Zillow Offers, the listing giant’s house-flipping arm, has expanded to three new markets in recent weeks. The cash-buyer service has gone live in Fort Collins and Colorado Springs. The company will run Offers for both markets from its Colorado base in Denver, established last fall, according to the Zillow’s announcement.

The ribbon cuttings in Colorado come on the heels of Zillow Offers’ debut in the Portland, Ore. metro market, which also includes Vancouver, Wash., just across the Columbia River. The Portland opening marks Zillow’s first operations base in the Pacific Northwest, and the closest to its headquarters in Seattle, Washington.

Zillow Offers is now live in 14 markets — all in the U.S. It aims to have 20 markets by the end of Q1 2020 — equal to what market leader Opendoor has today.

During its 2018 year-end earnings report, Zillow announced it would “take a big swing” at IBuying — an accelerated form of home flipping fueled by data mining and algorithms. Zillow stated it aimed to buy 5,000 homes per month within three to five years.  

But the company has catching up to do. Opendoor sold 7,200 homes in 2018 vs. 3,500 by No. 2 Offerpad, according to estimates by real estate analyst Mike DelPrete. Zillow, which launched Offers in April 2018, sold 414 homes during the first quarter of this year — triple the number from the previous quarter. The company will give an update in its Q2 earnings report, due out August 7.

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