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Zillow selling off homes as it shutters house-flipping business
By Seattle Times business reporter About a month after announcing it would shutter its failed home-flipping business, Zillow says it has sold or is in the process of selling about half the homes it planned to offload. The Seattle-based real estate company announced early last month it planned to close down Zillow Offers, its attempt at an algorithm-driven version of home-flipping known as iBuying. After months of upbeat comments about the business, Zillow executives said they had faced longer than expected timelines to fix up and resell homes and the company’s algorithm had failed to accurately predict prices. Zillow planned to lay off 25{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} of its staff as a result.…
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Zillow says it’s making good progress on home sales as it exits house-flipping business, announces $750M stock repurchase
Zillow Offers is the company’s “iBuyer” service that aims to digitize the homebuying experience from start to finish. (Zillow Photo) Zillow Group says it is making good progress unloading homes it owns, announcing today that it has sold or is under contract to sell more than 50{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} of the homes that it planned to sell as part of its decision to shut down its Zillow Offers business unit. The Seattle-based real estate company also announced that the board authorized the purchase of up to $750 million worth of Zillow stock. Shares of Zillow — which have been hammered in the past six months, dropping 51{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} — rose in after-hours trading.…
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