Zillow is now buying houses in Los Angeles
Homeowners in Los Angeles have a new option when it comes to selling their house: Zillow.
The online real estate giant announced Monday that it is now buying and selling houses in Los Angeles and Orange County, California.
With this launch, Zillow Offers, the company’s program where it buys homes directly from homeowners, is available to homeowners across a large portion of Southern California.
The move is the latest in what’s been a busy year that’s seen the online real estate giant grow its direct homebuying and mortgage businesses by continuing to expand.
Now, Zillow Offers has launched in 21 markets across the country, with Los Angeles as its largest market yet.
“In the 20 months since we first introduced Zillow Offers, we’ve seen that there is a strong appetite for another option when it comes to selling a home,” Zillow Brand President Jeremy Wacksman said. “We’re thrilled to launch Zillow Offers today in one of the largest markets in the country, and look forward to easing the friction and helping sellers move to the next stage of their life without the hassle and uncertainty of a traditional home sale.”
Through the Zillow Offers program, if the home qualifies, the owner will receive an initial cash offer from Zillow within 48 hours. A Los Angeles-based broker will also be assisting customers during their transaction.
If the homeowner accepts the offer, the seller gets to choose a date to move out, and not worry about cleaning or repairs. Zillow then makes the necessary repairs and/or improvements and sells the house back into the market. (For more on what, exactly, is an iBuyer, read this.)
According to Zillow, homes in Los Angeles take about a week or more to sell than they did over a year ago, and local home value appreciation has fallen flat. Zillow claims that its method amps it up and sells homes quicker.
Zillow says it has plans to expand offers to Cincinnati; Jacksonville, Florida; Oklahoma City and Tucson, Arizona by the middle of 2020.