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Updated over 3 years ago on . Most recent reply
Zillow just SOLD 2,000 Houses and I can't Count that high, Yikes!
If you are trying to dump 18,000 houses, I guess you start with 2,000 going to a New York City-based investment firm called Pretium Partners. "In the transaction with Pretium, Zillow received market price for the properties, these people said."
I doubt that. They exchanged tax writeoffs or other consideration in the deal. Not all is what it seems. Anyway, it appears they have somewhere around 18,000 houses to unload.
And you wondered why there was a shortage of inventory? Zillow sucked it up like a kid with a silly straw.
"The digital real-estate company said it intends to sell roughly 9,800 homes it owns, plus another 8,200 it had been in the process of buying. The company expects to lose between 5% and 7% on these sales. In the transaction with Pretium, Zillow received market price for the properties, these people said."
Most Popular Reply

@Account Closed
If you ever used Zillow it seems they overestimate or underestimate home values so not surprised they had to get out of that market. Other I-buyers are making money off their fees to buy and sell. However, like anything that is hot and has many competitors, it takes systems in place, costly overhead to manage and with small margins, I am sure they realized they couldn't keep going.
We won't see another 2008 because there are many hedge funds that are on the sidelines waiting to snatch up 1000s of REOs from the banks directly before they hit any MLS.
It just shows you we are reaching highs in every market so it's best to find good deals and not marginal ones.
I am sure this market will have a correction so we will see how the chips fall. Everyone is in MOFO mode and buying junky deals just so they can add to their door count or be able to say they are a RE investor.
Back in 2008-12, I was a kid in a candy store getting stuff at well below build price, and rents were great. I think this time around we might see a different result. We might have lower rents as we have more investors with rentals, more apartments built so those with larger cash-flowing properties will be able to sustain themselves with lower rents than those with marginal cash-flowing properties that will go negative with lower rents.
No crystal ball so I guess I will find out whenever one else does.