A few days ago, Zillow paused its home flipping business, Zillow Offers. Today it announced that it's shutting down the business altogether after some serious losses in the last quarter. Their stock went BASE jumping after the news.
Zillow may have more data on the nationwide housing market than anyone, but that wasn't enough to launch a large, successful iBuyer real estate business in the crazy, pandemic induced market.
Reventure Consulting covers this late breaking news well in this video. Other iBuyer real estate stocks are down a lot as well, and so are some traditional RE agency stocks. Is this the turning of the tide in the Covid-induced real estate market? Time will tell.
*The 20% one day drop in the Zillow stock price includes the after hours trading, from $95.16 this morning to $75.75 at 8pm (Pacific Time).
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