ZILLOW GROUP INC - ZG STOCK NEWS

A new Zillow analysis indicates that a refundable, advanceable tax credit of up to $15,000 for first-time homebuyers, proposed by President Biden, could significantly boost homeownership among renters. Currently, 9.3 million renter households could afford the monthly mortgage payments for median homes in their areas with a 3.5% down payment. This tax credit could help overcome the primary barrier of saving for a down payment. However, the initiative may also inadvertently favor white and Asian renters due to systemic inequities in credit access, while rising home prices could limit its effectiveness.

On March 11, 2021, Zillow Group (NASDAQ: Z, ZG) announced plans to hire over 2,000 employees, increasing its workforce by approximately 40%. This initiative supports the company's growth and reflects a booming real estate market. The majority of new positions will be remote or hybrid, covering roles in tech, mortgage, and product development. Zillow's Distributed Workforce Model promotes inclusivity and flexibility, enhancing employee satisfaction. Recently, Zillow was recognized in the Bloomberg Gender Equality Index and the Human Rights Campaign's Corporate Equality Index for its commitment to workplace equality.

Zillow's latest research reveals that home buyers are increasingly prioritizing luxury kitchen features due to pandemic lifestyle changes. Key findings include a 4.9% sale premium for homes with steam ovens and other desirable features like new and smart appliances, which also command premiums ranging from 2.7% to 3.6%. The study analyzed over 1 million homes sold in 2020, emphasizing the importance of kitchens as central spaces for functionality and aesthetic appeal. Sellers are encouraged to highlight these luxury amenities to enhance property value during the current strong housing market.

Zillow's recent survey reveals that 39% of millennials are comfortable purchasing a home online, with 59% open to making offers after virtual tours. The research indicates a significant shift in shopping behavior among millennials, who also prefer digital tools, including 82% wanting 3D virtual tours and 85% liking digital floor plans. With 6.4 million new households expected by 2025, demand for housing is projected to remain strong. Technology adoption for home buying is expected to outlast the pandemic, offering ease and efficiency in transactions.

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.