6/19/2023 0 Comments Zillow mortgage calculator njIn fact, it’s just the opposite - most of Zillow’s competitors re-emphasized their expansion plans in response to the announcement of Zillow’s pause. He added that the pause would enable the company “to focus on sellers already under contract” and the company’s existing inventory of homes. “We’re operating within a labor- and supply-constrained economy - inside a competitive real estate market, especially in the construction, renovation and closing spaces,” Jeremy Wacksman, Zillow’s chief operating officer, said when the company announced its home-buying pause. Zillow’s competitors continue to expand their operations “Zillow may have leaned into home acquisition at the wrong time,” Yruma wrote in a research note. A separate report from KeyBanc analyst Edward Yruma found that two-thirds of the homes Zillow has listed for sale feature an asking price below what Zillow paid for the property, with the average discount being 4.5%. Now, though, Bloomberg is reporting that the company is selling off roughly 7,000 homes, looking to claw back $2.8 billion in the process. In explaining the move, Zillow said the company was facing a backlog of renovations and dealing with operational-capacity issues. The company’s Zillow Offers division is what’s known as an “iBuyer” - it purchases and sells homes directly to consumers, typically renovating them in between.įollowing a report in mid-October from Bloomberg, ZillowĬonfirmed that its Zillow Offers division would not be signing any additional new contracts to purchase homes through the end of 2021.
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