News comes today of Zillow rolling out their buy and flip scheme to a third market, expanding testing of a pilot program in Phoenix, in which it will buy and sell homes directly. It’s a feature called “Instant Offer,” and as the name suggests, will allow customers to forego the negotiation process and effectively buy a home with just one click. Zillow would then “flip” the home, doing slight renovations and making general improvements in pursuit of a profit. The Instant Offers feature is already live in Las Vegas and Orlando, making Phoenix the third test market.
So now, if you were to click on ‘Zestimate’ with an eye on selling your home to them, how accurate do you think they are likely to be? They have abdicated their responsibility as a purveyor of news and supposedly accurate listings data by offering to buy and sell homes.
The free market is not concerned with accuracy. If Zillow offers to buy your home, they wll certainly need to buy low and sell high, just like the rest of us… The believeability of their Zestimates? LOL.