Zillow to stop flipping homes for good as it stands to lose more than $550 million, will lay off a quarter of staff

[Anta Assamey]

1 minute ago, ranam_007 said:

how to find zillow owned homes as i tried to check but not able to find one

Zillow.com lo velli ... Click on More (Blue color)... Scroll down... 3rd from the bottom you should se "Zillow Owned" ..

Please send me commission .....For helping in house hunt...

[Balibabu]

3 minutes ago, ranam_007 said:

how to find zillow owned homes as i tried to check but not able to find one

vaaadu secret ga chesedi disclose cheyatam ledu ankunta....mostly manipulate chestundu prices vaadu ekkada kontey akkada...

[Balibabu]

Hope this manipulator goes to hell..

[kevinUsa]

22 minutes ago, Anta Assamey said:

Zillow is one of the many reasons for the current Home prices being so high ani na doubt... 

Em bro oka 10k homes valla anta increase untada ??

 

[Anta Assamey]

2 minutes ago, kevinUsa said:

Em bro oka 10k homes valla anta increase untada ??

 

Everything is relative kada bro .. 10 same houses lo okati Koni high price pedite... Pakka vadu enduku takkuva ki ammutadu... The same goes between different communities kada...The new builders will do the same thing.... as the old houses prices are increased they can definitely increase the new houses kada... But as I said... its just one of the reasons... NOT the only reason ..

[kevinUsa]

5 minutes ago, Anta Assamey said:

Everything is relative kada bro .. 10 same houses lo okati Koni high price pedite... Pakka vadu enduku takkuva ki ammutadu... The same goes between different communities kada...The new builders will do the same thing.... as the old houses prices are increased they can definitely increase the new houses kada... But as I said... its just one of the reasons... NOT the only reason ..

Butterfly effect antava everything is connected ani

 

[Anta Assamey]

9 minutes ago, kevinUsa said:

Butterfly effect antava everything is connected ani

 

Indake Nannaku Prematho movie choosanu... Aa effect emo .. 

[TechAdvice]

1 hour ago, sri_india said:

wow , yesterday's news on Arizona market is such a small comparing to this , their exit is good thing for OPEN stock (already up AH)

 

 

Zillow Group Inc. is calling it quits on the home-flipping business, while disclosing losses of more than $550 million on homes purchased in the second half of this year for which the company admits it paid too much.

The real-estate giant on Tuesday blamed a faulty algorithmic model for ditching its iBuying business of buying and selling homes quickly, and said it will lay off about a quarter of its staff. The surprising exit, announced with pedestrian quarterly profits, thrashed shares in another rough trading session Tuesday, a day after an analyst said two-thirds of the homes it bought are underwater.

“We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility,” Zillow Group Z, -10.24% ZG, -11.52% co-founder and Chief Executive Rich Barton said in a statement.

In an interview on CNBC, Barton called the decision “tough but necessary” after determining the business was “too risky, too volatile” and addressed too few customers. “Sure, there are those wagging their fingers at me,” he acknowledged. “Predicting the price of homes six months ahead is really hard” in the COVID age, he added.

The dissolving of the flipping business will take several quarters and include a reduction of Zillow’s workforce by approximately 25%, Barton said. Zillow disclosed that it wrote down $304 million in losses due to houses purchased for too high a price in the third quarter, and expects losses of $240 million to $265 million in the fourth quarter for the same reason, pushing total losses on those houses to more than $550 billion.

During the third quarter, Zillow said it bought 9,680 homes and sold 3,032 of them. It marked a significant jump from the record 3,805 homes it purchased in the second quarter, of which 2,086 were sold.

Shares fell 10% in extended trading following Zillow’s announcement of a net loss of $328.2 million, or $1.29 a share, compared with net income of $39.6 million in the year-ago quarter. Revenue rose 164% to $1.74 billion from a year ago. Analysts surveyed by FactSet had expected net income of 16 cents a share on revenue of $2 billion.

Zillow Group’s stock is down 34% in 2021; it declined 10.3% in regular session trading Tuesday, to close at $87.20. The broader S&P 500 index  SPX, +0.37%  has gained 23% this year.

Now this how u pop the bubble lol

[nokia123]

2 hours ago, Anta Assamey said:

Zillow.com lo velli ... Click on More (Blue color)... Scroll down... 3rd from the bottom you should se "Zillow Owned" ..

Please send me commission .....For helping in house hunt...

Ledhu Zillow owned ane option

[sri_india]

5 minutes ago, nokia123 said:

Ledhu Zillow owned ane option

https://www.zillow.com/z/offers/zillow-owned-homes/

[MiryalgudaMaruthiRao]

ok

[nokia123]

57 minutes ago, sri_india said:

https://www.zillow.com/z/offers/zillow-owned-homes/

maa area le aa list..andhuke kanapadale naaku...

[Spartan]

22 minutes ago, nokia123 said:

maa area le aa list..andhuke kanapadale naaku...

they currently do that in 3 states i think

[Mr Mirchi]

7 hours ago, Anta Assamey said:

Zillow is one of the many reasons for the current Home prices being so high ani na doubt... 

no no no 

[KothaKurrodu]

Na home next april ki closing undhi. Ee lopu thelusthadha market situation