RESEARCH TRIANGLE PARK – The iBuyer Zillow Offers is pausing acquiring new homes in the Triangle and nationwide, the parent company Zillow Group announced Monday.
Earlier this year, data showed that iBuyer acquisition activity was about five times higher in the Triangle than the nationwide average, in markets where iBuying occurred.
Raleigh, Durham, and Charlotte also ranked among the top markets for iBuying activity.
According to the company, it will pause buying homes in all markets to focus on selling the homes it has previously acquired.
“We’re operating within a labor- and supply-constrained economy inside a competitive real estate market, especially in the construction, renovation and closing spaces,” said Jeremy Wacksman, Zillow’s chief operating officer, in a statement.
Zillow is still listing homes it owns in the Triangle for sale. According to the company, there are 98 homes that it owns listed for sale in the Triangle.
Zillow Offers—which worked by providing would-be sellers a cash offer on their home, through the internet, within a few minutes—and at least four companies known as iBuyers were active in the Triangle. RedfinNow became the latest service in the region a few weeks ago.
Zillow stops home iBuying program, cites backlog in inventory
The iBuyers Opendoor and Offerpad remain active, at this time.
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