Hundreds of homeowners have received investor bids since Zillow launched Instant Offers, but none of them had been accepted as of June 5.
On the other hand, the program has generated three listings for one agent, and she could possibly convert more Instant Offers leads in the days ahead.
Not A single investor bid accepted through Zillow Instant Offers
The results suggest that Zillow Instant Offers investors are certainly not making compelling bids – a result that Zillow Group may have been anticipating. The real estate giant found a method to generate new business for its subscriber base, while positioning itself to potentially capture fees if consumers embrace high-tech investors down the road.โWe kind of thought that more people would elect to go with an agent,โ said Zillow Group spokesman Dan Evans.
Zillow Instant Offers, an experiment product that Zillow is piloting in Orlando, Florida; and Las Vegas, allows homeowners to receive quick offers from multiple investors alongside a comparative market analysis (CMA) from Zillow agent advertisers. Each CMA request is actually a seller lead for an agent, not simply an acquisition target for an investor.
Zillow currently will not charge any fees for the program.
While hundreds of people had requested bids through Zillow Instant Offers, โWe havenโt had anyone choose an investor offer yet,โ Evans told Inman on June 5.
Asked June 7 if that that had changed, he explained by email:
โIn regards to investors, you asked if any offers have been accepted. There are a few more steps to the process than that, and itโs too early to share hard numbers, but we are aware of some conversations happening between potential sellers and investors.โ
Veronica Figueroa, one of the agents receiving leads through Instant Offers, had received about 50 CMA requests as of June 2. Of those requests, Zillow Group claimed it had only delivered 27 CMAs on Veronicaโs behalf.
The discrepancy is partly because a few of the leads came from agents testing Instant Offers.
โWeโve realized we can cross check and verify if this is an agent,โ Figueroa said.
Zillow Instant Offers has raised the hackles of many agents. Critics say Zillow Group has broken a promise not to step into the middle of the transaction and worry that Instant Offers might popularize an option to listing brokerage.
NAR recently disparaged this program, but antitrust laws prevent the trade group from taking aggressive action.
While iBuyers including Opendoor and OfferPad have gained traction in some markets, the initial results of Instant Offers may allay a lot of the tension in the industry.
Figueroa has been heartened to learn that consumers appear more likely to take a chance on her, rather than accept investor bids.
โThe one that I did meet with in her home – she was so sweet and basically gets it,โ Figueroa said. The homeowner told Figueroa she wanted โan agent to be able to hold my hand.โ
Ready to find the true value of your home and sell it for market value? Nick & Cindy Davis with RE/MAX Premier Group are here to assist you. We are always a call to (813) 300-7116 orย (813) 695-6475 or a click here away.
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Lot Size
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Home Size1,613 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built2024
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Days on Market0
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Lot Size28,750 sqft
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Home Size3,481 sqft
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Beds4 Beds
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Baths4 Baths
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Year Built2024
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Days on Market1
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Lot Size8,712 sqft
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Home Size2,142 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2024
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Days on Market1
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Lot Size3,050 sqft
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Home Size2,166 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2010
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Days on Market1
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Lot Size
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Home Size1,252 sqft
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Beds2 Beds
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Baths3 Baths
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Year Built1988
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Days on Market0
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Lot Size7,406 sqft
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Home Size3,198 sqft
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Beds4 Beds
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Baths4 Baths
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Year Built2024
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Days on Market2
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Lot Size8,277 sqft
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Home Size2,816 sqft
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Beds5 Beds
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Baths3 Baths
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Year Built2013
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Days on Market1
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Lot Size
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Home Size1,250 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built2006
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Days on Market6
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Lot Size6,534 sqft
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Home Size2,506 sqft
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Beds5 Beds
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Baths3 Baths
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Year Built2024
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Days on Market3
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Lot Size37,898 sqft
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Home Size4,748 sqft
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Beds5 Beds
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Baths5 Baths
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Year Built2002
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Days on Market0
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Lot Size1,743 sqft
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Home Size1,762 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2024
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Days on Market8
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Lot Size7,841 sqft
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Home Size2,350 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2024
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Days on Market5
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Lot Size5,228 sqft
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Home Size1,560 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built2024
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Days on Market2
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Lot Size3,921 sqft
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Home Size1,870 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built2024
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Days on Market9
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Lot Size6,534 sqft
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Home Size792 sqft
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Beds3 Beds
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Baths1 Bath
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Year Built1960
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Days on Market3
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Lot Size6,099 sqft
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Home Size1,286 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1971
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Days on Market3
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Lot Size6,099 sqft
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Home Size984 sqft
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Beds4 Beds
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Baths2 Baths
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Year Built1960
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Days on Market3
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Lot Size7,406 sqft
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Home Size3,548 sqft
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Beds5 Beds
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Baths5 Baths
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Year Built2024
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Days on Market1
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Lot Size3.38 ac
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Beds3 Beds
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Baths6 Baths
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Year Built2024
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Days on Market4
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Lot Size3.38 ac
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Beds3 Beds
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Baths4 Baths
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Year Built2024
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Days on Market4
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Lot Size3.38 ac
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Home Size2,405 sqft
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Beds2 Beds
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Baths3 Baths
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Year Built2024
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Days on Market3
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Lot Size3.38 ac
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Home Size11,140 sqft
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Beds5 Beds
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Baths7 Baths
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Year Built2024
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Days on Market3
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Lot Size7,841 sqft
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Home Size3,198 sqft
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Beds4 Beds
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Baths4 Baths
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Year Built2024
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Days on Market4
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Home Size3,138 sqft
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Beds6 Beds
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Baths5 Baths
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Year Built2024
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Days on Market1
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Beds5 Beds
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Baths5 Baths
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Year Built2024
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Days on Market1
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Days on Market1
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Home Size4,602 sqft
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Beds6 Beds
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Baths5 Baths
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Year Built2024
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Days on Market1
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Lot Size25,265 sqft
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Home Size4,602 sqft
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Beds6 Beds
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Baths5 Baths
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Year Built2024
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Days on Market0
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Beds4 Beds
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Baths3 Baths
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Year Built2024
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Beds2 Beds
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Baths1 Bath
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Year Built1926
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Days on Market6
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Lot Size7,406 sqft
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Beds4 Beds
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Baths4 Baths
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Baths3 Baths
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Beds5 Beds
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Baths5 Baths
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Beds4 Beds
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Year Built2024
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Days on Market1
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Lot Size9,584 sqft
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Beds7 Beds
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Baths5 Baths
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Days on Market6
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(all data current as of
5/17/2024)
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