Zillow Group Inc - ZG STOCK NEWS

Zillow (Z) predicts a competitive housing market for homes needing work and single-family rentals in 2024, with more options and improved affordability for buyers but still high costs. AI in real estate will enhance the home-buying process.

Zillow (Z) - Rental Concessions Surge Amid New Construction Boom

Zillow®: More than half of young home buyers consider renting out all or a portion of their home to produce additional income. Latinx buyers are more strongly inclined to rent out a portion of their homes than all other racial groups. Young home buyers, particularly Millennials and Gen Z, are increasingly interested in 'house hacking' by renting out part or all of their home for extra cash. Zillow's 2023 Consumer Housing Trends Report reveals that most Millennial (55%) and Gen Z (51%) buyers find it very or extremely important to have the opportunity to rent out part of their home for extra income while living in it. Additionally, more than half of Millennial (59%) and Gen Z (54%) buyers say it's highly important to be able to rent out the entire home in the future. The report also highlights the disproportionate impact of the affordability crisis on households of color, with Latinx homebuyers expressing the highest interest in rental income. Zillow offers a suite of tools through Zillow Rental Manager to empower homeowners looking to generate income, including free listings, pricing suggestions, background checks, online applications, and state-specific lease generation.

Zillow (Z) Reports Recovering Inventory Deficit Amid Strong Competition in the U.S. Housing Market

Zillow Research reveals that lack of credit access is preventing many renters, especially Black families, from homeownership despite lower mortgage payments. Credit insecurity is prevalent in Black neighborhoods, limiting traditional credit building. The analysis includes maps showing the link between credit insecurity, Black population, and higher rent. New Orleans has the widest income-adjusted gap between rent and mortgage payments in credit-insecure areas. Policymakers can address the issue by encouraging reporting of positive rent payments, improving awareness of down payment assistance, and supporting policies that build more affordable homes.

Zillow Group reports positive growth despite a 14% decline in the residential real estate industry. Q3 revenue was $496 million, up 3% YoY. Rentals revenue increased by 34%, driven by multifamily revenue growth of 42%. Mortgages revenue decreased by 8%. Net loss was $28 million. Q3 Adjusted EBITDA was $107 million, $30 million above expectations. Zillow announced an agreement to acquire Follow Up Boss for $400 million in cash.

Zillow Group has agreed to acquire Follow Up Boss, a customer relationship management (CRM) system for real estate professionals. The acquisition will allow Follow Up Boss to invest further in improving its product offerings while remaining an independent brand. Zillow Group will continue to support third-party CRM integrations on the Zillow Premier Agent app. The acquisition purchase price includes $400 million of initial cash consideration and up to $100 million in a potential cash earnout.

Zillow survey finds 35% of prospective buyers would buy a haunted house if it cost less

Zillow launches an update to improve the look and feel of for-sale property listings on its website and app.