Redfin and Zillow will face the “first serious test” of their new direct home sales operations in the midst of a slowing real estate market. RELATED: Redfin predicts big real estate cooldown, with tech hubs like Seattle and S.F. feeling it most That warning comes from Redfin itself, as part of a series of predictions for the 2019 housing market. The rise of the so-called iBuyer movement, which includes Redfin and Zillow — and also companies like Opendoor, Offerpad and others — presenting sellers with instant offers online and then sprucing up and selling the homes themselves, came within the context of a booming market. With a continued slowdown expected into the first half of next year, Redfin’s Daryl Fairweather writes that we will soon learn whether the iBuyer movement is here to stay as a permanent part of the real estate market, regardless of its state. Armed with billions in capital, competitors from Opendoor to RedfinNow to Zillow to Offerpad to Knock have been vying with one another to buy homes from consumers and then sell those properties at a profit, with i-buyers’ combined share of U.S. home sales growing rapidly. The question investors are asking is whether instant offers… Read full this story
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