Zillow CEO Rich Barton made the announcement after market hours Tuesday, adding the company would lay off about a quarter of its workforce.
Volatility in the housing market "far exceeds what we anticipated" and makes algorithmic home flipping too risky, Zillow CEO Rich Barton said.
"We've determined the unpredictability in forecasting home prices far exceeds what we anticipated," Zillow CEO Rich Barton said.
Here's what we know about Zillow's abrupt decision - and why it matters. Everything you need to know about the tumult, all in one place.
"The most difficult part of this decision is that it will impact many of our colleagues," Zillow CEO Rich Barton said in a statement.
Zillow had been scooping up thousands of homes to flip for a profit. Then the market turned, and now it's reportedly trying to offload a ton of them.
'We're operating within a labor- and supply-constrained economy," said Zillow about its temporary halting in house-buying.
REX, a Texas real estate startup, accused Zillow and the National Association of Realtors of anticompetitive practices in a lawsuit.
In the great housing shortage of 2021, the typical homebuyer had a rough go. They made multiple offers and paid more than they intended.
Montana is "perceived to be further to the right, more red, and that has certain attractions for some," Bill Cole, the mayor of Billings, said.
Newly listed homes typically took six days to go under contract in May - one day less than April even as prices rise, a Zillow report said.
House hunting in the COVID era is a Kafkaesque nightmare of wildly overpriced homes, minuscule inventory, and desperate competition.
Amidst a housing shortage, Zillow found 47% of US homes were on the market for less than a week in April, and 76% on the market for under a month.
Zillow CEO Rich Barton discussed the future of work during the company’s Q4 earnings call. A hybrid model could create a “two-class system” that negatively impacts remote workers, he said. Others have echoed his concerns. GitLab’s CEO called a hybrid model “the worst of both worlds.” Visit the Business section […]
Famed Silicon Valley investor Ron Conway, Zillow cofounder Rich Barton, and early Facebook employee Jeff Rothschild are among this year’s new signatories of the Giving Pledge, thereby agreeing to give the majority of their net worths to charity. This year’s 13 additions to the Giving Pledge have a combined net […]
Landlords are increasingly using facial recognition software and other surveillance technologies to track tenants’ movements and collect their data. The companies selling “proptech” claim their products make residents safer, but some say flaws and biases mean they’re really just accelerating gentrification and invading people’s privacy. Researchers with the AI Now […]
With the coronavirus sweeping the US, companies have allowed their employees to work from home. Early in the shelter-in-place efforts, people expected a mass exodus from New York City to suburban and rural areas. While there are some homebuyers who fit that demographic, Zillow data shows that more New Yorkers […]
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