iBuying offers a new way for sellers to divest themselves of a home, faster than conventional methods can. However, iBuying is not for everyone and may not be the optimal strategy, where profits are concerned. Let us take a close look into iBuying so that you can better understand whether this novel home selling method is right for you.
iBuying Could Be the Fastest Way to Sell Your Home
Have you ever seen one of those handwritten “We Buy Houses for Cash” signs on the side of the road? There are various kinds of iBuying companies, many of whom offer programs that pay cash for a home and later resell the property for a higher price. If you wish to sell your real estate asset quickly and do not want to list it in the marketplace, one of the new iBuying companies can take it off of your hands.
iBuying Will Not Get You the Best Deal
iBuying companies typically pay less than the market price for the homes that they buy. They do it, as 1) the owners do not want to wait months for a house to sell, so they accept a lower price, and 2) the iBuying company makes a profit when it flips a property due to the low price paid. Some sellers will be in a situation where a near-overnight cash offer is the best move forward, but this option will not work for people who want to receive the best offers for their homes.
Many Companies Are Jumping into iBuying
It seems that just about every major real estate brokerage is offering an iBuying service these days. Keller Williams just got into the business. Moreover, Opendoor, Knock, Offerpad, Redfin, and Zillow have also joined the movement sometime back. iBuying customers make up only about 10% of the overall residential real estate market, but this is still a large enough pie to assure that competing firms get their pieces.
When it comes to property closing, Propy’s Transaction Management Platform provides technology that makes fast real estate deals possible. Whether or not you go the iBuyer route, consider the new Transaction Management solution. It can improve your bottom line and increase the security of your property transaction, no matter the agents or brokers with whom you choose to work.