Zillow said on Tuesday that it’s exiting Offers, its business that buys and flips homes, and eliminating 25% of its workforce.
Zillow Offers Shuts Down
Zillow revealed the news in its third-quarter earnings report. , which detailed how the company missed its earnings mark to the chagrin of analysts.
The company said that it would cost too much money to keep the program afloat.
“We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated,” Zillow CEO Rich Barton said in the release. “Continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility.”
Zillow’s home buying prowess has been getting significant backlash after a viral TikTok explained how the company was buying up properties in the inner city and created an artificially inflated market by suppressing prices in some areas and causing them to rise in other areas of the market.
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