Zillow Pulls its IBuyer Market
Zillow announced it would stop buying homes directly from sellers and then selling them at an increased rate. The company could not effectively compete in Colorado‘s hot real estate market because it couldn’t find property, renovate and resell the homes fast enough. The program has been discontinued nationally as well.
“When you’re not able to buy low and sell high, because our market is doing so phenomenally, that really eliminates the ability for companies like Zillow, or any other ibuyer to turn a profit,” said CAR spokesperson Matthew Leprino.