Zillow Group ZG decides they are going all in on flipping houses themselves (you can't make this sh3t up) and the stock does a nose dive. What perfect timing! Just as the market is having a period of "inverse heating." But no worries RedFin has the same business-plan now and I'm sure they'll make a ton-o-money flipping shacks in AZ.
“GeekWire chronicled the first house Zillow ever purchased directly over the summer, a 15-year-old, four-bedroom, two-bath ranch-style home in the Phoenix suburb of Chandler, Ariz. Zillow purchased the house in May for $410,000 and put it on the market a few weeks later for $425,000.”
“Zillow aims to turn around and sell the houses it buys in roughly 90 days. The Chandler home sat on the market a little longer — about 4 months. Zillow reduced the price and it eventually sold in late September for $403,000.”