Flipping ain't easy: Zillow flailing in initial foray

[Tom V.]

Interesting stories in May about Zillow going into the home buying business.  

https://www.geekwire.com/2018/inside-look-zillows-first-home-purchase-real-estate-media-giant-will-buy-sell-houses/

21 day close, easy for sellers, etc.  Hmm, could be a big impact on the market right?

The first home they company bought was 6630 S. Nash Way in Chandler Arizona for $410K on May 18, 2018.  (I wonder if their algorithms thought it was a good value?)  The home which is in lovely shape, was relisted for $425K just a week or so after the purchase.  

No dice.  

Price lowered to $418.5K on 6/14/2018

No dice.

Now asking $415K as of 7/19/2018

Yours for the taking.  That seems like a loss if the buyer's agent gets any kind of a commission. 

I guess this could be the new Uber for home buying, if consumers can get some big tech company to willingly absorb losses, they win all day.  

I would have loved to be in on the strategy meeting:

"Why aren't we flipping houses?  Have you seen the idiots on TV who do this?  It can't be that hard..." 

[Jerryll Noorden]

BWAAAAHAHAHAHAHA

If they rely on their own analysis numbers, they will be out of business in a week!