Zillow Closing Its Home-Flipping Business
Newsy
The real estate information company blamed tough competition and an unpredictable market for the decision to shut down Zillow Offers.
Zillow Group said Tuesday that it will stop buying and selling homes, citing the “unpredictability” of forecasting housing prices.
The Seattle-based real estate information company said winding down its Zillow Offers homebuying and selling unit will take several quarters and will result in about a 25% reduction in the company’s workforce, which is now at about 5,300.
The announcement comes about two weeks after Zillow said it would pause buying homes through the end of 2021, citing a backlog in renovations and other operations due to labor and supply constraints. The idea was to temporarily stop buying homes and focus on selling those it had already purchased.
