Zillow gets out of house buying business...what do they know?

Waiting

Zillow home buying and selling business is almost 2x the revenue from their traditional add sales and referral business model.

What data do they have that made them completely stop buying homes? They don't want to be holding the bag when home prices crash.

Home prices are at historical highs in actual prices and also when adjusted for inflation. Much higher today than in 2008.

Zillow stock price is currently at 83...down from a high of 203 in February.

Last Edited by Bloody Peasant! on 10/19/2021 11:40 AM

Exactly...wait for the crash and buy with cash after it collapses.

The must know the bubble is about to go boom. So many people will be upside down... fools. Anyone that bought a car or house in the last year are about to say Rut Row.

Interest rates can only go up. Houses that were delayed due to lumber prices are now being completed, eviction moratorium expiring, equals a ton of supply being dumped in the next 6-12 months. Also, people are unemployed and don't want to work, people retiring and selling to cash out for retirement....

Houses yes...totally upside down soon. Cars...they are expected to depreciate quickly.

Zillow was always just a listing service. Never actually sold until recently. And it didn't get a good response because of their reputation, not actually being traditional realtors.

I saw one listed by Zillow in my neighborhood and it took forever to sell.

What are the "real terms" you mention? Do you have the data backing this assertion?

Still their #1 source of revenue. Why get rid of it when it made them close to a billion dollars?

Real meaning actual price of real estate all time high. My bad...real terms is adjusted for inflation. But it still stands that actual prices not adjusted for inflation is also at all time highs.



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Last Edited by Bloody Peasant! on 10/19/2021 11:39 AM

Ya. Sure is curious.

Its not a good time to buy anything we put off several project just because materials are way over priced.

They could be waiting but remember, according to the WEF, by 2030 you won't own anything but you'll still be happy.

I work in the RE industry and back in 2008, I predicted that the entire USA would turn into a giant rental market. However, given what we know now about this "build back better" BS and the great reset, I find it far more likely that SFR's & condos will be given to party officials/members, those who support the agenda and likely select immigrant groups. People with low social credit scores, the unvax'd, Trump supporters/donors will likely be labeled as "threats" and forced into apartment owned by the government and they won't be allowed to leave for anything unless they demonstrate sincere efforts to raise their social credit scores, get vax'd and support the agenda.

And people need to seriously get ready to have their personal vehicles taken from them. They do not want people to be able to move about freely & independently. After they steal the coming midterms and the 2024 presidential election (and they will), they will wind down production of gas & diesel powered cars & trucks all the while assuring everyone that we'll all be able to drive electric cars. But, it won't be long until the rolling black outs force them to admit that everyone cannot have an electric car. So they will allow one per approved household (and if you have a low social credit score, aren't vax'd and voted/donated to Trump, you won't qualify). But about this same time, the light rail projects will begin as well because the real goal will be to eliminate ALL personal vehicle ownership (unless you are a party official) and once those projects are completed, nobody will have a car. Sounds crazy but we all know there's no way everyone can have an EV. There's just no way to charge them all. And they're not likely to just come out and say "no more cars". They're gonna do it as gradually as possible.

Zillow gets caught in discrimination and inflation scheme and is forced to stop before government obstruction

https://twitter.com/_/status/1449817209069572103

Yeah, I don't buy Zillow's explanation. They are calling the top with this move, and trying to explain it away as operational in nature probably because they're currently sitting on a lot of inventory and don't want to devalue it by admitting they're out of the homebuying business for now.

I mentioned this on the thread below that I've been watching listings in my area for a year and prices have begun to come down as of about a month ago, and houses are staying on the market for a month or more where, three months ago, they were still selling in hours to days.

Thread: Doctors waiting to buy properties as they think many sellers are going to die?

Zillow was an operation to falsely inflate housing value before the bubble.


They are not of use anymore.

Zillow will be gone by 2023.

On October 6th Joe Biden ended the 19 month Covid Moratorium on foreclosures.

I didn't even know there was one.

I believe I read there are about to be foreclosures on 1.8 million US Homes..

This is about where we were when obama and acorn destroyed the US housing market

Zillow Pumps the Brakes on Buying Homes

After preparing to go on a massive home-buying spree, the real estate platform admits it bit off more than it could chew.

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Housing is grossly overvalued right now in comparison to what normal people earn. It's completely unaffordable.

5x the median salary. 3x higher than historical average.

They started buying in hot markets locking out normal buyers and it's monopolizing the business. In Nashville you need all cash and can expect to pay 50-100k more than asking price on a home in the 7-900k range, more on higher bids.

I imagine many lawsuits were filed against them.

Ironically I live in the absolute best area, but two houses are sitting because of various undesirable issues, including a house across the street from BLM signs! IDIOTS, they are interfering with sales. By the time you buy and reno around here you've spent 1.5 minimum only to have some jerk next door with that dumb ass rainbow sign. I'm so sick of these people.

Last Edited by Feathery on 10/19/2021 08:19 PM

This guy is uninformed. Zillow is retooling their go to market strategy on selling the properties. 2022 is going to be a game changer for the real estate market and expect to see Zillow taking on the big boys(ReMax, Christie’s, Etc). Some of the tech they will be using is pretty cool.

They know.

Maybe Blackrock or Vanguard persuaded Zillow to get out of the home buying business.

"Zillow slams brakes on purchases
By Jessica Hartogs, Editor at LinkedIn News
Updated 23 hours ago

Online real-estate platform Zillow says it will stop buying and flipping homes for the rest of the year due to various internal backlogs, including labor constraints and renovation delays. Instead, it will concentrate on selling the homes it has, as well as closing existing sales. Zillow acquired 3,800 homes in the second quarter, per Bloomberg. The U.S. housing market has been on fire since the pandemic, with many buyers offering quick, all-cash offers. Meanwhile, rival Opendoor says it's open for business, having bought almost 8,500 homes during the same period."

SMALL NUMBERS.

Yep, that's the plan.

I'm surprised this is not getting more attention. It seems that Zillow is stuck with a ton of homes that won't sell. Steve Eisman said they had one of the most unprofitable business models. They could go under by 2023.