The burgeoning role of iBuyers in the housing market
研究了iBuyers（即时买家）的商业模式及其对住房市场的影响，发现它们倾向于进入房价易评估、房屋同质性高的社区，以低于个人自住买家的价格购房，并促进当地住房交易量增加。
Abstract We examine the iBuyers’ business model and their impact on housing markets. We find that iBuyers tend to enter neighborhoods that have more easily priced and homogeneous homes, as price discovery is simpler and more consistent with their pricing algorithm in those areas. iBuyers purchase homes at lower prices than individual owner‐occupiers, and this acquisition discount reflects the benefits iBuyers offer to motivated sellers rather than distressed home purchases or unobserved lower‐quality housing characteristics. Last, a greater presence of iBuyers results in a higher volume of local housing transactions and encourages more home sellers to sell without listing.