iBuyers found "naked in the water" while mom and pop house flippers thrive
Episode 153, Feb 01, 2023, 10:30 AM
Warren Buffet once said, "Only when the tide goes out do you discover who's been swimming naked." Well, according to a recent Bloomberg article (link below), the real estate tide has gone out, and now we see several iBuyers have been swimming naked. In Q4 one of the most prominent iBuyers, OpenDoor, lost money on at least 89% of its real estate transactions in Phoenix, AZ! On the flip side (no pun intended), local house flippers are still crushing it, nimbly adapting to the shifting market. As we discuss in this episode of Selling Greenville, it turns out that, when flipping houses, local knowledge trumps cutting edge technology.
Here is a link to the Bloomberg article, if you're interested in reading it. (There is a paywall, so if you want a PDF copy, I can send it to you! Just let me know; my contact information is below.) https://www.bloomberg.com/news/features/2023-01-30/wall-street-is-losing-out-to-first-time-homebuyers-this-housing-slump?cmpid=BBD013023_MKT&leadSource=uverify%20wall
As always, if you have any questions or comments (or, of course, need a realtor), feel free to reach out to Stan McCune directly by phone/text at (864) 735-7580 or by email at smccune@cdanjoyner.com.
Here is a link to the Bloomberg article, if you're interested in reading it. (There is a paywall, so if you want a PDF copy, I can send it to you! Just let me know; my contact information is below.) https://www.bloomberg.com/news/features/2023-01-30/wall-street-is-losing-out-to-first-time-homebuyers-this-housing-slump?cmpid=BBD013023_MKT&leadSource=uverify%20wall
As always, if you have any questions or comments (or, of course, need a realtor), feel free to reach out to Stan McCune directly by phone/text at (864) 735-7580 or by email at smccune@cdanjoyner.com.