ZILLOW IS ENTERING THE HOUSING MARKET IN LAS VEGAS

By
Real Estate Agent with The Smith Team 21625

The online service Zillow is a place to find a home to purchase or get information on what the prices of home in your neighborhood are currently worth.  Now, they have announced they will be entering the buy-sell-fast market in Las Vegas and Phoenix.

They will be participating as a buyer and a seller of homes – know as flipping homes.  Starting this spring the Seattle- based company sellers of homes can compare an agent’s analysis with “offers from Zillow or other investors”.  Zillow also stated when it buys a home “it will make necessary repairs and updates and list the home as quickly as possible.”

Jeremy Wacksman, Chief Marketing Officer at Zillow, said that the company’s goal is to own 300 to 1,000 homes in a handful of metropolitan areas, including Las Vegas, by the end of the year.  Wacksman said the Las Vegas market is strong and that Zillow has its “Instant Offers” program (seller receive cash offers through the site from outside buyers) that has been available in Las Vegas for almost a year.

The company’s expectations are to buy houses below market value so Zillow can book a profit on each deal it makes.  Zillow will then own the home for up to 90 days and in some cases less before selling them. 

 

My question to you is “Why would anyone sell their home in a low inventory market like Las Vegas for a lower than market value price?”  Plus, wouldn’t you rather work with a Realtor or agent that knows all the different areas of Las Vegas well - since they have many years of experience and are Las Vegans?  The Smith Team is confident that in most cases, the net proceeds to the buyer on a traditional listing through us will exceed the net proceeds on such “Instant Offer” programs such as Zillow and other providers.

In today’s Las Vegas housing market most home sales are at asking prices or above since a large percentage of the homes have multiple offers and the seller walks away with more money than they imagined for their home in just a few day after the home is listed.  And, if the first offer falls through there are usually a few backup offers.

Keep in mind that whether you are interested in buying a home or selling a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process.  I have thirteen years in New Home Sales and sixteen years in General Real Estate sales!

I am here to answer any questions you might have - just email or call me.

I Sell Las Vegas!

Thanks and make it a terrific day…………Robin

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Rainmaker
661,907
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

I read a few articles recently about this move by Zillow and I am curious as to how everything will turn out.

Apr 30, 2018 12:10 PM #1
Rainmaker
279,935
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

They are jumping in the Phoenix market as well. Like LV we have long been an attraction for investors. We already have OpenDoor and OfferPad beating us up, Zillow will only add to the competition. Fortunately, they play mostly in the lower price points (for now). Luxury homes require a little more work/effort.

Apr 30, 2018 12:19 PM #2
Rainer
80,226
Robin Smith
The Smith Team - Las Vegas, NV
The Smith Team here for all your real estate needs

Thank you for your thoughts

May 01, 2018 10:20 AM #3
Rainmaker
1,082,050
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Home homers do not want to wait long for their equity. Sell it to a company and someone make some cosmetic improvements and put it back on the market.

Many years ago, I was transferring and that option was available already. Kind of low, I sold it as a realtor actually double ended to save commission for my employer. 

Jun 01, 2018 08:56 PM #4
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Rainer
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Robin Smith

The Smith Team here for all your real estate needs
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