These companies will buy your home instantly. Here’s what that means for a red-hot real estate market

 These companies will buy your home instantly. Here’s what that means for a red-hot real estate market

By Anna Bahney, CNN Business

Cosmos and Charisma Onyeyiri weren’t looking to sell their home. But skyrocketing home prices in Austin this summer had them curious: What would the home they bought for $360,000 two years ago sell for now?

“We just had a baby. It was going to take a lot to get us to move,” said Cosmos Onyeyiri. But, he said, a pie-in-the-sky offer of $600,000 or more would be motivating.

A few months later, that’s exactly what happened. The couple sold their home for $616,700 — without ever putting it on the market.

But it wasn’t a typical homebuyer who made them their dream offer. It was Zillow.

Over the past couple of years, real estate giants like Zillow and Redfin moved beyond online listings of available homes for sale, and started buying and reselling homes. But last week, Zillow announced it is getting out of the business, partially because it bought homes at higher prices than…

Read full article…localnews8.com