Does Zillow wants to make homebuyers an offer they can’t refuse?
That’s what some experts are wondering as Zillow begins to move into the mortgage world; back in August, Zillow acquired Mortgage Lenders of America – leaving the real estate world a little jostled.
Granted, change is sometimes scary.
The Internet Changes Things
It’s no surprise that more than 80% of consumers begin their home buying process online. Zillow, with more than 175 million average monthly users visiting their website, has seen an opportunity. They no longer want to be just a home searching tool, but to “serve the full cycle of owning and living in a home.”
The real question is whether Zillow can disrupt the status quo by adding an online mortgage feature to their site.
While it may seem outrageous to Baby Boomers or Gen Xers, nontraditional banking methods seem to be usurping older methods. According to the 2017 Accenture Financial Services Report, 50% of millennial American consumers would consider banking with Google or Amazon.
So, using an online mortgage lender through Zillow doesn’t seem like too much of a stretch.
It seems as though most homebuyers receive a mortgage lender recommendation through their agent – but if Zillow offers an all-inclusive shopping center for homes and mortgages, these recommendations might change.
According to National Mortgage News, one-third of homebuyers receive only one quote and nearly two-thirds receive no more than two mortgage quotes when buying a home.
While it’s only been two months since Zillow jumped into the mortgage world, it seems as though they have a fair shot at changing up the real estate market.