ZILLOW is Manipulating the Housing Market. They Need to Stop.

Selling Real Estate
The US Housing Market has never been more expensive in 2021. Home prices are at an all-time high relative to wages and rents. Home buyers and real estate investors are being priced out. It’s a real Housing Crisis. And iBuyers like Zillow and Open Door are making it worse with their over-ask, cash offers.

Zillow launched a program called “Zillow Offers” in late 2018 where the company buys and sells homes in the US Housing Market. This segment of Zillow’s business has been the biggest driver of its revenue growth over the last two years, selling more than $3 billion worth of homes in 2019/2020.

While Zillow Offers is increasing its corporate profits, it is locking regular Americans out of the Housing Market. Zillow typically comes in and makes a cash offer on a home for over the asking price. Then they turn around, in a matter of weeks, and re-list the home at a price 10-20% higher than what they bought it for. Zillow recently purchased a home in Tempe, AZ for $50k over asking price. Two weeks later they list it another $80k above their purchase price. In the matter of months, they caused the price of a home in a low-income neighborhood to increase by 32%.

Zillow raises the money to fund their cash offer, home-buying program with low-interest rate credit facilities from Goldman Sachs and Credit Suisse. This means that a publicly traded company is leveraging the easy money environment creates by the Federal Reserve to price Americans out of their homes.

Zillow 2020 10K

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0:00 Zillow the Top iBuyer
1:48 Wages are NOT Keeping Up w/ Home Prices
3:32 Zillow’s Business Model: Housing Speculation
5:43 Flipping for 20% Profit: Tempe, AZ
8:19 Sick to My Stomach: What is Zillow Doing?
9:26 Los Angeles Price Gouging
11:13 Goldman Sachs & Citibank are Helping Zillow Do It
12:37 Zillow Offers Just Getting Started
13:56 Your City: is Zillow Doing This?
15:46 Take the Housing Market Back

#HousingMarket #HousingCrash #Zillow

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