It also said it would try to offload more than 7,000 homes and leave the iBuying - or "instant buying" - business completely. The company stunned the industry earlier this month when it announced it would be shutting down Zillow Offers, the house-flipping arm of its company. The reason they thought it would be successful is that the company believed their own Zestimate of what the house is worth as-is, and their own guess as to what it would be worth after it was slicked-up.Īnd they went into this business in a big, big way. That becomes important in 2018 when Zillow decided to get into the house flipping business. In other words, they would buy a house for cash, make cosmetic improvements, then try to sell for a nice profit. So in some states, like Georgia, the Zestimates were simply not very accurate, even as guesses of a home’s value. In the world of computers, we say garbage in - garbage out, meaning that the Zestimate is likely no better than the data available to the estimator. Zillow called these numbers Zestimates, and their accuracy has varied widely over the years. It usually is linked directly to the availability of public data in any particular state, and that information is not very good in Georgia.
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Zello houses series#
One of the keys to the success of Zillow has, from the beginning, been a series of algorithms (or mathematical formulas) that were used to make an educated guess as to the value of any home, if offered for sale at that particular time.