RareHunter
All Star
Congrats breh
Zillow to stop flipping homes
- Thread starter tater
- Start date
RareHunter
All Star
Foreign investors. In truth they are making it hard to own on purpose. It’s apart of the beast system.
NoGutsNoGLory
Superstar
Black rock and foreign investment funds. They understand the old adage " you can't make more land". They are going to force as many people as possible to die renters not homeowners.
Fixed. And thanks.
RareHunter
All Star
Oh I see lol.
As a real estate professional I can only laugh at Zillow. They definitely dropped the ball big time on those purchases.
Despite that, this won’t have much impact, if any at all, on the current housing market. Zillow didn’t inflate the market. It is primarily owner occupant purchasers that are pushing values up. It’s simple supply & demand.
The market is saturated with qualified buyers and the supply of homes for sale is limited. Until that balances out we will continue to see multiple offer situations and the final sales price exceeding the original list price.
Just to add some statistics - at the start of Q4 Atlanta and the metro area saw 49.7% of listings sell for more than list price. That was slightly down from about 51% for the first 3 quarters of the year. Again, that wasn’t Zillow. This is just the market we are in right now and will be in for the foreseeable future.
Despite that, this won’t have much impact, if any at all, on the current housing market. Zillow didn’t inflate the market. It is primarily owner occupant purchasers that are pushing values up. It’s simple supply & demand.
The market is saturated with qualified buyers and the supply of homes for sale is limited. Until that balances out we will continue to see multiple offer situations and the final sales price exceeding the original list price.
Just to add some statistics - at the start of Q4 Atlanta and the metro area saw 49.7% of listings sell for more than list price. That was slightly down from about 51% for the first 3 quarters of the year. Again, that wasn’t Zillow. This is just the market we are in right now and will be in for the foreseeable future.
Should have flipped crypto instead
I hope Opendoor burns too. They are all just letting their properties sit empty and overpriced, no negotiation. One home in particular I saw before I went under contract started at $345k ($25k above comps) and they made weak $3-5k price drops over 4 months before it finally sold at $295k. Unfortunately all these companies get to write off their losses at the expense of us.
I doubt this will cool the housing market much but it should put more homes below $350k in the hands of people who actually want to live in a home and not flippers.
They're looking real dumb buying a home thats the upper limit of what the average American can afford, putting tens of thousands into renovating, then repricing it at $400k+ which is out of reach for most Americans and $100k higher than other homes on the street. Especially with the Blue-Collar shortage right now.
I doubt this will cool the housing market much but it should put more homes below $350k in the hands of people who actually want to live in a home and not flippers.
They're looking real dumb buying a home thats the upper limit of what the average American can afford, putting tens of thousands into renovating, then repricing it at $400k+ which is out of reach for most Americans and $100k higher than other homes on the street. Especially with the Blue-Collar shortage right now.
- PPP finessers
- Kids hoping their parents died due to covid to get the money
- Ppl teaming up with equity lenders.
- Illegal money
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They had a crack shack in my old hood on sale for 40K
Yup. Ppl are thirsty. Paying over asking. Especially if you got something LA.
You can flip a 150K house to a 220-230+ easily with some paint, new flooring, landscape + open kitchen.
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ALonelyDad
Veteran
Waiting for the crash opportunity
Hedge funds aren't buying any overpriced Zillow properties. They're paying a little over market value with cash and a 7-10 day closing. Zillow was aiming for uneducated buyers with conventional lenders. What they didn't realize is that FHA is not appraising these properties as high as their conventional lender friends. They shot themselves in the foot, basically. FHA is actively trying to keep appraisals low so their demographic can afford to buy.do we have any real estate agents or real estate savy people on the coli?
who are they selling these homes too? not blackrock or another HF right?
I can actually start to save for a house now....
