You know Your Survival Guy wants you to own your home, not Zillow. I also don’t like the idea of flipping houses, because at some point the music might stop. The virtue of owning your home is you have created shelter for your family and you own it. That’s enough for me. No need to be the next Zillow.
Zillow has loaded up on homes, buying 7,000. Now they want to dump them all. Bloomberg reports:
Zillow Group Inc. is looking to sell about 7,000 homes as it seeks to recover from a fumble in its high-tech home-flipping business. The company is seeking roughly $2.8 billion for the houses, which are being pitched to institutional investors, according to people familiar with the matter. Zillow will likely sell the properties to a multitude of buyers rather than packaging them in a single transaction, said the people, who asked not to be named because the matter is private.
A representative for Zillow didn’t immediately comment.
The move to offload homes comes as Zillow seeks to recover from an operational stumble that saw it buy too many houses, with many now being listed for less than it paid. The company typically offers smaller numbers of homes to single-family landlords, but the current sales effort is much larger than normal.
If successful, the sale would make a dramatic dent in Zillow’s inventory. The company acquired roughly 8,000 homes in the third quarter, according to an estimate by real estate tech strategist Mike DelPrete.
Action Line: There are many ways to invest that don’t rely on selling at a higher price to a “greater fool.” If you want to avoid speculation, and instead focus on income and risk reduction in your portfolio, I would love to talk with you.
E.J. Smith - Your Survival Guy
Latest posts by E.J. Smith - Your Survival Guy (see all)
- “We Want Preservation…” No Soup for You! - March 4, 2024
- Why This Is My Number 1 Super State - March 4, 2024
- What Took Them So Long? - March 4, 2024
- Survive and Thrive February 2024: “It’s My Job” Key West’s Farewell to Jimmy Buffett - March 1, 2024
- Google Accidentally Exposes the AI Rush - March 1, 2024