(Disclosure: Rose Law Group represents Offerpad.)
By AZ Business Magazine
The number of homes bought and then sold by iBuyers soared to new heights in 2021 and Phoenix ranked No. 2 in the U.S. for the number of home iBuyers. The final three months of 2021 saw a slowdown from the previous quarter amid the typical winter housing market deceleration, yet still represented the second-strongest quarter in history in terms of the number of homes sold using an iBuying service.
Instant buyers, commonly known as iBuyers, are home-buying and -selling services that typically buy off-market homes directly from sellers at market rate and, after making light repairs and updates, quickly list them for sale on the open market. In the 38 largest iBuyer markets, homeowners sold 21,523 homes in Q4 using one of the three largest iBuying services: Opendoor, Zillow Offers and Offerpad. That figure represents 1.7% of all U.S. home sales last quarter, down from 1.9% in Q3 2021. Those iBuyers sold 21,398 homes during the same period.
