Seattle-based Zillow to get out of home flipping, layoff 25% of workforce
Nov 3, 2021, 11:12 AM
In this file photo, a Zillow Offers Renovation Estimator evaluates a home for a possible purchase by Zillow in Lauderhill, Florida. (Photo by Joe Raedle/Getty Images)
(Photo by Joe Raedle/Getty Images)
Seattle-based online real estate company Zillow is getting out of the home flipping business, as it prepares to lay off about 25% of its workforce.
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CEO Rich Barton says the company just couldn’t accurately predict home prices. Those prices have been volatile because of the COVID-19 pandemic and an “imbalance” in the supply and demand of housing nationwide.
That means layoffs, which, on paper, Barton tells CNBC makes sense.
“The logic is clear, the emotion is difficult. This is a really tough decision for us to make because of the people,” Barton said.
GeekWire reports that about 2,000 people will lose their jobs as the company shuts down its “Zillow Offers” program.
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The company reportedly plans to sell off thousands of homes it has already purchased.
KIRO Radio’s Heather Bosch contributed to this report.
