Zillow is a company most people know. It’s a popular website that allows users to search for home listings and get information about homes. But recently, Zillow announced it was closing its Home Buying Program, so many are wondering what happened to cause this decision. Zillow has been operating a “Fix and Flip” program for the past 4 years. This program was designed for those who wanted to do some light remodeling on their homes before reselling them for a higher profit. After four years of operation, there were only 350 homes sold in 2017 with the Fix and Flip program. Compare that number with the 3,800 other single-family homes sold during the same time period without using the program. Some people, including myself, believe that it was because of the failure of their ‘Fix’ program. In my opinion, I think this is why they are shutting it down.
Zillow is no longer in the real estate flipping game. The reason? They were terrible at it. Zillow needs to realize they are nothing more than a website. They shouldn’t be brokers or real estate agents. They also shouldn’t be in the home pricing game because my dog can price homes better than Zesimates. In short Zillow is a negative impact on the real estate market and that is why they fail at everything other than providing an MLS portal. Zillow is just terrible.