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30 Jun, Thursday
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Bull Trader USA

Zillow’s home-flipping business made no sense: Barbara Corcoran

Associated Press

Zillow to stop home-flipping amid pricing ‘unpredictability’

Zillow Group said Tuesday that it will stop buying and selling homes, citing the “unpredictability” of forecasting housing prices. The Seattle-based real estate information company said winding down its Zillow Offers homebuying and selling unit will take several quarters and will result in about a 25% reduction in the company’s workforce, which is now at about 5,300. The announcement comes about two weeks after Zillow said it would pause buying homes through the end of 2021, citing a backlog in renovations and other operations due to labor and supply constraints.

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