IBuyers like Offerpad & zillow are moving into this active Indy market!
We’re in a sellers market for sure. With home sale prices shooting through the roof and Zillow backing out of the ibuying territory we’re starting to see Offerpad pick up a lot of traction, within the $150K-$300,000 range.
What are your thoughts on Ibuyers such as offerpad, zillow ect. in the market
I honestly don’t see why buyers would go this route!
Their Model is simple! They offer you a higher than market price….still charge you a marketing fee so you don’t think it’s a realtor commission then when the inspection comes they drop your offer price considerably and charge you to back out of the deal! Unless you’re in a crunch for time. This makes absolutely no sense leaving money on the table for them to turn around and re list your home for more.
On another scale the I buyer model is pushing first time buyers out of being able to afford homes and keeping potential buyers renting. It may be good for the bottom line of the hedge funds that are buying the homes. However on a larger scale for those that are wanting to purchase and make a home and life for their family it’s becoming extremely difficult. Aside from first time buyers having extreme issues getting offers accepted over ibuying companies, the i buyers are also working to push the realtor out of the business as well. The question thats present is: How long can this model sustain before it causes many adverse effects or is this a market disrupter?
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