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For more than 500,000 properties across 20 markets in the U.S., Zillow has added language on its websites and apps inviting owners to “sell to Zillow for your Zestimate.” When an offer is accepted, Zillow sends an inspector to make sure its information on the home is accurate, then pays cash for the property, makes light repairs, and puts it back on the market.
The move to turn a Zestimate into a standing bid means that the company is relying solely on its valuation software to generate offers unsolicited, in what executives call an effort to reduce friction and provide owners with certainty that can help them understand how much they can afford to pay for their next home. “Part of why real estate is so complex is the idiosyncratic nature of assets and the uncertainty around valuation,” said Stan Humphries, the company’s chief analytics officer. “We used to say, it is the ‘Zestimate.’ Well, now it’s the ‘Zprice.’ We’re willing to back it with cash.”
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