According to a recent MReport, Zillow Group, Inc. announced that they will put a pause on home buying to protect employees during the COVID-19 outbreak. Rich Barton, the CEO and co-founder of Zillow stated, “Our top priority is ensuring the safety and health of our employees, customers, and partners. Given the concerns for public safety and rapid developments by governments that restrict local real estate activities, we determined it was prudent to pause our home buying to preserve our capital.” Barton also explained that they plan to return to full operations once health concerns pass. Until that happens they are working to support their customers, employees, and partners. Zillows decision to temporarily close because of the emergency orders in several states requiring people to stay home and non-essential activities being told to stop. Zillow has also stopped open houses in all markets.
WHAT WILL ZILLOW DO IN THE MEANTIME?
In the meantime, Zillow will primarily use virtual tours of homes and online consultations. The report stated that Zillow ended 2019 with roughly 2,707 available homes. Their inventory decreased to 1,860 homes at the beginning of March. In addition, MReport has concluded that homebuyer interest has fallen since the COVID-19 outbreak, and continues to fall as the weeks go by.
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