Mortgage Tech Demo Day

In a half-day format, technology companies will demo their platforms and answer questions. You can tune in for the whole demo day, or strategically drop in on sessions to learn about specific solutions.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

Road to the one-click mortgage

This white paper will outline how leveraging a credential-based data provider can save money for lenders, reduce friction for borrowers, speed time to close, and overall bring lenders one step closer to a one-click mortgage.

Real Estate

Here are the neighborhoods where iBuyers bought the most houses in 2019

Phoenix had a successful year

iBuying appeared to make a big leap forward this year, with more companies expanding into the direct buying market seemingly every month.

But despite all the talk, iBuying only accounted for about 3% of home sales in 2019.

However, there are several neighborhoods in the U.S. in which iBuyers (companies that buy houses directly from sellers, make repairs, then sell the houses back into the market) where 10% or more of home sales from January through October.

The information comes courtesy of Redfin, which is an iBuyer itself.

According to Redfin’s analysis of the market, four Phoenix neighborhoods made the list of the areas where iBuyers bought the most homes. Phoenix is seemingly ground zero for many iBuyer expansions.

At the top of the list sits the Phoenix neighborhood of Pecan Creek, where iBuyers purchased 13.7% of homes. Last year, iBuyers bought 10.4% of homes in that neighborhood.

“A lot of what’s driving home sellers to accept offers from iBuyers in the Phoenix area is the ability it gives them to move up to another home quickly,” said Phoenix Redfin agent Kelly Khalil.

“A move-up buyer who wants to make a strong offer on a mid-range home in the $300,000 to $350,000 range can sell their entry-level house quickly to an iBuyer,” Khalil added. “Then they don’t have to make an offer with contingencies. We’re seeing this in a lot in affordable areas like San Tan Valley that are a little farther away from Phoenix proper.”

Lower down on the list was Surprise Farms in Surprise, Arizona. There, 9% of homes purchased were by iBuyers, actually down from last year’s total of 11.4%.

In the third quarter, the city of Knightdale, North Carolina, a suburb of Raleigh, saw the most share of iBuyers.

According to Redfin’s report, iBuyers bought 14.8% of the homes in that neighborhood in the third quarter. That’s up significantly from Q3 last year, when only 6.1% of homes purchased were by iBuyers.

Click on the image below to see the full list of the 10 neighborhoods where iBuyers bought the most homes so far this year.

Click to enlarge. Courtesy of Redfin

“The fact that iBuyers have reached over 10% market share in some places could be an indication of how big iBuying could get nationwide once the business model is perfected,” said Redfin chief economist Daryl Fairweather. “As iBuyers begin to expand in more expensive markets beyond the small foothold they currently have, we’ll get a clearer picture of whether they are capable of reaching a high level of market share nationwide.”

Most Popular Articles

How the Delta variant may impact the housing market

How should you look at data on the housing market to tell if things are returning to normal? HousingWire’s lead analyst answers. HW+ Premium Content

Jul 29, 2021 By

Latest Articles

Biden announces new CDC eviction limits

The Centers for Disease Control on Tuesday issued new limits on evictions for non-payment of rent or mortgage through October 3, 2021.

Aug 03, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please