The business model of Zillow’s new service is similar to that of fast-growing iBuyer Opendoor, which has been buying up hundreds of homes throughout the Triangle for nearly a year. The companies make an offer on a home using information submitted online and works with the seller to set a closing date. Once the home is sold, Zillow Offers or Opendoor then looks to put it on the market again.
For homeowners, the appeal of Zillow Offers, Opendoor and other iBuyers with slightly different models, such as Knock, is that the process of closing on a sale can be tailored to fit your timeline. According to Zillow’s research, nearly two-thirds of sellers are trying to coordinate the purchase of a home at the same time, adding stress and complexity to the closing process.
“Many homeowners are trying to time the sale of their home with the purchase of a new one and falling inventory in Raleigh can make finding that new home on a tight deadline even more stressful," Zillow Brand President Jeremy Wacksman stated. "Zillow Offers aims to alleviate some of that stress and gives sellers the ability to customize their selling experience.”
Join us in Bangkok the 19th to the 21st of March for the Property Portal Watch Conference.