Zillow Pauses Home Buying in Response to Market Uncertainty
Zillow recently announced that it will “pause” home buying in the 24 markets where Zillow Offers currently operates. They said in a news release that they’re responding to local public health orders related to the Coronavirus and their desire protect the health & safety of their employees, customers and partners. In addition they reported ending ending 2019 with 2,707 homes in inventory. However, as of March 19th, that inventory had been reduced to around 1,860 homes.
“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,” said Zillow Group CEO and co-founder Rich Barton.
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