Zillow Group is a platform that connects real estate buyers and sellers. Now the company is offering Premier Agents a discount of 50% in response to the COVID-19 outbreak. The discounts will take effect as of March 23rd, and savings will be seen on the next billing cycle.
Offering this type of discount will help Zillow Group continue to operate during a time when the housing market is facing a large degree of uncertainty. However, some buyers may see this as an opportunity to make purchases at a reduced price.
Zillow Group also published a paper last week that detailed the effects SARS had on the real estate market, which indicated that prices did not drastically fall, but transactions did.
The company also released a statement about the uncertainty the market now faces, "While we cannot predict what is yet to come, we do know from the data our economics have analyzed from prior pandemics and recessions that while transaction volumes slowed during the most severe periods, prices remained relatively stable and activity came back quickly when related health concerns subdued."
Image Credit: Zillow