Denver ranks among nation’s hottest home markets for iBuying
Denver ranks as the seventh-hottest market in the country for instant online home sales, according to a new study released this week by home-value data provider Ownerly.
In the first list, Ownerly used data from Zillow and Redfin and ranked the top 10 current iBuyer markets as follows:
Ownerly also ranked the top 10 iBuyer growth markets projected for 2020:
The four largest iBuyer companies are Opendoor, Offerpad, Zillow Offers and Redfin Now, according to Ownerly.
Those companies and others are investing heavily to build a sales method that some say has the potential to disrupt the traditional residential real estate market. IBuyers charge sellers a higher fee than a typical seller’s agent would for the convenience of a quick and potentially less cumbersome sale. The iBuyer then makes any necessary improvements and resells the homes.
According to another study, this one by Redfin, iBuyers purchased 3.1 percent of the homes sold during the third quarter of 2019 across 18 markets, up from 1.6 percent a year earlier. The markets where iBuyers had the largest market share, accounting for more than 4 percent of sales, were Raleigh (6.8 percent), Phoenix (5.1 percent), Atlanta (4.4 percent), and Charlotte (4.3 percent).