Home sellers who choose to sell directly to an iBuyer, such as Zillow or Opendoor, often end up paying higher fees than if they sold the traditional way with a Realtor, according to a new study by Collateral Analytics, a real estate analytics firm. Recently Realtor Magazine examined some of consequences of sellers who utilize iBuyers. iBuyers provide instant cash offers and quick closings, which are perks that are hard for sellers to ignore. Transactions involving iBuyers have been growing at a clip of more than 25% annually in recent years. But how profitable is it for sellers who choose this expedited route to a sale? The answer hasn’t been clear since iBuyers first surfaced in 2014 with the launch of Opendoor. As of this summer, most iBuyer transactions nationwide occur in Phoenix, but these companies also operate in Las Vegas, Atlanta, Denver, Charlotte and Houston. Yet it’s important for the Greater Chattanooga market to take note that Zillow has recently expanded its iBuyer service to Nashville. Collateral Analytics, in a white paper, looks to quantify the costs to sellers of working with iBuyers versus taking the traditional route of working with a real estate professional. Researchers estimate that sellers… Read full this story
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