Jeff Covington Realty

Miller Grove, Texas

08:36 AM EDT, 10/18/2021 (MT Newswires) -- Zillow Group (Z) said it will not sign any new contracts to buy homes through the end of the year due to a backlog in renovations, as well as operational capacity constraints.
The online real estate marketplace said the pause will allow it to focus on buying homes with already-signed contracts, but have yet to close, and reducing the renovation pipeline. Zillow also said it will continue to market and sell homes through Zillow Offers.
"We're operating within a labor- and supply-constrained economy inside a competitive real estate market, especially in the construction, renovation and closing spaces," said Chief Operating Officer Jeremy Wacksman. "We have not been exempt from these market and capacity issues and we now have an operational backlog for renovations and closings."
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Home inventory for the week of the Sept. 6th UP but still Down... , , ,