ZILLOW GROUP INC - ZG STOCK NEWS

A new Zillow analysis reveals that limited access to credit-building products significantly affects Black and Latinx Americans, hindering their homeownership opportunities. Approximately 26 million Americans lack a credit record, with many living in 'credit insecure' areas. Nearly 72% of home buyers require loans, especially among Black (78%) and Latinx (77%) buyers. The analysis suggests that improving credit reporting and expanding access to small lenders could help bridge the racial homeownership gap. Current policy proposals aim to include non-traditional data for establishing credit histories.

Zillow Group will present at the Deutsche Bank Media, Internet & Telecom Conference on March 10, 2021. The presentation will feature a fireside chat with Chief Operating Officer Jeremy Wacksman, moderated by Lloyd Walmsley of Deutsche Bank. The event begins at 10:00 a.m. PT / 1:00 p.m. ET. Attendees can register in advance and access the event via the company's Investor Relations website. Zillow Group, a leader in real estate services, aims to simplify buying, selling, and financing homes, offering innovative solutions like Zillow Offers and Zillow Home Loans.

Zillow has launched an initial cash offer for eligible homes, using its Zestimate tool, in over 20 U.S. cities. Celebrating 15 years of the Zestimate, this new feature aims to enhance home sales by providing upfront cash offers based on estimated values. Zillow Offers simplifies the selling process, eliminating traditional listing hassles while also integrating its mortgage and closing services. Currently, the Zestimate covers nearly 100 million homes with a median error rate of 1.9%. This innovative approach demonstrates Zillow's commitment to leveraging technology in real estate transactions.

The COVID-19 vaccine may significantly impact the real estate market, with a Zillow survey revealing that 70% of homeowners are now comfortable moving post-vaccination, up from 52%. This change translates to over 14 million homes where owners may be more willing to sell. Additionally, 78% of those homeowners expect to be more likely to move due to the vaccine. Zillow predicts approximately 7 million home sales in 2021, a 25% increase compared to 2020. The demand for homes remains high as millennial buyers enter the market, driven by changing housing preferences during the pandemic.

Zillow Group has promoted Jeremy Wacksman to chief operating officer (COO) and Susan Daimler to president as part of its strategy to enhance the customer experience in real estate. Wacksman, with over 11 years at Zillow, will connect various business lines to improve customer transactions. Daimler, noted for her role in driving revenue growth as leader of Zillow Premier Agent, will oversee an integrated product team. Both promotions aim to centralize operations and maintain a strong focus on customer needs, aligning with Zillow's vision of streamlining real estate transactions.

Zillow's latest market report highlights a robust housing market driven by low mortgage rates and demographic shifts as of January 2021. The Zillow Home Value Index reached $269,039, reflecting a 9.1% annual increase, the highest since June 2006. Homes are selling quicker, averaging 18 days on the market, a significant drop from previous years. Despite rising home values, rents remain relatively stagnant, increasing only 0.5% year-over-year. Zillow forecasts home values to grow by 10.1% in the next year, anticipating existing home sales to hit 7 million, a 24.8% rise from 2020.

Zillow has launched innovative 3D Home interactive floor plans that integrate rich media for home shoppers. This new technology allows users to navigate listings seamlessly, combining panoramic photos with AI-generated floor plans. Currently available in 25 markets, this update aims to enhance online home shopping, particularly in response to increased demand during the pandemic. The number of 3D Home tours published has tripled from 2019 to 2020, indicating growing acceptance among buyers and agents. The new feature is expected to improve buyer engagement by showcasing properties more effectively.

On February 16, 2021, Zillow shared insights gleaned from selling over 10,000 homes, advising homeowners on home improvements before listing. Key recommendations include choosing neutral paint colors, repairing faucets and fixtures, and addressing minor repairs to enhance appeal. Zillow's approach focuses on cost-effective enhancements rather than extensive renovations. They emphasize the importance of online presentation, offering advanced digital tools, and a seamless experience through Zillow Offers and Zillow Premier Agent services.

Zillow Group has announced a definitive agreement to acquire ShowingTime.com, Inc. for $500 million. This strategic move aims to enhance the home showing experience by leveraging ShowingTime's leading scheduling technology, which has facilitated over 50 million showings in 2020. The acquisition aligns with Zillow's commitment to revolutionize real estate transactions through improved digital solutions. ShowingTime will continue to operate as an open platform, maintaining its data privacy policies while expanding its services to a wider network of real estate professionals.