However, even though Zillow was able to purchase thousands of Florida homes at inflated prices for the past few months, there is a very small chance for average consumers to snag these bargains moment the company dumps them in the market. The culprit behind Zillow’s downfall is none other than its very own algorithm and the fact that they underestimated the obvious risks of masse home purchase for the purpose of earning a profit through quick sales. Zillow also told its investors that they expect to lose around 5% up to 7% on this unsuccessful venture. The company stated in their letter to shareholders about their plans of selling approximately 18,000 homes that they already own or are under contract through Zillow Offers, their home-flipping business. This left the real estate company with no choice to exit the business, dumping thousands of their own properties on the local estate markets. The online house-flipping unit of Zillow has turned out to be a disappointing flop.
What does it mean for potential buyers, then? Where will this large-scale dump go?
Zillow is now selling thousands of Florida properties in the hot markets. Create a community specific market report.Ĭlick below Palm Beach, Miami, Broward, Martin, St Lucie, Orlando, Tampa, Clearwater, Bradenton, Sarasota, Punta Gorda, Boca Grandeīrowse listings, view photos, contact an agent get more info, schedule a viewing DO YOU REALLY KNOW YOUR REAL ESTATE VALUE? who have we trusted? Zillow Bleeding Money Dumping Florida Homes for Less Than They Paid.
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