Rumor seems to be that lots of homes have been selling above the asking price in cash, so it’s possible that Zillow was buying them at even higher prices than the “market” dictated
There was a tiktokker connecting the dots on how they were (attempting to) use their data about which zip codes and incomes like to look at/purchase homes in which areas, and use that for both arbitrage and price inflation purposes. If they think a house, could sell for more than they're listed for, just snap it up and resell. If an entire neighborhood could be selling for more, start buying up and holding, then wait and sell a couple at whatever you think the average should be for that area. Really creepy shit, and it's a good thing they fucked it up so bad.
Rumor seems to be that lots of homes have been selling above the asking price in cash, so it’s possible that Zillow was buying them at even higher prices than the “market” dictated
There was a tiktokker connecting the dots on how they were (attempting to) use their data about which zip codes and incomes like to look at/purchase homes in which areas, and use that for both arbitrage and price inflation purposes. If they think a house, could sell for more than they're listed for, just snap it up and resell. If an entire neighborhood could be selling for more, start buying up and holding, then wait and sell a couple at whatever you think the average should be for that area. Really creepy shit, and it's a good thing they fucked it up so bad.