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Zillow Shutting Down The Operation Zillow Offers
Dated: November 5 2021
Zillow said that was it shutting down the operation. Analysts reacted by slashing the company’s price targets.
The company made the announcement on Tuesday, citing heavy losses, the Times reported. Zillow has been up to has caused a backlash on social media, largely fueled by a viral TikTok by a Nevada real-estate agent called Sean Gotcher that claimed iBuyers manipulate the housing market.
#Zillow was trending. The TikTok guy exposed them a few months ago. He came back and lit them up again. He’s stepping on their necks in the most hilarious way. #housingmarket pic.twitter.com/U4hjI0OPFH— Here comes the Boom! (@MrsBoomBoomNYC)
Zillow Offers, a division of the company that allowed instant offers to be made on homes, reportedly took a loss of more than $420 million during the three months ending in September. In the 12 months prior, the company brought in approximately the same amount. Zillow may not have been explicitly manipulating the market, but it was certainly trying to use technology to outsmart it. In the end, however, the market won. Zillow’s flipping flop should serve as a reassuring reminder that not everything can be automated.
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There are various reasons why Zillow got burned, including a labour shortage making it difficult to renovate homes. But the biggest issue is that its algorithm simply wasn’t up to snuff. It couldn’t deal with the complexities of pricing in a volatile market and resulted in Zillow overpaying for a lot of property.
Shares of Zillow have reportedly fallen by 50 percent since a high in February, and the stock plummeted 11.5 percent on Tuesday.
Last month, the company reported that it would stop buying and selling houses due to a lack of employees to fix and flip the homes.
On Tuesday, Zilloe revealed that the algorithm used to buy and sell homes had not made predictable profits, the Times reported. The company is reportedly now seeking to sell its remaining 7,000 houses.
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