Is Zillow’s Departure From the iBuyer Market Good or Bad?
Here’s why Zillow is no longer a major iBuyer and what it means for you.
Zillow just recently got out of the iBuyer game. They were the real estate giant who was gobbling up homes left and right with cash, but now they’re offloading all their inventory and laying off 25% of their staff. Obviously, this was a huge disaster and misstep for Zillow. My heart goes out to all of those who have lost their jobs as a result.
“Zillow was paying way too much money for homes.”
How much of an impact is this going to have on the market? The short answer is not a lot. Zillow only has about 55% of their inventory left to sell, and it won’t really have an impact here in Sacramento.
What is going to happen is that other iBuyers are going to get a shot. Zillow was paying way too much money for homes, and other iBuyers couldn’t compete. That backfired, and now the ones who have weathered the storm will be able to purchase more homes in 2022.
If you’re interested in an instant cash offer for your home to facilitate a smooth closing and quick turnaround, we can do that for you.
If you have any questions for me about selling to an iBuyer, buying a home, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.