Two weeks ago Zillow announced that they were no longer buying homes in the US Housing Market for the rest of 2021. Now we find out that Zillow is cutting the prices of all the homes they already own and attempting to get out of the market.
According to analysis from Business Insider (links below), 64% of Zillow’s current listings are at price LOWER than what Zillow paid for them. And in some markets – such as Phoenix – the figure is as high as 93%.
For sample – Zillow purchased a property in Northern Phoenix for $690k on September 17th, 2021. One month later the property was listed back on the market for $679k – for less than what Zillow bought it for! And only several days ago it received a massive $79k price cut (-12%!)
to bring the current list price to $600k.
Other Housing Markets where Zillow is struggling including Dallas, where they have earned a loss on over 80% of the homes they currently have listed. As well as Houston and Atlanta, where the figure is closer to 60-65%.
Could Zillow be cutting the prices of these homes so feverishly because they know that the 2021 US Housing Market is in a bubble that will turn into the 2021 Housing Crash very soon?
Business Insider Article 1: https://www.businessinsider.com/zillow-offers-pause-ibuyers-homes-atlanta-phoenix-dallas-houston-minneapolis-2021-10
Business Insider Article 2: https://www.businessinsider.com/zillow-offers-ibuyer-sell-phoenix-homes-at-a-loss-2021-10
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0:00 Housing Crash WARNING!
1:25 Zillow Stopped Buying Homes
2:13 64% of Homes at a Loss
4:09 The Contagion will Spread
5:10 Phoenix is Really, Really Ba (93%)
6:30 Why List at a Loss?
7:21 Dallas, Houston, and Atlanta TOO
8:07 Getting Away from Investor-Driven Markets
8:56 The Mainstream is on Board with CRASH
9:58 Message from Nick!
#HousingCrash #Zillow #HousingBubble