The markets are turbulent, especially with the shipping crisis, which has caused many items to skyrocket in price, including lumber. That brings us to Zillow. They’ve purchased thousands of properties to flip and make a profit, which is otherwise fine for investors but at Zillow’s scale, it is locking up a sizable chunk of real estate that homeowners and investors cannot buy to live in, or rent out for other people to live in.
But that brings us to the question…what is a Zillow?
We’ve done the research and we’ve found the answer for you—in a childrens book.
This is a Zillow…
The Zillow is from Dr. Seuss’s “There’s a Wocket in my Pocket”, which was released in 1974, decades before the real estate website Zillow was even an idea.
But I digress…
Zillow is a company that is championed by the consumer, leveraging technology to allow millions of people to conduct their own research, and even purchase/sell a home directly through them without the absorbent fees from traditional real estate agents.
There is an ever growing sentiment against the old ways, and as Redditor put it: “Six f*cking percent for a week of work. That’s what realtors want in this market. 3% for the buyer’s agent, 3% for the seller’s agent, and all they have to do is take some pictures and put that shit up on the internet. It’s galling… And Zillow knows this, and they know people are sick of paying realtors $3,000-$10,000 per hour to sell their homes.”
Zillow iBuying AI/machine learning algorithms have predicted profitability if they got into the house flipping business.
However, as time would tell, not only were they doing Americans a huge disservice by locking up over 7,000 homes that people can otherwise purchase to live in or rent to others to live in, but their technology was wrong.
With the costs of raw materials skyrocketing, and labor shortages, Zillow was forced to liquidate much of their portfolio, with loses of over $550,000,000, according to MarketWatch.
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