Instant buying is a small part of the market, but it is growing at breakneck speed. Zillow bought fewer than 700 homes in 2018; it expects to be buying 5,000 homes per month in three to five years. The companies typically aim to hold homes for 90 days or less before selling them, typically to an individual buyer. In Phoenix, instant buying accounts for 6 percent of all real estate transactions, according to Mike DelPrete, an industry analyst. There have always been people who need to sell their homes quickly because of a lost job or a sudden move.

Source: New York Times May 07, 2019 09:00 UTC