{"id":2594,"date":"2021-10-27T13:26:13","date_gmt":"2021-10-27T13:26:13","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2021\/10\/27\/inside-zillows-misadventures-in-ibuying\/"},"modified":"2025-03-13T02:39:27","modified_gmt":"2025-03-13T02:39:27","slug":"inside-zillows-misadventures-in-ibuying","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2021\/10\/27\/inside-zillows-misadventures-in-ibuying\/","title":{"rendered":"Inside Zillow\u2019s misadventures in iBuying"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" src=\"https:\/\/www.realtrends.com\/blog\/wp-content\/uploads\/sites\/9\/2025\/03\/Rih-Barton-HW.jpg\" alt=\"Rich Barton - HW+\" class=\"wp-image-297256\"\/><figcaption>Zillow CEO Rich Barton.<\/figcaption><\/figure><\/div>\n\n\n\n<p>Antonio Pellegrini was stunned.<\/p>\n\n\n\n<p>In May the real estate agent listed a two-bedroom home in Fountain Hills, Arizona, 30 miles north of Phoenix, for $342,000. After 25 days on the market, there were no takers for the 1,400-square-foot home and Pellegrini counseled his client about potentially lowering the listing price.<\/p>\n\n\n\n<p>Then Zillow came along.<\/p>\n\n\n\n<p>The company\u2019s Zillow Offers instant homebuying \u2013 or iBuying \u2013 division offered $406,000 for the house, 16% above listing price. Pellegrini told his client to take the offer right away.<\/p>\n\n\n\n<p>Today, Zillow<a href=\"https:\/\/www.redfin.com\/AZ\/Fountain-Hills\/11652-N-Saguaro-Blvd-85268\/unit-3\/home\/27186214\"> has listed the house<\/a> on North Saguaro Boulevard for $364,000, which is $42,000 less than what they bought it for.<\/p>\n\n\n\n<p>\u201cThere was no bidding war,\u201d recalled Pellegrini of <strong>Pellegrini &amp; DeGeorge Partners<\/strong>, an affiliate of <strong>Sotheby\u2019s International Realty<\/strong>. \u201cIt was from an online algorithm, and Zillow must be so na\u00efve and understaffed that they couldn\u2019t take the time to look at the property history.\u201d<\/p>\n\n\n\n<p>Last week, Zillow paused home purchases made under Zillow Offers, a division of the widely recognizable Seattle-based company that makes up 60% of its operating revenue and expenses.<\/p>\n\n\n\n<p>Zillow\u2019s primary iBuying competitors \u2013 <strong>Opendoor<\/strong>, <strong>Offerpad<\/strong> and to a lesser extent, <strong>Redfin<\/strong> \u2013 pounced on the announcement, making clear that they are open for business.<\/p>\n\n\n\n<p>\u201cOfferpad is continuing to expand our reach,\u201d company founder and CEO Brian Bair told HousingWire. \u201cWith one of only a few companies that provide an iBuying offering halting business, it does present an opportunity to us as customer demand for streamlined, on-demand real estate solutions remain high.\u201d<\/p>\n\n\n\n<p>Zillow has declined to comment on its decision beyond an Oct. 18 press release that cited labor and supply chain constraints and said its home purchase program hit \u201coperational capacity.\u201d The<a href=\"https:\/\/www.housingwire.com\/articles\/zillow-calls-timeout-on-ibuying-but-competitors-wont\/#:~:text=%E2%80%9CWe're%20operating%20within%20a,Zillow%2C%20in%20a%20written%20statement.\"> company said<\/a> it would complete purchases that are under contract but not closed, and will continue to work on reselling existing inventory. More will be known Nov. 2 when Zillow has its third-quarter earnings call.<\/p>\n\n\n\n<p>From what we know now, Zillow accumulated significant debt to grow its iBuying division, while perhaps not being fully sensitive to the nuances of real estate.<\/p>\n\n\n\n<p>\u201cIt may be difficult for algorithms and folks who are making a value assessment,\u201d said Pasadena, California-based <strong>Compass <\/strong>agent Tracy Do, who has been encountering iBuyers in her deals in the past months, \u201cparticularly when they don\u2019t know that specific market and buyer preferences.\u201d  .<strong>..Article continued on <a href=\"https:\/\/www.housingwire.com\/articles\/inside-zillows-misadventures-in-ibuying\/#\" target=\"_blank\" rel=\"noreferrer noopener\">HousingWire.com<\/a>.<\/strong><\/p>\n\n\n\n<p><em>This article was originally published by HousingWire. The&nbsp;<a href=\"https:\/\/www.housingwire.com\/articles\/inside-zillows-misadventures-in-ibuying\/#\" target=\"_blank\" rel=\"noreferrer noopener\">full article is available on HousingWire.com<\/a>&nbsp;for HW+ Members.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zillow paused iBuying after rapidly accumulating billions of dollars in debt and thousands of unsold homes. How did it happen? And what happens next? We explore. HW+ Premium Content<\/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-2594","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>Inside Zillow\u2019s misadventures in iBuying - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"Zillow paused iBuying after rapidly accumulating billions of dollars in debt and thousands of unsold homes. How did it happen? And what happens next? We explore. HW+ Premium Content Zillow paused iBuying after rapidly accumulating billions of dollars in debt and thousands of unsold homes. How did it happen? And what happens next? We explore.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realtrends.com\/blog\/2021\/10\/27\/inside-zillows-misadventures-in-ibuying\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inside Zillow\u2019s misadventures in iBuying\" \/>\n<meta property=\"og:description\" content=\"Zillow paused iBuying after rapidly accumulating billions of dollars in debt and thousands of unsold homes. How did it happen? And what happens next? We explore. HW+ Premium Content Zillow paused iBuying after rapidly accumulating billions of dollars in debt and thousands of unsold homes. How did it happen? And what happens next? We explore.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.realtrends.com\/blog\/2021\/10\/27\/inside-zillows-misadventures-in-ibuying\/\" \/>\n<meta property=\"og:site_name\" content=\"RealTrends - Blog\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.realtrends.com\/blog\/wp-content\/uploads\/sites\/9\/2025\/03\/9ced5ef4-69ab-4ba7-a7cd-ec49be7b274d.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Matthew Blake\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Matthew Blake\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.realtrends.com\/blog\/2021\/10\/27\/inside-zillows-misadventures-in-ibuying\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.realtrends.com\/blog\/2021\/10\/27\/inside-zillows-misadventures-in-ibuying\/\"},\"author\":{\"name\":\"Matthew Blake\",\"@id\":\"https:\/\/www.realtrends.com\/blog\/#\/schema\/person\/478182877225fb9bd299ef7d6d15aaf7\"},\"headline\":\"Inside Zillow\u2019s misadventures in iBuying\",\"datePublished\":\"2021-10-27T13:26:13+00:00\",\"dateModified\":\"2025-03-13T02:39:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.realtrends.com\/blog\/2021\/10\/27\/inside-zillows-misadventures-in-ibuying\/\"},\"wordCount\":414,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.realtrends.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.realtrends.com\/blog\/2021\/10\/27\/inside-zillows-misadventures-in-ibuying\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.realtrends.com\/blog\/wp-content\/uploads\/sites\/9\/2025\/03\/9ced5ef4-69ab-4ba7-a7cd-ec49be7b274d.png\",\"articleSection\":[\"Archive\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.realtrends.com\/blog\/2021\/10\/27\/inside-zillows-misadventures-in-ibuying\/#respond\"]}],\"isAccessibleForFree\":\"False\",\"hasPart\":{\"@type\":\"WebPageElement\",\"isAccessibleForFree\":\"False\",\"cssSelector\":\".wp-block-housingwire-piano-member\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.realtrends.com\/blog\/2021\/10\/27\/inside-zillows-misadventures-in-ibuying\/\",\"url\":\"https:\/\/www.realtrends.com\/blog\/2021\/10\/27\/inside-zillows-misadventures-in-ibuying\/\",\"name\":\"Inside Zillow\u2019s misadventures in iBuying - RealTrends - Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.realtrends.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.realtrends.com\/blog\/2021\/10\/27\/inside-zillows-misadventures-in-ibuying\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.realtrends.com\/blog\/2021\/10\/27\/inside-zillows-misadventures-in-ibuying\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.realtrends.com\/blog\/wp-content\/uploads\/sites\/9\/2025\/03\/9ced5ef4-69ab-4ba7-a7cd-ec49be7b274d.png\",\"datePublished\":\"2021-10-27T13:26:13+00:00\",\"dateModified\":\"2025-03-13T02:39:27+00:00\",\"description\":\"Zillow paused iBuying after rapidly accumulating billions of dollars in debt and thousands of unsold homes. 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