[quote=XBoxBoy][quote=carlsbadworker]Sean Gotcher, a Las Vegas real estate agent, offered a conspiracy theory that iBuyer companies are manipulating the market by intentionally overpaying for some homes in order to sell others that they’ve already bought in nearby areas for a higher price.[/quote]
As always, I would stay away from conspiracy theories. Zillow is losing money on the houses they’ve bought and are now trying to sell. Simple foolishness on the part of a large company is all there is to see here.
Personally, I’m glad to see them exit the market and I hope other big companies learn from their mistakes. Buying and selling homes at a profit isn’t as easy as it sounds on those reality shows.[/quote]
I agree and dont see a conspiracy. I think they figured the market would go up a little, they had free wall street money and they wanted to see if they could play this game and win. I think they were hoping to breakeven and figure out a new business model but got burned because the local real estate markets are much more efficient than anyone gives them credit for
