By Zillow Group Inc. (Z) and Redfin Corp. (RDFN) have recently joined forces in a new partnership aimed at facilitating connections between home builders and potential home buyers. This collaboration between the two real estate information and services companies comes as an effort to meet the rising demand in the housing market.
In a positive market response, Zillow’s stock surged by 2.3% during afternoon trading, reaching a 16-month high. Meanwhile, Redfin shares remained relatively unaffected.
As part of this partnership, Zillow, known for its extensive selection of new-construction communities, will automatically syndicate its new-construction listings to Redfin starting in the fourth quarter of 2023. Redfin, with a customer base of 50 million monthly visitors, aims to provide its home-buying customers with greater access to new construction options.
Adam Wiener, president of Redfin’s real estate operations, stated, “With buyer demand outpacing the supply of existing homes for sale, Redfin’s home-buying customers are increasingly turning to new construction. Our Zillow partnership will help our customers discover more homes that fit their criteria.”
Once the partnership is launched, Redfin will exclusively source non-MLS (Multiple Listing Service) new-construction listings from Zillow, further strengthening the collaboration between the two companies.
Over the past three months, Redfin shares have witnessed an impressive growth of 102.2%, while Zillow’s stock has climbed 26.1%. In comparison, the S&P 500 has advanced by 9.9%.
This strategic partnership between Zillow and Redfin aims to meet the demands of today’s real estate market by connecting home builders and buyers like never before. Together, they strive to offer an improved experience for those seeking new-construction homes.
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