Don Cook First Team Real Estate

Why the “Zestimate” is bad:
ZILLOW SELLS 2,000 HOMES TO CONTROVERSIAL INVESTMENT FIRM
RISMEDIA NEWS
By Jesse Williams. Nov 10, 2021 (Edited)

“Zillow has reportedly taken the first steps in unloading its unprofitable backlog of i-Bought homes. According to the Wall Street Journal, the real estate giant agreed to sell 2,000 homes to rental investment firm Pretium Partners.

After announcing an end to its iBuying business last week ahead of a Q3 earnings call, the company said it would be selling a backlog of 18,000 homes either purchased or under contract, at a likely loss of around $550 million, or 5% to 7% below purchase price per home.”

Why This Fall Is a Big Opportunity for Buyers

October 5, 2021 Realtor Magazine (Edited)

The housing market has been fiercely competitive over the last few months, but hopeful buyers who keep getting shut out may soon find better luck. Several signs in the housing market point to a potential opening to buy this fall, housing analysts say.
For one, competition is cooling at some price levels and listings are receiving fewer offers. It has been reported that bidding wars have reached the lowest level all year.
Also, more listings are coming to market, offering buyers more choices. A recent realtor.com® report shows housing inventory is at a high for 2021. Nearly one-third of the 50 largest metros saw increases in the number of newly listed homes compared to last year.
“This September, buyers had more options than they’ve had all year and while that’s typical of early fall, that’s not what happened in 2020,” says Danielle Hale, realtor.com®’s chief economist. “Still, it’s important to remember that while buyers may have an easier time this fall than they did in the spring, the market remains more competitive than it has been historically at this time of year.”
There are still fewer homes for sale than a year ago, and less than half as many two years ago before the pandemic, Hale says.
Hopeful buyers will want to watch days on the market to indicate whether now could be a better time to buy. Buyers will also want to keep an eye out for the median days on the market for neighborhoods, cities, and metro areas.
Some people “feel” that homes are overpriced and believe there will be a big drop, but there are NO economic or market conditions right now that point to a price drop. This is not at all like the housing market in 2004-2009. Potential buyers will never be able to wait out the market perfectly and the odds are they will be in a worse situation as interest rates rise above the fantastic lows rates we still have.
The housing market is not like the stock market, for most of us it is our home and our largest investment; don’t gamble with your future! Call or text me if you want great info on secret off market homes and private listings?