Tech Companies Now Own More Than 10 Percent Of Property Listings in the Phoenix Area
By: Phoenix New Times
Over 12 percent of property listings in the Phoenix area are now held by just three major “iBuyers”— tech companies that specialize in house flipping.
Over the last several years, the Phoenix real estate market has become a major hub for iBuyers. These companies, which employ opaque algorithms to determine property values and serve up a cash offer to sellers, often draw criticism for inflating real estate prices and pushing more property into the hands of the rich.
But they’ve continued to make gains nationally. In Maricopa and Pinal counties, they’re having more success than most other parts of the country.
Local realtor Greg Corbett has spent the last year tracking iBuyers in the Phoenix market. They have been successful in the area for a while, he says. But things really picked up this summer.