Zillow Quits Home-Flipping Business
View Source | April 17, 2023 12:34 pm
- Real-estate firm Zillow Group Inc. is exiting from the home-flipping business, saying Tuesday that its algorithmic+ model to buy and sell homes rapidly doesn’t work as planned.
- The firm’s termination of its tech-enabled home-flipping business, known as “iBuying,” follows Zillow’s announcement about two weeks ago that it was halting all new home purchases for the rest of the year.
- At the time, Zillow pointed to labor and supply shortages for its inability to renovate and flip houses fast enough.
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