New data from Attom Data Solutions shows that one in 10 homes purchased by the two leading iBuyer programs — Opendoor and Offerpad — were purchased by institutional buyers. Those particular buyers were buying at least 10 homes at a time. In recent months, iBuyer programs have gathered a lot of attention and added to their ranks, with Coldwell Banker launching their own “cataLIST” iBuyer program and Zillow “Instant Offers” becoming quite profligate. Offerpad just moved into North Texas, too, with plans to move into Houston and San Antonio in 2019.
So, just how many investors are buying up homes using iBuyer programs to make all-cash offers so they can turn around and lease these properties?