Today’s RealTrending podcast features Stefan Peterson, co-founder and chief data offers of zavvie, a white label marketplace solution that connects broker-agents and their clients with verified buyers offering new ways to buy and sell homes.
Peterson goes over a recent study on the future of the modern marketplace, including iBuyers, power buyers, listings concierge and homeownership accelerators.
Here is a small preview of today’s interview with Peterson. The transcript below has been lightly edited for length and clarity:
Tracey Velt: I noticed that the average power buyer purchase prices are projected to be down, according to the zavvie Q2 2022 Modern Marketplace Report. Talk to me a little bit about about purchase price.
Stefan Peterson: The power buyer purchase price reduction is super interesting. I mean, a basic fact about power buyer transactions, is that prices are quite a lot higher than the overall market. They’re averaging close to $700,000 at the end of Q2 2022. That has since dropped down to $600,000, based on July and August. Why is that happening? It’s a little bit of a mystery. I’d put it down to choppiness in the world market.
Customers are just not transacting, and it will be interesting to see where that shakes out. But overall. I think the the relevant fact for real estate professionals is that power buyers are a great solution for higher price buyers. And for you know, buyers who are also selling usually move up to a higher price point.
Tracey Velt: Power buyer offer acceptance has dipped, as well, but it’s remained fairly stable. What are you seeing? Do you have a future look for that?
Stefan Peterson: Yeah. So you know, we do track the offer acceptance for consumers who receive an offer from any power buyer our company works with. Basically, the companies that we partner with have seen those acceptance rates remaining very stable over the past couple of years — in the 30% to 40% range. I want to contrast that with you know the iBuyer, for example, where it’s more of a 3% to 6% conversion rate.
RealTrending features the brightest minds in real estate. Twice a month, brokerage leaders, top agents, team leaders, and industry experts share their success secrets, trends, and lessons learned navigating this ever-changing industry. Hosted by Tracey Velt and produced by Elissa Branch.
