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Sign into your accountHome Flipping Report Paints iBuyer Story with a Different Brush
June 11 2019
Opendoor, Zillow, and others have created a stir in the real estate industry by putting a new name on home flipping called 'iBuyer.' According to the Q1 report from ATTOM Data, 49,059 homes were flipped in Q1 of this year, estimating that iBuyers may only occupy less than 20% of the flipper market today. The volume of units represents a 62% unit increase over last year, but only a 35%-dollar volume increase.
This leads me to believe that flipping is occurring at a higher frequency in the lower price points of metropolitan areas. Flipping absorbs about 7.5% of the total US real estate market, so it is hardly significant and puts iBuyers somewhere in the 2% range of trades. The report spells bad news for Zillow Group as they try to scale, and neutral news for Opendoor.