Zillow Offers, which lets home sellers skip the hassle of listing their home by selling directly to Zillow, on Monday opened in the Los Angeles market.
Zillow Offers is now available to homeowners across a large portion of Southern California including the Inland Empire (Riverside) and San Diego. In just 19 months since Zillow Offers first launched in Phoenix, it has grown to a total of 22 markets across the country – with Los Angeles, the nation’s 2nd largest housing market, representing the largest market where Zillow Offers is available to-date.
Homeowners who request an offer from Zillow can expect a fair market value offer on their home. A recent Zillow analysis found that sellers who declined a Zillow Offer and went on to sell traditionally within the next few months sold their homes for an average of just 0.22% more than Zillow’s offer.
Homes in the Los Angeles metro now take about a week longer to sell than they did a year ago, and local home value appreciation is nearly flat over the past year.
Homeowners interested in Zillow Offers can simply enter their address on Zillow’s website or app and answer some basic questions about their home. If eligible, they will receive a preliminary cash offer within about 48 hours. Potential sellers don’t have to make any binding decisions until their home has been evaluated by a Zillow representative in person.
After closing on a home, Zillow will take care of necessary repairs, working with local contractors to complete projects like a fresh coat of paint, servicing HVAC units and other work a typical homeowner would do to get their home ready for sale.
“We know how difficult and stressful it can be to sell a home, so we are rebuilding the experience of buying and selling a home to make it a much simpler, smoother process,” said Jeremy Wacksman, Zillow brand president. “In the 20 months since we first introduced Zillow Offers, we’ve seen that there is a strong appetite for another option when it comes to selling a home. We’re thrilled to launch Zillow Offers today in one of the largest markets in the country, and look forward to easing the friction and helping sellers move to the next stage of their life without the hassle and uncertainty of a traditional home sale.”
Zillow has also announced that the home-selling service will be coming to Cincinnati, Jacksonville, Fla., Oklahoma City and Tucson, Ariz. by the middle of 2020.
A Los Angeles-based broker will represent Zillow in each transaction when buying or selling a home. Home sellers who request a Zillow offer but decide to sell traditionally can be connected with a local real estate agent to represent them in the sale.
