These companies will buy your home instantly. Here's what that means for a red-hot real estate market

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These companies will buy your home instantly - so what does that mean for a red-hot real estate market?

"We just had a baby. It was going to take a lot to get us to move," said Cosmos Onyeyiri. But, he said, a pie-in-the-sky offer of $600,000 or more would be motivating.A few months later, that's exactly what happened. The couple sold their home for $616,700 -- without ever putting it on the market. But it wasn't a typical homebuyer who made them their dream offer. It was Zillow.

While iBuying relies on algorithms to make an offer, there is a human element to the pricing process, too, said Brian Bair, Offerpad's CEO and chairman."The market will always change. You don't win in residential real estate by only perfecting your algorithm. Your ground game is equally as important," Bair said."I believe iBuying will continue to grow and shape the future of real estate.

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Meanwhile- Zillow will stop buying and renovating homes and cut 25% of its workforce -November 3, 2021

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