Zillow stock is down big, primarily as a result of their decision to pull out of the home buying business, their massive losses, and deciding to reduce their workforce by ~25%. In today's video we go through what happened to Zillow leading up to this news.

Many of us use Zillow when shopping for a new home or when we are trying to find out how much our own home is worth, but did you know that Zillow has been buying thousands of homes per month for the past several years? In 2018 Zillow introduced a new wing of their business called Zillow Offers where they were buying homes, fixing them up, and reselling them. Their hope was to resell these homes for a profit, but due to supply shortages, labor shortages, and overpaying for the homes, Zillow has lost over $300 million dollars as a result of this wing of their business. The week of this news, Zillow's stock crashed 36%, leaving a lot of people wondering how they would remain profitable going forward. Will Zillow recover? Your guess is as good as mine.

I hope that you enjoy this video and if you have additional questions please leave them in the comments below!

See you next video!

-Scott

#realestate #zillow

Disclaimer: This channel, and any communication shared during these videos, should not be taken as financial or legal advice. Viewers should retain their own legal counsel or financial expert(s) before making their own decisions. If you need legal advice, please contact an attorney directly. If you need financial advice, please contact a Certified Public Accountant or a Certified Financial Planner or other licensed professional. I (Scott Edward) am not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, or financial advice. And one more thing.. Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel.

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