Zillow Housing is an American online real estate database company. The term iBuyer is short for an instant buyer. It means that sellers use modern technology for real estate where customers can purchase a home through fast cash transactions.
Zillow Housing Temporarily Stops iBuyer Programs Due To Coronavirus
Zillow has officially suspended their home purchase programs. Amidst the coronavirus pandemic, many real estates like Redfin, Opendoor and Reolody have all paused their home buying due to health concerns. The state and local government are trying to stop all kind of business activities for maintaining social distancing.
Zillow officially announced that they’d be stopping all the purchases in California, New York, Illinois, Louisiana, Ohio and Nevada via iBuying outlet. The announcement came as a result of an emergency in the state of America.
“The concerns for public safety and rapid developments by governments restrict local real estate activities. Hence we determined it was judicious to pause our home buying to preserve our capital”. Zillow Housing Chief Executive Rich Barton said.
Zillow said, “To ensure citizens safety and governments order of ‘Stay at Home’, we have decided to pause purchasing homes through Zillow Offers in the state temporarily. The safety and good health of our employees, customers, and partners is our priority. This is indeed a drastic step, but we understand the importance of following the guidance of local and state authorities in helping to slow the outbreak of COVID-19.”
iBuying changed the real estate market. It changed the traditional way of buying and selling houses. All of that needs to be paused due to global pandemic. Right now, health and well being of buyers, sellers and all the people should be the top priority.
Zillow Plans To Operate In Other States
“Nationwide, we will try to continue to operate Zillow Housing Offers to serve those in need of buying and selling a home. We are doing so in a way to ensure we can accommodate a rapidly changing environment. These are unprecedented times. Hence we are actively monitoring our communities, public health authority recommendations and local housing markets to adapt to conditions as needed.”
But the real question is what will the real estate companies will do after the storm settles down. We should be prepared to cope up with the massive drop in the economy.
This is what DelPrete had to say. “With the unique situation coronavirus outbreak has caused, these companies are faced with few options of what to do with these properties. They include pivoting toward renting, except sitting on them and waiting for the market to recover”.