Zillow Pauses Homebuying as Tech-Powered Flipping Hits Snag
Zillow Group Inc. is taking a break from buying U.S. homes after the online real estate giant’s pivot into tech-powered house-flipping hit a snag. Zillow, which acquired more than 3,800 homes in the second quarter, will stop pursuing new purchases for the remainder of the year as it works through a backlog of properties already in its pipeline....
Why Zillow Went From Online Real Estate Ads to Flipping Homes
But more recently, it has been buying and selling thousands of U.S. homes. In 2018, the company launched Zillow Offers, joining a small group of tech-enabled home-flippers known as iBuyers. In the new business, Zillow invites homeowners to request an offer on their house and uses algorithms to generate a price. If an owner accepts, Zillow buys the property, makes light repairs and puts it back on the market....
| by Anonymous | reply 12 | November 3, 2021 3:15 PM
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I’ve started looking a lot more closely at the dates of last sale on potential houses. There’s also been practically an epidemic in my area of houses freshly painted a particular shade of dark blue—I now see it and think “flip.”
| by Anonymous | reply 1 | October 18, 2021 2:47 PM
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"uses algorithms to generate a price..."
sounds alarming to me!
| by Anonymous | reply 2 | October 18, 2021 2:47 PM
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Sounds like some illegal bullshit used to profit corporate interests so corporations can own homes. Does America enjoy housing crisis after housing crisis?
| by Anonymous | reply 3 | October 18, 2021 2:55 PM
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They should pause it permanently.
| by Anonymous | reply 4 | October 19, 2021 1:35 AM
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Zillow stock dives after analyst highlights two-thirds of homes bought are underwater
| by Anonymous | reply 5 | November 2, 2021 12:20 AM
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Who thought that would be good idea?!! Who would buy homes that are underwater?!!! Heads should roll.
| by Anonymous | reply 6 | November 2, 2021 12:27 AM
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Zillow to stop flipping homes for good as it stands to lose more than $550 million, will lay off a quarter of staff.
| by Anonymous | reply 7 | November 3, 2021 1:23 AM
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So much for the fucking computer geniuses at Zillow. This is as stupid as the morons at skiplagged and kiwi.com
| by Anonymous | reply 8 | November 3, 2021 1:29 AM
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What is skiplagged? A skiing site for gay parents?
| by Anonymous | reply 9 | November 3, 2021 3:45 AM
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The first sign that the market is about to come crashing down again.
| by Anonymous | reply 10 | November 3, 2021 3:57 AM
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[quote] During the third quarter, Zillow said it bought 9,680 homes and sold 3,032 of them, with the sales producing an average loss in gross terms of more than $80,000 per house.
3,032 x $80,000 = $242,560,000
so they lost more than $240 million for the 3,000 houses sold, and the unsold ones? I expect them to lose even more than $80,000 per house, they try to get out the hole and will unload those unsold homes as fast as they can.
| by Anonymous | reply 11 | November 3, 2021 4:30 AM
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R9 - Another 'genius' asian stealing a companies data in order to sell (slightly cheaper) airline tickets. The problem is, the airline can cancel your ticket -and they don't have to give you your money back- if they catch you doing it.
| by Anonymous | reply 12 | November 3, 2021 3:15 PM
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