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Zillow home buying
Posted on 2/11/22 at 10:59 am
Posted on 2/11/22 at 10:59 am
Looked the other day and Zillow had 200 homes purchased in my county. Almost all barely inspected. Had a buyer try to buy one and it needed tons of work after the inspection and Zillow just said sorry hoping another buyer comes along.
“(Reuters) - Online real estate platform Zillow Group Inc is selling more properties to New York-based investment firm Pretium Partners as it exits the business of flipping houses, Bloomberg News reported on Friday, citing people familiar with the matter.
Pretium recently bought more than 800 properties from Zillow for nearly $300 million and has signed a roughly $150 million agreement to acquire 400 more, according to the report.
The sale comes as Zillow shifts towards becoming a “housing super app”, which will integrate the currently fragmented process of buying or selling a house.
Zillow did not immediately respond to a Reuters request for comment, while Pretium declined to comment.
Shares of Zillow rose 12.6% to $53.89 in early trading, extending gains from the previous session when the company posted fourth-quarter revenue above market expectations on a strong performance in its home segment.
In November, the Wall Street Journal reported that Zillow had reached a deal with Pretium to sell about 2,000 homes from its house-flipping business, which it decided to exit due to unpredictable prices.”
Posted on 2/11/22 at 11:09 am to RealDawg
I think your post summed it up.
Zillow has already exited the home buying business
Zillow has already exited the home buying business
Posted on 2/11/22 at 11:40 am to RealDawg
yeah they are unloading into the marketplace to try and stave off their losses in portfolio
they have completely exited that part of their business model
they have completely exited that part of their business model
Posted on 2/11/22 at 3:08 pm to Shankopotomus
Did they exit so they can focus on undervaluing every house they list by 100k?
Posted on 2/11/22 at 7:25 pm to saints5021
They are so far off on so many. I have a rental house that says it’s double the value of what it probably is, no where close. If it’s worth that much im selling tomorrow
Posted on 2/12/22 at 4:08 pm to MrJimBeam
Zillows business model on acquiring and then selling homes was a complete bust. Offer pad is another. They overpay on acquisition repeatedly. A perfect example here in kc - my team purchased a home in Roeland Park (suburb in kc market) after Offer Pad walked away from an offer to purchase for 250k. Our #s told us to offer around 200k. I give them kudos to at least walk away on that deal because that would have been a disaster. Their margins are nonexistent. I've seen numerous homes purchased by them and they are quite frankly losing money on all of them that I have looked at.
Posted on 2/12/22 at 10:29 pm to TigerDoug
quote:It seemed ridiculous from the get go.
Zillows business model on acquiring and then selling homes was a complete bust.
Posted on 2/12/22 at 10:46 pm to TigerDoug
OpenDoor just took their version to San Francisco
Let’s see how THAT turns out
Let’s see how THAT turns out
Posted on 2/13/22 at 6:01 am to RealDawg
With Zillow dumping houses, can we get a price correction? Home prices rocketed up recently.
Posted on 2/13/22 at 6:04 am to RealDawg
Sold my home to another Zillow-like company.
They paid about 45% over the appraised value
They paid about 45% over the appraised value
Posted on 2/13/22 at 9:36 pm to GetCocky11
I thought Zillow was completely out. But they just bought a house in my neighborhood as recently as 12/29/21.
Bought it. Then two weeks later listed it for $30K higher. It showed it went pending. Then off market. Then back on.
Bought it. Then two weeks later listed it for $30K higher. It showed it went pending. Then off market. Then back on.
Posted on 2/14/22 at 7:32 am to TigerDoug
quote:
Zillows business model on acquiring and then selling homes was a complete bust. Offer pad is another. They overpay on acquisition repeatedly. A perfect example here in kc - my team purchased a home in Roeland Park (suburb in kc market) after Offer Pad walked away from an offer to purchase for 250k. Our #s told us to offer around 200k. I give them kudos to at least walk away on that deal because that would have been a disaster. Their margins are nonexistent. I've seen numerous homes purchased by them and they are quite frankly losing money on all of them that I have looked at.
My anecdotal story-
I lived in a little condo in a nice area of Atlanta for several years but we moved about 6 months ago. We listed it for a few K above what we thought was fair just to see if we got any bites and Zillow ended up buying it for nearly $15K ABOVE what we had asked. We were floored but obviously agreed. We assumed they would probably renovate the place top to bottom wall to wall then put it back on the market for higher. Nope. The only, I mean literally ONLY thing they did, was take out the really nice microwave we had over the range and replace it with a cheap crappy one. No other changes. They then put it on the market at the EXACT SAME price they bought it for from us. Head scratching but whatever. THen it sat, and sat, and sat until finally it showed as pending sale the other day for nearly $30K LESS than what they paid us for it.
Needles to say, some of their algorithms or whatever they do is/was totally fricked up.
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