Honestly, it's a great day for the #ForeclosureDealsCoachPodcast and we invite all of our #DealHunters to join in our celebration! In a shocking turn of events (😏), our #1 nemesis Zillow has decided to shut down its Zillow Offers division and exit the house-flipping market entirely 🎊 🎉🎊 🎉
If you'll recall, two episodes ago we discussed Zillow's plans to stall their house buying activity for the remainder of 2021 in response to a cooling fourth-quarter real estate market, a lack of construction resources, and the reality that they overpaid for a majority of the homes they acquired in 2021 under the assumption that the market would continue to climb. In its essence, Zillow's strategy was sound. Our team is going through a similar pullback with our capital partners as we work to offload flips to consumers who have grown exhausted from the bidding wars of the summer while simultaneously developing higher expectations of what they're looking for in a home to match the higher home prices. But where we and other smaller investment groups started to reevaluate our buying criteria, review our market analysis concepts, and lower our expectations on what a flipped property would fetch on the market, Zillow, being the insatiable corporate amoeba it is, doubled down on their buying efforts, trusting their Zestimate data to give them an accurate assessment of the market. A market, mind you, that they were artificially inflating by paying over market value for homes that STILL NEEDED WORK 🤦🏼♂️
I could go on all day detailing the folly of Zillow's foray into the flipping game, but just know this is a win for real estate investors. Zillow's failure highlights the importance of a boots-on-the-ground understanding of a real estate market when making investments. It makes evident the fact that although big data is vital in making investment decisions, having savvy professionals who can observe trends and shifts on a micro-level is key to making informed decisions based on what the market is doing in real-time. We feel for the employees who've been laid off as a result of the end of Zillow Offers, but hopefully, they land on their feet and this creates a new round of #DealHunters starting their journey to financial freedom. Check out the episode and let us know what you think of Zillow's attempt at house-flipping.
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