Jon M. Acuff

"Yesterday Zillow discontinued their program, "Zillow Offers" permanently. Two weeks ago they announced a "pause" in the program which then stopped making offers. It is now clear, given the losses they shared with Wall Street yesterday, that pause was just a pre-emptive move in advance of a permanent elimination of the entire program.

According to the Zillow CEO, Rich Barton, they've been overpaying for homes across the county and have amassed thousands of properties in their quest to be the biggest i-buyer. He further said the algorithm they've been using to determine value is flawed. (think "zestimates") He also said they have already lost over $380,000,000 buying and selling and will realize at least $569,000,000.00 in additional losses on inventory that has not sold. Meanwhile they have thousands of homes currently under contract to buy that they must close on that will potentially add another $240,000,000.00 to the loss column. Meaning: this program will end up in the red by over $1,000,000,000.00. Yes, 1 Billion Dollars.

Zillow is a media company with a tech platform. They became a real estate company, home remodeler and flipper, mortgage company, and title company. Yesterday that all failed. Back to the basics for Zillow. Being all of those things is one thing, succeeding at them is something totally different!!

Rest assured, this should not affect the marketplace or valuation. The number of homes they own (and will sell), is a very small fraction of the homes in America.

Remember this -- All real estate is local. Trust the local experts."

The latest info from The Georgia Association of Realtors...

JUNE HOUSING INDICATORS
The Monthly Housing Indicators for Georgia are in for the month of June. Summer is here and buyers are flooding the market in search of their next homes. The average sales price increased 24 percent year over year and inventory was down 43 percent.

New Listings increased 9 percent to 18,821
Pending Sales were down 4 percent to 15,367
Closed Sales were up 10 percent to 15,973
Inventory levels shrank 43 percent to 18,558 units
The Median Sales Price increased 22 percent to $304,000
The Average Sales Price increased 24 percent to $363,502
Days on Market decreased 55 percent to 24 days
Months Supply of Inventory was down 54 percent to 1.3 months

A peek at what the current marketplace is like. I can help you navigate the rapids and realize your goal!

Why the real estate market continues to explode As the pandemic shifted our work lives into working-from-home lives, it also accelerated trends among homebuyers toward more affordable locales. As a result,...

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Buyers Face Off in Fastest Sales Ever Homes are selling in record time while new listings remain nearly 26% below pre-pandemic levels, realtor.com® reports.

https://www.homelight.com/blog/how-home-inspection-works/

Here’s How A Home Inspection Works (It’s Not Pass or Fail!) Home inspections create fragile dynamics between sellers and buyers. Know exactly how a home inspection works, so you don’t put your contract in jeopardy.