Shorting Zillow's Stock?
I am of course jaded. I am a real estate broker living and working in Phoenix, AZ. We are the testing ground for all these new tech companies such as IBuyer's. They claim to give the seller a good deal and offer a fair price. I am hearing they usually knock off about 15% of the fair market value of the home when it's all said and done. Most sellers would profit more by selling with a broker.
The part that blows me away is that in a seller's market, Zillow isn't turning a profit on its IBuying program. What happens when the market turns?