Please ensure Javascript is enabled for purposes of website accessibility

Zillow Group Resumes Home Buying in Four Cities

By Eric Volkman - May 19, 2020 at 6:04PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The company's Zillow Offers service will be available only in Arizona and North Carolina for now.

Like sections of the American economy, Zillow Group (Z -4.09%)(ZG -3.73%) is starting to return to some of its operations. The online real estate company announced it is reopening its Zillow Offers service in four U.S. markets -- Phoenix and Tucson in Arizona, plus Raleigh and Charlotte in North Carolina.

In order to ensure the health of those involved in real estate transactions, the company has also launched its "Move Forward. Stay Safe." initiative. Under this program, Zillow said, it will follow rigorous safety standards during each phase of a home sale. It has brought on former Surgeon General Dr. Regina Benjamin as an advisor to the program.

Mortgage document with key.

Image source: Getty Images.

One safety precaution Zillow is taking is suspending open houses, a common real estate practice (in non-pandemic times) in which a home is open for public view during certain times and days. In lieu of that, interested parties can take a virtual tour, which the company says is available for each of the properties it owns and is offering for sale. 

Zillow says the home buying is lively, despite the economic damage caused by the SARS-CoV-2 coronavirus. "These past two months have confirmed our belief that real estate is resilient. In fact, we've seen that people -- despite these uncertain times -- still want to move," the company wrote in its announcement.

Zillow Offers is a relatively new service where Zillow buys a home directly from a seller wishing to divest it quickly, then sells it on its own. Before the coronavirus outbreak, Offers had enjoyed rapid revenue growth and widened to 24 markets around the U.S. 

Zillow's two share classes both rose on Tuesday, in contrast to the declines of the wider equities market and numerous tech stocks. The company's A shares advanced by 2.6%, and the C shares rose nearly 3%.

 

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Zillow Group, Inc. Stock Quote
Zillow Group, Inc.
ZG
$34.36 (-3.73%) $-1.33
Zillow Group, Inc. Stock Quote
Zillow Group, Inc.
Z
$34.01 (-4.09%) $-1.45

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
336%
 
S&P 500 Returns
115%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 06/28/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.