Real estate company Zillow said on Tuesday it would lay off a quarter of its 6,400 employees as it shutters its home-flip business, a blow to the company as it seeks to expand its role in connecting buyers and sellers of real estate.In a statement explaining why the company was abruptly discontinuing a side business called Zillow Offers, CEO Rich Barton said, “The uncertainty in home price forecasts has far exceeded our expectations.” As a result, continuing to grow Zillow Offers would “result in over-inflated margins and a destabilizing balance sheet,” he added. Barton said on Twitter that the decision…
Author: Private Lending Agent
Most people know Zillow as the company that makes it easy to browse real estate properties online. Historically, Zillow's revenue has come from web advertising and selling leads to brokers.But for years, the real estate giant has been trying to quickly buy up thousands of homes and flip them for a profit, a practice it calls instant buying, or “iBuying.” Its iBuying division, Zillow Offers, generated revenue of $1.47 billion in the first half of this year.But on October 18, Zillow announced it was pausing iBuying for the remainder of 2021. Then on November 2, it announced it was shutting…
One Orange County real estate company owner has agreed to plead guilty and another has been indicted in connection with a Ponzi scheme involving real estate flipping investment schemes uncovered by federal prosecutors on Friday. Brett Reed Barber, 42, of Costa Mesa, was arraigned after his arrest Thursday and is expected to be released Friday, U.S. Attorney's Office spokesman Tom Mrozek said. A trial is scheduled for Dec. 21. Luis Alfonso Zimmerle, 62, of Sacramento, agreed to plead guilty to a felony charge of wire fraud in a plea agreement filed Thursday, Mrozek said. The two are co-owners of Newport…
When working with commercial real estate data sets, you may need to create a sum for a range of values that meet a certain condition. Luckily, Microsoft Excel has a built-in function called “SUMIF” that makes this task easy. This article defines the SUMIF function, explains the syntax for using it, and provides an example of using it in a commercial real estate scenario. What is the SUMIF function? SUMIF is a Microsoft Excel function that allows users to sum a range of values only if a certain set of conditions are met. In terms of CRE analysis, this function…
Zillow, which acquired more than 3,800 homes in the second quarter, will halt new purchases for the remainder of the year as it works through a backlog of properties already in the pipeline. (Photo: Cindy Yamanaka, Orange County Register/SCNG) Patrick Clarke | Bloomberg Online real estate giant Zillow Group is pausing its U.S. home buying efforts as its shift to tech-enabled home flipping has stalled. Zillow, which acquired more than 3,800 homes in the second quarter, will halt new buying for the remainder of the year as it works through a backlog of listings already in the pipeline. “We operate…
Home renovator and former Bachelorette star JoJo Fletcher advises anyone considering renovating or remodeling a new space during the ongoing pandemic to prioritize their plans and get a start early.Fletcher, who is facing backorders and shipping delays on two ongoing projects, said the pandemic has taught her patience and understanding that everyone in the design industry is experiencing the same waiting.”Everything is backordered,” she said. “I'm currently renovating two houses, and whereas normally it would take about 'X' months for appliances to arrive, now we're seeing lead times of up to 24-44 weeks for everything – appliances, furniture, materials, etc.”Photo…
Home renovator and former Bachelorette star JoJo Fletcher advises anyone considering renovating or remodeling a new space during the ongoing pandemic to prioritize their plans and get a start early.Fletcher, who is facing backorders and shipping delays on two ongoing projects, said the pandemic has taught her patience and understanding that everyone in the design industry is experiencing the same waiting.”Everything is backordered,” she said. “I'm currently renovating two houses, and whereas normally it would take about 'X' months for appliances to arrive, now we're seeing lead times of up to 24-44 weeks for everything – appliances, furniture, materials, etc.”Photo…
The investor admits that getting started in real estate can be scary, but he uses his YouTube channel to inspire and educate others interested in the business.Here Jack posts before and after tours of renovations as well as how-to guides such as how to buy a house on the cheap and how to find property investment deals on Rightmove.On his Instagram account, he's documenting the renovation and posting Q&As for those who want to learn more about his business.”I've found that successful people in business look at risk in a totally different way,” he says. “They say the biggest risk…
If you've ever thought about getting into home flipping, there are a few things to consider, the first of which is whether you're in the right place to do it.WalletHub recently compared over 170 U.S. cities in terms of market potential, costs and quality of life to help potential home flippers choose the best market to list their home for sale.Explore the 5 most expensive homes in Atlanta currently on the market”Our data sets range from average purchase price, to average home renovation costs, to real estate agents per capita,” the company said.Several Georgia cities made the list.Columbus ranked highest…
If you're good with a hammer and a money-saving real estate genius, you could make a pretty good living flipping a house — but only if you invest in the right market to profit from your home's potential. When it comes to real estate investing, buying low and selling high may seem like a no-brainer. But fans of HGTV's “Flip or Flop” and A&E's “Flipping Vegas” know that behind the drywall, stucco and wood framing of any home can lurk potentially budget-busting expenses that will cost more to fix than they will generate profits. That's why it's important to invest…