Zillow bought a house in a neighborhood where I'm active

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Submitted by Escoguy on August 2, 2021 - 8:16pm

So maybe many of you have seen this already so it may not mean as much but for the first time, I'm seeing a house listed which is "owned by Zillow".

My thoughts:

They have a lot of data, cheap capital, and this won't be a one time thing.
One could argue, this puts a kind of floor under the market in the intermediate term as a player like this with deep pockets could arguably buy a meaningful portion of inventory in a market like SD and almost work like a cartel leader.

Part of me thinks anyone who has been holding out of buying will resent this trend.

Personally, I would rather see long term investors/actual owners buy the property.

It may also provide liquidity in some cases but I don't think they would offer top dollar etc.

Here is the home as an FYI:
https://www.zillow.com/homedetails/3167-...

As of 21 hours on the market, it has 29 saves and 681 views.
Typically for every save, the house will sell for $1K over list.
I'm guessing this will end up at 910-930K.

Submitted by teaboy on November 3, 2021 - 11:41am.

sdrealtor wrote:

The CEO blamed it on the difficulty of forecasting home values which is their supposed expertise. He undercut their entire value proposition with that PR gaff. He'll be looking for a new job soon

I dont see why; The Weather Channel and just about every financial prognosticator seem to keep getting away with it.

tb

"It's tough to make predictions, especially about the future" Niels Bohr ...or was it Yogi Berra?

Submitted by Myriad on November 3, 2021 - 6:37pm.

Seems like a good time for Elon to step in with a "new & revolutionary" way to renovate homes for solar and get a Tesla. And you can buy with bitcoin or whatever coin de jour he's hyping.
home prices to the moon

Submitted by scaredyclassic on November 3, 2021 - 11:08pm.

The z estimates for current value seem close. But their website also predicts next year's house appreciation. That seems almost...fraudulent.

Submitted by teaboy on November 4, 2021 - 10:19am.

Myriad wrote:

home prices to the moon

Why stop there? Home prices to Mars!

Literally. Sell your home to Elon for a one way ticket on SpaceX's interplanetary version of the Titanic.

tb

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