Popular iBuyer Zillow, which buys houses, renovates them and resells them, has temporarily stopped buying houses due to a labor and supply shortage slowing down renovations.
Arizona State University real estate professor Mark Stapp told PBS’s “Arizona Horizons” that home renovation is yet another industry struggling with shortages.
“Everybody that's in this business is facing the same kinds of issues in regards to materials and labor issues, and it pushes schedules out,” said Stapp.
Stapp says other iBuyers are still active, despite having these same issues. Stapp says around 10% of homes are sold through iBuyers.
→ iBuyers own a lot of Phoenix property listings, but this real estate professor isn't worried
