Zillow announced Tuesday that it is exiting its iBuyer business, Zillow Offers. After racking up over $1 billion in losses over 3.5 years, Zillow is closing the business down, a move that has significant implications for the real estate industry. Continue reading
Thirty minutes into trading on Wednesday, Zillow Group’s stock was down about 16.6 percent to around $70.55 per share. Continue reading
Access to too much capital often blurs good real estate investor judgment. Over-leveraged investors can easily lose everything. Continue reading
Industry professionals and social media wags alike reacted to news on Tuesday that Zillow would shut down Zillow Offers, its iBuyer program. Many pointed to CEO Rich Barton’s statements on the difficulties of forecasting home prices and the company’s Z… Continue reading
On Tuesday, Zillow announced that it would shutter Zillow Offers, its embattled iBuyer program. With plans to unload 7,000 homes at an estimated $2.8 billion, Inman wants to know if there’s another way out. Continue reading
The popular portal raked in $1.7 billion during the third quarter of 2021, though it also lost $328 million — much of it from iBuying. Continue reading
The move should take several quarters and will also result in Zillow reducing its workforce by approximately 25 percent. Continue reading
The new team members will be based in Toronto and will work on financial platforms and technology infrastructure. Continue reading
With Zillow Offers woes and souring public opinion at their backs, Zillow has a few headwinds heading into Q3 earnings on Tuesday. Here are four things to keep an eye on. Continue reading
The news comes just weeks after the company announced a pause in its iBuying, and follows reports that it was underpricing homes in a number of cities. Continue reading