Zillow Tests Instant Offers in Two Key Markets

Zillow, the leading real estate and home-related information marketplace, today announced it will begin testing the Zillow Instant Offers™ marketplace, a way for homeowners to sell their homes quickly by providing them with offers from investors and a comparative market analysis (CMA) from a local real estate agent, as an estimate for what the home might fetch on the open market. In addition to investors being required to use an agent, should a homeowner select an investor’s offer, Zillow will also offer to connect them with a local agent to represent them throughout the transaction.

People today expect speed and convenience as the foundation for many of their transactions – including when buying or selling a home. Selling a home can often be an overwhelming task as home sellers have the challenge of getting their home ready to list on the open market while facing the uncertainty of when their home might sell and at what price. According to the Zillow Group Consumer Housing Trends Report 2016, 54 percent of sellers said the process of selling their home was “challenging and stressful”. By using the Zillow Instant Offers marketplace, home sellers can alleviate some of that stress by eliminating the need to prepare their home for sale (staging, open houses, etc.), and gain additional control and certainty over aspects like closing date and price.

Sellers are looking for more solutions when selling their home. For some, selling in a short timeframe with certainty around the closing date is attractive, or even necessary,Sellers are looking for more solutions when selling their home. For some, selling in a short timeframe with certainty around the closing date is attractive, or even necessary,” said Jeremy Wacksman, Zillow Group chief marketing officer. “Across many industries, we’re seeing a rise of technology assisted transactions, and many consumers desire this type of innovation in real estate. We want to provide options for convenience while providing home sellers with useful information to help them make an informed financial decision. That’s why we provide them with any offers submitted by investors, as well as an estimate from a real estate agent who can help them better understand what that home may sell for on the open market.”

To participate in Zillow Instant Offers, verified homeowners interested in receiving investor offers must confirm information about the home (number of bedrooms, square footage, etc.), highlight any updates and provide several photos of the home. From there, select investors who buy homes in the area can present their offers alongside the CMA from a local real estate agent. Any investor offers and the CMA will include an overview of fees associated with each option, to enable sellers to make an informed apples-to-apples comparison.

All the offers are no-obligation, meaning homeowners can accept one offer or decline all of them.

During this test in Las Vegas, Nev., and Orlando, Fla., Zillow is working with a handful of agents and select investors in each test market, who are active in the area. Participating agents will be requested to record the sale with their local Multiple Listing Service.

Zillow

Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. Zillow serves the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition to Zillow.com®, Zillow operates the most popular suite of mobile real estate apps, with more than two dozen apps across all major platforms. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ:Z and ZG) and headquartered in Seattle.

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After earning her bachelor’s degree in journalism at the University of Central Florida, Tracey set out in the real world at Florida Realtors in 1994 as a communication assistant, working her way up to editor in chief of Florida Realtor magazine. In 2004, she left the association to start her freelance writing and editing business. One of her first clients was REAL Trends, and she started working for the organization in 2005. In 2014, Tracey was promoted to editor in chief of publications for REAL Trends. She handles the writing and editing of all REAL Trends publications and marketing materials, including LORE Magazine, the REAL Trends newsletter and the blog. She is also the primary podcast interviewer where she conducts interviews with top real estate industry leaders and affiliated industry leaders. Tracey is married with two children.

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