Austin-based property and financial technology company homebldr has launched a new iBuying solution, according to an announcement on Thursday.
The product, called HOMEBLDR Property Reports, provides real estate professionals with a way to start their own iBuying programs, as well as a way to help their clients renovate and flip houses.
According to the release, the “reports are property-level PDF reports that include the data, underwriting, and financing necessary to maximize the ROI for iBuying programs, fix & flip investments, and home renovation projects.”
“From mid-2020 to mid-2022, it was an extraordinary time to sell a house. The housing market had record low inventory, record low average days on market, contingencies and showings were almost nonexistent, and many markets experienced all-cash bidding wars exceeding $100K over list price. That type of market makes instant cash offers from iBuyers much less valuable, and yet, iBuyers nearly tripled their market share in that time period.” Adam Eldibany, the founder of homebldr, said in a statement. “Now, houses aren’t selling as quickly, bidding wars are less common, showings are necessary to receive offers, offers include contingencies, and buyers are backing out of contracts at a record pace. In a market with these characteristics, instant cash offers become much more attractive.”
Data from homebldr shows that sellers are over two times more likely to accept an instant cash offer when it is presented by a local real estate as opposed to coming directly from an iBuyer. Another study from Clever Real Estate found that 65% of homeowners are open to selling their home through an instant sale process, but 72% of homeowners would still like to work with a local real estate agent.
“As we enter a ‘Slowcession’ in 2023, homeowners are going to become desperate for liquidity and real estate professionals will be searching for ways to generate more transactions. This is going to cause both homeowners and real estate professionals to look towards the instant sale transaction process,” Eldibany said.