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Zillow Group, Inc. (Nasdaq: ZG) is a leading Internet-based real estate company that revolutionizes the way people buy, sell, rent, and finance homes. With a diverse portfolio of well-known brands such as Zillow, Trulia, StreetEasy, HotPads, and ShowingTime+, the company caters to all stages of the home lifecycle—renting, buying, selling, financing, and home improvement.
Core Business: Zillow Group operates the most visited real estate websites and mobile apps in the United States, empowering consumers with comprehensive data, inspiration, and knowledge about homes while connecting them with local professionals. The company also collaborates with tens of thousands of real estate agents, lenders, builders, and rental professionals to maximize business opportunities and provide top-notch service to millions of consumers.
Recent Achievements and Current Projects: Zillow Group continually enhances its offerings through innovative technology and strategic partnerships. For instance, the company introduced Listing Showcase, an AI-powered immersive listing service that helps homes sell faster and at higher prices. Additionally, Zillow's research and analysis frequently provide valuable insights into market trends, such as identifying the best times to list homes for maximum sale prices.
Financial Condition: Zillow Group continues to post strong financial results, outperforming the residential real estate industry. The company's growth strategy focuses on expanding its market coverage and enhancing the digital home-buying experience through its housing super app. Recently, Zillow reported impressive revenue figures, reflecting its robust business model and commitment to innovation.
Notable Partnerships and Products: Zillow's extensive portfolio includes Zillow Premier Agent, Zillow Home Loans, and ShowingTime+, among others. The company's collaboration with local real estate agents and use of advanced technologies, such as interactive floor plans and 3D tours, enhance the home-shopping experience for consumers. Zillow also addresses fair housing issues by providing down payment assistance resources and advocating for equal housing opportunities.
Conclusion: Zillow Group, Inc. is at the forefront of the real estate industry, offering cutting-edge digital solutions and unparalleled data to help consumers navigate the complex home-buying process. With a strong financial foundation and a commitment to innovation, Zillow Group is well-positioned to continue transforming the real estate landscape.
Zillow Group reported a fourth-quarter revenue of $789 million, exceeding the high end of expectations. For full-year 2020, the company achieved a 22% revenue growth despite early COVID-19 challenges. Net income for Q4 was $46 million, while the full year's loss was $162 million. Notable improvements were seen in the IMT segment, driving a total Adjusted EBITDA of $170 million for Q4. Traffic reached a record 201 million unique users in Q4, with a total of 9.6 billion visits for the year. Cash reserves stood at $3.9 billion.
Mid-sized markets are witnessing a surge in urban home values, especially in the Midwest, according to a Zillow analysis. Urban home values in cities like St. Louis and Indianapolis are growing faster than suburban values. Nationwide, urban home value growth was 8.8%, nearly matching the suburbs at 8.7%. While suburban rental growth increased to 5.2%, urban rents fell to 1.5%. Zillow expects urban rent growth to recover as economies reopen. The pandemic has shifted buyer preferences, with demand for suburban living and affordable urban homes rising significantly.
Zillow's latest analysis highlights a robust housing market fueled by historically low mortgage rates and increased demand from millennials. The company predicts a 21.9% increase in sales for 2021, the highest in almost 40 years, alongside a 10.5% rise in home values by December. Buyers are advised to act quickly; delays could lead to higher monthly payments due to rising mortgage rates and appreciating home values. Current average mortgage rates are 2.68%, with potential payments escalating significantly if rates and home prices rise.
Zillow has enhanced its Local Legal Protections tool to include source of income and voucher discrimination protection data on rental listings, addressing discrimination against tenants using various payment methods. As of December 2020, approximately 49.3% of rental listings fall within areas that prohibit such discrimination. Zillow aims to empower renters and educate landlords on local laws, improving access to housing for all.
Zillow Group (NASDAQ: Z, ZG) will present at the Goldman Sachs Technology & Internet Conference on Feb. 11, 2021. Co-founder and CEO Rich Barton will participate in a fireside chat at 1:30 p.m. PT / 4:30 p.m. ET. The event will be available for live streaming and replay on the company's Investor Relations website.
Zillow continues to innovate in real estate, enhancing the buying, selling, and financing experience for customers.
Zillow Group, which is transforming the real estate market, will release its fourth quarter and full year 2020 financial results on February 10, 2021, after market close. A conference call is scheduled for 2 p.m. PT / 5 p.m. ET to discuss the results. Investors can view information regarding the results, including links to the live webcast, on their Investor Relations website. Zillow Group is focused on simplifying the process of buying, selling, renting, and financing homes across the U.S.
In 2020, U.S. housing gained nearly $2.5 trillion in value, the highest annual increase since 2005. The total value of U.S. housing reached $36.2 trillion. Factors such as strong demand, low mortgage rates, and a shift to remote work fueled this growth, with Zillow anticipating a potentially stronger year in 2021. California alone accounts for 21.4% of the nation's housing value, worth $7.8 trillion. While most states saw value increases, Alaska recorded a 1.8% decline, attributed to low new construction and falling prices.
Home values in the U.S. rose sharply in December 2020, with typical values reaching $266,104, marking an 8.4% increase year-over-year—the highest since January 2014. Monthly growth stood at 1.1%, the fastest increase since 1996. Key cities like Phoenix led with 15.3% growth. Record-low mortgage rates, averaging 2.63%, kept buying affordable despite rising prices. Rents saw a slight increase, up 0.2% since November, though annual growth remained stagnant at just 0.8%. Overall, the housing market showed strong demand, with median time on the market at just 14 days.
A recent Zillow analysis highlights the financial challenges faced by renters due to the COVID-19 pandemic, revealing that many pay over 80% of their unemployment benefits on rent. The new fiscal stimulus package provides an extra $300 weekly, reducing this burden to approximately 43%. However, despite this relief, millions remain behind on rent, accumulating an average debt of $6,000. The analysis also points out that once rent burdens exceed 30%, homelessness rates increase significantly. Housing vulnerability is likely to be a pressing issue for the incoming administration.
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