Zillow Gives Up! iBuying is Over for Them!by Ottie on November 3rd, 2021
Zillow announced that it's permanently disbanding the iBuying business. It's shocking and understandable at the same time. Shocking just given how much they've invested in the huge bet. Understandable given how inefficent/non-scalable/unprofitable the business ended up being.
One number that makes this decision - while super-embarrassing - probably the right one: 2,000. That's the estimated number of employee's they'll layoff by the time that rid of the business. It's also the number of homes they sold in Q2 2021. One full time employee selling one house each 3 months is not a good business model.
As for this site, we'll continue to keep it updated for now as it will be interesting to see the data as Zillow "winds down" the business. May consider adding another iBuyer site in the future to replace Zillow. Stay tuned!