Redfin, Zillow Respond To Viral TikTok Theory – By Damir Mujezinovic (Inquisitr) / Sept 24 2021
Las Vegas real estate agent Sean Gotcher posted a video to TikTok last week in which he outlined how an iBuyer (Instant Buyer) could aggressively buy up houses in pretty much any American neighborhood and artificially jack up real estate prices.
In the video, Gotcher laid out a hypothetical scenario with an unnamed company buying up homes in a neighborhood for $300,000.
In Gotcher’s scenario, after buying up 30 homes, the company pays $340,000 for “an equivalent home,” therefore jacking up the prices of all other homes it owns.
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