Zillow will temporarily stop buying homes in response to local public health orders and a desire to preserve cash.
Many California businesses have shuttered to limit the spread of the coronavirus, but construction continues after being deemed essential.During the last three months of 2019, Zillow sold 1,902 homes and purchased 1,787. It ended the year with 2,707 homes in inventory across the nation, the company said Monday. By Thursday, Zillow had sold about 840 of those homes. The company declined to break out Southern California figures.
Zillow isn’t the only company to suspend its direct buyer program. Last week, real estate firm Redfin said it, too, would pause home buying through its RedfinNow arm. The company buys homes in the Los Angeles area, Orange County, Ventura County, the Inland Empire and San Diego, as well as other markets.
It “became increasingly difficult to navigate the local ordinances while trying to ensure the safety of our team, our customers and our partners,” Barton told investors in a conference call Monday. Now, things have changed. Real estate agents have canceled open houses, opting for virtual tours instead. Some agents are reporting canceled deals and price cuts.
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