The housing market is hot, and real estate marketplace sites like Zillow along with other so-called iBuyers have been contributing by buying up more properties.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
@LionTowercoporation
Жыл бұрын
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
@williamsbrown4026
Жыл бұрын
@@LionTowercoporation I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
@LionTowercoporation
Жыл бұрын
My Financial adviser is ‘’Colleen Janie Towe’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@williamsbrown4026
Жыл бұрын
Thanks for the contributions, I will look her up online and do my due diligence. If She seem proficient. I`will write her an email outlining my financial objectives and scheduled a phone call.
@Starfish2145
2 жыл бұрын
All the people who paid INFLATED prices for Zillow homes are gonna be PISSED when the market tanks.
@Stormie_LV
2 жыл бұрын
I don't think you understand.... Zilliow OVER paid for houses and Zillow is selling said houses at a lost. Zillow is scraping this flipping part of there businesses and has lost Millions.
@mikemcmikemcyeahok4977
2 жыл бұрын
@@Stormie_LV it’s nice that they had millions to lose
@pulaski1
2 жыл бұрын
@@Stormie_LV Perhaps you don't realize what Zillow has been doing - they have been buying houses, yes, often at inflated prices, but then selling them on _at a profit._ It is only their current inventory which has caused them issues, so there are undoubtedly _thousands_ of people across the US who bought houses from Zillow, many of which were likely at higher prices than if Zillow had not destabilized the market.
@1sexysportsfan
2 жыл бұрын
Or adjusts to where the comps should have been.
@ronu7313
2 жыл бұрын
It call greed, nowdays there is no chance for anymore of this kind of stuff, they hurt the market overbidding to hog it all, now I prob know who ruined Many states house market
@voiceofraisin241
2 жыл бұрын
Another thing that needs to happen to bring house prices down is charge higher property taxes for corporations and even higher taxes for foreign investors and even more for foreign corporations. Too many properties are being bought for cash by foreigners and foreign corporations.
@monmixer
2 жыл бұрын
No doubt, corporations are buying up porperty any where they can below market values and still not paying the same taxes as the citizens. It's extremely unfair. there should be be federal laws stopping states from offering tax incentives for corporations to move to their state. States should not be in business. They should be neutral and the tax rate for a corporation should be the same in every state. Thew tax payers get stuck with the clean up when the fail and when the make a mess. they simply file bankruptcy and walk away. Sure it's great when they are there but just providing jobs isn't enough. the jobs do create the tax base but the largest earners being the corporations get a free ride and at the end of the day a corporation isn't a mystical thing. They are people just like us getting a free ride.
@HH-vk5wh
2 жыл бұрын
WE should be like CHINA.. only US citizens can own property.. in chine only chinese citizens can own property.
@adamp9348
2 жыл бұрын
@@HH-vk5wh I'm all for this. No citizenship? No ownership in real estate... at the VERY least residential property.
@monmixer
2 жыл бұрын
@@HH-vk5wh I would absolutely agree with that. I actually didn't know non citizens could own property.
@Sensoredcensored
2 жыл бұрын
I agree with this.
@dennistyler8746
2 жыл бұрын
Zillow is laying off 25% of their Workforce...They overspent and now their unemployed.
@cynicalidealist2301
2 жыл бұрын
they are decreasing their bottom line to increase profits. they are bursting the bubble. 2008 with no middlemen as they front for banks
@pebblepod30
2 жыл бұрын
This couldnt happen to a more deserving company than Zillow, what a cancer they are to society.
@cynicalidealist2301
2 жыл бұрын
theyre gonna make out just fine. this is them (and the other irealtors) popping the bubble and getting rid of independent realtors. dont forget, banks fund these guys. They know what theyre doing. Lehman all over
@nofsgiven3855
2 жыл бұрын
Good! Zillow and other company’s like them jack up the price and make millions they can afford to lose millions as well.
@dennistyler8746
2 жыл бұрын
Plus they're laying off 25% of their Workers...
@nofsgiven3855
2 жыл бұрын
Thats true but there are still other jobs available that no one wants to take and if someone smart enough to realize this is a good opportunity to change carriers or jobs because no one wants to work .
@silky2204
2 жыл бұрын
@@nofsgiven3855 I hope not going to waitressing jobs.
@bkinouye
2 жыл бұрын
Zillow is copying my stock trading strategy: buy high, sell low. 😁
@dennistyler8746
2 жыл бұрын
Lol...
@kathyramos2924
2 жыл бұрын
Newbies mistakes 😂😂we all been there
@jermon983
2 жыл бұрын
😂😂👍🏽
@RealLifeFinance
2 жыл бұрын
Bwahaha
@SDZ675
2 жыл бұрын
They listened to the pumpers, bought high, set their sell limit to $69696969 and then blame the shorts/manipulation in the market.
@iceman2921
2 жыл бұрын
Zillow out bought the average person and now selling to companies like Blackrock. Who loses? The average person trying to buy a home. Not done by accident in my opinion. We are slowly becoming a renter nation.
@theoracle6881
2 жыл бұрын
No they don't want the American dream of home ownership they want serfs and peasants who don't own anything.
@kathylarson8876
2 жыл бұрын
Renter??, I foresee landlords getting rid of the homes
@yakzivz1104
2 жыл бұрын
yes they will do anything they can to keep citizens out of ownership!!
@thezonemtb
2 жыл бұрын
This needs to be heavily regulated to protect individuals that are trying to buy a home.
@iceman2921
2 жыл бұрын
@@thezonemtb i don't think you understand how corrupt the government and whole system is. Just like the wealthy getting richer and everyone else falling further behind. It's all done by design.
@truthseekerKJV
2 жыл бұрын
Those houses 3 feet apart aren't houses. They're more like storage units.
@mikefigures5075
2 жыл бұрын
So Zillow believes their own z-estimates? That’s funny…nobody else does.
@jesusfuenmayor7260
2 жыл бұрын
In the USA, no one knows the real value of a house.
@Se2n67g9r
2 жыл бұрын
It's the same in other countries, especially in europe.
@HH-vk5wh
2 жыл бұрын
becuase it not base on the HOUSE its based on the LOT!!.. LOT in LA go for 100k to 500K.. with a house its the same price.. its the LAND not the HOUSE some houses are literally falling apart going for 500k in LA.. lol.
@valerief1231
2 жыл бұрын
👍 oK
@mmaranta785
2 жыл бұрын
@@HH-vk5wh that why my 3 bed 2 bath in Thailand cost $70k, but it would cost 1.2 million here.
@Sanjay9442
2 жыл бұрын
Zillow had undervalued my previous home by a lot for many years - leaving my home undervalued even when neighboring properties sold for higher prices. I sold my home for 730 K when zillow priced at 650K. So I am very happy that zillow is learning that its AI is not that intelligent.
@ryanknowsrealestate
2 жыл бұрын
Zillow has a zestimate and is not reliable I don’t think any realtor actually uses Zillow for value. Unless your sold by yourself 🦾🤷♂️
@cyclops9125
2 жыл бұрын
Zillow should buy houses in Detroit
@dalemtb1199
2 жыл бұрын
Canada, please annex Detroit.
@satiricalsartorial
2 жыл бұрын
That's a fact
@amanzella6508
2 жыл бұрын
Ghetto with auto industry in shambles
@AlexanderWaylon
2 жыл бұрын
There is a huge amount of beautiful property in Detroit
@stevephillips3541
2 жыл бұрын
@@AlexanderWaylon Unfortunately its under total Democrat control , Taxes , Illegal Aliens , BLM . Higher Taxes , Antifa, Joe Biden " Build Back Better " Even Higher Taxes
@jamesdalton7191
2 жыл бұрын
Ahh... So Zillow has been buying tons of houses competing against legit home buyers. Now they got stung. If everyone pays attention you can sting them again.
@brickcity1711
2 жыл бұрын
A house is only worth what someone will pay for it.
@Rizky06
2 жыл бұрын
Zillow "What do you mean we have to pay rising property taxes, utilities & lawn care."
@novadhd
2 жыл бұрын
just cause some idiot is willing to overpay doesnt make the house worth it.
@normamimosa5991
2 жыл бұрын
Not quite. In an overvalued market, such today, people are paying far more for property than its actual asset value.
@Cryo837
2 жыл бұрын
Imagine if our government was more concerned with it's citizens ability to afford a home rather than chasing us with needles and dictating unconstitutional mandates. Just these 3 simple steps would help restore residential RE in the U.S. to the people of the U.S. 1) You have to be a U.S. citizen for at least 2 years to buy U.S. RE 2) Corporations and conglomerates cannot buy residential RE 3) Anyone who buys residential RE has to live in the purchased property This would eliminate foreigners, corporations, and other investors. Residential RE would be returned to what it was intended for, a place for real people/families to live.
@seriejohnson698
2 жыл бұрын
Just because you paying it doesn’t make it worth it.
@susannesheffer1848
2 жыл бұрын
It's called GREED. Anticipating a market, driving up prices artificially and hoping to get out before the inevitable crash. The neighborhood of ticky tacky 5000 ft sq homes, no yard, no greens, no trees, no landscaping. Looks like a gulag.
@cynicalidealist2301
2 жыл бұрын
I went through the same thing with a different I realtor in Phoenix as well. They paid well over what the highest individual broker offered. Did the virtual tour on my phone and came back with a repair estimate about half of what any contractor was asking. We sold and made a killing. Early on I asked how can they offer so much more? Then I figured it out. They arent buying homes. They are buying debt as a lot of the irealtors are fronts for mega banks. Theyre gonna repackage the debt as a derivative, theyre gonna blow the top off the bubble, theyre gonna write down all the debt as a loss. Its 2008 all over again but they took out the middle men. When I asked how they could afford this (I know, really dumb move on my part) and suggested they were buying debt...the phone went silent for about 7 seconds. This is the collapse of the bubble.
@garyo8546
2 жыл бұрын
the housing market increase was fueled by people fleeing from California ( who sold their homes for a astronomical price ) and investor such as Zillow and many others capitalizing on them. people from the northern part of cal went to northern states people from southern part went to warmer cities like phx and las vegas.. this housing bubble which saw housing prices increase 93% over the last 3 yrs people in the phoenix area making 14 15 -20.00 an hour cant afford 400-500-600k dollar houses... because of the housing price inflation it just created more inflation across the board.. SNOWBALL effect..........
@usaisnojoke
2 жыл бұрын
And yet there are still stupid idiots who will deny your statement. Your statement is 10000% CORRECT!
@dennistyler8746
2 жыл бұрын
Rents and House buying is just overpriced...way over.
@dennistyler8746
2 жыл бұрын
In 1992 at $9.00 per hour, I paid my rent with one weeks pay and now at $24.00...it takes 2 paychecks. And the Gov't thinks you can save a small fortune to retire...cheers
@robertsimon5869
2 жыл бұрын
@@dennistyler8746 it was MUCH easier to retire when there were pensions
@dennistyler8746
2 жыл бұрын
@@robertsimon5869 Not to mention health insurance for life. Try finding a pension, nearly impossible.
@freshtapcoke
2 жыл бұрын
Analysis does not equal prediction! (Zillow announced they’re completely exiting this business)
@xAxCx
2 жыл бұрын
I can answer that. If housing costs the same here as it does in San Pedro, CA then people would just move to San Pedro. Phoenix is alright but it cannot compete with that weather.
@timothycontreras8424
2 жыл бұрын
Hahaha
@georgespalding7640
2 жыл бұрын
I can vouch for Phoenix. Six months out of the year the weather's great. The other six months you stay in your house and pay $1,000 a month for your air conditioner.
@pork-chopexpress991
2 жыл бұрын
Not me…I’m hardly ever inside, always outside. Also when I do run my a/c my bill is super low
@AUTOREPAIRGUIDE
2 жыл бұрын
San Pedeo is great 👍 love Gaffey Park
@1sexysportsfan
2 жыл бұрын
Zillow got caught inflating prices....they overpaid for the houses...thinking they would flip them for bigger profit. Got caught holding the bag. They were manipulating the market.
@samjordan8800
2 жыл бұрын
@Don Juan What's funny is, the data to come up with the correct valuation is right there in Zillow! All one has to do is take the sold prices and do the math long-hand.
@DriftmanX
2 жыл бұрын
Sacramento had a already huge influx of folks swarming from all parts of neighboring counties. Zillow definitely worsened the situation by trying to capitalize. No pity to Zillow
@user-kb1hw2yq2f
2 жыл бұрын
its worse than that. But no one talks about it. They basically are like housing mafia, unfortunately, they mistimed their move.
@13AZ13
2 жыл бұрын
*KARMA AT WORK*
@Coffeetime1991
2 жыл бұрын
I am a single woman making ok money (middle class)... This market is hurting us normal working single folks who are not making six figures and can afford to throw away money on overpriced garbage
@mikeb4436
2 жыл бұрын
Blame it on politicians poor planning practices and unwillingness to legislate against corporations and foreign investors buying up the single family homes. Aka the American dream.
@HH-vk5wh
2 жыл бұрын
you can easily afford a 500k home.. you just need to put down 30%.. and then get 1100 monthly payments. Most renters are paying their landlords 5% down monthly payments of 2300 a month.
@janesmith716
2 жыл бұрын
Those homes are going to be real cheap when there's no more water.
@nntflow7058
2 жыл бұрын
That's what happen when we only think about profit instead of thinking about the environment.
@clostridiumtetani9947
2 жыл бұрын
@@nntflow7058 profit = Money from people who want your product Companies wouldn't pollute as much if you idiots didn't buy single-use plastics and fucktons of rare earth minerals every 5 seconds
@jonesjones7057
2 жыл бұрын
We don't need water. We have Brawndo, it's what plants crave. It has electrolytes.
@2020nallano
2 жыл бұрын
Well, that is too bad that Zillow is losing money they did make millions price gouging. What goes around comes around.
@Thomas63r2
2 жыл бұрын
Zillow is not just hitting "pause" on buying, they are closing their house buying division. Flipping houses is a difficult business - this is why there seems to be more people running "get rich flipping real estate" seminars than there are people actually flipping houses. Corporate lethargy is fatal to profits in flipping - because profitability in flipping often comes down to quick turnarounds. The longer a flipper holds on to a property the greater chance that neighborhood could go through a decline in pricing.
@yesimemoin0935
2 жыл бұрын
Undervalued homes are easy to buy, superficially "update" and resell but there aren't any of those anymore. Because of Zillow and other investors.
@FlowerGirl.MN50
2 жыл бұрын
Get some regulations going regarding this. Simple as that. Regulate.
@gavinv4807
2 жыл бұрын
Yes, more regulation from an incompetemt government is just what we need.
@kathyramos2924
2 жыл бұрын
I wonder if this is a way for them to get some taxes recognition for their loses 😒🧐🤔🤔
@almitrahopkins1873
2 жыл бұрын
Don't buy yet. A crash is right around the corner.
@weldmin4818
2 жыл бұрын
So is inflation
@dennistyler8746
2 жыл бұрын
@@weldmin4818 or deflation...
@weldmin4818
2 жыл бұрын
@@dennistyler8746 and that would good for us, right ?
@weldmin4818
2 жыл бұрын
You are familiar with the tactic of operating at a loss to starve out competition? I dont know if that applies here, or if you could apply that to real estate, but I'm a pessimist, regarding the economy. I build things out of metal and wood, so I don't claim to know crap about any of this.
@almitrahopkins1873
2 жыл бұрын
@@weldmin4818 Lack of demand creates deflation. If nobody buys the massive number of houses they've purchased, the price drops like a rock. As it is, the supply is greater than the demand. There are more houses for sale than there are buyers with the finances to afford to buy. Give it six months and the situation will go critical.
@garcjr
2 жыл бұрын
I heard somewhere that even if Zillow takes a loss on selling your home Zillow still makes some money selling your information to 3rd parties at an exponentially higher rate than Google or Facebook.
@phenom7689
2 жыл бұрын
Per their privacy policy, they do not do this.
@garcjr
2 жыл бұрын
@@phenom7689 I read that they don't but they allow 3rd party trackers to monitor how you use Zillow. Using Zillow to just look at houses isn't worth as much as actually using some of their services that's where they make the money.
@Wisconsin.pikachu
2 жыл бұрын
Zilliow selling house for a loss but still higher than the house should be, don't list your house for 390k sells for 412k and zillow resells for 387k for a 350k house
@RealLifeFinance
2 жыл бұрын
Exactly What an F'd up world. Might be $350k again in a year
@IstasSB
2 жыл бұрын
I watched another "news" story where they interviewed someone at Zillow. The company made a mistake and is apparently pulling out of the house flipping market. This story states they are only pulling back a little. I guess we will see in a few months.
@Cryo837
2 жыл бұрын
Imagine if our government was more concerned with it's citizens ability to afford a home rather than chasing us with needles and dictating unconstitutional mandates. Just these 3 simple steps would help restore residential RE in the U.S. to the people of the U.S. 1) You have to be a U.S. citizen for at least 2 years to buy U.S. RE 2) Corporations and conglomerates cannot buy residential RE 3) Anyone who buys residential RE has to live in the purchased property This would eliminate foreigners, corporations, and other investors. Residential RE would be returned to what it was intended for, a place for real people/families to live.
@genxx2724
2 жыл бұрын
I disagree from a business standpoint. From a personal standpoint, quality of life and property values are generally better when all the neighbors own their homes. There are, of course, exceptions. My worst, most selfish, noisy, sloppiest neighboring household is an owner. My best, neatest, most respectful neighboring household is a renter.
@MrMensa141
2 жыл бұрын
Our government in the guise of the FED is financing this home buying spree by corporations. The FED has been doing this with almost zero rates for a decade now. Corporations like Havenbrook and Lessen, to name two, have bought up thousands of homes only to rent at scandalous prices.
@ipenguin3918
2 жыл бұрын
Hey folks the "Bubble is Bursting". Soon I'll be pick up a nice place for a couple of rolls of Gold Eagles. Nobody remember the Great Recession?
@cantsilenceme6596
2 жыл бұрын
Oh well, good because Zillow along with others, has been getting over for quite some time now.
@pulaski1
2 жыл бұрын
When prices are pushed up by a large net _buyer,_ which then suddenly stops buying and only wants to _sell,_ it could destabilize the market. I.e. the market flips from shortage to excess supply, then there could be a _sharp_ drop in prices.
@dennistyler8746
2 жыл бұрын
That's also a market correction. Prices are to high and no one should think their house is now worth 4 times what it was a few years ago....cheers.
@Starfish2145
2 жыл бұрын
I hope the feds Investigate and regulate Zillow and OpenDoor !
@cynicalidealist2301
2 жыл бұрын
bingo and lots and lots of debt to write off after covid
@heathertowell3400
2 жыл бұрын
Zillow is able to write losses off because they are a business. And when the market goes back to normal, they will be able to sell the rest of their inventory at a profit. They bought these homes at record low interest rates as well. I see them doing this again in the future and continuing to buy up large amounts of homes, but low balling owners in a time in the future when demand will not be as high, and owners will have to take whatever they offer. At that point, Zillow becomes a monopoly that will control the real estate market all together. Possibly even renting out the homes they buy as well.
@davidking4779
2 жыл бұрын
Backlog in renovations is probably an understatement. Finding workers today is a real problem and expensive.
@normamimosa5991
2 жыл бұрын
From what I have read Zillow doesn't really do renovations but just superficial cleanups and paint jobs, maybe a nail here or there. Just a pretense to inflate the prices. Sounds like a highly unethical, corrupt company.
@DS-tj2jc
2 жыл бұрын
Zillow is forcing a bidding war. They'll either make it back, or have a very nnice tax write off. Either way, Zillow wins.
@wacio
2 жыл бұрын
Only if thy don't go bankrupt before the year end...
@jakenuno9900
2 жыл бұрын
Hope this helps my home search. I've been searching for months, and all of a sudden 90% of the properties disappeared from the market in the past 60 days. Obvious that something changed.
@RAREFORMDESIGNS
2 жыл бұрын
Who wants to live in those neighborhoods with no character? Every house is the same, what a joke.
@pierrejamison1239
2 жыл бұрын
Buyers must hang on for the next 18 months. It will change then.The big buyers know the market is about to tank and they are just cutting their losses before they become co- loss- All!! Btw, Arizona as a hot spot has reached saturation point. People who bought over a year ago from elsewhere are already having buyer's remorse for 9 to 10 months of searing heat amid all that tan, tan, tan, beige and tan.....,Hey but January February and March in Phoenix is just great....
@draintheswamp1588
2 жыл бұрын
That guy should've bought his own house back from Zillow and profited with $25K!!!
@serkanmehmetkaanbey214
2 жыл бұрын
Part of the issue is finding contractors, they underestimated the flipping, it is not easy
@saidtheblueknight
2 жыл бұрын
That first guy should buy his house back, move right back in with 25k in his pocket.
@davidking4779
2 жыл бұрын
Selling at a loss means that you overpaid and doesn't mean that you are selling under value.
@mike7972
2 жыл бұрын
I think the better question is why Zillow didn’t wait for prices to go up, maybe they see something coming 🤔
@theforestisdark9676
2 жыл бұрын
Zillow makes me sick! Despicable company.
@marishkaambrus8381
2 жыл бұрын
Lake mead is low on water so arizona and others south western states are gonna get brown outs and have no water soon.
@zwatwashdc
2 жыл бұрын
I wonder if Zillow got caught price fixing by boosting housing prices by over paying.
@allaboutroofing2
2 жыл бұрын
They only made up 0.16 percent of the market, far too small to fix a market. They made bad investments and over paid.
@zwatwashdc
2 жыл бұрын
@@allaboutroofing2 of the market where? Their buying was concentrated in certain neighborhoods. How many buys coming in over asking start to affect a market in a neighborhood? Also, the way they disposed of the properties was suspect. Big gains for some investors who got 7000-9000 properties well under asking. They washed those losses right into other investors pockets. Look at covid. The powers that be know exactly how to nudge a hysteria into existence.
@cynicalidealist2301
2 жыл бұрын
theyre popping the bubble to get the bailout and write offs
@mikkaluu8031
2 жыл бұрын
These people are justifying price gauging their homes 🤣…..I guess since they see everyone else doing it, it must be righteous.
@rebelyell1580
2 жыл бұрын
Why not?? If some fool buys it then good for them. Wouldn't you like to make the most of your investment ?? Of course you would..
@dennistyler8746
2 жыл бұрын
@@rebelyell1580 Artificially inflated and only a fool would buy.
@jacobgoldenofficial4321
2 жыл бұрын
"Neighborhoods with identical homes identical soccer moms and identical kids called Jake and Jennifer "
@MrMensa141
2 жыл бұрын
Zillow has already laid off 1/3 of their renovation crew. Specifically the estimator side of the reno. The others see perhaps 30 days of backlog before they too are going to see their pink slips. Zillow isn't pausing, they are getting out of the buying market.
@danielsemmens6640
2 жыл бұрын
Phoenix stinks as a place to live another version of Los angelos
@marymadeline9533
2 жыл бұрын
Yes it smells as you drive through the highways
@chrisr326
2 жыл бұрын
@China Boss 😂😂
@usaisnojoke
2 жыл бұрын
Only hot as hell.
@dennistyler8746
2 жыл бұрын
@@usaisnojoke Better off up north but quite expensive in Flagstaff, last I knew. Anywhere there's trees is nice. Can always visit "Hot as Hades" Phoenix in the Winter. As it is I spend my time in the Northeast. Only 3.5 months of Summer. Cheers...
@zo9632
2 жыл бұрын
I live in Los Angeles, it's much worse here.
@suhugo9546
2 жыл бұрын
No one is going to buy a home at a fair market. whether it lists for 400k, it will sell for $440k. the reason for the pause, too expensive for Zillow to remodel the home. They are waiting for lumber prices to drop.
@hbarudi
2 жыл бұрын
Why does Zillow actually buy houses themselves? They are supposed to be a search engine for buyers, not a retail store like amazon for houses.
@Crismodin
2 жыл бұрын
This is what happens when you let an algorithm run on its own without checking it.
@paulf3
2 жыл бұрын
And the algorithm uses the numbers you publish which are fake
@bradleypollack5658
2 жыл бұрын
This is what happens when capitalism is out of control!!
@tbugher62
2 жыл бұрын
When you paid 4 times what a house is worth,of course you are going too lose your money .
@MinneapolisDavid
2 жыл бұрын
Buy your house back for lower than you sold it at a lower interest rate!!!! Im a Realtor and that is a delicious prospect!!!!!!!
@oldmanfromscenetwentyfour8164
2 жыл бұрын
Zillow over inflated home prices, I call that price gouging.
@Rickhelps
2 жыл бұрын
Zillow used their own Zestimate as a base price to purchase and then added 7% to make the offer attractive. In their own qtlrly statements they said they wanted the seller experience to be positive. They are no longer buying now and they are unloading them after also finding out they could not get the homes improved in time. None of these ibuyers are making money right now.
@tinawrinn2549
2 жыл бұрын
Amazing how this companies have enough money to lose!!! Their not hurting! They calculate this
@judymckee5992
2 жыл бұрын
There are some business where your tech is not all you need to succeed especially when it comes to USE. The small mom and pop business will always have the advantage, lean, mean machine and not new cookie cutter.
@UltimateBargains
2 жыл бұрын
Price doesn't concern me as much as sensible payment terms. "Mr. Seller, if you can be flexible on payment terms, then I can offer full value." "Mr. Seller, which is more important to you: How MUCH money you get, or WHEN you get your money?" Creative financing solves huge problems for both buyer and seller.
@user-fq7tv2lo6e
2 жыл бұрын
With the increasing prices, the slower they turned the house around, the more they would have made, still they lost money Something don't add up.
@bbustin1747
2 жыл бұрын
Classic signs of a peak and a bubble created by the FED buying of mortgage back securities driving interest rates artificially down. Don’t they have economists at Zillow. they are willing to lose 100s of billions at their stockholders expense.
@carefulconsumer8682
2 жыл бұрын
Month to month and year to year sales are down across the nation. It appears the RE market is cooling down. Of course, it depends on your location.
@ramblinralph7609
2 жыл бұрын
Glad to hear Zillow is losing money. Greedy bastards.
@alexquevedo831
2 жыл бұрын
Have you thought they may be cleaning money…..?
@Dwightstjohn-fo8ki
2 жыл бұрын
I loved seeing the old "Million Dollar Listing" New York, Miami, Los Angeles, Vancouver, BC but NOW I want to see how these real estate man bun RR driving guys handle a DOWN MARKET. Except Vancouver.
@SuperToughnut
2 жыл бұрын
Money laundering.
@stevenroth5424
2 жыл бұрын
Bingo
@jessicabixler1658
2 жыл бұрын
Zillow has said they will be closing their I buying segment. Laying off 25% of their staff and they are looking for a single buyer to purchase 7000 homes at average 400k each.
@PetiteKalashnikovna
2 жыл бұрын
It’s not at a loss. They overinflated the values of the homes without consideration to the income of the local buyers. When nobody could afford the houses, they’re forced to sell for a lower price.
@genxx2724
2 жыл бұрын
Selling for less than they paid is a loss. This means a loss to their shareholders, which includes every hardworking American who invests a little for retirement in a broad mutual fund or index fund.
@richardprofit6363
2 жыл бұрын
Zillow did the same in Orlando...stupid- but tax write-offs and other loopholes probably mean they won't be hurt badly, and the execs will get a bonus..real estate and tax laws are written mostly to help "investors" make big profits (some of which of course go to the campaign funds of our beloved "public servants")..
@ralphstephan353
2 жыл бұрын
Is anyone talking about the looming disaster in the SW region (Tex, Ariz, Nev, NM, Cal) as water dwindles and people continue to relocate, seemingly without information they need?
@mriguy3202
2 жыл бұрын
Headline: IBuyers are selling at a loss. Story: Zillow is the only IBuyer selling at a loss
@SuperUsernamehere
2 жыл бұрын
Exactly, I was waiting to hear about other "buyers" and scrolled the comments. What is this, damage control for Zillow?
@emanuellara1904
2 жыл бұрын
Sellers should think about the future of home ownership if they sell to this big companies regular buyers don’t have a chance and the future people won’t own their homes if they keep doing this.
@emanuellara1904
2 жыл бұрын
The thing is there should homes also for young families that are starting out, otherwise the best things young people can do if there are no yet well established is leave expensive states and then who going do all the basic support work than those expensive states will have problems kind of what is happening right now in the UK.
@DriftmanX
2 жыл бұрын
The sellers who cashed in are thinking “SUCKERS”
@genxx2724
2 жыл бұрын
The problem is, a rising tide lifts all boats. They likely paid an inflated price for their new home, so didn’t benefit from the windfall.
@cynicalidealist2301
2 жыл бұрын
@@genxx2724 I can absolutely refute this. We made over 450K in less than 20 years on ours.
@genxx2724
2 жыл бұрын
@@cynicalidealist2301 I think you missed my point.
@seriejohnson698
2 жыл бұрын
Yes, I wish I was a seller
@That_Gourami
2 жыл бұрын
They did it to drive up comps. No mistakes.
@RolexCowboy
2 жыл бұрын
And how exactly would that benefit them? Weird comment…
@NeverStop909
2 жыл бұрын
@@RolexCowboy to sell for more. Supply and demand
@RolexCowboy
2 жыл бұрын
@@NeverStop909 so to bid up the prices on the homes they were buying? Yeah, makes a lot of sense…
@Genessis001
2 жыл бұрын
😂😂😂
@angel1111.
2 жыл бұрын
Zillow bought house in FL 235,000 trying resell for 510,000 it's med size home not worth it
@NightFight164
Жыл бұрын
Wow I wish that would happen here in New York, with less property taxes.
@PrettyLady7282
2 жыл бұрын
isn't that legal to do? the market value is inflating by Zillow. somebody should do something about this ibuyer peep
@evilsponge6911
2 жыл бұрын
This video aged well
@rosaliethomson4655
2 жыл бұрын
The housing market is strong here on the east coast of Florida. But with rent prices up, I'm finally able to afford some of the bills. People think you pay nothing for repairs. Think again. I may have my first year making a profit this year. I finally got rid of the renter who was destroying the septic tank. Lied and lied. Finally I just raised the rent to get rid of her.
@UltimateBargains
2 жыл бұрын
Zillow is the classic financial illiteracy of confusing capital gains (buy low sell higher) with yields from passive income. Investing in real estate is about yields by passive income, not capital gains.
@rongendron8705
2 жыл бұрын
Even though Zillow may be losing money on the houses that they purchased, doesn't mean that their prospective buyers are getting a 'deal'! They are simply paying what the house was actually worth!
@allandelusso3912
2 жыл бұрын
Personally, I bought my 1600 sqft house in Charleston sc area in 2014 for 130 k. Sold it 7 months ago for 262k. Bought 8 acres for 85k with 2 functional septic and well systems on it. There is wonderful 05’ rusty single wide on the property which is surrounded by majestic oak, ash and pecan trees. First 2500.00 takes it!!! This thing is priced to move. Cash and carry, get it out of here!!! Just kidding it’s uninhabitable (what do I know, someone was living in this thing). Schumacher homes just tried to extort me, but they got the wrong one. I am sitting out here in a 32ft rv tapped into the well septic and electrical. A housing crash is basically when prices drop by 20% or more. Anything less is considered a readjustment. Here we have positive job growth. ( not yet back to 18 months ago). Wages are not the greatest. There is a positive inbound migration from those pesky communist states. So yes I am gonna wait until quarter 2 next year to build when a couple of my crypto positions are gonna show massive returns. I am stacking up some side money now to buy a cfd on bitcoin when it reaches 85k, anyone agree with that?
@cardashianphingerphuque2737
2 жыл бұрын
I'm sure that it isn't all sellers, but by pricing overly high, a seller can choose who to reduce the price for, thus controlling the neighborhood. It happens more than you think.
@bellebellebelle5485
2 жыл бұрын
That’s when race plays a part. In a way, Zillow is helping stop some racist agents as middlemen. In AZ they don’t like dealing with certain minorities and they’ll hand you over to another agent which is horrible and racist. So if Zillow is blind to the nonsense, I’ll cheer them along and hope prices go down.
@JK-ks3xq
2 жыл бұрын
The day of people making their largest purchase of their lives, in most cases, online is far away. Just ask zillow. People want to actually see, feel and hear where they're going to live and /or raise a family, send their kids to school, shop, recreate, etc.. AI isn't anywhere near that...in the real sense. They don't want "best case scenario" phonied up bots or algos selling to them.
@normamimosa5991
2 жыл бұрын
Cracks in an extremely overvalued market, as the fools refuse to pay attention to them.
@rimc8783
2 жыл бұрын
Crash is coming letst get 2010 prices back.
@Phxshadowz
2 жыл бұрын
Yes it’s is. I need to remodel my kitchen. Lol last crash I bought an entire kitchen, cabinets stove, refrigerator and all for 350
@marthatx1
2 жыл бұрын
@@Phxshadowz where do I need to look for that when the crash happens? Is it being offered by homeowners or builders? Where fb?
@medicalcareer5463
2 жыл бұрын
People have been saying that since 2016...there is no bubble and there is no crash. Fed injected so much money into economy and this money has to go somewhere so its going into real estate and stocks. Now unless the Fed extracts the money out, nothing will crash.
@rimc8783
2 жыл бұрын
@@medicalcareer5463 Well 2016 was definitely to early to see a crash! Zillow and Open Door are dumping their inventory at a loss. This tell you something. The government can't keep bailout people and businesses forever. With no inventory on the shelves this Christmas year many businesses will end up closing down, jod lost, mortgage not paid, foreclosure, home values drop, people will walk away from there 500k mortgage on 200k home. Just like in 2006
@medicalcareer5463
2 жыл бұрын
@@rimc8783 what do you mean with no inventory on the shelves? Jobs seem to be very good and almost every one I see and know is working at least where I am. My company is hiring a lot and other companies are hiring as well. Trust me, I want the prices to come down. I didn't buy a house a few months ago hoping the prices come down but they are about 100k up since 3-4 months ago and I can no longer afford it. I don't see any signs of crash. Economy is booming. Jobs are plenty and the Fed is keeping the party going. Everyone is happy and drunk enjoying the party for the time being. I would appreciate it if someone could show me why there will be a crash coming...
@tqlla
2 жыл бұрын
Zillow lost more than just the difference between the buy and sell prices. They have to pay the people that do the paperwork, they may have to pay a buyers agent, they have to pay transfer fees and taxes... etc.
@shereemorgan1430
2 жыл бұрын
Zillow is also taking losses in Texas.
@vx4982
2 жыл бұрын
Most houses are made with cheap particle wood instead of expensive wood such as red wood. By the way I would make sure they use screws instead of nails to put the house together.
@danielgriffin8132
2 жыл бұрын
The prices are going to fall being a landlord has become a nightmare. And are losing money 💰
@IdealContracting
2 жыл бұрын
Exactly. Being a landlord is not some grand money making scheme. People think "oh, my landlord just collects my rent laughing all the way to the bank." In reality, he's most likely breaking even or losing money. In my area the laws favor tenants by a landslide so it just doesnt make sense anymore.
@Rizky06
2 жыл бұрын
Zillow "What do you mean I have to pay rising property taxes, utilities & lawn care."
@ShannonsBibleStudy
2 жыл бұрын
Zillow is playing Monopoly and the entire country is the game board.
@Wrighjj
2 жыл бұрын
They sell at a loss but make it up with volume!
@rhenry7369
2 жыл бұрын
Selling one home at a loss and selling thousands of homes at a loss = selling at a loss. If everything they list is being sold at a loss, then how does volume make up for it (rhetorical question).
@brycegoodman9946
2 жыл бұрын
Arizona's horrible public education strikes again...
@georgespalding7640
2 жыл бұрын
@@rhenry7369 When people don't get a joke they're commonly known as dense.
@joyaustin6581
2 жыл бұрын
And fees at closing
@sharibuckhannon3843
2 жыл бұрын
Actually Zillow is stopping ibuying and closing that department and cutting 25% of employees.. also I wouldn't buy any zillow owned properties because they are Actually still listed at higher than what the houses in the area are Actually selling or even listed at. Same goes with opendoor..
@automotivegarcia1
2 жыл бұрын
Yet still, people buying what they can't afford.. our economy is going to crap.. this won't last long.
@MercilessGuitar151
2 жыл бұрын
That's not actually happening this time. The vast majority of home buyers this time around are qualified and able to pay their mortgages. Thete isn't going to be a crash. Prices will level out eventually but that will be as far as it goes. Better get used to it.
@chitoross7185
2 жыл бұрын
@@MercilessGuitar151 needs to happen is a cycle . Thise time take little longer couse of the pandemic but is gonna happend
@miraclemile837
2 жыл бұрын
@@MercilessGuitar151 but the vast majority of home buyers are not home owners. They're investment firms or companies like Zillow, Redfin, etc. that are using their algorithms to buy homes, do small renovations and sell them for profit. The problem is not stemming from families not affording their homes, but companies who have purchased an excessive amount of inventory and will not have many people able to afford the homes since families been priced out and no longer looking buy.
@zonacrs
2 жыл бұрын
They are just looking long term/large volume and using said volume to cool a market by underselling/pricing. When they cool the market they will swoop in again to buy and reap the rewards of the next swell. The only question is how long the next swell will take to develop. The losers are those of us who live here or move here, unless you wait for the swell to flatten.
@Cryo837
2 жыл бұрын
Imagine if our government was more concerned with it's citizens ability to afford a home rather than chasing us with needles and dictating unconstitutional mandates. Just these 3 simple steps would help restore residential RE in the U.S. to the people of the U.S. 1) You have to be a U.S. citizen for at least 2 years to buy U.S. RE 2) Corporations and conglomerates cannot buy residential RE 3) Anyone who buys residential RE has to live in the purchased property This would eliminate foreigners, corporations, and other investors. Residential RE would be returned to what it was intended for, a place for real people/families to live.
@jacobrocks7
2 жыл бұрын
390k? Can’t buy a 250-300 sq foot studio for that price where I live ...maybe I need to move to AZ
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