11/04/2021
One of the big boys is getting out of the flipping business citing the unpredictability of the market. Paying too much for houses was probably a bigger issue than the market itself.
Of course Zillow has been making bad decisions for years. Their transition from providing free marketing for rental properties to a pay to post platform was a complete disaster and renter now know to look elsewhere, while professional property managers never paid Zillow one cent.
If you need help with flipping, property management, renovations, buying, selling, BRRRR or any Real Estate needs in Central Florida, let's talk.
About two weeks after publicizing a temporary pause for its iBuyer program, Zillow Offers, the company announced that the program would be phased out altogether. “Forecasting home prices far exceeds what we anticipated,” it said, resulting in “too much earnings and balance-sheet volatility.”