Here’s how the recent Zillow news will affect our local market. 

Have you heard about the recent news? Zillow announced recently that they will no longer be buying homes. What does this mean about their model, and how will it affect our market? Let’s talk about it. 

First off, why is Zillow canceling their buying program? The short answer is that they were losing money hand over fist. Zillow announced $550 million in losses and a 25% reduction in its staff. They plan on selling over 7,000 properties worth an estimated $2.8 billion in inventory. This means a ton of inventory could be hitting our market soon. 

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Sell your home before Zillow’s inventory floods the market.

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What does this mean for you? If you are looking to sell your home, now is the time. Prices are still high, and so is demand. The homes from Zillow could dampen these factors and increase competition, so get into the market before these homes do.

Meanwhile, this is great news for buyers. More inventory means you have more options. There will be less competition, and you may finally be able to get a great deal on a fantastic home. 

As for Zillow, it looks like it all came down to an error in their algorithm. Local Realtors will always know their area best, so if you are looking to buy or sell a home, call or email us today for a free, no-pressure consultation. Remember, it’s not the market; it’s the marketing that makes the difference.