Zillow isn’t buying any more homes in 2021💥. Jeremy Wacksman, Zillow's chief operating officer reported do to labor and supply shortage they will be pumping the breaks on buying anymore homes in 2021. They want to focus on selling the current homes they own.
Definitely want to open the conversation on what you think this means for the market.
Z is bleeding money. Wedbush downgraded stock they sell title insurance, loans, and houses... but really they are an advertising company. Listing agents don't need advertising, buyer agents have no money to spend on leads. Lenders got in trouble paying 100% for agent ads. They own houses in suburban markets and badly manage the vacancies when they hoped to ride on the upward value float. They own SFR tract houses built around 2015, 1900 square feet 3 bed 2 bath with small garage (cookie cutter formula) value max about $390000 or less. Will they dump the houses for a discount ? NO Way. Do they think we are at the tippy top of the market? Yes.
But I thought flipping houses was easy!?!?!?!
@Joe Splitrock just saw that. Looking over it. Thanks