Search results
Results from the WOW.Com Content Network
“We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility,” Barton explained in a news release.
Zillow is closing its tech-powered home-flipping operation, saying its pricing algorithms weren’t accurate enough to build a stable business.
Zillow attributed the mishap to its technology, blaming its iBuying algorithms-- called "Zestimates" -- for inaccurately predicting the values of homes. Given surging prices and high real estate...
That’s a key takeaway after Zillow Group made the unexpected decision on Tuesday to shutter its home buying business — a painful move that will result in 2,000 employees losing their jobs, a ...
Zillow's Zestimate of home values has become a go-to reference for US homeowners. But when Zillow tried to use its algorithm to buy and sell homes, it badly misread the market.
After racking up over $1 billion in losses over 3.5 years, Zillow is closing the business down, a move that has significant implications for the real estate industry. Zillow's iBuyer business grew so fast, so quickly, that it literally broke the company, forcing an abrupt shut down.
Zillow plans to permanently close its home-flipping business, Zillow Offers, and lay off a quarter of its workforce as its unsuccessful house value estimates result in heavy losses.
NEW YORK, Nov 3 (Reuters Breakingviews) - Zillow (ZG.O) has rediscovered the charms of being capital light. The home listing app said Tuesday it is closing its business that flips homes. While...
After two tumultuous weeks — during which an Insider analysis found that of the nearly 1,000 homes Zillow recently listed for sale in its five biggest markets, 64% were being marketed for less...
According to a quarterly earnings report released on Tuesday, the homes segment of Zillow Offers was responsible for $421 million in losses for the three-month period ending on September 30,...