Zillow said Monday it will temporarily stop buying homes in all 24 markets where it runs in reaction to public health orders connected to the COVID-19 pandemic, the current realty startup to move how it runs as the illness caused by coronavirus continues to spread out.
Zillow stated it chose to stop briefly making deals to sellers after several counties and states, including California, Illinois, Louisiana, Ohio, New York and Nevada, implemented emergency orders needing individuals to stay at home and all non-essential service activities, including some real estate-related activities, to stop.
Zillow follows action from other property start-ups such as Opendoor and Redfin to momentarily pause making deals on houses.
” We prepare to restore Zillow Offers full operations once health issues pass and local health orders are raised,” Zillow Group CEO and co-founder Abundant Barton stated in a declaration. “ In the meantime, we are working to support our clients and partners in these unsure times when house has actually never been more vital.”
The business started to slow its speed of purchasing houses last month, while accelerating sales in the quarter, Barton stated. Zillow’s inventory is now 1,860 houses, a 31?crease from 2,707 houses at the end of 2019.
The business said it will continue to market and sell houses through “Zillow Offers,” and will briefly suspend plans to open additional Zillow Offers markets. Zillow likewise stopped open houses in all markets, beginning last week.
” We have a strong balance sheet and money position, and are taking proactive actions to lower costs to offset the essential financial backing we’re offering our market partners so we may continue to best serve our shared clients,” included Barton.