Zillow Resumes Buying Homes in Five More Markets

Rhea-AI Summary

Zillow Group has resumed buying homes in five additional markets, bringing the total to 20 out of 24 markets for its Zillow Offers program. This move follows a pause on March 23 due to COVID-19. Home sellers in Los Angeles, Riverside, Minneapolis, Cincinnati, and Orlando can now sell directly to Zillow. The company cites a rebound in buyer and seller activity, with web traffic to listings up 41% year-over-year. Zillow is implementing safety protocols developed in partnership with former U.S. Surgeon General Dr. Regina Benjamin to ensure safe transactions.

Positive

• Resumed buying homes in five markets, increasing total to 20.
• Web traffic to Zillow listings up 41% year-over-year.
• Growing buyer and seller activity post-April pandemic declines.

Negative

• None.

SEATTLE, July 7, 2020 /PRNewswire/ -- Zillow Group, Inc. (NASDAQ:Z) (NASDAQ:ZG), which is transforming the way people buy, sell and finance homes, today resumed buying homes in five more markets, and is now buying homes again in 20¹ of the 24 markets where Zillow Offers has launched.

Home sellers in Los Angeles, Riverside, Calif., Minneapolis, Cincinnati and Orlando can once again sell their homes directly to Zillow with a safe, convenient transaction and on their own timeline. Zillow paused buying homes through Zillow Offers on March 23 in response to housing market uncertainty and public health concerns related to COVID-19.

"Home sellers want a more convenient, seamless and safe way to sell their home, and we're excited to bring Zillow Offers back to more sellers around the country," said Zillow President Jeremy Wacksman. "The rapid adoption of technology and virtual tools is creating a new and safer landscape for the entire real estate experience. With Zillow Offers, a homeowner can sell their house without any of the traditional hassles of open houses, home showings or prepping a house for sale, and can have more certainty and control than ever before - all on their own timeline. " 

Zillow data shows the resiliency of the housing market as buyer and seller activity is growing again after April declines related to the pandemic. New pending sales and new for-sale listings are higher than they were a month ago, and web traffic to for-sale listings is up 41% from the previous year². Homes are selling at their fastest pace since June 20183.

As part of Zillow's resumption of homebuying, the company is following the principles from its Move Forward. Stay Safe. initiative, designed to protect Zillow's employees, customers and partners. Zillow partnered with former U.S. General Surgeon Dr. Regina Benjamin last month and she is advising the company on its health and safety protocols.

Virtual options give buyers interested in a Zillow-owned home a safer way to explore a home through the Zillow app or website if they opt not to visit in person. All Zillow-owned homes have 3D Home tours and floor plans with room dimensions on the listing. Shoppers can also request a live virtual tour with a local real estate agent. If a buyer wants to see a home in person, Zillow's self touring feature allows them to visit most Zillow-owned homes between 6 a.m. and 8 p.m. and use the Zillow app to identify themselves, unlock the door and tour the home. All Zillow-owned homes follow a "Clean. Protect. Distance." protocol to create a safer environment for home shoppers and agents during in-person tours.

About Zillow Group

Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG), the largest portfolio of real estate brands on mobile and the web, is building a safe, on-demand real estate experience. Whether selling, buying, renting or financing, customers can turn to Zillow's businesses to find and get into their next home with speed, certainty and ease.

In addition to Zillow's for-sale and rental listings, Zillow Offers buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline.  Zillow Closing Services offers customers Zillow-branded title and escrow services to support a more seamless transaction experience. Zillow Home Loans, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase.

Millions of people visit Zillow Group sites every month to start their home search, and now they can rely on Zillow to help them finish it — with the same confidence, ease and empowerment they've come to expect from real estate's most trusted brand.

Zillow, Zillow Offers, and Zillow Closing Services are registered trademarks of Zillow, Inc. Zillow Home Loans, LLC is an Equal Housing Lender; NMLS 10287, www.nmlsconsumeraccess.org. The company is headquartered in Seattle.

(ZFIN)

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1 Zillow Offers is currently available for sellers in Atlanta, Austin, Texas, Charlotte, N.C., Cincinnati, Colorado Springs, Colo., Dallas, Denver, Fort Collins, Colo., Los Angeles, Minneapolis, Nashville, Tenn., Orlando, Fla., Phoenix, Portland, Ore., Raleigh, N.C., Riverside, Calif., Sacramento, Calif., San Antonio, San Diego and Tucson, Ariz.

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SOURCE Zillow

FAQ

Which markets is Zillow resuming home buying in?

Zillow has resumed home buying in Los Angeles, Riverside, Minneapolis, Cincinnati, and Orlando.

When did Zillow pause home buying?

Zillow paused home buying on March 23 due to COVID-19 concerns.

What safety measures is Zillow implementing for home buying?

Zillow is following safety protocols developed with former U.S. Surgeon General Dr. Regina Benjamin to ensure safe transactions.

What is the current market activity according to Zillow?

Zillow reports increased buyer and seller activity, with web traffic to for-sale listings up 41% from the previous year.

How many markets is Zillow Offers available in as of July 2020?

As of July 2020, Zillow Offers is available in 20 out of 24 launched markets.