Zillow has announced an expansion of its Zillow offers program that allows home sellers to sell their homes directly to Zillow up to eight months before they move.
Zillow has partnered with several homebuilders in Zillow Offers markets across the country. When home shoppers buy a new home from one of the company’s homebuilder partners, they will have the option to sell their existing homes directly to Zillow through Zillow Offers. Those who sell their home to Zillow will be able to take advantage of an extended closing period – anywhere from seven days to eight months – so they won’t have to time the sale of their existing home with the move-in date of their new home. This will help homebuyers avoid carrying two mortgages simultaneously, Zillow said.
“One of the last things buyers want to deal with when searching for a new home is the stress and hassle that comes along with selling their existing home,” said Jeremy Wacksman, Zillow brand president. “With Zillow Offers, we are allowing homebuyers a quick and efficient way to sell their current home and buy a brand-new house – all on their own timetable – so they can focus on what really matters: getting settled into their dream home.”
Zillow said that its homebuilder partnerships would be prominently marketed on all new-construction home listings on the Zillow site and in all homebuilder showrooms.
The move will also help homebuilders ensure their sales, Zillow said. According to the Burns Home Builder Analysis and Forecast, public builders reported an average cancellation rate of about 16% over the last 12 months. Those cancelations are often driven by consumers who are unable to sell their existing homes in time.
“Zillow has really made the entire journey from start to close incredibly easy and convenient,” said Caitlyn Lai-Valenti, director of sales for Brookfield Residential. “Our homebuyers really appreciate the hassle-free convenience of Zillow Offers.”
“One of the most stressful things homeowners can go through during their new home process is selling their current home and making sure all the dates line up perfectly,” said Mike Welty, vice president of sales and marketing for Hartford Homes. “Zillow is at the forefront of finding ways to enhance the homeowner journey and make the process of selling a home as easy as possible. With Zillow Offers, Hartford Homes is excited to give our future homeowners one more avenue and solution to making their dream of a Hartford home a reality.”
Zillow Offers first launched last year in Phoenix and is currently available in 17 metro areas. Zillow has announced plans to bring the total number of Zillow Offers markets to 26 by the middle of next year.