Here’s how the big news from Zillow may affect your real estate plans.
Are Zillow’s recent moves predicting a real estate market crash? On October 18, Zillow announced that it would not be continuing its iBuyer program, Zillow Offers, for the remainder of the year. In other recent news, about 7,000 homes were sold by Zillow to an investor for $2.8 billion. This is a huge move and has led many to wonder if something is happening in the real estate market that Zillow is trying to get ahead of.
In my opinion, there is certainly a transition going on in the market when it comes to iBuyers. These are investors that come in and buy homes, often for less than fair market value. The real estate economy is strong right now, and sellers can receive top dollar by listing traditionally with a Realtor instead of selling to an iBuyer. That creates an issue for these platforms. In addition, many local real estate companies like ourselves offer both a traditional listing program and iBuyer options.
If you have any questions about what’s going on in the market or how we can help you accomplish your real estate goals, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.