PHOTO: Zillow
Zillow Group is resuming its Zillow Offers home-buying business, reflecting the company’s confidence in real estate despite the ongoing global pandemic.
The Seattle-based company said it will restart Zillow Offers in four cities — Phoenix, Ariz., Tucson, Ariz., Raleigh, N.C., and Charlotte, N.C. — after pausing the program across 24 markets in March due to the coronavirus outbreak.
Zillow last year made a big bet on buying and selling homes, an evolution for the 14-year-old company that traditionally made money off its media business. Zillow Offers is one of several “iBuyer” programs run by competitors including Opendoor and fellow Seattle giant Redfin, which paused its Redfin Now service but is also restarting it in select markets this month.
In a press release, Zillow touts Zillow Offers as a “convenient option to sell without showings or open houses and the ability to close the transaction digitally.” The company is following safety protocols, such as additional cleaning regimens for for-sale homes, virtual tours, and recommending customers wear masks and gloves during in-home tours.
Earlier this month Zillow beat analyst expectations for is Q1 earnings report with revenue of $1.1 billion, up 148% year-over-year and buoyed by its “Homes” segment that brought in $770 million in revenue, up 27% percent from the fourth quarter.
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