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See which iBuyers are operating in Southern California

LA Daily News logo LA Daily News 3/18/2019 Jeff Collins
a sign on the side of a building: Southern California is relatively new to the iBuyer trend, which prefers markets with large expanses of cookie cutter tract housing to make it easier to accurately price houses. While iBuying has been in full swing in places like Phoenix for several years, the first iBuyers started working in Southrn California in 2017. In the past six months, RedfinNow expanded from the Inland Empire into Orange and Los Angeles counties. Opendoor and Zillow Offers recently announced plans to expand operations in the region as well, while Offerpad has been buying homes here since 2017. (Photo by Jeff Collins, the Orange County Register/SCNG) © Provided by MediaNews Group d/b/a Digital First Media Southern California is relatively new to the iBuyer trend, which prefers markets with large expanses of cookie cutter tract housing to make it easier to accurately price houses. While iBuying has been in full swing in places like Phoenix for several years, the first iBuyers started working in Southrn California in 2017. In the past six months, RedfinNow expanded from the Inland Empire into Orange and Los Angeles counties. Opendoor and Zillow Offers recently announced plans to expand operations in the region as well, while Offerpad has been buying homes here since 2017. (Photo by Jeff Collins, the Orange County Register/SCNG)

iBuyers — or companies that buy homes directly from owners — first surfaced in Southern California in January 2017, when RedfinNow paid $285,000 for a four-bedroom house in Hemet.

Here’s a brief description of the five iBuyers now operating in the region.

  • RedfinNow: Owned by Redfin.com, a discount brokerage, it has purchased at least 164 homes since January 2017 in San Diego, Riverside, San Bernardino, Orange and Los Angeles counties.
  • Offerpad: The Arizona company has bought at least 94 homes since March 2017 in Los Angeles, Riverside, Orange, San Bernardino and San Diego counties.
  • Owning: Owned by CashCall’s J. Paul Reddam, this Orange County company reports it has bought 18 homes since May 2018, all in Southern California.
  • Opendoor: It’s the industry leader with operations in 19 markets and plans to expand to 31 more by the end of 2020. The company reports it purchased at least 67 homes since September in the Inland Empire and started operations in March in Los Angeles County.
  • Zillow Offers: Zillow launched its new Inland Empire operation March 11, it’s eighth market. Zillow Offers says it’s in the process of launching new operations in six other markets.

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