On Monday, the leading website of online real estate listings, Zillow Inc announced that it plans to buy Trulia, its main rival, for an amount of $3.5 billion in stocks.
Insides from the industry say the corporate merger likely aims at cutting the marketing costs that summed up to $382 million in the past year. By coming together, they anticipate to save some $100 million every year.
Zillow, the Seattle-based company said will acquire San Francisco-based Trulia for $3.5 billion in stock and the deal is likely to complete in 2015.
Even when the deal comes through both the well-known websites will keep their names along with the separate sites. However the merger of the two will result in a huge growing business of online real estate listings.
In June, Zillow and Trulia together had 137 million exclusive visitors said the companies which was a larger number than National Assn. of Realtors-affiliated Move Inc. which is their next biggest contender.
Both the sites, with their treasury of home listings that are searchable as well as mapable along with other data, has made it possible to alter the way Americans buy homes.
The sites give consumers the kind of information which was for a very long the included exclusively on the domain of agents as well as multiple listing services.