Zillow Offers has expanded to Riverside, according to an announcement by the company this week—its first foray into The Golden State and eighth market overall.
Through the cash offer program, homeowners looking to list obtain a no-obligation offer from Zillow. If accepted, they can choose their closing date, and Zillow will prepare it for sale; if not, the company will connect them to a local partner or Premier Agent, part of the Zillow Premier lead generation program. Zillow has not yet announced its brokerage partners in Riverside.
Likewise, buyers who purchase a property from Zillow can decide when they move in. According to the announcement this week, the company is developing a feature that would enable homebuyers to tour a Zillow-owned property without having to schedule a showing.
In addition to Riverside, Zillow Offers is available in Atlanta; Charlotte and Raleigh, N.C.; Denver; Houston; Las Vegas; and Phoenix, and is expected to launch in Dallas; Miami; Minneapolis; Nashville; Orlando; and Portland, Ore., this year. The company estimates that, in three to five years, it will be buying 5,000 homes a month through the program, with a projected $20 billion in revenue. A Zillow Offer is now requested every five minutes, the company states.
“Today, everyone expects an on-demand experience for all parts of their lives, and from the early success of Zillow Offers over the last year, this expectation in now a reality in real estate,” says Zillow Brand President Jeremy Wacksman. “Launching Zillow Offers today in Riverside, our first California market, is an important step in our efforts to make this service available nationwide. Zillow Offers delivers greater certainty, convenience and control in the home-selling process. We are thrilled that Riverside homeowners now have the ability to decide, on their terms and on their schedule, one of the largest transactions of their lives: selling a home.”
Zillow’s latest market is one of the pricier out there, with an average $367,100 home value, according to the Jan. 2019 Zillow Home Value Index.
Zillow began piloting Offers in spring 2017, and formally launched the program in spring 2018.
For more information, please visit www.zillow.com/offers.
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.
