Zillow’s zeal to outbid for homes backfires in flipping fumble
Zillow’s zeal to outbid for homes backfires in flipping fumble
By Patrick Clark and Noah Buhayar | Bloomberg
Faced with the fastest-rising real estate prices in U.S. history, Zillow Group tweaked the algorithms that power its home-flipping operation to make higher offers.
It ended up with so many winning bids that it had to stop making new offers on properties. Now, after buying more homes in the third quarter than it ever has before, the company is working…