Well I was being factitious. But they've been buying A LOT of houses to flip on the market and they seem to be caught holding the bag now.
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Zillow abandoning the home flipping business
- Thread starter rbstern
- Start date
List it for that....they sell everyday for the Zestimate and sometimes more. I have seen it a half a dozen times in my area alone, and I'm not in a "hot" market.
Real estate values even real appraisals are ridiculous right now, I feel for buyers, buying into what will be upside down houses. By my estimate, everything is going for at least 50% more than where it actually should be.
Good if you need to Refinance and shorten a term and lower an interest rate. Not so good if your just buying in or selling and have to find another home.
Kinda like the mysterious car values market....the. wow my car is worth a bunch of money, let me sell it and make some money...and the quick...oh crap...I just took a bath and bought another car for way too much money.
Their show is coming to an end for sure, they were pushing up values with their estimates getting stupid buyers to think they were getting a deal, while at the same time padding their pockets with houses they were buying and taking advantage of the same pricing structure.
Kinda the same thing Kelly blue book still does, since its owned by a car dealer conglomerate.....
eh, anybody who is buying or selling learns quickly that Zillow is a great resource if you want to miss 90% of the properties, ask for showings on properties that closed 2 weeks ago, and have zero idea what a property is worth. We have bought homes twice in the last two years and didn't bother with Zillow more than the first day on the first house.
Yep. I had a signed contract on mine earlier this year for $18k ABOVE the zillow estimate. (But the deal fell through on the house I was looking to buy)
Nope, still a 6 Billion dollar company.
They had less than 1% of the market.
Absolutely this.
Flip. They don't do rentals.
Ours was with OpenDoor, had a call scheduled with Zillow and they cancelled day of...I think they knew their bottom was falling out.
Simple process with OpenDoor too. Video walk through, they send someone out to inspect the exterior and then you have your offer and are under contract.
I assure you, very few if any body at Zillow knew it was winding down it's I-buyers program.
Open Door bought ours for $7000 more than listed, then put it on the market for $40,000 more than they paid us. Had to sit on it for a while, finally got about $13,000 over their investment. Plus the 5% we discounted for no repairs/no inspection.
