Zillow’s home flipping business flopped – Spectrum News 1
ORANGE COUNTY, Calif. — Zillow Group’s home flipping business flopped.
But are homebuyers going to get a good deal buying a Zillow-owned home in the Los Angeles and Orange County area?
What You Need To Know
- After suffering more than $380 million in losses, Zillow is quitting its iBuying home flipping business
- Zillow officials cite the coronavirus pandemic, housing volatility and inability to forecast prices as reasons why they are no longer buying homes
- Despite Zillow’s firesale, local agents say they have not seen any good deals for their clients
- Zillow has more than 130 active and pending home listings in LA, OC and San Diego
A month after Zillow abandoned its homebuying business model, local real estate agents said they haven’t seen home prices go down despite the company liquidating thousands of homes nationwide — and more than 120 in the LA and OC area.
“It’s not making a big dent in the region’s housing inventory,” said Mohamed Hassan, broker and owner of Viceroy…
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