RedfinNow resumes iBuying and Zillow Offers isn’t far behind
During earnings calls on Thursday, both Redfin and Zillow announced they would resume making all-cash offers to homeowners. In Redfin’s case, the company is relaunching its iBuyer program immediately, while Zillow was less clear on the timeline.
RedfinNow relaunched in Austin, Denver and the Inland Empire east of Los Angeles on Thursday, the company said in its earnings call.
“On March 18, 2020, we announced that RedfinNow, our business that buys homes directly from homeowners and resells them to homebuyers, will temporarily pause making offers on homes,” the company disclosed on March 18 in a filing with the Securities and Exchange Commission.
In a statement in March, Redfin CEO Glenn Kelman said that the decision was made in response to the ambiguous nature of the state of the housing market.
“From the beginning – repeatedly, insistently and despite growth pressure from all sides – Redfin has said that we aspire to be the most disciplined iBuyer,” Kelman said.
Zillow also said that it would be slowly relaunching its iBuying service, Zillow Offers, in the coming weeks. In its investor call on Thursday, Zillow said it is actively planning to unfreeze Zillow Offers – which was paused originally for safety precautions due to the pandemic – but gave no exact date.
On March 20, Zillow told HousingWire that it would temporarily stop purchasing homes in California via Zillow Offers.
“To comply with California’s ‘Stay at Home’ order, we are temporarily pausing purchasing homes through Zillow Offers in the state while the order is in effect,” the company said. “The safety of our employees, customers, and partners is our first priority, and while this is a drastic step, we understand the importance in following the guidance of local and state authorities in helping to slow the spread of COVID-19.”
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