Zillow exits iBuying for good due to its inability to accurately forecast home prices

Zillow has announced that it’s existing the iBuying business for good – just a couple of weeks after saying it was temporarily pausing its operations until the end of the year. The company revealed Tuesday it’s shutting up the Zillow Offers business for good, citing “unpredictability” in forecasting home prices as the main reason for

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iBuying transactions fall by half as traditional home sales accelerate

Home sales might be up during the COVID-19 pandemic, but iBuying companies are still suffering from a lack of activity. Indeed, it’s looking likely that the market share of iBuying activity will be around 50% less than what it was in 2019, according to one analyst. iBuyer companies such as Opendoor operate a business model

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The FTC is investigating Opendoor over its advertising practices

iBuying company Opendoor is under investigation by the Federal Trade Commission over its advertising practices and the way it presents its real estate offerings to consumers. HousingWire reported last week that the FTC’s investigation was revealed by Opendoor’s S-4 statement, which revealed how the firm intends to go public via a merger with a special

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Opendoor announces it’s going public via a merger

iBuying company Opendoor is going public. It’s planning to merge with Social Capital Hedosophia Holdings Corp. II in a deal that will see it become a public company, with a value of $4.8 billion. Opendoor is going public via a special purpose acquisition company, according to Bloomberg. SPACs provide startups with a faster route to

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iBuyers bounce back as COVID-19 continues

The so-called iBuying industry is facing its biggest challenge yet in the face of the COVID-19 pandemic, and it has responded by purchasing fewer homes than it has done in the last three years, according to research by Redfin. iBuying giants including Opendoor and Zillow Offers largely stopped making instant cash offers on homes when

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Keller Williams to expand its iBuying business

Keller Williams iBuying business Keller Offers says it no longer has an exclusive agreement with Offerpad, and will start adding funding partners to its instant offers program for home sellers. The company said it wants to give homeowners more options, providing them with multiple cash offers on their properties so they can choose the best

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More iBuyers resume operations

Just days after Opendoor said it was resuming buying activity in some U.S. markets, several of its competitors have announced they too are making a comeback. The re-emergence of iBuyers comes just weeks after analysts said the model was likely to be one of the first major casualties of the COVID-19 pandemic within the real

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Opendoor resumes iBuying after pause due to COVID-19

iBuying giant Opendoor says it plans to resume making instant cash offers in select markets, after pausing acquisitions in late March due to the COVID-19 pandemic and consequent economic slowdown. Opendoor also laid off around a third of its staff in March, but has now resumed operations in Phoenix, starting this week. The company will

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Report: iBuyers shut up shop as coronavirus fight continues

Some of America’s biggest iBuyers – or companies that make instant cash offers on people’s homes – are said to be suspending their services due to the coronavirus outbreak. The companies include Opendoor, the largest iBuyer in the U.S., as well as the iBuying businesses of brokerages such as Redfin and Realogy. Realogy said it

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Doorstead wants to expand iBuying to the rental market

The iBuying model has become increasingly popular among homeowners looking for a quick sale of their property, and now a new startup is hoping to bring the concept to rentals as well. Doorstead is pitching the idea of “iRenting”, offering to act as a property manager for landlords who own single-family rentals. The company offers

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