For the past couple of years, the website Zillow has expanded their business model into the home speculation and flipping game. The “Zillow Offers” program offers cash for homes, followed up by Zillow going in and implementing home renovations—and the company planned to do this with thousands of homes in 2021.
Yet now, two months before the year has even ended, Zillow announced that not only would it no longer be buying homes, but it also needs to offload thousands of the homes it did buy —and not to homeowners and landlords, but to institutional investors. Additionally, the company will be laying off 25% of its workforce, and estimates that it’ll lose over half a billion dollars.
Why? That’s the question on today’s episode of Upzoned: Using a recent article from The Verge as a springboard for discussion, host Abby Kinney and regular co-host Chuck Marohn discuss the possible reasons why Zillow has had to reverse course on its foray into the home-flipping business.
Additional Show Notes
“Zillow reportedly needs to sell 7,000 houses after it bought too many,” by Mitchell Clark, The Verge (November 2021)
Check out this 2019 episode of Upzoned that covered Zillow’s decision to start getting into the home-flipping business.
Abby Kinney (Twitter)
Charles Marohn (Twitter)
Theme Music by Kemet the Phantom
Cincinnati Pledges $200K in Funding for Popular Bikeshare Service
Department of Justice Opens Criminal Investigation Into “Housing Cartel”
Inside the Notorious Gridlock of Colorado's I-70
“Redesigning” Cincinnati With the Connected Communities Plan
Our Financial System Favors Large-Scale Development…but at What Cost?
Traffic Deaths Now Exceed the Number of Homicides in LA. This Initiative Aims To Change That.
$350 Million Mixed-Use Development Presents a "Huge Opportunity" for South Bend, IN
Could this New Approach to Public Housing Actually Work?
Parking Minimums Might Be on the Way Out in Dallas
Coming Back Down to Earth After a “Next-Level” Downtown Revitalization
Today’s Generation of Families Are “Disillusioned” by Suburbia
Millennials Are Fleeing Cities in Favor of the Exurbs
Ryan Johnson: Builder of the First Car-Free Neighborhood Made From Scratch in the U.S.
Transportation Meltdown: Children on the School Bus Till 10 p.m.
Is Affordable Housing Possible Under Current Zoning Laws?
Arizona Pushes for Suburban and Rural Development, Despite Dwindling Water Supply
Atlanta’s New Idea To Address Their Housing Crisis
The Invisible Reason for High Housing Prices: Restrictive Land-Use Regulations
Why Can’t We Have the “Perfect” Neighborhood?
Behind the Scenes at the Strong Towns National Gathering
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
Social Dallas Podcast
Change Church Podcast
Six Degrees with Kevin Bacon
The Fundraising Masterminds Podcast
People Places Planet