When the pandemic started and housing demand dried up, it was not looking good for iBuyers. But after over a month-long hiatus, they’re back and ready to rumble. Opendoor, Offerpad, Redfin RDFN, and Zillow Z have all announced their return to the iBuying game, Forbes reports. The online real estate giants plan to resume their programs in the coming weeks. Some companies readjusted their strategies during the break while others are ready to buy with the same criteria, but most are planning to rely more on technology, a trend seen throughout the real estate industry during the pandemic. Although the companies forecast taking major revenue hits, they see enough potential to open the doors once more.
Even though some real estate mavens declared the iBuying model dead when major players suspended their home purchases in late March due to the coronavirus pandemic, the segment seems to have only fallen into a slumber, from which it is now awaking.
After a month-long hiatus, Opendoor, Offerpad, Redfin RDFN and Zillow Z have just announced their intentions to resume making cash offers to homeowners looking to sell their residences quickly and hassle-free.
“Through the last 30 to 45 days, we've received thousands of requests from sellers,” said Offerpad Senior Director of Communications Cortney Read. “So we know that the need is still there. People are still looking to buy and sell.”