Instant buyers, or “iBuyers”, purchased 3.1% of the homes sold during the third quarter of 2019 across 18 markets in the USA, up from 1.6% a year earlier according to an analysis
from Redfin (www.redfin.com
), the tech-powered real estate brokerage. The markets where iBuyers had the largest share were Raleigh (6.8%), Phoenix (5.1%), Atlanta (4.4%) and Charlotte (4.3%).
The term “iBuyer” (short for instant buyer) is used to describe real estate companies, such as RedfinNow, that use technology to make quick cash offers and purchase homes directly from homeowners. They then quickly update and resell the homes.