Zillow is moving out of the home-selling business

zillow is moving out of the home-selling business

Zillow has announced that it’s winding down the Zillows Offers program, a day after reports surfaced that it’s selling over 7,000 of the houses it purchased with the intent of flipping them to would-be home buyers. In a press release announcing its Q3 results, the company says that Zillow Offers only served “a small portion” of its customers and that the company had “determined the unpredictability in forecasting home prices far exceeds what [it] anticipated.”

With the program shutting down, the company says it’s reducing the estimated value of the houses it’s purchased in Q3 or will purchase in Q4 by more than $500 million. Zillow also says that winding down the business in the coming months will mean having to let go of almost 25…

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