Silicon Valley Is Coming for Your House [The New York Times]
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Source: The New York Times
Silicon Valley Is Coming for Your House - The New York Times ment Supported by Silicon Valley Is Coming for Your House By Ben Casselman Conor Dougherty May 7, In today’s on-demand digital , buying and selling a home remains stubbornly, painfully analog. Most sales still begin with a agent (and a 6 percent commission). Most still end in an office, with the two sides signing page after page of legalese. Silicon Valley wants to change that. Tech companies have begun to nibble away at the edges of the residential industry, offering virtual open houses, digital closings and other services. Now they are coming straight for the transaction itself through “instant buying,” in which companies buy homes, perform some light maintenance and put them back on the market. Established companies like Zillow and venture-backed upstarts like Opendoor and Offerpad have raised billions of dollars on the promise that they can use sophisticated algorithms to predict the value of individual homes. They c
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