Opinion
Zillow’s decision to shut down its iBuying business is more than just a response to the volatility of the Zestimate, but rather an indication that technology can't solve everything
Opinion
This move that has significant implications for the real estate industry. Here's why
Industry professionals and social media wags alike reacted to news on Tuesday that Zillow would shut down Zillow Offers, its iBuyer program. Many pointed to CEO Rich Barton's statements on the difficulties of forecasting home prices and the company's Zestimate tool
The popular portal raked in $1.7B during the third quarter of 2021, though it also lost $328M — much of it from iBuying
The move should take several quarters and will also result in Zillow reducing its workforce by about 25 percent
The new team members will be based in Toronto and will work on financial platforms and technology infrastructure
Glenn Kelman said Wednesday at Inman Connect that many agents expect iBuyers to grow. He isn't so convinced, but does see disintermediation as a real issue
RJ Jones, head of Keller Offers, told Inman Connect Las Vegas that the increase in iBuyers and alternative transaction models are driving professionalism and give the industry a lot to look forward to
Opinion
Within the context of long-term industry disruption, Zillow's loss may simply be an embarrassing detour on its inexorable march to transform real estate
Catch up quickly on the most significant stories of the week, as determined by Inman readers. Here's this week's Inman Top 5
Opinion
This week, Bryon Lazine and Nicole White discuss Zillow's latest move to pause homebuying, the client who shot his agent after buying a home sight unseen, and the agent who posed for listing photos in the buff
Opinion
Other iBuyers saw the signals and made adjustments while Zillow kept on buying; either it missed the signs or proceeded anyway. Regardless, it’s a timely reminder that growing an iBuyer business is challenging
Zillow says it's facing supply and labor constraints. But other iBuyers, who expressed surprise over Zillow's abrupt pause, say they aren't suffering from the same issues
A recent viral video suggested iBuyers could jack up the prices of homes. But one expert called the theory 'fairly conspiratorial,' and iBuyers themselves said they still have a tiny share of the market
In addition to the new Texas markets, the company operates in Seattle, Boston, Portland, the Bay Area and Southern California