Zillow To Expand Controversial Home-Buying Business To 20 Markets Including Los Angeles, Austin And Miami

  • 📰 Forbes
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 53%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

In its first quarter earnings report out Thursday, Zillow Group showed stronger than anticipated growth in the home-buying business it launched last year.

Share to twitterFounder Rich Barton returned as Zillow CEO in February to lead its transition from selling ads to real estate agents to flipping homes.out Thursday, Zillow Group showed stronger-than-anticipated growth in the home-buying business it launched last year. The program, known as Zillow Offers, has been met with skepticism by Wall Street and housing economists, but the Seattle-based company clearly sees the model as its path forward.

By comparison, from April 2018—when the home-buying program launched—through December 2018, Zillow purchased 686 homes and sold just 177, generating $52 million in revenue and losing $27.2 million. Overall revenue for the quarter was $454 million, up 51% from a year ago, but the net loss also expanded to $67.5 million from $18.6 million. In three to five years, Zillow anticipates turning the revenue mix upside down, bringing in around $20 billion a year from its homes segment and around $2 billion from its media business.

Most people know Zillow—and subsidiaries including Trulia, Streeteasy and Naked Apartments—as a place to browse for homes and find out how much their friends' houses are worth. Last April, the Seattle-based company entered the on-demand home sales market with Zillow Offers. Homeowners in nine markets can now solicit purchase offers from Zillow. The company buys the home, makes necessary renovations, and lists it for sale on the open market. Zillow's goal is to turn each home in 90 days.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Their stock has been hammered but their service is great and I have to believe such high investments in machine learning will pay off for them. Real Estate is behind on the times.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks making the biggest moves premarket: Uber, Marriott, Viacom, Equifax, Zillow & moreSome of the names on the move ahead of the open.
Source: CNBC - 🏆 12. / 72 Read more »

New Wave Of Millennial Home Buyers Sets The Stage For Tighter Starter-Home MarketThe coming wave of home buyers faces a future starter-home market with now-familiar dynamics: relatively high demand and low supply.
Source: Forbes - 🏆 394. / 53 Read more »

NCR's latest acquisition will expand its hospitality businessBI PRIME: Major point-of-sale (POS) terminal manufacturer NCR acquired Texas P.O.S., a Houston-based POS provider for restaurants and merchants.
Source: BusinessInsider - 🏆 729. / 51 Read more »