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Zillow Offers Suspends Signing of New Contracts Through 2021

(Photo courtesy of Zillow)

Yes, there is too much of a good thing. Due to a backlog in renovations and operational capacity constraints, Zillow is pausing new contract for its Zillow Offers business through the end of the year. Pausing on new contracts will enable Zillow Offers to focus operations on purchasing homes with already-signed contracts, but have yet to close and reducing the renovation pipeline., the company said. Zillow will continue to market and sell homes through Zillow Offers during this period.

“We’re operating within a labor- and supply-constrained economy inside a competitive real estate market, especially in the construction, renovation and closing spaces,” said Jeremy Wacksman, chief operating officer, Zillow. “We have not been exempt from these market and capacity issues and we now have an operational backlog for renovations and closings. Pausing new contracts will enable us to focus on sellers already under contract with us and our current home inventory.”

Zillow Offers is a service to homeowners to sell without having to coordinate repairs or host open houses or showings. After buying a home, Zillow prepares it for sale by doing the same type of projects a typical seller would, then lists it on the open market. For prospective sellers, Zillow Offers is connecting them with a local Premier Agent partner.

 

 

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