Zillow jumps into homebuying and -selling
Following Opendoor?s lead, Zillow wants to flip homes within 90 days Real estate listings site Zillow is making moves into the ?iBuyer? space.
The company announced Thursday that it?s expanding its Zillow Instant Offers program to the Phoenix metro market after launching a pilot program in Las Vegas and Orlando last year.
The expansion is the clearest sign yet that the real estate industry believes the iBuyer concept is viable, as Zillow says it plans to invest between $75 million and $250 million in 300 to 1,000 homes by the end of the year.
iBuyers work like this. A home seller answers a questionnaire about the condition of their home, and the iBuyer uses an algorithm to set a ?fair market? price for the house and make an offer. Should the seller accept, the iBuyer would then repair and clean the house for the seller, and then ultimately sell the house on its website. iBuyers streamline the home selling process so that a customers move-in and move-out dates lineup. In traditional real estate channels, the home selling process can drag on as offers are fielded, negotiated, and closed. This can lead to someone paying two mortgages for a month, or needing to find temporary housing for the gap between the move-in and move-out dates.
Opendoor launched the concept in 2015 and has been growing rapidly. It?s closing in on a $200 million funding round at a $2 billion valuation, adding to the $320 million the company has already raised from investors. Opendoor is currently ...
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