On Sunday, the real estate firm, Zillow, announced that it has put a lid on buying new properties through its iBuying program, Zillow Offers.
Zillow stated that they are temporarily pausing Zillow Offers in order to catch up with the massive demand they experienced. Citing operational and labor-related shortages, Zillow said they will not be buying any more homes at least through the end of 2021.
The Zillow Offers program has seen some notable success, with Zillow buying over 3,800 homes just in the second quarter of this year. They are putting on the breaks in order to finalize all the contracts they do have, as well as do the necessary renovations before putting the homes back on the market.
This is somewhat surprising, given Zillow’s place in the industry the practically unmatched amount of data they have access to on basically every real estate market in the country. They are the only firm in this space to make such a move as of now.