Here’s how iBuying is going to impact Pakistan’s real estate industry
Despite the market downturn, technology will continue to revolutionize the real estate industry. This year, as homebuyers continue to bargain for top offers, a new trend has emerged in the country’s focus. With the advantages of ease, reliability, and speed iBuying program will expand into new Pakistani markets.
There is a group of sellers looking to sell their property at market value for quick money. We need to understand how iBuyers work, their pricing structure, their ranking model, and why sellers choose iBuying.
iBuying
iBuyer is a real estate company that estimates property values and places online bids instantly. These instant offers to allow sellers to close deals in just a few weeks. After completing the process and accepting the offer, iBuyers will carry out the necessary repairs or renovations and resell the property to interested investors.
How Does an iBuyer Calculate a Home’s Worth?
AVM is a computer program that appraisers use to estimate the value of a home. It uses linear and multiple statistical regression to predict the value of a home-based on market data. AVM considers age, transaction records, historical data, ownership characteristics, and similar data points.
How Much Do iBuyers Pay?
Depending on the circumstances, sellers can expect to receive an offer of 75-100% of the market value of their property.
What is the iBuying process?
To start the iBuying process, the seller usually goes online and answers some questions about the property they want to sell, its location, condition or when they want to sell, their expectations, etc.
Upon completing the initial request, iBuyers will inspect the property to investigate serious issues that may affect the final property valuation. These issues will not affect their ability to participate in the iBuyer program. After verification, the seller will receive an offer to refuse or accept. If approved, the sale of the property can be closed within 14 days.
As mentioned above, iBuyers is preparing the property for sale. To resell them for maximum profit, they spend time and resources redesigning, renovating, negotiating, and waiting for the property to be sold. If the seller is unable to take on these responsibilities, then iBuyer may be the best option.
Why Do Sellers Choose iBuyers?
iBuying is the perfect solution for people looking to sell real estate quickly for money. Buyers and instant offers can offer many benefits to real estate sellers:
Speed
Selling to iBuyer is a much faster process that can happen in a few days. This is a way to get rid of your assets very quickly. iBuying lets you quickly sell your property without going through the tedious process of finding a buyer.
Convenience
The traditional way of selling your property is many hassles, but iBuyers will save you the trouble. You can get an offer from iBuyer in a few clicks on your smartphone or a computer.
IBuyer Real Estate Selling is an attractive option for consumers who are used to technology-based on-demand services that allow them to buy and sell what they want quickly and easily.
Flexibility and control
While iBuyig transactions usually happen quickly, that doesn’t mean they have to. When sellers use iBuying, they choose a close date that suits them, which they can change if necessary.
As such, selling to an iBuyer can also be a great option for people who want to avoid the outrageous and complicated act of buying and selling properties at the same time. Sometimes this means they need to move out and rent a place before buying their next home. On the one hand, home sellers who buy the next home before selling the current must reconcile two mortgages, which can seriously affect their finances.
By selling your property to an iBuyer, you can evade financial stress and plan your move at a time convenient for you.
Certainty
Selling a home to the average buyer comes with a certain amount of risk and uncertainty; The deal can fail for several reasons. But the risk of a deal with iBuyer is rare — in fact, it seldom occurs.
Today’s technology opens up more opportunities for buying and selling real estate. iBuyer software uses data to calculate a fast cash offer, providing more speed, flexibility and choice than traditional sales. Over time, we will likely see more iBuyers popping up in this industry in the coming years. However, Sirmaya.com is the only portal in Pakistan’s real estate industry to offer Sirmaya iBuying. For the time being the offer is limited to only industrial and agricultural lands but soon, they will start dealing with commercial and residential properties. Take a visit to Sirmaya iBuying for further detailed information.
