Zillow suspends home buying efforts through Zillow Offers amid real estate uncertainty - GeekWire | Canada News Media
Connect with us

Real eState

Zillow suspends home buying efforts through Zillow Offers amid real estate uncertainty – GeekWire

Published

 on


(Zillow Photo)

Zillow Group announced Monday that it will temporarily pause home buying through its Zillow Offers business in response to stay-at-home directives from various locales related to the coronavirus crisis and uncertainty in the U.S. real estate market.

Coronavirus Live Updates: The latest COVID-19 developments in Seattle and the world of tech

The move comes several days after Redfin announced a similar plan, suspending making offers on homes through its RedfinNow business.

Zillow Offers operates in 24 markets. The strategy, which was rolled out a year ago, brought in $603.2 million in revenue in fourth-quarter earnings reported last month. The Seattle-based company sold 1,902 homes and purchased 1,787 homes, ending the quarter with 2,707 homes on its balance sheet. That inventory had been reduced to 1,860 homes as of March 19.

Zillow stock was up about 4 percent in trading on Monday.

“Our top priority is ensuring the safety and health of our employees, customers, and partners,” Zillow Group CEO and co-founder Rich Barton said in a news release. “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 plans to restore the Offers business to full operations once health concerns pass, according to Barton.

RELATED: Redfin shares tips for ‘Selling Homes in a Virtual World’ to address COVID-19 real estate concerns

The company will continue to market and sell homes through Zillow Offers, but will temporarily suspend plans to open additional Zillow Offers markets. To protect its customers and partners, open houses for its homes in all markets were suspended last week.

The company is relying on Zillow 3D Home technology to make virtual home tours easier, as well as virtual consultations with Zillow’s local broker and Premier Agent partners.

“Zillow Group is well positioned to navigate these unprecedented times,” Barton said. “We already slowed our pace of acquiring homes over the past month, while our pace of home sales in the quarter accelerated. We have a strong balance sheet and cash position, and are taking proactive steps to reduce spending to offset the important financial support we’re giving our industry partners so we may continue to best serve our mutual customers.”

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Homelessness: Tiny home village to open next week in Halifax suburb

Published

 on

 

HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

Here are some facts about British Columbia’s housing market

Published

 on

 

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

B.C. voters face atmospheric river with heavy rain, high winds on election day

Published

 on

 

VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.

Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.

The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.

Wednesday was the last day for advance voting, which started on Oct. 10.

More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.

Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.

An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending

Exit mobile version