The Seattle-based technology company announced Thursday nine new homebuilders across multiple markets have agreed to participate in the program.
The program allows consumers to sell an existing home to Zillow but also wait up to eight months to close on the sale of that home while the new one is being built. Zillow is hoping the program will eliminate a lot of the uncertainty surrounding the sale of a new home and the subsequent move into a newly constructed one. It’s aimed at eliminating the prospect of having to carry multiple mortgages or the stress of timing the sale of the home just right.
“Many new construction buyers are also trying to sell their current home at the same time as buying, which is stressful,” Lucy Wohltman, vice president of new construction at Zillow, said in a statement. “Not only are these buyers trying to prepare for open houses and align timelines, they can be struggling with the daunting reality of owning two homes at once.”
“At its core, Zillow Offers was designed to alleviate these pain points by giving homeowners a quick and efficient way to sell their home in time to purchase their next,” Wohltman added. “And by partnering with more homebuilders across the U.S. through Zillow Offers, we’re excited to bring this ease and flexibility to a greater share of home shoppers.”
Zillow is still being represented by a local agent in each market for its homebuying transaction, a spokesperson for Zillow confirmed to Inman when the program was first announced. The spokesperson also confirmed there’s no referral fee being paid out by Zillow to the homebuilder companies involved.
The program will be marketed on all new-construction listings on Zillow.com, as well as in the showrooms of partner homebuilders.
The new partners are: The Providence Group in Atlanta, Georgia; NewStyle Communities in Charlotte, North Carolina; Kindred Homes in Dallas and San Antonio, Texas; Saratoga Homes in Houston, Texas; Avex Homes in Orlando, Florida; Woodbridge Pacific Group in Riverside, California; Caviness & Cates, Drees Homes and Stanley Martin Homes in Raleigh, North Carolina; and Minto Communities in Florida.
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