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Old 12-11-2019, 10:58 AM
 
Location: Beautiful Northwest Houston
5,904 posts, read 6,151,424 times
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What does this mean for our friendly local Real Estate Agents ?

Houston leads the nation in iBuyer market share growth, according to a Redfin analysis of public records. iBuyers, companies that make online offers on homes, bought 3.8 percent of Houston-area houses in the third quarter 2019, up from 0.1 percent a year prior.
The rapid growth can be largely explained by the fact that iBuyers were largely unknown in the third quarter of of last year — they first entered the Houston market in summer of 2018. But the share of Houston homes bought by iBuyers already outpaces the national average, according to Redfin's analysis of 18 markets. iBuyers bought 3.1 percent of homes sold in those markets.
iBUYERS: Contractors embrace iBuyer business even as pricing pressure mounts

The markets where iBuyers accounted for the largest share of sold homes included Raleigh, N.C. (6.8 percent), Phoenix (5.1 percent), Atlanta, (4.4 percent) and Charlotte, N.C. (4.3 percent).

https://www.houstonchronicle.com/bus...e-14897169.php
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Old 12-14-2019, 10:18 AM
 
Location: Houston
3,165 posts, read 1,300,463 times
Reputation: 2635
Quote:
Originally Posted by Jack Lance View Post
What does this mean for our friendly local Real Estate Agents ?

Houston leads the nation in iBuyer market share growth, according to a Redfin analysis of public records. iBuyers, companies that make online offers on homes, bought 3.8 percent of Houston-area houses in the third quarter 2019, up from 0.1 percent a year prior.
The rapid growth can be largely explained by the fact that iBuyers were largely unknown in the third quarter of of last year — they first entered the Houston market in summer of 2018. But the share of Houston homes bought by iBuyers already outpaces the national average, according to Redfin's analysis of 18 markets. iBuyers bought 3.1 percent of homes sold in those markets.
iBUYERS: Contractors embrace iBuyer business even as pricing pressure mounts

The markets where iBuyers accounted for the largest share of sold homes included Raleigh, N.C. (6.8 percent), Phoenix (5.1 percent), Atlanta, (4.4 percent) and Charlotte, N.C. (4.3 percent).

https://www.houstonchronicle.com/bus...e-14897169.php
The amount of commission that my RE agent received was pretty outrageous considering that we chose the house in 1 day. A RE agent would be much more valuable in a buyer’s market, imo. I will def consider a Redfin arrangement if ever I sell my current home.
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Old 12-14-2019, 03:52 PM
 
436 posts, read 615,406 times
Reputation: 334
iBuyers work up to a certain and specific price point, from what I've gathered / seen on various website listings, here are my thoughts as to why:

1) Buyers / Sellers on $400,000+ homes are more sophisticated and have probably bought and sold real estate before. They understand the concept of giving equity away for convenience and would probably rather work with a local realtor to get market value.

2) iBuyer fees still make majority of the deals not work for most homeowners. The exception would be those with a large equity position in their property that have deferred maintenance.

3) The limited supply of point #2 will eventually run dry, and there will be limited supply to continue buying distressed / discounted properties.

4) Large real estate brokers are starting to create iBuyer programs (KW) and will begin converting people to listing homes vs. selling to iBuyer. IE: let's try and list for market value, reduce down if need be, and worst case, we'll sell to KW iBuyer

I think its a fad that won't last long - wholesalers have been operating and preying on those who do not understand real estate for along time. iBuyer's just went large scale with it.
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