[quote=carlsbadworker][quote=sdrealtor]Was gonna post this morning that the layoffs would come soon but they came much harder and faster than I would’ve thought. Really surprised they are cutting that deep. 25% on the way out the door[/quote]
Bloomberg reported Monday that Zillow is looking to sell about 7,000 homes, and is seeking roughly $2.8 billion for the houses. Will we see any of those in the market?[/quote]
Many of them already are and others will be. The own a couple hundred here. It wont have any impact on the market. They will sell at market value. Zillow paid too much and will lose money.
I noticed this a few months ago whn I saw experienced realtors selling their homes to Zillow. Those realotrs can sell their homes themselves and at most pay a buyers agent commission. They know what their homes are worth. Zillow was charging 5 to 7% fees in the prices prices paid. That means they were paying well over what the agents could themselves on the open market by around 5%. Zillow was also buying homes as-is and paying fixed up retail prices. It made no sense to me but I didnt know enough about it to really call them out here until I knew more. In early August it was getting obvious they were paying too much and thats when I first posted something.
Its not that I have a crystal ball, its just that I know agents wouldnt sell them to zillow unless they were making out better than selling themselves on open market even after paying zillow hefty fees
