The Houston Association Of Realtors conducted a survey to consumers in their market area and these were their findings related to iBuyers.
We think the most significant number that stands out is the first one. 80% of consumers just want knowledge and information.
Do iBuyers like Opendoor and Zillow make fair market offers on the homes they purchase? This has been a point of contention since the iBuyer business model launched, with opponents claiming that iBuyers purchase houses at well below market value, while iBuyers claim they provide consumers fair market offers.
A MarketWatch investigation of multiple transactions involving iBuyers shows that their offers would net their customers, on average, 11% less than owners who choose to sell their homes on the open market, when fees and other costs are considered, translating to tens of thousands of dollars lost. The findings also revealed considerably more uncertainty around the transactions — the scope of inspections, for instance — than the iBuyer model purports to offer consumers who are looking for ease.
However, a new study by real estate technology consultant Mike DelPrete reviewed more than 20,000 iBuyer transactions, which accounts for more than 95 percent of all iBuyer transactions from 2018 to present. “The evidence in this research study strongly suggests that iBuyers are offering close to fair market value for the homes they purchase,” DelPrete writes.
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