Zillow plans to sell roughly 18,000 homes it already owns or has under contract through its home-flipping business, called Zillow Offers, according a letter to shareholders.
Zillow agreed to sell about 2,000 of its homes to Pretium Partners, according to the Wall Street Journal.
“We are continuing to sell our remaining inventory the same way we always have.
In Phoenix alone, some 93% of Zillow homes were posted at lower prices than Zillow paid for them, according to the news outlet’s calculations.
Even in Phoenix, where online flipping companies account for 12% of active listings, according to one local realtor interviewed by Business Insider, Zillow isn’t seen as likely to sell in the open market at bargain prices.
“That would be noticeable, but they’re not going to do that — they’re not in foreclosure.
Flipping a home, on average, took RedFin 37 days in the third quarter, versus 28 days in the second quarter.
Opendoor and Offerpad are expanding their home-flipping businesses, the companies said this week.