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Online platforms like Bungalo could disrupt Charlotte's home-buying market

CHARLOTTE, N.C. — A new online home-buying platform has entered the Charlotte market, joining a crowded field of tech-driven models for buyers.

Bungalo, which is headquartered in Austin, Texas, debuted its platform on June 19 in Charlotte, the company’s fifth market since launching in September 2018. Bungalo joins other online residential real estate platforms such as Zillow, Knock, Offerpad, Opendoor and Ribbon in Charlotte.

While the market share for these online platforms is currently small, the long-term effect of them could dramatically increase the efficiency of the home-buying process, said Yongqiang Chu, professor of real estate and urban economics at UNC Charlotte.

Chu said those practicing traditional methods of selling homes should be worried about the rise of online platforms like Bungalo. In addition to the efficiency the platforms provide, Chu said the main advantage of traditional sellers is local market knowledge. As these platforms grow and gather more information, it will be increasingly difficult to leverage that knowledge.

Bungalo Chief Operating Officer Greg Stewart told the Charlotte Business Journal his platform stands out because of its heavy investment into home renovations and the streamlined process of touring, financing and closing on a home for buyers.

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