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Automatic TRANSCRIPT

So if you're looking to sell your house and you don't want to deal with realtors maybe don't want people tromping through your living room while there is another option. Companies called either buyers used these computer algorithms to determine an offer price the downside of this it is typically a lower figure than if you went with a traditional route. Here's NPR's Chris. Arnold Janet Jenkins and her husband recently separated. She moved across the country to North Carolina and they decided to sell their home outside Los Angeles and doing open houses to show. The place was problematic in part because Jenkins has a lot of pets as in parrots and and peacocks and her husband was still living in the house with some of them. This is wrangler. Wrangler is an ECLECTIC parrot. He gets into a lot of mischief. And then of course you have the dog crate and you had the bird cages and it was just not the best environment. Kinda here right now how. It might showing the transfer of my places zoo. She knew the realtors would want the animals and her estranged husband out of the house which would mean him catching the bird each time. The parrot is not my husband's favorite pet also needed some repainting and carpeting to get really ready to show and she didn't want to deal with that and so I started looking up home-buying services in ran into Renton instant buyer or EIBAR. Services are growing very quickly in parts of the country companies such as Red Fin zillow open door and offerpad will give you an offer to buy your house in about a day. Then they'll send it inspector by take a closer look now can get you the money for your home as quickly as a week. Daryl fairweather is red fins chief economist. She says I buying companies also offer flexibility. So you can time the selling of your house perfectly to work with buying a new house and moving the eye buyers then spruce up to has is that they buy and sell them again. Redfin today is releasing a report on all the homes being sold this way around the country in Raleigh North Carolina more than seven percent of sales in two thousand nineteen were either sales so it's becoming quite prevalent there and then in markets like Phoenix Charlotte. Atlanta it's more than five percent of sales and fairweather says in many of those places I by our sales doubled from the year before. Redfin is also buying homes in southern California in Janet Jenkins case. She went online answered some questions about her house. And REDFORD's computers ran their algorithms and offered her around five hundred thousand dollars Jr actually thought that was a bit low and so did two of her friends who are realtors so I pushed back. Redfin made her a better offer and they had a deal. Jagan says she thinks he could have made more. Maybe ten thousand dollars if she took the time to fix up the house herself and sold it the traditional way you delete money on the table and while we did. We didn't leave that much. Redfin does get a fee like a regular realtor commission. The company wouldn't say what it's average profit per home is so. Is it a good idea to try to sell your house this way? William Wheaton is a housing economist at MIT. He says it the key to this whole thing is that it works in places where many houses are similar places. Where a lot of these? Ibm Sales Are Phoenix. Las Vegas you have sprawling subdivisions. Warehouses are almost identical. There's not a lot of difficulty in pricing. Those houses the ones where the swimming pool or worth a little more than the ones without but you can do statistical modeling of that and just nail it be ninety nine percent correct in predicting the press and that means I buy off you just a little less than what. The House is worth and still be confident that they can sell it for a little profit but in areas where has are not similar. Say older cities where some homes are newer. Some old some renovated some are not prices are all over the place in those areas. The I. Buyers have to be really really careful so we didn't says they're like we offer you a very low ball price because they are really sure what the house is worth and they don't WanNa lose money exactly. That's why the I. Buying companies so far focusing on places with a lot of similar housing still waiting says in places like that he thinks buyers could really change the way. Homes are sold in large parts of the country. Chris Arnold NPR