iBuying Comes to a Screeching Halt

The current crisis is testing a lot of industries and iBuying has become one of the hardest hit with the market coming to a screeching halt; the industry was already facing their share of problems as they economics were challenging; Zillow said iBuying would become a $20bn a year business within three to five years and now there is concern it could go belly up; Zillow, Opendoor, Redfin and others say they business will come back after the crisis but there is long term viability issues; in recent days Opendoor laid off 35 percent of employees and Redfin laid off 7 percent of employees and furloughed 41 percent of agents until September; real estate technology strategist Mike DelPrete said the industry faces an uncertain future but believes there is room for it to comes back even it it takes a bit longer to gain a foothold. The Wall Street Journal

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