Here’s a quick digest of what happened in U.S. real estate last month:
+ Nationwide this year, the typical home buyer submitted two offers before one was accepted — double the amount from 2020.
+ Zillow began offloading 7,000 of their iBuyer homes in October and have just announced that they are shutting down Zillow Offers and laying off 25% of their workforce. Zillow CEO Rich Barton stated, “We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility.”
+ More home sellers are cutting their list price. Four experts weigh in on what they think will happen to home prices through the end of the year.
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