Dan Price's hilarious take on Zillow not being able to use its own data to flip houses is spot on
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Zillow, during an incredible competitive seller’s market, snapped up about 8,000 homes in the third quarter. Now, the company is hoping to bring in $2.8 billion by selling 7,000 of those homes. Unfortunately, the average homebuyer still may not bDan Price's hilarious take on Zillow not being able to use its own data to flip houses is spot on
Zillow, during an incredible competitive seller’s market, snapped up about 8,000 homes in the third quarter. Now, the company is hoping to bring in $2.8 billion by selling 7,000 of those homes. Unfortunately, the average homebuyer still may not be able to benefit from the sale. To unload the bulk of these properties, the company is targeting investors after what Bloomberg described as a «fumble in its high-tech home-flipping business.» After speaking to sources with Zillow—who requested anonymity—Bloomberg reported that Zillow’s shares dropped 8.6% on Monday, and it wouldn't be making new offers on home-flipping this year. This is after Zillow’s purchasing algorithms led it to several winning offers just as homes started to appreciate at a slower rate. “I think they leaned into home-price appreciation at exactly the wrong moment,” Ed Yruma, a KeyBanc analyst, told Bloomberg. But don’t think the takeaway here is, “Aw, poor Zillow.” Read more
