cashbuyerrated

Zillow Offers

Bought homes directly (iBuyer) · Seattle, Washington (Zillow Group headquarters) · Founded 2018

! No longer buying homes. Zillow announced the wind-down on November 2, 2021, citing unpredictable home prices, capacity constraints and operational challenges, and its SEC filing says the wind-down was completed in the third quarter of 2022.

Zillow Offers was a company that bought homes directly with its own money (an iBuyer). Zillow announced the wind-down on November 2, 2021, citing unpredictable home prices, capacity constraints and operational challenges, and its SEC filing says the wind-down was completed in the third quarter of 2022. It was founded in 2018 and was based in Seattle, Washington (Zillow Group headquarters). Its parent company is publicly traded (Zillow Group, Inc. — Nasdaq: Z and ZG).

How Zillow Offers worked

Process
Historically, a homeowner entered the property address and basic information and, if eligible, received a preliminary cash offer in about 48 hours; the offer was not binding until Zillow evaluated the home in person. A seller could choose a closing date and avoid preparing the home for showings, after which Zillow bought the home, made needed updates, and listed it for resale.
Stock
Zillow Group, Inc. — Nasdaq: Z and ZG

Reddit discussions

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Sources

  • Zillow Offers launched in 2018 and was available in 25 markets as of September 2020. company website
  • Zillow described Zillow Offers as a service that lets customers request an instant offer and sell directly to Zillow; it said the service eliminated the need to prepare and list a home, including open houses and showings, and gave sellers control over their timeline. company website
  • Zillow said Zillow Offers bought and sold homes directly in dozens of U.S. markets. company website
  • Zillow's historical process allowed an eligible homeowner to enter an address and answer basic questions, receive a preliminary cash offer in about 48 hours, and defer a binding decision until an in-person evaluation. company website
  • Zillow said sellers could select a closing date that fit their schedule and would not need to make repairs or improvements to make the home sale-ready. company website
  • In its November 2, 2021 announcement, Zillow described Zillow Offers as an iBuying service in which Zillow acted as the primary purchaser and seller of homes. company website
  • Zillow said on November 2, 2021 that it would wind down Zillow Offers because forecasting home prices was more unpredictable than anticipated and scaling the business would create too much earnings and balance-sheet volatility; the announcement also cited renovation and resale capacity constraints. company website
  • Zillow's 2024 Form 10-K says the Zillow Offers wind-down was completed in the third quarter of 2022 and that Zillow Offers was an iBuying business that purchased and sold homes directly across the country. SEC filing
  • Zillow's company history says Zillow launched in 2006. company website
  • Zillow Group's 2021 Form 10-K lists its corporate headquarters at 1301 Second Avenue, Floor 31, Seattle, Washington 98101. SEC filing
  • Zillow Group is publicly traded under Nasdaq symbols Z and ZG. company website
  • In 2021, Zillow published a list of eligible Zillow Offers markets including Phoenix, Tucson, Charlotte, Raleigh, Miami, Jacksonville, Orlando, Tampa, Portland, Denver, Colorado Springs, Fort Collins, Nashville, San Diego, Los Angeles, Riverside, Sacramento, Dallas, Houston, San Antonio, Las Vegas, Atlanta and Minneapolis. company website

Common questions about Zillow Offers

Is Zillow Offers legit?

Zillow Offers was a company that bought homes directly with its own money (an iBuyer). Zillow announced the wind-down on November 2, 2021, citing unpredictable home prices, capacity constraints and operational challenges, and its SEC filing says the wind-down was completed in the third quarter of 2022. It was founded in 2018 and was based in Seattle, Washington (Zillow Group headquarters). Its parent company is publicly traded (Zillow Group, Inc. — Nasdaq: Z and ZG).

How did selling to Zillow Offers work?

Historically, a homeowner entered the property address and basic information and, if eligible, received a preliminary cash offer in about 48 hours; the offer was not binding until Zillow evaluated the home in person. A seller could choose a closing date and avoid preparing the home for showings, after which Zillow bought the home, made needed updates, and listed it for resale.

Is Zillow Offers still buying houses?

Zillow announced the wind-down on November 2, 2021, citing unpredictable home prices, capacity constraints and operational challenges, and its SEC filing says the wind-down was completed in the third quarter of 2022.