Zillow launched a new program this month that will assist potential sellers in the Birmingham market.
According to Zillow Group (NASDAQ: ZG), data shows that home value growth is slowing down, price cuts are getting more common and fewer bidding wars are breaking out. For sellers, this means they will need to be more strategic about how they sell. For some, a cash offer may be best, while for others, selling traditionally may be the way to go.
The Birmingham housing market is slowing down, with homes in West Birmingham seeing the highest percentage of decline over the past year. In the metro area, 21% of listings are getting a price cut, compared to just 14% two years ago. The typical home value is $252,414, up just 0.42% over the past year.
Zillow has partnered with Opendoor and a select few local real estate agents to bring more options to Birmingham home buyers. With this program, homeowners can simultaneously request both a cash offer from Opendoor and receive an estimate of what their home could sell for from a local agent to sell traditionally on Zillow’s website. Gusty Gulas Group, eXp Realty and Josh Vernon Group at Keller Williams are the local agent partners with Zillow.
The program is only available across 16 states, including Alabama, Georgia, Tennessee, Arizona, Minnesota, Texas, California, Missouri, Nevada, New Jersey, New York, Virginia, Colorado, Florida, North Carolina and South Carolina. Birmingham is one of 34 markets where this program is available.
Opendoor launched its digital platform in Birmingham in 2021, attributing the move to the city’s diverse economy, job opportunities, natural beauty and entertainment options.