Zillow shuts down ibuyer program, what does this mean for the market?

Earlier this month, Zillow announced they are no longer buying/selling homes. Many people think this means "housing crisis" or "bubble burst" - we don't think it does. Here's why:

1. Homes are expensive: This year, sellers and agents saw Zillow buy homes ata and above market value across the US

2. Labor & Materials are hard to come by: If you're selling or flipping a property, you're going to need both.

3. Zillow has always made money from IMT: Internet, media, and technology. Agent advertising spend. Their home buying platform was never profitable.

4. Algorithms don’t know the local market: They also don't know the condition of a home, or the smell of a cat. Pricing is not just science, it's an art. It's important to work with an experienced professional when you buy or sell.

Buyers: We don't expect to see any Zillow owned homes flooding our local market. Zillow's inventory was in much larger markets across the US.

Sellers & Homeowners; If you rely on Zillow's Zestimate to determine the value of your home it's never been more important to reach out to a local professional for an accurate home value.

We provide in depth home value reports for FREE, these are available to you at any time. Whenever you're ready for one call/text/email any of our team members.

Hokel Real Estate Team | www.hokelrealestateteam.com | 515-981-2113