Zillow to Stop Buying Homes for Remainder of 2021

(Seattle, WA) -- Seattle-based Zillow says it will stop buying homes the rest of the year as they attempt to work through the backlog of homes already purchased. The "iBuyer" model used by the online real estate company purchases homes directly from sellers and re-lists them after doing some minor work to increase value. However, Zillow hasnot been able to close, renovate and resell the homes quickly enough due to the recent shortage on labor and materials.

The company will still market and sell the homes acquired through Zillow Offers, which has purchased close to four-thousand homes in the second quarter of this year.