Zillow announced Monday that it is suspending buying homes as part of its iBuyer program across the country amid orders to end all non-essential businesses.
The company will continue to market and sell homes through Zillow Offers, but will pause making offers to sellers to “protect the safety and health of its employees, customers and partners.”
“Our top priority is ensuring the safety and health of our employees, customers, and partners. Given the concerns for public safety and rapid developments by governments that restrict local real estate activities, we determined it was prudent to pause our home buying to preserve our capital,” Zillow Group CEO Rich Barton said. “We plan to restore Zillow Offers full operations once health concerns pass and local health orders are lifted. In the meantime, we are working to support our customers and partners in these uncertain times when home has never been more important.”
Redfin announced last week that it was pausing its iBuyer program amid the pandemic as well.
Zillow Offers operates in 24 markets. As of March 19, the company had approximately 1,860 homes available.
Across the country, governors have ordered the closure of all non-essential businesses – including real estate-related activities in many areas. Zillow halted open houses for its properties across the country last week.