{"id":2570,"date":"2021-10-18T19:00:20","date_gmt":"2021-10-18T19:00:20","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2021\/10\/18\/zillow-calls-timeout-on-ibuying-but-competitors-wont\/"},"modified":"2025-03-13T02:39:22","modified_gmt":"2025-03-13T02:39:22","slug":"zillow-calls-timeout-on-ibuying-but-competitors-wont","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2021\/10\/18\/zillow-calls-timeout-on-ibuying-but-competitors-wont\/","title":{"rendered":"Zillow calls timeout on iBuying, but competitors won&#8217;t"},"content":{"rendered":"\n<p>Three years ago, <strong>Zillow<\/strong> <a href=\"https:\/\/www.housingwire.com\/articles\/where-real-estate-agents-fit-into-zillows-grand-vision\/\" target=\"_blank\" rel=\"noreferrer noopener\">dramatically transformed<\/a> into a company that primarily does instant homebuying, or iBuying.<\/p>\n\n\n\n<p>But on Monday the home listings giant called a timeout on purchasing homes through the end of 2021. Zillow will keep trying to sell existing home inventory, plus renovate and try to resell homes it has purchased under contract, according to a company press release. However, Zillow\u2019s home purchasing is at \u201coperational capacity.\u201d<\/p>\n\n\n\n<p>\u201cWe\u2019re operating within a labor and supply constrained economy inside a competitive real estate market, especially in the construction, renovation and closing spaces,\u201d said Jeremy Wacksman, chief operating officer at Zillow, in a written <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-17\/zillow-pauses-home-purchases-as-snags-hit-tech-powered-flipping\" target=\"_blank\" rel=\"noreferrer noopener\">statement<\/a>. \u201cWe have not been exempted from these market and capacity issues and we now have an operational backlog for renovations and closings. Pausing new contracts will enable us to focus on sellers already under contract with us and our current home inventory.\u201d<\/p>\n\n\n\n<p>The company did not elaborate on these labor and supply issues, and Zillow did not immediately respond to follow-up questions.<\/p>\n\n\n\n<p>Broadly speaking, there\u2019s a dearth of U.S. construction workers. Jobs in the construction sector in September was at <a href=\"https:\/\/www.housingwire.com\/articles\/construction-a-bright-spot-in-weak-september-jobs-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">200,000 positions below<\/a> February 2020, pre-covid levels. Also, there remains a bottleneck of lumber and other supplies, leading to prolonged industry concerns. For example, Miami-based homebuilder <strong>Lennar<\/strong> <a href=\"https:\/\/www.housingwire.com\/wp-admin\/post.php?post=321954&amp;action=edit\" target=\"_blank\" rel=\"noreferrer noopener\">complained on a September earnings call<\/a> it cannot ramp up new home construction to meet demand.<\/p>\n\n\n\n<p>Zillow, though, had not previously focused on labor and supply issues publicly. In fact, the company\u2019s second quarter <a href=\"https:\/\/www.realtrends.com\/blog\/zillows-purchase-of-showingtime-closes\/\" target=\"_blank\" rel=\"noreferrer noopener\">earnings<\/a> report, released in early August, indicated an acceleration of home purchases. \u00a0<\/p>\n\n\n\n<p>\u201cWe expect Zillow Offers revenue to increase in future periods as we continue to increase our home buying and home selling activities,\u201d reads the report.<\/p>\n\n\n\n<p>Zillow\u2019s two primary iBuying competitors \u2013 <strong>Opendoor<\/strong> and <strong>Offerpad<\/strong> \u2013 were quick to note Monday they have no plans to pause homebuying.<\/p>\n\n\n\n<p>&#8220;We know how important certainty and convenience are to homeowners seeking to move and we\u2019ve worked hard over the past seven years to ensure we can continue to deliver our experience at scale,\u201d stated a company spokesperson.&nbsp;\u201cOpendoor&nbsp;is&nbsp;open&nbsp;for business and continues to scale and grow.&#8221;<\/p>\n\n\n\n<p>Offerpad, meanwhile, announced Monday it was expanding purchase business into Sacramento, San Bernardino, and Riverside in California. \u201cOfferpad\u2019s ibuyer operations are running as smoothly as ever,\u201d said a company spokesperson.<\/p>\n\n\n\n<p>Zillow reported acquiring 3,805 homes in the second quarter and has $1.2 billion in unsold home inventory.<\/p>\n\n\n\n<p>The company\u2019s iBuying segment was responsible for $772 million of its $1.3 billion second quarter revenue, thanks to 2,086 homes sold. However, the segment posted a $59 million loss before taxes, depreciation, and amortization.<\/p>\n\n\n\n<p>Overall, Zillow <a href=\"https:\/\/www.housingwire.com\/articles\/zillow-earns-profit-no-thanks-to-ibuying\/#:~:text=Zillow%20makes%20money%20through%20agents,and%20%241.3%20billion%20in%20revenue.\">reported $9.6 million<\/a> in second quarter net income thanks to the profitability of Premier Agent, the company\u2019s longstanding program where real estate agents pay monthly fees to advertise themselves as buyer\u2019s agents on Zillow\u2019s website.<\/p>\n\n\n\n<p>Zillow\u2019s press release Monday notes, \u201cFor prospective sellers, Zillow Offers is connecting them with a local premier agent partner.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zillow called a timeout on purchasing homes through the end of 2021. It will keep trying to sell existing home inventory, plus renovate and try to resell homes it has purchased under contract<\/p>\n","protected":false},"author":16592,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[736],"class_list":["post-2570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Zillow calls timeout on iBuying, but competitors won&#039;t - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"Zillow called a timeout on purchasing homes through the end of 2021. 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