The four big iBuyers in America have since restarted their business of buying houses to sell at later dates since the beginning of the pandemic. All four had halted the service around the same time but brought it back at the beginning of summer.
Redfin, one of the big four iBuyers, has resumed its iBuying service in four additional markets. Now, sellers in Dallas, San Antonio, Los Angeles, and Orange County, CA, can sell their homes directly to Redfin for cash. These markets join the original markets of Austin, Denver, and Inland Empire, CA, which were resumed in early May.
Quinn Hawkins, Head of RedfinNow, said:
"Redfin's home buying demand has been on the rise since mid-April and is now more than 30% higher than pre-pandemic levels.”
Redfin CEO, Glenn Kelman had predicted this back in May, where he stated that he believed iBuying would come back stronger than ever after restarting.
“While the market continues to recover, many homeowners remain wary of hosting showings and open houses for buyers and their agents, not to mention the visits from vendors who might be needed to get their home ready to sell. With RedfinNow, sellers can skip the prep and sell their home with limited in-person interaction. Additionally, in an increasingly competitive market, RedfinNow is a popular solution for homebuyers who need to sell their old home prior to moving. We're pleased to once again bring this convenient selling option to more Redfin customers."
Other iBuyers within the country that didn’t follow the path of the four leaders (Redfin, Zillow, Offerpad, and Opendoor), and stayed in business during lockdown orders and quarantine have shown that the business model is more durable than originally predicted.