iBuyers are back in the Phoenix marketplace, and this is big news.
For those of you who are not familiar with iBuyer companies and how they’re structured, allow me to explain:
iBuyers are groups of investors who offer to purchase your home for cash with fast closing time, and they make money in one of two ways: service fees, and the difference between what they purchase your home for and what they sell it for.
There are three major players in the iBuyer game: Opendoor, Offerpad, and Zillow. Recently, these companies have announced that they are purchasing homes again here in Phoenix, and that’s significant.
iBuyers are investors who make very calculated decisions, so they only really thrive in sellers markets.
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To understand why, let’s look back two months ago when the pandemic started coming into play. All of the iBuyers completely halted their purchases and withdrew from the market. They not only stopped purchases, but they also canceled transactions with homeowners mid-contract. That left a lot of homeowners scrambling to get their properties sold on the market. In fact, we worked with many of these sellers ourselves.
If you’re thinking about taking advantage of these market conditions, we would love to provide you with a side-by-side comparison of all your options. Reach out to us to schedule a time for us to meet and discuss your real estate needs.
