In the last 12 to 18 months a new phenomenon has been garnering a lot of real estate press – iBuying. More importantly, the iBuyer wave is finding friends on Wall Street and in the venture capital markets.
So what exactly is iBuying? In a nutshell, it is a process whereby a homeowner can go to a website, enter their address and be offered an “on the spot” price for their home. The valuations are done by computer algorithm and, in most cases, are only valid for a certain period of time.
Sounds great, right? Well in some cases it really is. There are companies that offer to close fast, pay cash and provide you a real estate agent to answer your questions. But there are others that are not that good. In those instances it is “seller beware” because the leverage is on the firm making the offer and any advice the seller secures is at their own expense.
What the iBuyer movement does signify, however, is that consumers are looking for ways to leverage technology and streamline the antiquated process of selling a home. On that I totally agree; which is a main reason I am back in a role that allows me to focus on both. I would love your feedback – contact me if you want to talk about how to make selling your home easier.