The real estate giant’s expansion into Tennessee marks the 15th market in which Zillow Offers now operates. In an effort to expand into 20 cities by the end of 2020, Zillow has branched out to new cities at a breakneck speed. It launched in Portland, Oregon, in the middle of July and opened two satellite markets to its Denver office two weeks ago.
“In the past year that we’ve been operating Zillow Offers, we’ve heard from home sellers how valuable it is to be able to sell on their own timeline, with transparency and certainty throughout the entire process,” Jeremy Wacksman, Zillow’s brand president, said in a press statement. “Nashville is one of the fastest growing housing markets in the country, and we’re thrilled to bring Zillow Offers to Nashville-area homeowners today and offer them a more simple and stress-free way to sell their home.”
After launching its pilot office in Phoenix in April 2018, Zillow Offers quickly expanded into Las Vegas, Atlanta, Denver, Charlotte and Houston. The model, in which homesellers receive an all-cash offer from Zillow in exchange for a service fee of around 7 percent within 48 hours, is popular among sellers who need to unload fast.
Residents in the South, where people tend to get married and form families at a younger age, have shown strong interest in iBuyer platforms. Atlanta is sometimes referred to as ground zero of the iBuyer turf because startups including Opendoor and Offerpad as well as traditional brokerages all operate in the city. In July, Opendoor and Redfin announced a partnership in Phoenix and Atlanta in what is likely to be an effort to compete with Zillow.
“With innovative companies like Zillow bringing programs like Zillow Offers to Nashville today, we’re seeing Tennessee continue to be a place where business can thrive,” said Tennessee Governor Bill Lee in a media statement on Zillow’s launch in Nashville.
In a statement, Zillow said approximately 100,000 homeowners have requested all-cash offers on homes since the service launched. The company has previously said that it gives certain Premier Agent customers seller leads for homeowners who choose to decline Zillow’s offer.