Zillow Suspends Home Purchases Amid Coronavirus Pandemic
On March 23, Zillow announced that it will pause home buying in all the markets where it operates as the novel coronavirus continues to spread across the country and around the world. The Seattle-based company decided to temporarily stop purchasing homes after states and counties enforced emergency implementations requiring people to stay home and “non-essential” businesses, some of which include real-estate-related activities, to temporarily stop.
Zillow also stopped open houses for its homes last week. However, every Zillow-owned home has 3D technology for virtual home tours. Though Zillow halted its in-person open houses and home buying, it will continue to market and sell homes through Zillow Offers.
"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," Zillow Group CEO and co-founder Rich Barton said in a statement. "We plan to restore Zillow Offers full operations once health concerns pass and local health orders are lifted. In the meantime, we are working to support our customers and partners in these uncertain times when home has never been more important."
Zillow isn’t the only company halting home buying. Online real estate company Opendoor is also pausing offers on homes as a result of COVID-19. To help those who are still interested in selling their homes, Opendoor is still working with third-party buyers who can make offers.
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