Real Estate Values – Zillow Stock Price
Zillow, a major player in the real estate market nationwide, just announced that it is pausing its homebuying part of the business at least through the end of the year.
Real Estate Values – Zillow Stock Price
Considering that Zillow purchased over 3805 homes in the second quarter of this year, for them, to now pause their homebuying operation, seems to be sending a clear signal that they are concerned about today’s residential real estate home values.
There is more to this story though, if you look at the yearly graph of the Zillow stock market price, you’ll see that year-to-date they lost over 34% of their value. Now, to be fair, prior to this, they did have a tremendous stock price run up, so perhaps, this stock drop is just partially due to a normal market correction. But, perhaps it’s also due to a lot of stock market investors believing that Zillow has seen its best performance, and it just may be downhill from here.
Are the halting of Zillow’s home buying program and their huge stock price decline harbingers for what’s about to happen in the residential real estate market? Then again, perhaps I’m reading too much into this. Zillow itself, has said it’s not expecting a big drop in the housing market, and is actually forecasting an 11.7% appreciation for US Home values over the next 12 months!
So, what do you believe? Is the stock price drop and a halt in their buying program an ominous warning for all residential real estate investors? Or, shall we believe that these factors are just coincidental, and as Zillow is forecasting, we will see nice double digit continued appreciation for housing over the next year?
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