Zillow Group, Inc. Class C Capital Stock - Z STOCK NEWS

As the housing market heats up, Zillow emphasizes the need for buyers to finance first to succeed in home purchases. With 22.5% fewer listings and homes selling in an average of nine days, Zillow outlines five essential steps for home buyers:

• Finance first using affordability tools.
• Hire a capable real estate agent.
• Utilize technology for smarter shopping.
• Make compelling offers.
• Close efficiently while avoiding risky strategies like waiving inspections.

This guidance aims to empower buyers amidst increasing competition.

The U.S. housing market faces challenges as mortgage rates rise, with monthly payments on the typical home up 38% year-over-year to $1,316. Despite this, home values have increased by 20.6% to $337,560. March saw a record 11.6% increase in inventory, although it's 22.5% lower than last year. Newly pending sales also rose by 11.6%. Zillow forecasts a 14.9% growth in home values through March 2023, while existing home sales are expected to decline slightly to 6.09 million.

Zillow Group (NASDAQ: Z and ZG) will release its first quarter 2022 financial results post-market on May 5, 2022. A conference call to discuss these results is scheduled for the same day at 2 p.m. PT / 5 p.m. ET. Information about the results and the link to the live webcast will be available on the company's Investor Relations website. Zillow Group aims to simplify the real estate process for buying, selling, renting, and financing, making it the most visited real estate website in the U.S.

According to a Zillow analysis, homes with eco-friendly features sell faster and for more money. Properties with electric vehicle chargers and drought-resistant landscaping sell over nine days quicker. Features like hurricane shutters can increase the sale price by 2.4%. Energy-efficient upgrades, such as double-pane windows and solar panels, also contribute positively, with homes selling for 1% and 1.4% more than expected, respectively. The trend reflects the growing demand for sustainable homes as buyers prioritize ecological considerations.

The latest Zillow report reveals that renters of color face greater challenges in securing housing amidst a tight rental market. They are required to pay security deposits averaging $750, which is $150 more than their white counterparts' median of $600. Additionally, renters of color submit more applications, averaging three compared to two for white renters. With rental prices soaring by 17% over the past year and the national vacancy rate at a historic low, higher upfront costs contribute to limited housing mobility, particularly impacting Black and Latinx renters.

On April 4, 2022, ShowingTime launched a new feature that displays real-time availability for home tours on broker and agent websites, enhancing the efficiency of booking in competitive markets. This feature is currently live in Dallas, Houston, Denver, and Atlanta, with plans for nationwide rollout later this year. The ability to see available times reduces scheduling complications for agents, buyers, and sellers, allowing quicker home tours in a market where listings last just 11 days. This innovation aims to streamline the home buying process, benefiting all parties involved.

A recent analysis by Zillow reveals that homes listed in the second half of April sell for an average of 2.8% more, approximately $9,300, compared to other times of the year. In contrast, the first two weeks of November are identified as the worst time to list, associated with a 3.5% discount. The gap in potential sale prices between optimal and suboptimal listing times has widened significantly since the pandemic. Furthermore, homes get over 30% more daily page views in April, indicating heightened buyer interest.

A recent Zillow study reveals that the gender pay gap significantly impacts women's access to housing. Women can afford 18% less of the U.S. housing market compared to men, with disparities varying by industry. For instance, women in financial services can afford only 19.1% of homes in Denver, while men can access 71.1%. Although the pay equity gap is narrowing, with Equal Pay Day moving to March 15, women's home values remain lower. The analysis utilized U.S. Census Bureau and Zillow data, emphasizing the need for systemic change in salary evaluations and workplace biases.