Zillow
Founded in 2005, Zillow is the most visited real estate website in the United States. It provides an online real estate marketplace for finding and sharing information about homes, real estate, and mortgages. Together with its affiliates and subsidiaries, it provides users with an on-demand experience for selling, buying, renting or financing a home.
Zillow’s most widely known tool, the Zestimate, was born out of the release of Google Maps’ satellite view that provides a detailed view of neighborhoods throughout the country. The idea was to attach a price to each house in that type of satellite view – and has since grown, for better or worse, into a very popular mechanism used by consumers to value homes.
In 2019, with the return of Rich Barton as CEO, Zillow entered the mortgage space after purchasing Mortgage Lenders of America, launching its own lending operation called Zillow Home Loans. According to Zillow, the strategic move streamlined and shortened the homebuying process for consumers who purchased homes through Zillow Offers
Zillow recently made news with its exit from the iBuying market, opting to cease operations on its Zillow Offers program – which involved the company in buying homes, making minor renovations and then quickly re-selling the homes for a profit. Zillow Offers had been responsible most of the company’s revenue and, after being eliminated, led to the loss of nearly 2,000 jobs and losses of more than $500 million on the value of the remaining homes on its books. This is a major contrast to original forecasts for the Zillow Offers program, which executives initially predicted would generate $20 billion in revenue annually.
Latest Posts
MLS defendants look to dismiss antitrust suit filed by Zillow
Feb 22, 2024ARMLS and Metro MLS claim decision to only offer Aligned Showings instead of ShowingTime was not the result of collusion.
-
CoStar continues to post solid growth in the fourth quarter
Feb 20, 2024 -
Major real estate firms among defendants in 118 data privacy lawsuits
Feb 15, 2024 -
Shoppers are gearing up for the spring home-buying season: Zillow
Feb 14, 2024 -
Zillow appoints Nicole Booth to head its public policy efforts
Feb 12, 2024 -
California’s high costs aren’t deterring Gen Z from moving there: Zillow
Feb 09, 2024 -
CoStar’s billion-dollar marketing spend to include four Super Bowl ads
Feb 09, 2024 -
REX appeals latest court ruling in its ongoing battle with Zillow
Feb 06, 2024 -
Here are the markets with the most baby boomer homeowners
Jan 26, 2024 -
Affordability boosts Indianapolis housing market
Jan 22, 2024