), broaden their scope with technology to become early iBuyer leaders. iBuyers are property companies that do the buying and selling of a home digitally. alone is worth about $40T.

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Housing Wire

FEBRUARY 25, 2021

The firm’s announcement is an intriguing turn, because it folds up two company priorities into one – boosting consumer faith in the Zestimate, and highlighting Zillow Offers , the company’s instant homebuying, or ibuying, platform. home last year at $7 million more than its Zestimated price.).

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Housing Wire

AUGUST 18, 2020

The iBuyer first paused its acquisitions in March as a result of COVID-19, and has since relaunched in Phoenix , Raleigh-Durham, Dallas-Fort Worth, Atlanta, Charlotte, Nashville and Tucson. Opendoor has resumed operations in all 21 of its markets as of Tuesday.

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Housing Wire

NOVEMBER 22, 2021

The main remaining iBuyers – Opendoor and Offerpad – are growing fast but report net losses. The main remaining iBuyers – Opendoor and Offerpad – are growing fast but report net losses. Realogy says it is real serious about its two-year-old iBuying division, RealSure. And that was impetus for hiring for me, for hiring a CEO.

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Agents Brokerage As-is Staging 370

Housing Wire

MARCH 2, 2022

So-called iBuyers purchased a total of 70,402 homes in 2021, more than doubling the number purchased in 2019, according to a report from Zillow released on Tuesday. Homeowners in Atlanta sold the most homes using an iBuyer, followed by Phoenix, Dallas-Fort Worth, Charlotte and Houston, according to the Zillow report.

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Housing Wire

OCTOBER 9, 2020

Redfin’ s iBuying service RedfinNow has expanded into another new market since it resumed after pausing because of COVID-19. As of Friday October 9th, Sacramento, California homeowners can sell their homes and get a cash offer via RedfinNow. Redfin also recently launched a program for homebuyers to tour homes on their own.

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Brokerage Agents Sales Marketing 356

Housing Wire

MARCH 19, 2025

Institutional home-buying activity remained subdued last year as transactional players including iBuyers , flippers, and sales leaseback firms dominated the market. While major single-family rental (SFR) funds continued to make acquisitions, their volume was significantly lower than during the post-pandemic surge of 2021.

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Investor Sales Marketing Mortgages 350

Housing Wire

AUGUST 20, 2021

The Texas-headquartered franchise behemoth says its “agent-centric” iBuyer model, known as Keller Offers, is genuinely different than its competitors: theirs is the only one that has a fiduciary duty to its agents’ clients. The post Keller Williams wants to be a different kind of iBuyer appeared first on HousingWire.

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Renovation Residential Brokerage Agents 370

Housing Wire

SEPTEMBER 23, 2020

The iBuyers are quickly becoming all-in-one-buyers. Zillow isn’t the only iBuyer reaching into the broker business. Customers in Atlanta, Phoenix and Tucson who sell their homes via the iBuying solution will work directly with licensed employees of Zillow Homes, its brokerage entity.

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Housing Wire

JANUARY 22, 2025

Auction.com referenced recent survey data from Clever Real Estate showing that roughly 20% of sellers prefer nontraditional sales methods such as for sale by owner (FSBO) or all-cash transactions through an iBuyer over the use of a real estate agent.

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Housing Wire

JANUARY 10, 2025

This is the fifth round of layoffs at Redfin since June 2022, when Redfin laid off 500 employees as the housing market began to turn. It then cut another 862 positions in November 2022, partially due to the shutdown of its iBuying program. The brokerage most recently laid off 82 employees in August 2024. But the company reported a net loss of $33.8

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Brokerage Agents As-is Marketing 397

Housing Wire

FEBRUARY 12, 2025

This is the sixth round of layoffs at Redfin since June 2022, when Redfin laid off 500 employees as the housing market began to turn. It then cut another 862 positions in November 2022, partially due to the shutdown of its iBuying program. Prior to the January 2025 layoffs, Redfin last laid off 82 employees in August 2024.

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Housing Wire

OCTOBER 28, 2024

In February, the brokerage officially launched its partnership with Opendoor, giving eXp’s agents access to the ibuyer’s cash offers. Sisu isn’t the only partnership eXp has entered into this year. The company has also been hard at work in adding agents.

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Housing Wire

FEBRUARY 14, 2024

The original model was pioneered by the iBuyers and is historically the most expensive model for consumers. The second stage was pioneered by real estate agents that saw how hard the consumer experience was first-hand, so they created the PowerBuyer model to address those issues with less cost relative to iBuyers.

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Housing Wire

AUGUST 28, 2020

The line between traditional iBuyer and brokerage is getting ever-so-blurry for venture-backed startup Opendoor. The company, armed with $1.5 Under such a model, traditional agents hired by Opendoor will be listing and selling the home. Meanwhile, Zillow Group quietly became a corporate broker in New York and Arizona.

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Brokerage Staging Banks Agents 538

Real Estate News

MARCH 4, 2023

Representing a client in an iBuyer transaction takes less time and can supplement an agent's business. The commissions are lower, but so is the effort.

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