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The sky is not falling on iBuyers

by Greg Robertson on March 24th, 2020

Zillow suspends home buying due to COVID-19

Zillow said Monday it will temporarily stop buying homes in all 24 markets where it operates in response to public health orders related to the COVID-19 pandemic, the latest real estate startup to shift how it operates as the disease caused by coronavirus continues to spread.”

TechCrunch

Zillow is the latest iBuyer to suspend buying homes. Redfin was the first to announce and Opendoor after. I believe Offerpad just announced something similar yesterday.

Here’s the thing, I’m hearing a lot of people say that this coronavirus could be the end of iBuying. But its important to remember right now nobody is buying. With “stay at home” and “shelter in place” orders being given it’s pretty hard for any broker, agent, appraiser, county recorder clerk to do any business.

I think there are several factors that will actually help iBuyers once we are out of this crisis. People will want more certainty in the transaction, and less human contact showing homes.

The important thing to remember is that we are all connected, and we are all in this together.

From → iBuyer, News, Opendoor, Zillow

One Comment
  1. For zillow, definitely not falling, just smart business decision. There are smaller ibuyer businesses in the industry that may be in trouble…

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