Is Zillow artificially inflating home prices?
Homebuying platform, Zillow, is under fire after a viral TikTok. Check out the video to learn all about Zillo and the viral TikTok!
In the TikTok vidoe below, Sean Gotcher explains a scenario where Zillow could artificially inflate home prices. But there isn’t any evidence that Zillow does this.
TikToker Sean Gotcher exposed a pretty open secret that an unnamed company is buying people’s houses, fixing them up, and then selling them on Zillow and to Zillow customers. Social media connected this unnamed company to Zillow.
Why is this a bad thing? Zillow is taking money away from real estate agents. Instead of hiring an agent and putting your house on the market and waiting for a buyer to make an offer, Zillow just pays cash on the spot for your home and then sells it on their website. It takes the liability off the homeowner but could be hurting others in the industry.
Regardless, owning property is a great wealth builder for Americans that many Americans should take advantage of.
Should we be worried that big corporations are buying these houses and locking Gen Z and Millennials out of the market?