There hasn’t been much concern around San Diego about the ibuyers because they have been cutting their teeth in the lower-priced and more homogenized housing markets, where valuations are easier.
Hat tip to the reader who sent this in though – Offerpad did purchase a Talmadge home in December. They took title as Offerpad, and they used their regular Gilbert, AZ address too:
Link to Zillow listingThey paid $564,000, and tried all year to do better:
But the market didn’t come their way, and they ended up selling for less:
Even if they get a discounted commission (two different agents were involved, and the buyer’s agent got 2.5%), losing money on flips has to get old quickly!
A softer market should cause more of these guys to ‘self-sideline’.
Let’s see a video of the Shea Homes off Leucadia Boulevard….Alcove I think they are calling it? Saw road signs…skeptical that they will sell quickly given location.
Freeway close!
More on the ibuyer experience:
https://magazine.realtor/technology/feature/article/2018/09/when-you-re-selling-to-an-algorithim