iBuyer /īˈ bī(ə)r/ Noun 1. An iBuyer is a company that uses technology to make an offer on your home instantly. iBuyers represent a dramatic shift in the way people are buying and selling homes, offering in many cases, a simpler, more convenient alternative to a traditional home sale. Source: www.opendoor.com
Selling to popular iBuyers such as Knock Homes, Offerpad, Opendoor, and Zillow is conveyed as being a simpler and more convenient way to sell your home, but at what cost?
After COVID-19 caused considerable pull-back from iBuyer purchasing in 2020, Q1- 2021 was up 0.7% from Q1- 2020. Q2-2021 was up an astonishing 1,324% from Q2- 2020 and easily surpassed the previous quarterly record for iBuyer purchases from Q3-2019.
Knock Homes reportedly halted all iBuyer purchasing in 2020. After halting purchases due to COVID-19, Offerpad, Opendoor, and Zillow have all slowly increased iBuyer purchasing in the subsequent months. Q2-2021 and June 2021 posted the most iBuyer purchases ever record for a quarter and a month, respectively.
These 10 Counties Represent 86% of Where All iBuyer Purchases are Taking Place in Metro Atlanta for the Past 12 Months. The price difference average percentage (%) or price difference is what it costs a home owner to accept less than market value for an "easy" sale of convenience versus the traditional way of listing and selling a home.
Real Life Example of an Opendoor purchase and sale
According to the numbers .... The cost to use Opendoor is this real-world example.
The average service fee is 8% to sell to Zillow and Opendoor and can range anywhere from 6% - 13%!
In comparison, my listing fee to list and sell your home the traditional way is 4.5%. For a full service Real Estate agent who can and will get you top dollar on your most valuable asset! Please contact me today!