According to a report last month by the iBuying analyst Mike DelPrete, Zillow's median price per home in the area was $29,000 less than what it paid. The local realtor Greg Corbett of HomeSmart recently did an analysis of active listings in Phoenix and found that more than 12% of listings in the area were held by three iBuyers: Zillow, Opendoor, and Offerpad.Īnd those other buyers aren't suffering the same setbacks as Zillow. A lot of comps make it easy - at least, in theory - for the algorithms used by these firms to predict winning offers and profitable sales prices. Phoenix is the center of iBuying because its year-round sunny weather, active local economy, and homogenous housing stock lead to many reliable comps, or comparable sales. But even as Zillow pulls out of Phoenix - losing millions of dollars in the process - other iBuyers in the area could still hold on to a sizeable portion of market if they avoided Zillow's mistakes. The home that Scott sold at a significant markup is likely back on the market for much less than Zillow snagged it for. Signs that the company has significantly overpaid for homes in recent months have emerged: An Insider analysis found that out of the 224 homes Zillow was selling in Phoenix, 208 - a staggering 93% - were listed for less than the company paid. The shuttering came after Zillow paused homebuying last month, citing a significant backlog of homes in its portfolio amid challenging labor- and construction-market conditions.
Zillow announced on Tuesday that it would close down Zillow Offers and lay off one-quarter of its workforce, about 2,000 people. The windfall Scott rejoiced over may not happen again.
"We sold them the property for $535,000," he told Insider. Zillow's iBuying unit, called Zillow Offers, was "very aggressive" and exceeded his expectations, he said.
Scott shopped the property around to a number of instant buyers, or iBuyers, a group that includes big firms like Zillow, Redfin, Opendoor, and Offerpad, which offer cash for homes and close on them quickly. But locals say competition for homes in Phoenix will remain fierce thanks to Zillow and its rivals.įloyd Scott, a real-estate broker with Century 21, recently estimated that one of the Phoenix-area homes he was marketing would sell for $480,000 or $490,000.A staggering 93% of Zillow-owned homes are for sale in Phoenix for less than Zillow paid.Zillow shuttered its iBuying arm this week after snapping up homes across the country.And if you run into a problem or have questions that aren't covered in our " Frequently Asked Questions" section, we have a dedicated support staff of actual humans (not an endless maze of automated questions) who are knowledgeable and eager to help you achieve your American Dream of affordable homeownership. The best part about searching is that we make the experience so simple that anyone can do it. Whether your looking for a single-family home, condo, townhouse, or even searching for mobile homes near you, keeps the most up-to-date listings of all property types. In fact, most of our information comes direct from hundreds of corporate sellers and multiple government agencies so that you can score the deal of a lifetime – in some cases foreclosed homes for less than $60,000! Find cheap homes under $60,000.
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