On Tuesday, Zillow made the startling announcement that it plans to shut down its iBuying operations altogether — just weeks after it paused new iBuying.
The move should take several quarters and will also result in Zillow reducing its workforce by approximately 25 percent, according to an earnings report published Tuesday. The report ultimately states that Zillow plans “to wind down Zillow Offers, the company’s iBuying service in which Zillow acts as the primary purchaser and seller of homes.”
The news came less than a day after the behemoth search portal and iBuyer indicated it would seek to sell off approximately 7,000 homes it purchased under the auspices of Zillow Offers for about $2.8 billion. Theoretically, it would seek to unload the properties to an institutional investor, but Inman wondered if there was a better way to reduce its large inventory.
Below, please take our quick poll and let us know what Zillow should do with all the homes it currently owns now that it’s shuttering its iBuyer program.