Zillow will stop buying and renovating homes and cut 25% of its workforce
3 years, 1 month ago

Zillow will stop buying and renovating homes and cut 25% of its workforce

NPR  

Zillow will stop buying and renovating homes and cut 25% of its workforce Enlarge this image toggle caption Spencer Platt/Getty Images Spencer Platt/Getty Images The real estate company Zillow announced it's throwing in the towel on a program in which it bought, renovated and resold homes itself. The iBuying, or instant buying, service called Zillow Offers had recently been bogged down by a backlog of renovations and closings caused by labor and supply shortages in the U.S. housing market. "We've determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility," Rich Barton, Zillow Group's co-founder and CEO, said in a statement. Zillow announced late last month that it was hitting pause on the purchase of any new homes through its iBuying program until the end of the year, citing the unpredictability of the housing market.

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History of this topic

Here's why Zillow won't be buying any more homes to renovate and resell this year
3 years, 2 months ago

Here's why Zillow won't be buying any more homes to renovate and resell this year

NPR  

Here's why Zillow won't be buying any more homes to renovate and resell this year Enlarge this image toggle caption Al Bello/Getty Images Al Bello/Getty Images The real estate website Zillow announced it would stop buying and renovating homes through the end of the year as it works through a backlog of properties and it deals with worker and supply …

Zillow will now make cash offers for homes based on its ‘Zestimates’
3 years, 9 months ago

Zillow will now make cash offers for homes based on its ‘Zestimates’

CNN  

New York CNN Business — Zillow is no longer just an online platform for browsing available homes or for creeping on the value of your neighbor’s house. In recent years, the company has also begun actually buying, fixing up and selling homes itself through a new division called Zillow Offers — a major shift in its business model. For certain …

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