{"id":65344,"date":"2019-03-25T08:22:57","date_gmt":"2019-03-25T15:22:57","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=65344"},"modified":"2020-10-06T17:08:00","modified_gmt":"2020-10-07T00:08:00","slug":"ibuyer-impact-phoenix-housing-market","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/ibuyer-impact-phoenix-housing-market\/","title":{"rendered":"With Market Share Near 7% in Phoenix, iBuyers Contribute to the Area\u2019s Relatively Strong Home Price Growth"},"content":{"rendered":"

A local Redfin agent said at least half of her prospective clients ask about iBuyers, which are increasingly common in Phoenix and may be contributing to ongoing price growth. <\/span><\/i>
\nInstitutional buyers, known as iBuyers, are taking up a growing share of <\/span>Phoenix<\/span><\/a> home sales. iBuyers are companies\u2014like RedfinNow, Zillow and Opendoor\u2014that make instant cash offers to home sellers and close within days without any listings or showings, with the intent to re-sell for a profit. <\/span>
\nIn Phoenix, iBuyers purchased an estimated 6.9 percent of homes that sold in December 2018, according to a Redfin analysis of public records. That\u2019s up from 4.2 percent in December 2017 and it makes Phoenix home to the largest iBuyer market share of any metro area in the U.S.<\/span>
\nOverall, iBuyers had an estimated 4.8 percent market share in Phoenix last year, versus 2.7 percent in <\/span>Dallas<\/span><\/a> and 2.2 percent in <\/span>Atlanta<\/span><\/a>, two other markets that have been popular with iBuyers. <\/span><\/p>\n

\"iBuyer<\/figure>\n

Local Redfin agent <\/span>Katie Shook<\/span><\/a> said Phoenix\u2019s popularity with transplants and snowbirds is one reason the area is so popular with iBuyers. One-third of searches for homes in Phoenix on Redfin.com were from users outside the metro in the last quarter of 2018, up from 16.4 percent a year earlier. Phoenix was the<\/span> second-most popular migration destination<\/span><\/a> in the U.S. late last year, having been at or near the top of the list in the first, second and third quarters of the year.<\/span>
\n\u201cBecause iBuyers provide a convenient service, they\u2019re able to capture a lot of business from people moving in and out of Phoenix who want to sell their homes quickly, particularly if they\u2019re vacation homes and the seller\u2019s primary residence is in a different state,\u201d Shook said.<\/span>
\nThere are several other reasons why iBuyers target Phoenix. Not only is the housing market strong, but taxes are low and homes are relatively inexpensive, so buying a home in the area requires less upfront cash. Phoenix is also home to a lot of new housing developments, a plus for iBuyers because it\u2019s easier to value homes that are similar to one another and new homes require less repairs and maintenance. <\/span>
\niBuyers typically buy homes, make repairs and improvements, then put them back on the market for a small premium. In Phoenix, that premium tends to equal about $5,000 to $10,000, according to Shook. That premium, paired with the additional demand for homes iBuyers bring to the market, could help explain why the Phoenix area is retaining relatively strong price growth compared to nationwide growth. In February, Phoenix-area home sale prices were up 4.1 annually to a median of $267,000. Although that\u2019s the smallest year-over-year gain Phoenix has seen since December 2011, it far outpaces the meager 0.6 percent nationwide price increase posted last month.<\/span>
\n\u201cThe market is looking different this year, partly because iBuyers are starting to have a real impact in Phoenix,\u201d Shook said. \u201cI\u2019m asked about iBuyers by at least half of the prospective sellers I talk to about listing their home. I explain that iBuyers pay close to market value for homes, maybe a little less, but you pay a fee for the price of convenience. If you want to pick your close date and eliminate the hassle of showings and repair work, it\u2019s a great option.\u201d<\/span>
\nShook also mentioned a less direct role iBuyers play in the market. Buyers sometimes prefer to accept offers from iBuyers over traditional homebuyers because they tend to be all cash and reliable. <\/span>
\nEven though iBuyers may be helping Phoenix continue to see price growth, it\u2019s still the slowest rate posted in eight years\u2014and there are other signs the Phoenix market may be shifting toward buyers\u2019 favor.<\/span>
\n2019 has brought double-digit declines in the number of Phoenix-area homes sold, down 10.2 percent year over year in February after falling nearly 16 percent in January. Meanwhile, the supply of homes in Phoenix was up 2.7 percent year over year, the third consecutive month of inventory increases following two straight years of declines.<\/span>
\nHomes listed in the Phoenix area are taking longer to sell than they were last year. The typical home that sold in Phoenix in February spent 53 days on the market, six days more than the same month last year.<\/span>
\nAnd Phoenix home sellers this year have been more likely to drop their prices than they were last year. In February, 28.6 percent of listings saw price drops, up from 23.8 percent a year earlier.<\/span>
\n\u201cThere are fewer buyers out there searching,\u201d Shook said. \u201cHomebuyers are able to be more discerning. Last spring, buyers would jump on a home even if it had flaws and needed improvements, but this year, they\u2019re able to bargain prices down or keep waiting.\u201d<\/span>
\nThe softening market in Phoenix is likely to have similar repercussions on institutional buyers as it does on traditional homebuyers and home sellers. Like traditional homebuyers, iBuyers are able to take advantage of relatively low price growth in Phoenix\u2014but when they are going through the selling process, it may be more difficult to find a buyer or get top dollar for a property than it was last year. <\/span><\/object><\/p>\n","protected":false},"excerpt":{"rendered":"

A local Redfin agent said at least half of her prospective clients ask about iBuyers, which are increasingly common in Phoenix and may be contributing to ongoing price growth. Institutional buyers, known as iBuyers, are taking up a growing share of Phoenix home sales. iBuyers are companies\u2014like RedfinNow, Zillow and Opendoor\u2014that make instant cash offers […]<\/p>\n","protected":false},"author":13153,"featured_media":65346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[],"dashboard":[],"coauthors":[],"class_list":["post-65344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news"],"acf":[],"yoast_head":"\nImpact of iBuyers on Phoenix Market: 7% Market Share May Be Helping Prices Rise<\/title>\n<meta name=\"description\" content=\"In Phoenix, iBuyers purchased an estimated 6.9 percent of homes that sold in December 2018, according to a Redfin analysis of public records. 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