Zillow Seeks to Unload 7k+ Homes After Flipping Fumble
According to various news reports, Zillow is planning to sell about 7k homes as it seeks to recover from what Bloomberg calls a “fumble in its high-tech home-flipping business.” They report that the company is seeking roughly $ 2.8 billion for these houses and will likely sell them to a multitude of buyers rather than packaging them in a single transaction. Interestingly, an analysis by KeyBanc Capital Markets says that of 650 homes owned by Zillow, two-thirds were priced for less than what the company paid for them. Indeed…
“The move to offload homes comes as Zillow seeks to recover from an operational stumble that saw it buy too many houses, with many now being listed for less than it paid. The company typically offers smaller numbers of homes to single-family landlords, but the current sales effort is much larger than normal.”
Click on the short video below from the WSJ:
Real-estate firm Zillow is quitting its tech-enabled home-flipping business called “iBuying,” citing unpredictability in forecasting home prices #WSJWhatsNow pic.twitter.com/xY6GDVyty1
— The Wall Street Journal (@WSJ) November 3, 2021
Click here to read the full story at Yahoo.com.
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