Market Watch - 5 Nov. 2021

Since last week, New Listings were flat and Sold increased while Properties Under Contract and Pending decreased.

Zillow announced it would drop out of the iBuyer market. They will no longer purchase and flip homes. This abrupt withdrawal by a “market disruptor” will result in a 25% staff reduction and an approximately $540 million write down. The inventory of homes will be sold at existing market value as available.

CNN states the loss “was because it bought homes during the last quarter for prices higher than it believes it can sell them.” This was somewhat expected considering that Inman reported in 2016 that Zillow’s CEO, Spencer Rascoff, sold his home for much less than it’s Zestimate – 40 percent less.

The Lease Listings and Leased properties increased while Properties Pending decreased as expected with the first of the month.

Please see my Lease Market Snapshot from earlier this week to get a deep view of the city-by-city market. It goes over the minimum and maximum asking prices plus median days on market, number of lease properties available and city populations based on the most-requested house type for all cities with property in Collin and Denton counties.

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

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