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96
EBGuy
2021 Nov 2, 6:33pm
Way to call this one early Malcolm...
The company plans to take writedowns of as much as $569 million and reduce its workforce by 25% as it winds down the business in coming months, according to a statement Tuesday. Zillow shares plunged as much as 11% to $76.22 in late trading.
The decision to abandon home flipping comes as the company’s third-quarter results showed it lost more than $380 million in the operation, called Zillow Offers. The business hit a major snag in recent months as Zillow tweaked its algorithms to make more aggressive offers, causing it to overpay for houses just as the heated U.S. market began to cool slightly.
The company plans to take writedowns of as much as $569 million and reduce its workforce by 25% as it winds down the business in coming months, according to a statement Tuesday. Zillow shares plunged as much as 11% to $76.22 in late trading.
The decision to abandon home flipping comes as the company’s third-quarter results showed it lost more than $380 million in the operation, called Zillow Offers. The business hit a major snag in recent months as Zillow tweaked its algorithms to make more aggressive offers, causing it to overpay for houses just as the heated U.S. market began to cool slightly.
98
EBGuy
2021 Nov 2, 8:19pm
Here's the Big Four Three iBuyers.
The iBuying industry is still relatively small, but it's starting to gain serious traction. A recent report by Zillow analyzed the "big four" iBuyers: Zillow, Offerpad, Opendoor, and Redfin (NASDAQ: RDFN). It found that the four companies purchased a total of more than 15,000 homes in the second quarter of 2021 and that iBuying accounted for 1% of the U.S. housing market for the first time ever.
The iBuying industry is still relatively small, but it's starting to gain serious traction. A recent report by Zillow analyzed the "big four" iBuyers: Zillow, Offerpad, Opendoor, and Redfin (NASDAQ: RDFN). It found that the four companies purchased a total of more than 15,000 homes in the second quarter of 2021 and that iBuying accounted for 1% of the U.S. housing market for the first time ever.
99
zzyzzx
2021 Nov 3, 9:29am
zzyzzx
2021 Nov 3, 9:29am
https://finance.yahoo.com/m/cde86b19-937a-3952-babe-2fae3c07f344/zillow-is-offloading-7-000.html
Zillow is offloading 7,000 homes — raising ‘red flags’ about the real-estate market
Zillow is offloading 7,000 homes — raising ‘red flags’ about the real-estate market
100
Malcolm
2021 Nov 3, 3:35pm
Malcolm
2021 Nov 3, 3:35pm
My all-time favorite real estate quote: “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,” said CEO Rich Barton in a statement.
https://therealdeal.com/2021/11/02/zillow-calls-it-quits-on-ibuying-will-lay-off-25-of-staff/
So, that begs the question. If Zillow can't forecast home values, isn't that a problem for those who rely on Zillow forecasts?
https://therealdeal.com/2021/11/02/zillow-calls-it-quits-on-ibuying-will-lay-off-25-of-staff/
So, that begs the question. If Zillow can't forecast home values, isn't that a problem for those who rely on Zillow forecasts?
103
mell
2021 Nov 3, 11:00pm
Zillow bought houses in shit areas for shit prices cause their "AI" told them so. This is not a red flag for the real estate market, it just once again proves how much better humans are at activities that require instinct such as house flipping
104
Malcolm
2022 Jul 25, 4:50pm
Malcolm
2022 Jul 25, 4:50pm
Seattle-based Zillow faces another shareholder suit over failed house-flipping business
https://www.seattletimes.com/business/real-estate/seattle-based-zillow-faces-another-shareholder-suit-over-failed-house-flipping-business/
It looks like this is going to keep haunting them for years.
https://www.seattletimes.com/business/real-estate/seattle-based-zillow-faces-another-shareholder-suit-over-failed-house-flipping-business/
It looks like this is going to keep haunting them for years.
105
Patrick
2022 Jul 25, 5:47pm
Patrick
2022 Jul 25, 5:47pm
Thanks @Malcolm
I'm happy to hear that Zillow is still going downhill. I did not enjoy working for them, especially not after they figured out that I'm the patrick.net guy.
I'm happy to hear that Zillow is still going downhill. I did not enjoy working for them, especially not after they figured out that I'm the patrick.net guy.
106
Maga_Chaos_Monkey
2022 Jul 25, 7:48pm
Maga_Chaos_Monkey
2022 Jul 25, 7:48pm
Patrick says
What was THAT like? haha
especially not after they figured out that I'm the patrick.net guy.
What was THAT like? haha
108
Patrick
2022 Jul 25, 7:50pm
Patrick
2022 Jul 25, 7:50pm
just_passing_through says
It was fun at first, like being a secret agent. But later it was just uncomfortable.
What was THAT like? haha
It was fun at first, like being a secret agent. But later it was just uncomfortable.
109
Malcolm
2022 Jul 25, 10:11pm
Malcolm
2022 Jul 25, 10:11pm
Patrick says
Awkward!!!!!
I'm happy to hear that Zillow is still going downhill. I did not enjoy working for them, especially not after they figured out that I'm the patrick.net guy.
Awkward!!!!!
113
Booger
2022 Jul 28, 4:48pm
Booger
2022 Jul 28, 4:48pm
Patrick says
Congratulations! I figure that there is probably something wrong with you if you haven't been fired at least once!
Yes, I was ultimately fired, no reason given. But I knew.
Congratulations! I figure that there is probably something wrong with you if you haven't been fired at least once!
117
stereotomy
2022 Sep 29, 10:03am
stereotomy
2022 Sep 29, 10:03am
RWSGFY says
Did they shut it down, or just turn it clockwise (to tighten, instead of loosing).
zzyzzx says
They did shut it down many months ago.
Did they shut it down, or just turn it clockwise (to tighten, instead of loosing).
118
Eric Holder
2022 Sep 29, 10:58am
Eric Holder
2022 Sep 29, 10:58am
stereotomy says
Shut down as in "fired everybody involved in".
RWSGFY says
zzyzzx says
They did shut it down many months ago.
Did they shut it down, or just turn it clockwise (to tighten, instead of loosing).
Shut down as in "fired everybody involved in".
119
zzyzzx
2022 Oct 26, 11:28am
zzyzzx
2022 Oct 26, 11:28am
https://techcrunch.com/2022/10/26/zillow-layoff-300-employees/amp/
Zillow lays off 300 employees in latest workforce shift
Zillow lays off 300 employees in latest workforce shift
120
zzyzzx
2022 Oct 26, 11:31am
zzyzzx
2022 Oct 26, 11:31am
https://www.fool.com/the-ascent/mortgages/articles/this-couple-sold-their-home-for-the-same-price-they-bought-it-and-lost-100k/
This Couple Sold Their Home for the Same Price They Bought It -- and Lost $100K
This Couple Sold Their Home for the Same Price They Bought It -- and Lost $100K
« First « Previous Comments 96 - 120 of 120 Search these comments
Note the current asking price. Note that it is a Zillow owned home.
Note what Zillow paid for it on July 9th.
Now note what they listed it at, the prices changes, and the current asking price.
How many million dollar homes can Zillow afford to buy, to rehab, and then to sell for less than they paid for it in the first place?