a*******m
发帖数: 14194 | 1 哪里来的回哪里去了,很快回到疫情前的价格了.
天天在那里estimate房价,不停地estimate灌水,结果没骗到别人先把
自己给骗了.房价最高峰收了一堆overpaid的房子,亏钱都卖不出了,
要砸手里了.
Zillow Shuts Home-Flipping Business After Racking Up Losses
https://finance.yahoo.com/news/zillow-shuts-down-home-flipping-200500342.
html
Patrick Clark
Tue, November 2, 2021, 4:21 PM
In this article:
ZG
-11.52%
(Bloomberg) -- Zillow Group Inc. is pulling the plug on its tech-powered
home-flipping operation after deciding that its pricing algorithms weren’t
accurate enough to build a stable business.
Most Read from Bloomberg
Supply Chain Crisis Risks Taking the Global Economy Down With It
Into the Metaverse: Where Crypto, Gaming and Capitalism Collide
Atlanta’s Crowded Election Pits Former Mayor Versus ‘Anyone But’
Ballot Initiatives to Watch, From Policing to the Environment
The Best New Restaurants in Washington, Chosen by Top Chefs
The company plans to take writedowns of as much as $569 million and reduce
its workforce by 25% as it winds down the business in coming months,
according to a statement Tuesday. Zillow shares plunged as much as 11% to $
76.22 on the news before paring the losses. The stock was little changed as
of 4:20 p.m. in New York.
The decision comes as the company’s third-quarter results showed it lost
more than $380 million in the flipping operation, called Zillow Offers. The
business hit a major snag in recent months as the company’s algorithms
caused it to overpay for houses just as the heated U.S. market began to cool
slightly, forcing it to list properties at a loss.
“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,” Chief Executive
Officer Rich Barton said in the company’s earnings statement.
Zillow has had a turbulent few weeks. On Oct. 18 it issued a statement
confirming a Bloomberg News report that it wouldn’t make any new offers on
houses for the rest of the year as it struggled to find workers to fix the
homes it had under contract. Bloomberg reported Monday that the company was
marketing 7,000 homes for roughly $2.8 billion to institutional investors.
For most of Zillow’s 15-year history, the company has been known for
publishing online real estate listings and home-price estimates -- called
Zestimates -- and seeking to profit by connecting agents with potential
clients. In 2018, Barton, one of the company’s founders, reclaimed the role
of CEO and pivoted into the high-tech home-flipping business, called
iBuying.
In the new business, Zillow used pricing algorithms to buy homes from their
owners, make light repairs, and put them back on the market. Barton set an
ambitious goal, seeking to buy 5,000 homes a month by 2024.
Earlier this year, the company borrowed more than $1 billion through two
bond offerings, making it the first iBuyer to tap the securitization market.
It has also lined up $500 million credit facilities with Credit Suisse
Group AG, Goldman Sachs Group Inc. and Citigroup Inc.
As recently as August, Barton was boasting about the popularity of the
service, telling investors that the traditional way of selling a home was so
“dreadful and dreaded” that customers were willing to bypass potential
bidding wars to sell to Zillow “in this sizzling-hot sellers market.”
Zillow bought roughly 9,700 homes in the third quarter, due to what it
called “higher-than-anticipated conversion rates.” It also booked a $304
million writedown on inventory owned at the end of the period “as a result
of unintentionally purchasing homes at higher prices” than the company now
thinks it can sell them for.
Following the company’s decision to halt new purchases, it became clear
that Zillow had misjudged the housing market, tweaking its algorithms to
make more aggressive offers just as competitors Opendoor Technologies Inc.
and Offerpad Solutions Inc. were growing more cautious.
Zillow’s fire sale could continue: The company expects to buy roughly 9,000
homes in the fourth quarter and said it will take a writedown of as much as
$265 million on home purchases that will close in the final three months of
the year.
Zillow’s decision to get out of the business will raise fresh questions for
Opendoor, Offerpad and a growing field of other companies seeking to
disrupt the traditional way of buying and selling homes.
The decision also raises question for Barton, a serial entrepreneur who also
founded Expedia Group Inc. and the careers site Glassdoor. He returned to
the CEO job in 2018 because he wanted to lead the move into iBuying. For now
, he’s sticking around as the company falls back on its old business of
connecting homebuyers with agents.
“We believe there are better, broader, less risky, more brand-aligned ways
of enabling all of our customers who want to move,” Barton wrote in a
letter to investors. “We now plan to focus our offerings on asset- and
capital-light solutions.” | a*******m
发帖数: 14194 | 2 过两天Fed宣布taper,减少够买MBS,后面还有加息,还有10月底frobearance全面到期,
法拍屋再次上线. Zillow退晚了,5-6月份退还有可能,现在跑不了了.
房市要有大的变化了,版上炒房子的估计很快要发更大的财了. | d********f
发帖数: 43471 | 3 opendoor是吃过一次亏了。这两flip房子得就是tmd搞笑，收进来啥也不弄，转手就想
赚钱，这tmd是以为买家都是猪么
【在 a*******m 的大作中提到】
: 哪里来的回哪里去了,很快回到疫情前的价格了.
: 天天在那里estimate房价,不停地estimate灌水,结果没骗到别人先把
: 自己给骗了.房价最高峰收了一堆overpaid的房子,亏钱都卖不出了,
: 要砸手里了.
: Zillow Shuts Home-Flipping Business After Racking Up Losses
: https://finance.yahoo.com/news/zillow-shuts-down-home-flipping-200500342.
: html
: Patrick Clark
: Tue, November 2, 2021, 4:21 PM
: In this article:
| d********f
发帖数: 43471 | 4 foreclosure已经一堆了，最近tax sale都跑断腿，几百个listing,看花眼了
【在 a*******m 的大作中提到】
: 过两天Fed宣布taper,减少够买MBS,后面还有加息,还有10月底frobearance全面到期,
: 法拍屋再次上线. Zillow退晚了,5-6月份退还有可能,现在跑不了了.
: 房市要有大的变化了,版上炒房子的估计很快要发更大的财了.
| a*******m
发帖数: 14194 | 5 博导在哪里看得foreclosure房子啊?
我就是随便看看,我看数量很少啊.
前一段房价那么火,想卖早卖了吧,谁还等着foreclosure啊?
【在 d********f 的大作中提到】
: foreclosure已经一堆了，最近tax sale都跑断腿，几百个listing,看花眼了
| d********f
发帖数: 43471 | 6 上本地mls看，foreclosure和tax sale在很多州不是一回事。hud最近都放了很多房子
出来试水。第一批都是些rural area得房子，
【在 a*******m 的大作中提到】
: 博导在哪里看得foreclosure房子啊?
: 我就是随便看看,我看数量很少啊.
: 前一段房价那么火,想卖早卖了吧,谁还等着foreclosure啊?
| b********e
发帖数: 595 | 7 这是回到疫情前的水平，还是刚开闸？
：上本地mls看，foreclosure和tax sale在很多州不是一回事。hud最近都放了很多房子
：出来试水。第一批都是些rural area得房子，
【在 d********f 的大作中提到】
: 上本地mls看，foreclosure和tax sale在很多州不是一回事。hud最近都放了很多房子
: 出来试水。第一批都是些rural area得房子，
| V*****2
发帖数: 7930 | 8 奇怪了，最近房价这么高，怎么还会有很多破产房？
【在 d********f 的大作中提到】
: 上本地mls看，foreclosure和tax sale在很多州不是一回事。hud最近都放了很多房子
: 出来试水。第一批都是些rural area得房子，
|
|
