Real Estate Industry News – December 2022

Do IBuyers know something we don’t?

RedFin is adding to the iBuyer exit. Shutting down their iBuyer operations, just like Captain Zillow earlier this year. So that leads to my question, do iBuyers know something we don’t? is this a prediction of the housing market? Or a negative outcome due to large scale flipping? When you figure it out, please let me know.

But before you do, here are my two cents. iBuyers are pulling out of the market, it could mean a few things:

  • They think the housing market is heading for heartbreak. “Best to cut our losses now and begin the healing process….. #housingheartache  OR
  • Open Door is KILLIN’ the iBuyer market and the other 2 should take a lesson. #thebigguywins  OR
  • Large scale flipping is OVER. And that is a good thing for the smaller contractors. #yeahforthesmallguy OR
  • This is a great strategy for surviving the long-term and taking the opportunity to do what they are GREAT at.  #STAYINYOURARENA!

Here is what RedFin had to say:

“To prosper in a housing downturn that could last at least through 2023, we have to simplify our business. We’re closing our iBuying business now, because maintaining a profit with rising interest rates would make our offers on homes insultingly low,” a spokesperson for the company said in a statement. “We’re laying off employees beyond RedfinNow because we expect to sell fewer houses, even as we keep taking market share.”

As for the overall market, here is a quick snapshot of the Willamette Valley:

  • Days on market are UP
  • Prices are DOWN
  • Pending sales are DOWN
  • Inventory is UP
  • Price reductions are UP


Ticor Title Mid-Valley

315 SE Commercial St.
STE 150
Salem, OR 97301

Phone: 503-585-1881

Fidelity National Title Group

Ticor Title is a part of FNTG, the nation's largest title insurance and escrow services company. FNTG WEBSITE...

Ratings and Claims Paying Ability