Zillow Group Inc.

08/05/2020 | News release | Distributed by Public on 08/05/2020 11:52

Solving the double-mortgage dilemma: Zillow and D.R. Horton partner to make it easier to move into new construction homes

Posted on Aug 5, 2020

Solving the double-mortgage dilemma: Zillow and D.R. Horton partner to make it easier to move into new construction homes

New nationwide partnership between Zillow and D.R. Horton gives home buyers control of timing their new home purchase with selling their existing home

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Low mortgage interest rates are fueling a growing trend in home buying: interest in new construction homes. In fact, twice the number of people looked at listings for new construction homes on Zillow in June, 2020 (83%) compared to a year ago, according to Zillow data. Among people who are working remotely and want to continue to do so even after offices reopen, about two-thirds would consider moving, seeking bigger homes, more rooms and home offices.

'We know that families are staying close to home because of the pandemic, and want bigger, safer and cleaner spaces,' says Lucy Wohltman, vice president of new construction at Zillow. 'But timing the sale of their current home with a new home under construction can be hard, and can leave buyers carrying two mortgages.'

To address this, Zillow is expanding its partnership with the nation's largest homebuilder, D.R. Horton. As part of the exclusive agreement, D.R. Horton home buyers can request an offer through Zillow's home-buying service - Zillow Offers - to purchase their existing home. This option streamlines the transaction and provides a concrete offer, eliminating the need for a contingent sale.

In the 24 markets where Zillow Offers operates, D.R. Horton home buyers are eligible to receive an extended closing timeline of up to eight months, and the flexibility to modify the closing date to better align both transactions. D.R. Horton home buyers who sell their homes through Zillow Offers may also be eligible to receive cash credits at closing and free local moving services to make the process even easier.

By using Zillow Offers, sellers can avoid the hassle of prepping their home for sale and hosting open houses or showings. Sellers can visit zillow.com/drhorton to find out if the offer is available in their area, and to start the process by answering a few questions about their home, upload some photos and receive a free, no-obligation offer in about 48 hours.

'It's all part of our goal to make real estate a seamless, integrated transaction,' says Woltman. 'We want to help people unlock the next chapter in their lives, safely and easily.'