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