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
Judge denies Zillow’s motion for summary judgement in the REX suit
Aug 07, 2023Things are continuing to heat up in Zillow Group’s legal battle with discount brokerage REX Homes, as the Sept. 18 trial date looms ever closer.
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For Zillow, 2023 is the year of execution
Aug 02, 2023 -
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Aug 01, 2023 -
CoStar rides record site traffic to $101 million profit in Q2
Jul 26, 2023 -
Single-family homes built in 2022 were smaller, taller, and more commonly started “off-site”
Jul 26, 2023 -
Zillow shuts down Closing Services
Jun 28, 2023 -
Existing home sales in May were slightly less bad than April
Jun 22, 2023 -
Homebuilders are taking advantage of low existing inventory
May 23, 2023 -
Existing home sales fell 23% in April
May 18, 2023 -
New home sales rose by 9.6% in March
Apr 25, 2023 -
Existing home sales down 22% from a year ago
Apr 20, 2023 -
Single-family sector a bright spot for builders in March
Apr 18, 2023