In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers
Zillow Premier Agent News
"Love ‘em or hate em, Zillow is building on a program called Zillow Instant Offers in which sellers upload information about their homes and receive offers from local investors within 48 hours. The sellers also get an assessment of the home’s market value from an agent, allowing them to choose between a fast sale and selling their property the traditional way."
"And Zillow is going to start playing the role of investor, bidding on homes in Las Vegas and Phoenix using cash from its balance sheet to finance acquisitions. “In a phone interview, Chief Marketing Officer Jeremy Wacksman described the program as a test, projecting the company will own 300 to 1,000 homes by the end of the year. Unlike traditional home-flippers who bet they can make money on home appreciation, Zillow plans to profit by charging sellers a fee in addition to agent commissions. Wacksman said most owners who use Instant Offers wind up selling their homes the old-fashioned way, but that people like to have choices.”
Excerpt today from Mortgage News Daily