Zillow relaunches iBuying program

Company has resumed iBuying program in Phoenix, Tucson, Raleigh and Charlotte

National /
May.May 18, 2020 09:47 AM
Zillow CEO Rich Barton (Credit: Barton by Steve Jennings/Getty Images for TechCrunch; iStock)

Zillow CEO Rich Barton (Credit: Barton by Steve Jennings/Getty Images for TechCrunch; iStock)

Zillow is relaunching its instant homebuying program, making it the latest iBuyer to resume operations.

The listings portal — which in recent years made a big bet on homebuying — announced Monday that it is resuming its Zillow Offers program in Phoenix, Tucson, Charlotte and Raleigh. Zillow had paused home purchases in all 24 of its markets on March 23 due to the coronavirus pandemic, but it expects to restart the program in additional markets soon. The company had continued selling homes through Zillow Offers via virtual tours and other technology throughout the pandemic.

Zillow contracted Dr. Regina Benjamin, who served as the country’s surgeon general under former President Barack Obama, as its health advisor. All homes owned by the company will now follow a “Clean, Protect, Distance” protocol, which requires an extra cleaning regimen and limited in-person tours (follow distancing protocols).

The company’s instant-homebuying division generated a record $770 million in revenue in the first quarter of the year. Until it paused the program in late March, Zillow had purchased 1,479 homes, sold 2,394, and ended the quarter with 1,791 properties.

“These past two months have confirmed our belief that real estate is resilient,” Zillow President Jeremy Wacksman said in a statement. “In fact, we’ve seen that people – despite these uncertain times – still want to move. Zillow Offers gives them a safe, seamless way to do so, whether selling or buying.”


Related Articles

arrow_forward_ios
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over
Placeholder image
Zillow to pay $50M for StreetEasy
Zillow to pay $50M for StreetEasy
Nearly 100K homes sold across UK in August ahead of tax break expiration
Nearly 100K homes sold across UK in August ahead of tax break expiration
Nearly 100K homes sold across UK in August ahead of tax break expiration
One of the many listing photos with dolls for the New Orleans house (NOLA Living Realty)
Creepy dolls helped sell this New Orleans home super fast
Creepy dolls helped sell this New Orleans home super fast
Eviction Notices (iStock)
Westchester County leads state in evictions outside NYC
Westchester County leads state in evictions outside NYC
US household real estate values jump by record $1.2T
US household real estate values jump by record $1.2T
US household real estate values jump by record $1.2T
New York state is also contributing $125 million toward rent relief from the budget. (iStock)
On Long Island, family of 4 earning $156K qualifies for rental assistance
On Long Island, family of 4 earning $156K qualifies for rental assistance
Home sales dipped in August after two months of increases
Home sales dipped in August after two months of increases
Home sales dipped in August after two months of increases
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...