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According to the Dallas Morning News, Knock has joined Zillow, and Opendoor in ongoing operations in North Texas, one of the hottest real estate markets in the country. “I had never heard of this, and it sounded too good to be true,” said Forrest Stewart a condo owner in East Dallas. “Everybody thought I was being scammed. But I was able to look for a house and move into one then sell mine. “That was very appealing.”

Knock, Offerpad, Opendoor, Zillow Offer and others are pitching the programs to buy your house while helping you hunt for another. They admit that you might get a higher sales price going the traditional route, but the appeal is quick sale convenience. “This was something consumers were asking for,” said Josh Swift of Zillow. “This is not a fad for us but a fundamental change in how consumers are going to interact with Zillow.”

Zillow entered the homebuying business 15 months ago, Swift said at a recent meeting of the National Association of Real Estate Editors in Austin. In the first quarter, the company purchased almost 900 houses and sold 400. “That growth was 80% quarter over quarter in acquisitions,” Swift said. Dod Fraser of Opendoor said his company typically purchases houses priced from $100,000 to $500,000.

“The focus for us is on what homes we can buy that are the ones we can price accurately,” Fraser said. “Our buy box covers about 70% of the U.S. – it is a significant majority of the homes that are out there.” Backed with billions in startup capital and computer models that value the real estate, these so-called ibuyer real estate firms still represent just a fraction of the industry.