Online Real Estate Changing Home Sales
The buying and selling of homes online, known as “iBuying,” is disrupting the traditional real estate market in the U.S. With limited details provided by sellers, homes are quickly sold online to iBuyers looking to increase inventories. iBuyers typically make quick renovations and repairs and then resell the home for a profit. While online sales currently account for less than 1% of homes sold today, that number is expected to rise with startups and longstanding industry players such as Keller Williams and Coldwell Banker entering the scene.
A further trend that is being piloted this year by one iBuyer company allows homebuyers to choose personalized options that are installed before move-in, such as flooring or countertops. The added costs are then incorporated into the final mortgage amount. See Inc. and HousingWire