A little over a year ago we saw Opendoor and Offerpad move into central Indiana with heavy advertising to establish themselves. The prices these buying companies were offering were aggressive and pretty competitive with market values (minus the service fee/repairs). Over this time I would say both companies bought homes at a pretty aggressive pace and accomplished their goals of gaining market share.
Now that interest rates have been rising the overall market has slowed a lot. It’s interesting to see these iBuyers try to shift. I have seen some listings offer some nice buyer financing incentives to try to offset the rate increase. However, the biggest shift I see is the amounts being offered by these companies. The offers have become much less aggressive, and most are just terrible for the seller. Add in the 5% fee and some repairs, and they rarely make sense now. When they first entered the Indy market about 12 months ago their offers could make sense to sellers given how aggressive they were. These companies are definitely becoming more conservative as the market is shifting.
If you are looking to sell your home quicker make sure you still shop around and also speak to a real estate agent. You don’t need to give your home away just for a little convenience. As an agent I know plenty of other cash buyer/investor options in addition to these companies that will generally come in much higher if you wanted to go that route. If you would like a no obligation market valuation and cash offers for your home, please reach out to me for some more options.