Rocket cautiously wades into iBuying

Housing Wire

When Rocket Companies announced in August that it would be dipping its toes in the iBuying space, the lender didn’t do so with its usual panache. In fact, news that Rocket would be pushing into iBuying was barely a footnote in the August press release.

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Offerpad proposes iBuyer-agent marriage

Housing Wire

The success of iBuyers is the failure of real estate agents. After all, iBuying companies Opendoor , Redfin and formerly Zillow are predicated on home sellers eschewing a listing agent and selling their home to the company. Offerpad CEO Brian Bair. It’s a zero-sum economy, right?

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Inside Zillow’s misadventures in iBuying

Housing Wire

The company’s Zillow Offers instant homebuying – or iBuying – division offered $406,000 for the house, 16% above listing price. Zillow’s primary iBuying competitors – Opendoor , Offerpad and to a lesser extent, Redfin – pounced on the announcement, making clear that they are open for business.

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A Zillow problem…or an iBuying problem?

Housing Wire

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. Zillow CEO Rich Barton.

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Can Offerpad make iBuying work?

Housing Wire

You’re about to read another story about instant homebuying, or iBuying. That’s even though iBuying sales made up less than 0.5% IBuying observers like Mike DelPrete single out Offerpad as perhaps creating a more sustainable business model for ibuying.

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Redfin losses soar amid iBuying ramp up

Housing Wire

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.

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iBuyer Offerpad claims profitability, pre-IPO

Housing Wire

The post iBuyer Offerpad claims profitability, pre-IPO appeared first on HousingWire. Brokerage iBuyers IPO / M&A Real Estate Brian Bair HWplus iBuying IPO OfferPad OPENDOOR Spencer Rascoff ZillowOfferpad CEO Brian Bair.

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Zillow earns profit, no thanks to iBuying

Housing Wire

Add it up and the Seattle listings-and-iBuying giant on Wednesday reported $9.6 The post Zillow earns profit, no thanks to iBuying appeared first on HousingWire. Zillow CEO Rich Barton. New quarter, same story. Zillow makes money through agents advertising on its website.

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Offerpad lands $600M more in credit to power iBuying

Housing Wire

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. publicly traded companies that generate the majority of their revenue from iBuying.

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Better expands real estate, explores iBuying

Housing Wire

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 post Better expands real estate, explores iBuying appeared first on HousingWire.

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Opendoor, Atlanta, and the future of iBuying

Housing Wire

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.

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These iBuyers are coming to a market near you

Housing Wire

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. RedfinNow , the iBuying platform of Redfin, has expanded into the Baltimore – Washington D.C.

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Amid heavy financial losses, iBuyers bought 70,000 homes in 2021

Housing Wire

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. The iBuying industry’s share of the housing market as a whole also dipped during the fourth quarter, dropping to 1.7%

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Zillow to kill its iBuying program

Housing Wire

Zillow CEO Rich Barton announced Tuesday that his company is exiting the iBuying business , a mind-boggling about face that completely changes Zillow’s business model and will result in the loss of about 1,605 jobs. Brokerage iBuying Rich Barton Zillow Zillow offers

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Offerpad says it’s cracking the iBuyer code

Housing Wire

When Zillow announced last week that it was shutting down its iBuying business and was desperate to offload $3.8 The economics of iBuying don’t work at scale, not profitably anyway, the naysayers declared. Offerpad founder and CEO Brian Bair.

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iBuying rebounds in Q1, up 20% from end of 2020

Housing Wire

iBuying appears to be back, after the nation’s top iBuying companies purchased 4,383 homes in the first quarter of 2021 — up 20.6% The top quarter of iBuyer activity remains the third quarter of 2019 when, according to Redfin, 8,310 homes were bought via iBuyers.

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Opinion: Can tech and iBuyers fix the real estate market?

Housing Wire

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. One of the key components of iBuying is the use of data.

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iBuyers: Did COVID-19 disrupt the disruptors?

Housing Wire

Since the iBuying industry launched in 2014, billions of dollars have poured into companies created to disrupt the real estate industry and transform the way consumers buy and sell houses. The post iBuyers: Did COVID-19 disrupt the disruptors? iBuyers Real Estate HWplus

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Inside the Realogy-Blackstone iBuying venture

Housing Wire

Realogy says it is real serious about its two-year-old iBuying division, RealSure. The Realogy/Blackstone foray comes at a pivotal, if not existential, moment for iBuying, which lets people sell their home for cash instead of listing it on the market with a real estate agent.

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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. Under Barton, Zillow has since pivoted hard to iBuying.

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Offerpad expands iBuying in Central Florida

Housing Wire

Lucie, Florida, as the first iBuyer in the region. This is the sixth Florida market where the company is now live since it began iBuying in Florida in 2015, operating in Citrus Ridge, Fort Pierce, Port St. iBuyers Real Estate Featured Florida iBuyer expansion OfferPad Port St.

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Zillow calls timeout on iBuying, but competitors won’t

Housing Wire

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

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iBuyer purchase volume sank 82% YoY in Q3

Housing Wire

iBuyer purchase volumes were significantly lower during the third quarter this year than they were pre-pandemic, according to zavvie ‘s inaugural Seller Preference Report. In Q3, iBuyer purchases dropped 82% year over year.

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How Zillow’s model crushed its iBuying business

Housing Wire

The post How Zillow’s model crushed its iBuying business appeared first on HousingWire. Economics Housing Market Forecasting home price growth Housing demand HWplus iBuying Zillow

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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.”. It marked Zillow’s first major statement since announcing the wind down of the Zillow Offers’ iBuying program last month.

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How many homes did iBuyers purchase in Q2?

Housing Wire

The second quarter was a tough one on iBuyers, as only 0.1% of the homes sold across 418 metros — only 880 homes total — were purchased by top iBuyers Redfin , Zillow , Opendoor and Offerpad , according to a report by Redfin. iBuyers there acquired 0.8%

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Keller Williams wants to be a different kind of iBuyer

Housing Wire

It can no longer be said that iBuying is merely the domain of venture capital-backed startups or buzzy listings platforms. The company recently hired Raymond “RJ” Jones to lead its iBuying program as well as Keller Manage, a new service for home maintenance, renovations and moving.

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RedfinNow expands iBuying to Sacramento, California

Housing Wire

Redfin’ s iBuying service RedfinNow has expanded into another new market since it resumed after pausing because of COVID-19. Last month, RedfinNow expanded to Palm Springs, California , its first new market since resuming iBuying in early May.

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iBuyer Update

BubbleInfo

The ibuyers are borrowing money like crazy to build their inventory of homes to flip. Flips Frenzy ibuyer ZillowOpendoor doesn’t have the brand-name awareness of Zillow, so they are advertising a lot and buying homes directly off the MLS. Zillow has everyone’s email address so they are able to reach their users directly. Both have been fairly well-compensated […].

Zestimate to double as Zillow’s iBuying offer

Housing Wire

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.

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William Raveis ain’t no stinkin’ iBuyer

Housing Wire

But don’t confuse its new program with iBuying – they’re looking to solve the sell-before-you-buy dilemma in a different manner. The post William Raveis ain’t no stinkin’ iBuyer appeared first on HousingWire.

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iBuyer Loses $600,000

BubbleInfo

This ibuyer was new in the game and was hoping to make a splash. Somebody there should have known in June of this year that the frenzy was wrapping up before investing $2.5 million cash into a 20-year old basic tract house on a busier street on the fringe of La Costa Valley.

Where Is iBuying Headed?

RIS Media

Is iBuying here to stay? Real estate experts and leaders are convinced that there is a longstanding place for iBuying in the industry, despite skepticism around the sector, especially following the demise of Zillow Offers. . The post Where Is iBuying Headed?

Opendoor resumes iBuying in all of its markets

Housing Wire

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. The post Opendoor resumes iBuying in all of its markets appeared first on HousingWire.

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What’s the Tipping Point for iBuyers?

Notorious ROB

Zillow released its Q1, 2022 iBuyer report a few days ago and well, it was kind of drowned out by the CPI print and the ensuing market collapse, including mortgages going over 6%. What’s the tipping point where iBuyer services become mainstream? iBuying and the Chasm.