CHARLOTTE, N.C. -- Zillow Offers launched in Charlotte Wednesday.
- The website will make cash offers to homeowners without having to go through showings, listings, or fielding multiple offers.
- Some community activists worry Zillow Offers is another avenue towards gentrification.
- The service will launch in Raleigh in early 2019.
The website will make cash offers to homeowners without having to go through showings, listings, or fielding multiple offers and the seller can set the closing date.
Zillow says it tends to pay out about 6 to 9 percent less than what a typical market offer would bring in; what it calls a “convenience fee”.
But in Phoenix, where Zillow Offers has already been operating, the area realtors association says offers can be as much as 25 or 30 percent below market rate.
Some community activists worry Zillow Offers is another avenue towards gentrification.
“For many families, the single greatest wealth accumulation asset is the home,” board chair of the West Side Community Land Trust Rickey Hall said. “If your economic dynamics are not great, you’ll jump on that offer if there's a hardship in your family. And what you’re actually doing is giving away your generational wealth.”
Zillow Offers launched in nearly 20 Charlotte zip codes Wednesday, and expects to cover the entire Charlotte market in the next year.
The service will launch in Raleigh in early 2019.
Full Release from Zillow:
Zillow Offers Launches in Charlotte;
With the opening of its first North Carolina market today, Zillow Offers is now available in a total of five markets nationwide
SEATTLE, Dec. 12, 2018 – Starting today, home sellers in Charlotte, N.C. can use Zillow Offers to request a cash offer from Zillow to buy their home.
Zillow Offers reduces the stress and uncertainty that typically goes along with selling a home. Starting today, potential home sellers in the Charlotte area will be able to request a free, no-obligation cash offer from Zillow to purchase their home. If the seller accepts the offer, they will be able to pick a closing date that works best for them.
“We couldn’t be more excited to bring Zillow Offers to our first North Carolina market today,” said Zillow Brand President Jeremy Wacksman. “Selling a home can be extremely stressful – it’s one of the largest financial transactions many people will make in their lifetime. Zillow Offers alleviates some of that stress and uncertainty so home sellers can move onto the next stage of their life.”
Charlotte is the fifth market where Zillow now directly buys homes, prepares them for showings and quickly lists them for resale. Zillow Offers is currently available in Phoenix, Las Vegas, Atlanta and Denver and will launch in Raleigh, N.C., Houston and Riverside, Calif. in early 2019.
Zillow Offers is designed to give consumers more control and certainty in the home-selling process and allows sellers the opportunity to sell their house on their own timeline. Timing the sale of a home with the purchase of a new one is a top concern for sellers[i], and according to Zillow’s latest research, 61 percent of sellers are buying a new home at the same time, which adds significant stress and financial complexity to the process.
With Zillow Offers, consumers will be able to sell their home without having to prep for showings and host open houses, avoiding the extra work and time associated with a traditional sale.
In every market where Zillow Offers is available, Zillow works with local agents and brokers in each transaction. Zillow pays a commission to local real estate agents when it buys and sells each home, and agents remain at the center of every transaction Zillow is a part of. In the Charlotte market, The Redbud Group at Keller Williams SouthPark will be representing Zillow in all its transactions.
“Getting the chance to work with Zillow as they begin buying and selling homes in Charlotte was an opportunity we didn’t want to miss,” said Trent Corbin, founder of The Redbud Group. “The real estate market is constantly changing, and Zillow understands the value of working with real estate agents to make the home selling process as simple and stress-free as possible. We’re very excited to represent Zillow in the Charlotte market.”
The Zillow Offers program also gives local brokerages and Premier Agents the opportunity to acquire new listings by connecting them with motivated sellers who have taken a direct action to sell their home. Consumers who request a Zillow Offer, but decide to instead sell their house traditionally with an agent or do not receive a Zillow Offer, will be connected with a local brokerage or Premier Agent.
The four brokerages partnering with Zillow in Charlotte to be connected with these motivated home sellers looking to sell traditionally are Premier Team at RE/MAX Executive, Century 21 Vanguard, Stephen Cooley Real Estate Group – Keller Williams and IDEAL Realty.
Additionally, Zillow has hired Jeff Gibel as Charlotte’s General Manager to run day-to-day operations for Zillow Offers in North Carolina. Gibel is a real estate veteran of 18 years, with experience in brokerage, lending, valuation and management. Most recently, he was Vice President of Acquisitions for an alternative asset management firm, overseeing the acquisition and renovation of thousands of homes across the Carolinas, Tennessee, Florida and Georgia.
Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with great real estate professionals. Zillow serves the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. Zillow Offers provides homeowners in some metropolitan areas with the opportunity to receive offers to purchase their home from Zillow. When Zillow buys a home, it will make necessary updates and list the home for resale on the open market.
In addition to Zillow.com, Zillow operates the most popular suite of mobile real estate apps, with more than two dozen apps across all major platforms.Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ:Z and ZG) and headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc. Zillow Offers is a trademark of Zillow, Inc.