7,000 Homes for Sale – Zillow to Sell for $2.8 Billion
Zillow is said to be seeking roughly $2.8 billion for about 7,000 houses it owns in it’s house flipping operations.
7,000 Homes for Sale
Zillow, is said to have a housing surplus and is looking to sell up to 7,000 homes. After buying up too many properties over the summer, Zillow is looking to recover about $2.8 billion from the sales. Last month, Zillow put a freeze on continues home purchases, and now it looks like they want to sell off about 7,000 of it’s home to rise cash.
Yesterday, Zillow said that it’s exciting Offers, its business that buys and flips homes, and eliminating 25% of its workforce!
Zillow CEO Rich Barton said in a news release: “We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated, Continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility.†“We just determined that being an iBuyer was too risky, too volatile and ultimately addressed too few customers.†Barton added that, in closing the business, “the logic is clear, the emotion is difficult†because of the layoffs.
According to research from YipitData, Zillow put a record number of homes on the market in September, listing properties at the lowest markups since November 2018. Also, YipitData reports that Zillow also cut prices on nearly half of its U.S. listings in the third quarter, signaling that its inventory was commanding prices lower than it expected.
There are many opinions as to why Zillow is getting out of the house flipping business. For me personally, I believe this is a major red flag for the entire real estate market. Yes, I think Zillow knows that are wild real estate residential home appreciation has flattened out and is about to turn, in what I believe will be a dramatic depreciation in home values across the country. So, it would seem that Zillow, with billions of dollars tied up in residential property inventory, wants to unload these homes before the downward trend becomes evident to the General Public.
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