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Top iBuyers Stop Buying Homes: Zillow, Redfin, Offerpad & Opendoor - All on Hold

by The Truth About Mortgage

Zillow Offers - Pauses Purchases
This morning, Zillow announced that it had stopped home buying via Zillow Offers amid the “market uncertainty” related to COVID-19, noting that the move was “in response to local public health orders related to COVID-19,”and also to ensure the protection and safety of its staff, customers, and partners.

The company said it would continue to market and sell homes through Zillow Offers, despite halting open houses for its homes last week.

Zillow said it ended 2019 with 2,707 homes in its inventory, and as of March 19th, had reduced it to approximately 1,860 homes.

All 24 markets where Zillow Offers currently operates are affected by the move.

Opendoor Cash Offers Suspended
Meanwhile, Opendoor is putting cash offers on hold as a result of COVID-19.

In a statement posted on their website, the iBuyer said, “If you’re currently in our offer process, be on the lookout for communication from us. If you’re not, here’s how we can still help with your home sale.”

In terms of that help, they are still allowing third parties to make a cash offer for your property, as opposed to Opendoor itself.

If you take them up on that option, you can still skip the showings, prep work, and choose you own close date.

They said they’ll get back to customers via email within 2-3 days if eligible.

You can also use one of their partner real estate agents to list your home in traditional fashion.

Offerpad on Hold
Important Notice: Due to health concerns for customers and employees, and to ensure we are complying with proper local municipalities, protocols and CDC requirements related to COVID-19, we are not currently sending offers to new sellers directly.

Interested sellers can still request an offer, which will be delivered when we resume our core business of instant offers.

RedfinNow
RedfinNow as per an 8-K filing:

On March 18, 2020, RedfinNow, our business that buys homes directly from homeowners and resell them tohomebuyers, will temporarily pause making offers on homes.

If billion-dollar companies like Redfin and Zillow aren’t interested in buying our homes, what does that say about the health of the real estate market?