Zillow will stop buying homes through Zillow Offers for the rest of the year, as the company's iBuying program goes from full speed to full stop. Zil

Zillow slams the brakes on home buying as it struggles to manage its backlog of inventory

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2021-10-19 16:00:14

Zillow will stop buying homes through Zillow Offers for the rest of the year, as the company's iBuying program goes from full speed to full stop.

Zillow will stop buying homes through Zillow Offers for the rest of the year, as the company's iBuying program goes from full speed to full stop. More from Financial Empowerment How much house can I afford?How does inflation affect my standard of living?How much do I need to save for retirement?The company announced on Monday it would not contract to buy any more homes in 2021 in order to work through the backlog of homes it has already bought. The "iBuyer" model used by Zillow and other real estate companies entails purchasing homes directly from sellers, and then re-listing the properties after doing minor work. But thanks to the current shortage on labor and materials, Zillow can't close, renovate and resell the homes fast enough. "We're

Zillow will stop buying homes through Zillow Offers for the rest of the year, as the company's iBuying program goes from full speed to full stop.