Buyers aren’t the only ones feeling the heat from the hot housing market over the last few months. Tech firms are having trouble keeping up with inventory, finances, and staying competitive. They’ve turned to iBuying and shifted their initial focus from revenue to inventory.
What is iBuying? It’s those tech real estate companies that buy and sell with the use of technology. They typically target mid-level homes in need of only a few repairs, offer to pay cash, and then flip the home as fast as possible to put back on the market for a higher price.
The iBuying market is one gaining significant traction over the last few months, but it may come with some equally significant consequences as well.