BAM Key Details
- On February 15, Zillow, Inc. and Opendoor Technologies Inc. announced homeowners will now be able to compare selling options upfront.
- Homeowners can compare a cash offer from Opendoor and an estimate to sell with a Zillow Premier Agent partner.
- The service is currently available to homeowners in Atlanta and Raleigh, with plans to expand in the coming months.
Zillow’s newest service was announced today, bringing its partnership with Opendoor to the next level.
The service, which is currently available in Atlanta and Raleigh, allows homeowners to compare selling options upfront. This option will expand to additional markets in the coming months.
Zillow’s New Service Puts Home Selling Options Side by Side
By being able to compare selling options, homeowners can simultaneously find out:
- An estimate to sell with a local agent on the open market (from Zillow)
- A cash offer (from Opendoor).
This simplifies the process for homeowners who want to understand all their options—and allows them to see how each option affects their finances.
A recent Zillow survey found nearly a third of Americans were surprised by the emotional toll of selling their home. We want to simplify the process by providing sellers all their home-selling options in one place. Customers can now easily get both a cash offer from Opendoor and a market-price estimate to sell on the open market with a local Zillow Premier Agent partner on Zillow– and then make the decision that works best for their situation.
How are estimates calculated?
When a seller decides to explore their selling options on Zillow, they are asked to provide some information about their home, such as recent renovations, square footage and the home’s condition, a spokesperson from Zillow told BAM.
A machine learning model then uses this information, along with public data about the home and neighborhood comps, to generate an estimate for selling on the open market. This estimate is considered a starting point for sellers.
Another estimate comes from Opendoor, which uses its model to generate a cash offer based on the same information.
Selling a home can be stressful and full of unknowns for many people, but selling to Opendoor is simple, certain, and on the homeowner’s timeline. An Opendoor sale means no home showings, no home prep or making repairs and none of the hassle that can come with a traditional listing. With this new Opendoor experience on Zillow, consumers can explore their selling options and choose one that meets their needs.
Once a seller has decided, they will either accept the cash offer and finish the process on the Opendoor platform or be paired with a local Zillow Premier Agent partner to guide them through the listing process.
This is one of many new services Zillow has announced in recent months, as it works to make the home buying and selling process easier for consumers.