Get This Report about Zillow listing of home goes viral after photo shows white powder

Zillow is doing a $450 million bond offer to get the money it needs. Opendoor went public via a Chamath Palihapitiya-backed SPAC deal to scale as rapidly as it can. Even Rocket Houses is entering the action. The race is on amongst tech firms to demolish U.S. real estate stock and dominate the significantly competitive high-tech house-flipping market, otherwise understood as the fast-growing "i, Buyer" market."There's nearly an arms race to get the most inventory possible," said Daren Blomquist, vice president of market economics at, who described the state of the i, Purchaser market as "nearly frenzied." "It's less about making money off that inventory, at least at first, and more about who can get the many stock the fastest."High-tech middlemen like Opendoor and Zillow Offers, Zillow's home-buying platform, very first inserted themselves into the housing scene a couple of years ago, equipped with inexpensive money and intending to benefit off the bedrock of American middle-class wealth.

Zillow is making cash offers on houses using its 'Zestimate' home value  tool - Fox Business

They then make a few repairs and quickly put it back on the market, preferably at a greater rate. In exchange, they charge the homeseller a fee that differs according to a variety of factors. While small relative to the $36 trillion residential real estate market, the nascent industry is proliferating with unforeseeable repercussions as companies contend to develop themselves as the primary brand.

"Our monetary objective is to drive quick growth at scale with continual improvement in our profitability," Opendoor, the market pioneer, wrote in its letter to investors this week. After going public last year, Opendoor has now broadened into more than 40 markets and bought 8,500 houses in the second quarter, more than any other quarter by nearly 50%.

Our Working at Zillow - Glassdoor Diaries

Zillow announced similarly ambitious plans during its recent incomes call. While  Full Article  bought only 3,800 houses in the 2nd quarter, Zillow is preparing to scale enormously through the rest of 2021, saying that it expects its Homes division to bring in around $1. 4-1. 5 billion in revenue next quarter, approximately double what the division made this quarter.

Zillow Offers, a cash home offer platform, launches in Houston - Houston  Business Journal

(The original deal was for $300 million, however due to investors' interest in participating the U.S. housing treasure trove, Zillow reportedly increased its size.)"We're at a minute of change," said Greg Schwartz, a former Zillow executive who now runs Tomo, a fintech start-up that attempts to improve the homebuying experience.