Zillow is ending their instant offer program; what does that mean for you?
The biggest news in real estate nationwide is that Zillow is ending their instant offer program, where they bought and sold homes, and laying off 25% of their workforce. Their CEO, Rich Burton, stated: “The unpredictability in forecasting home prices far exceeds what we anticipated.” They recorded a $304 million loss in the third quarter and expect a $265 million loss in the fourth quarter due to that program.
Zillow’s inability to accurately predict prices is crucial news for everyone. Many sellers rely on Zillow to set their home’s price, but Zillow doesn’t have any idea about what’s on the inside of your home. They don’t know if your home has a finished basement, pool, workshop, or strange floor plan. You need the expertise of a local, licensed real estate professional who is in and out of hundreds of homes every month, reviewing contracts, and negotiating deals to know how your home should be priced.
“Zillow is ending their instant offer program.”
If you’re considering buying and/or selling and are relying on Zillow’s Zestimate you want to bring in a licensed professional first to get an accurate price. That way you’ll know for sure what you’ll net when you sell and how much you can afford to buy.
Give us a call or send an email if you have any questions or are considering selling; our team is on standby seven days a week from 9 a.m. to 8 p.m. ready to help you down the smoother road to sold. We would love to be your real estate resource.