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
CoStar’s Andy Florance on the rise of Homes.com, the impact of the buyer commission lawsuits & more
Oct 03, 2023“I think we are going to blow people away in 2024 with some of our plans for Homes.com that no one knows about today.”
-
Zillow victorious in false advertising suit with discount brokerage
Oct 02, 2023 -
Zillow moves to have REX suit dismissed
Sep 28, 2023 -
DataDigest: Today’s homebuyers are seeking affordability not found in the West
Sep 27, 2023 -
US housing market is now worth a record $52 trillion: Zillow
Sep 27, 2023 -
Opinion: Are we facing the end of the Realtor marketplace?
Sep 18, 2023 -
Realtor.com targets sell-side agents with new lead gen toolkit
Sep 13, 2023 -
EasyKnock acquires home maintenance platform Onder
Sep 11, 2023 -
Zillow Home Loans rolls out 1% down payment option program
Aug 25, 2023 -
Judge in Zillow suit allows REX’s false advertising claims to stand
Aug 21, 2023 -
Judge dismisses antitrust claims against NAR, Zillow
Aug 17, 2023