Heard on the Street: The pandemic seems to have dispelled some of the doubts about using technology to flip homes
. On top of the financial risk of holding a fortune in inventory on the balance sheet, there was the open question of whether consumers would trust such a process with their most valuable possessions. When Zillow announced it was going big on iBuying in 2019, roughly 90% of home buyers and sellers were still using an agent.
The pandemic seems to have dispelled some of those doubts as technology became a necessity rather than an option in many cases. In the end, things like virtual showings proved to be not only viable but often preferable, enabling consumers to avoid the hassle and cost of an open house. After pausing their operations in the spring of last year, iBuyers have been on a buying spree, enabled by increasingly virtual capabilities. Offerpad, whose merger with a special-purpose acquisition company is expected to close this quarter, bought over 2,000 homes in the second quarter. Zillow said its home purchases more than doubled on a sequential basis in the second quarter, and Redfin said it bought 40% more homes in the second quarter than it did in all of 2020.
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