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Zillow to shutter home buying business and lay off 2,000 employees as its big real estate bet falters

Zillow

Zillow Group’s ambitious tech-fueled bid to shake up how people buy and sell homes is coming to a surprising end.

The Seattle online real estate giant said today it will shut down Zillow Offers, its iBuying program that aims to digitize and accelerate the homebuying experience.

Approximately 25%, or about 2,000 people, will be laid off as a result of Zillow Offers closing. The company will take a write-down of more than $500 million related to the shutdown.

 

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Zillow’s collapse was no surprise to me. I sold my home to an iBuyer and watched it get clobbered

Zillow reportedly needs to sell 7,000 houses after it bought too many

Did you know the site actually sells houses?

The company is trying to sell the homes to “institutional investors” (read: Wall Street-like firms) to the tune of $2.8 billion.

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