RELI, CHARLOTTE, DUREM – Real estate tech companies, including those known as iBuyers, are the most active in the Raleigh and Charlotte real estate markets for instant, algorithm-driven homeowner property purchase offers, have found a new analysis from Redfin on the current state of the national housing market.
The analysis tracked public records of home purchases and sales at Redfin Now, Opendoor, Zillow Offers, Offerpad, and Bungalo.
According to the analysis, iBuyers are becoming more active in the real estate markets where they have opened operations after a period in the second quarter of 2020 when there were very few transactions as companies suspended purchasing operations in response to the outbreak of the coronavirus. pandemic amid uncertainty.
“The business really started to grow in January and February. Since then, we’ve had a steady stream of deals, ”said Allister Booth, acquisition specialist at RedfinNow in Los Angeles. “We are back to full speed and are buying more homes than last year. After we buy and renovate these houses, we know we can sell them, because there are many more buyers on the market now than there are houses in stock. “
However, the vast majority of real estate transactions take place outside of iBuyer purchases. Raleigh, the main market for iBuyer’s operations, saw 2.9% of all homes sold in the first quarter acquired by iBuyer. 2.7% of homes sold in Charlotte were purchased by iBuyer and 2.6% of homes sold in Durham were purchased by iBuyer.
Compared to average market prices, iBuyers are buying houses at below average prices. For example, nationally, the median price paid by iBuyers buyers in the first quarter was $ 302,050, compared to the country’s median purchase price of $ 320,000 across the entire property market, and Redfin market data analysis found this in all local markets where buyers iBuyer works.