Zillow has a new program called Instant Offers that they are test marketing in Las Vegas and Orlando right now.
Should you use Instant Offers when selling your home?
Basically, Instant Offers sets your property up to receive offers from investors. Already, there’s a problem. Investors want to buy low and sell high.
Plus, if you decide to go with the investor’s offer, you will owe Zillow an 8% to 9% service fee. This does not include any of the other fees that come with selling your home, such as appraisals or inspections.
It’s not very likely that a seller will accept an investor’s offer, especially in this market.
In the past, I’ve mentioned how Zillow’s Zestimates are unreliable. You need a qualified real estate agent to come out to your property if you want an accurate home valuation. Just like you wouldn’t marry someone you’ve never met, you can’t get an accurate market value from someone who’s never seen your home.
When you use Instant Offers, Zillow captures your information and then resells it.
The founder of Zillow also created Expedia, which really changed the travel industry. That’s not necessarily a bad thing, but it’s important to keep your options open. As a seller, you should be able to work with the agent of your choice rather than being funneled into a system where you may not be getting the best service.
If Zillow’s Instant Offers program becomes available nationwide, keep in mind that it may not be the best option for you.
If you have any other questions about Zillow or your home’s value, just give me a call or send me an email. I would be happy to help you!