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The evidence behind Zillow Paid About $412,000. Then Asked $387,000.

The documents behind the article, with excerpts linked back to their place in the story. Open a record, inspect the claim’s check, or report an error.

AI businesses56 distinct sourced claims · 27 documents · Source checks: 2026-10-16 · Reports checked: 0. Corrections: 0.

Read the story

Start with these records

  1. The house and its two prices

    Bloomberg’s reporting on the Tolleson purchase and listing.

  2. Zillow’s explanation

    The shareholder letter and company release announcing the wind-down.

  3. The selection illustration

    The saved model output and the code behind it.

The groups describe source types, not a guarantee that everything in a document is true. A check describes the underlying claim; read its qualifiers in the excerpt.

Source type

Public records and guidance

2 documents

Court and legislative records, regulator material and official guidance. A filed allegation or testimony remains distinct from a finding.

S10

Jaeger v. Zillow Group, Inc., W.D. Wash. No. 2:21-cv-01551-TSZ: docket (CourtListener RECAP) with orders ECF 97 (Dec 7, 2022), ECF 137 (Aug 23, 2024), ECF 149, 156, 159, 165 and 167 (Oct 5, 2026)

Open the source

In the article 3 excerpts

  1. Article

    Investors alleged that Zillow's statements about its pricing systems were misleading; Zillow denies wrongdoing and says it will defend the lawsuit.

    C76 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S10 · S14

  2. Article

    In the documented October 5, 2026 status, Jaeger v. Zillow Group remained a certified class action, with trial scheduled for September 13, 2027 and no finding of wrongdoing.

    C100 C109 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S10 · S13

  3. Article

    The Supreme Court declined on October 5 to review class certification, a procedural question rather than a decision that the allegations were true.

    C105 C109 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S13 · S10

S13

Supreme Court of the United States, docket No. 25-1365, Zillow Group, Inc., et al. v. Jeremy Jaeger: petition for certiorari denied Oct 5, 2026

Open the source

In the article 2 excerpts

  1. Article

    In the documented October 5, 2026 status, Jaeger v. Zillow Group remained a certified class action, with trial scheduled for September 13, 2027 and no finding of wrongdoing.

    C109 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S10 · S13

  2. Article

    The Supreme Court declined on October 5 to review class certification, a procedural question rather than a decision that the allegations were true.

    C105 C109 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S13 · S10

Source type

Original statements and publications

21 documents

What people, companies and institutions published. Good evidence of what they said, not independent proof that every statement is true.

S01

Zillow, news release: Zillow Starts Making Cash Offers For the Zestimate (February 25, 2021)

Open the source

In the article 4 excerpts

  1. Article

    Zillow Offers promised convenience: owners could avoid preparing a listing, hosting viewings and arranging open houses.

    C122 Verified Report an error in this excerpt

    One house, two prices · Supporting sources: S01

  2. Article

    In February 2021, the company announced that eligible properties in more than twenty cities could receive an initial cash offer based on the Zestimate, its automated valuation.

    C05 Verified Report an error in this excerpt

    One house, two prices · Supporting sources: S01

  3. Article

    Jeremy Wacksman, then its chief operating officer, said the move demonstrated confidence in that estimate.

    C07 Verified Report an error in this excerpt

    One house, two prices · Supporting sources: S01

  4. Article

    A cash offer on a home's page asks the owner to judge a price. For the buyer, the test continues after acceptance: it still has to own, prepare and sell the house.

    C08 Verified Report an error in this excerpt

    Put the cost beside the price · Supporting sources: S15 · S01 · S16

S02

Zillow Group, Form 8-K (Items 2.02, 2.05), November 2, 2021

Open the source

In the article 8 excerpts

  1. Article

    The company cited renovation capacity and other operational difficulties as well, aggravated by the pandemic and difficulties with labor and supply chains.

    C62 Verified, reworded before publishing Report an error in this excerpt

    The price months later · Supporting sources: S02

  2. Article

    The selection illustration isolates one risk. It cannot tell you how much came from that risk, changing expectations or getting houses ready to sell.

    C62 Verified, reworded before publishing Report an error in this excerpt

    The price months later · Supporting sources: S03 · S02 · S30

  3. Article

    On November 2, 2021, Zillow's board opted to close Zillow Offers.

    C61 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S02

  4. Article

    The decision reached beyond the houses: CNN reported Zillow's planned reduction of roughly 2,000 jobs, while the company's filing put the cut at around a quarter of its workforce.

    C63 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S02 · S05 · S29

  5. Article

    The business closed with a $630 million loss for 2021 after income taxes; Zillow planned a workforce cut of about 25%, roughly 2,000 jobs as reported by CNN.

    C63 Verified Report an error in this excerpt

    Closing the business · Figure · Supporting sources: S02 · S05 · S29 · S31

Show all 8 article excerpts
  1. Article

    Zillow dates completion of the wind-down to the third quarter of 2022.

    C63 Verified Report an error in this excerpt

    Closing the business · Figure · Supporting sources: S02 · S05 · S29 · S31

  2. Article

    Zillow announced a reduction of about 25% of its workforce; CNN reported roughly 2,000 jobs.

    C63 Verified Report an error in this excerpt

    Closing the business · The cost of closing · Planned jobs cut · Supporting sources: S02 · S05 · S29

  3. Article

    Zillow recorded about $304 million in inventory write-downs during the third quarter of 2021, largely against homes still unsold at quarter-end.

    C55 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S03 · S02

S03

Zillow Group, Q3 2021 Shareholder Letter (Rich Barton and Allen Parker) and press release, Form 8-K Exhibits 99.3 and 99.1, November 2, 2021

Shareholder letter · November 2, 2021Company release · November 2, 2021

In the article 25 excerpts

  1. Article

    Zillow accelerated its buying through the first three quarters of 2021.

    C52 Verified Report an error in this excerpt

    The purchases outgrow the sales · Supporting sources: S09 · S08 · S03

  2. Article

    By the third quarter, acquisitions substantially exceeded sales.

    C52 Verified Report an error in this excerpt

    The purchases outgrow the sales · Supporting sources: S03

  3. Article

    Quarterly home purchases rose sharply during 2021; in the third quarter Zillow acquired 9,680 houses and sold 3,032.

    C52 Verified Report an error in this excerpt

    The purchases outgrow the sales · Figure · Supporting sources: S09 · S08 · S03

  4. Article

    These are transactions during each quarter, not a count of inventory on one date.

    C52 Verified Report an error in this excerpt

    The purchases outgrow the sales · Figure · Supporting sources: S09 · S08 · S03

  5. Article

    9,680 homes

    C52 Verified Report an error in this excerpt

    The purchases outgrow the sales · The pace of buying · Third quarter purchases · Supporting sources: S03

Show all 25 article excerpts
  1. Article

    Purchases reached 9,680 homes during the third quarter of 2021; sales numbered 3,032.

    C52 Verified Report an error in this excerpt

    The purchases outgrow the sales · The pace of buying · Third quarter purchases · Supporting sources: S03

  2. Article

    3,032 homes

    C52 Verified Report an error in this excerpt

    The purchases outgrow the sales · The pace of buying · Third quarter sales · Supporting sources: S03

  3. Article

    Zillow sold 3,032 houses during the third quarter of 2021.

    C52 Verified Report an error in this excerpt

    The purchases outgrow the sales · The pace of buying · Third quarter sales · Supporting sources: S03

  4. Article

    Quarterly transaction counts; these are not counts of homes held on a particular date.

    C52 Verified Report an error in this excerpt

    The purchases outgrow the sales · Figure note · Supporting sources: S09 · S08 · S03

  5. Article

    Zillow's own explanation followed in its November 2 quarterly letter.

    C54 Verified, reworded before publishing Report an error in this excerpt

    The purchases outgrow the sales · Supporting sources: S03

  6. Article

    It said an unusually large share of requested offers had turned into signed purchases because it had unintentionally acquired homes above its revised forecasts of what those properties would sell for.

    C54 Verified, reworded before publishing Report an error in this excerpt

    The purchases outgrow the sales · Supporting sources: S03

  7. Article

    A rising acceptance rate had accompanied purchases it no longer expected to recover at resale.

    C54 Verified, reworded before publishing Report an error in this excerpt

    The purchases outgrow the sales · Supporting sources: S03

  8. Article

    The company also explained the time problem: its business required predictions of home prices three to six months into the future.

    C59 Verified Report an error in this excerpt

    The purchases outgrow the sales · Supporting sources: S03

  9. Article

    Nor does the illustration match Zillow's acceptance rate.

    C60 Verified, reworded before publishing Report an error in this excerpt

    Which offers become houses? · Supporting sources: S03 · S30

  10. Article

    Zillow said it converted about one in ten serious sellers requesting an offer, while the version without fees accepts half its simulated owners.

    C60 Verified, reworded before publishing Report an error in this excerpt

    Which offers become houses? · Supporting sources: S03 · S30

  11. Article

    Zillow's real business required a view of the future.

    C59 Verified Report an error in this excerpt

    The price months later · Supporting sources: S03

  12. Article

    Rich Barton, its co-founder and chief executive, said the unpredictability of home-price forecasts had exceeded expectations.

    C57 Verified Report an error in this excerpt

    The price months later · Supporting sources: S03
    Company release · November 2, 2021

  13. Article

    He and finance chief Allen Parker wrote that their misses had gone both ways, by more than they had modeled as possible.

    C58 Verified Report an error in this excerpt

    The price months later · Supporting sources: S03

  14. Article

    Zillow said its home-buying business depended on anticipating selling prices three to six months ahead.

    C59 Verified Report an error in this excerpt

    The price months later · Figure · Supporting sources: S03

  15. Article

    This shows the forecast horizon, without inventing a price path or an eventual sale.

    C59 Verified Report an error in this excerpt

    The price months later · Figure · Supporting sources: S03

  16. Article

    This is the second place a promising estimate can become a bad purchase: the price it anticipates may belong to a future that does not arrive. Zillow's letter linked its higher acceptance rate to purchases above updated resale expectations; the same account also described a forecasting problem.

    C54 C58 C59 Verified, reworded before publishing Report an error in this excerpt

    The price months later · Supporting sources: S03

  17. Article

    The selection illustration isolates one risk. It cannot tell you how much came from that risk, changing expectations or getting houses ready to sell.

    C54 C59 Verified, reworded before publishing Report an error in this excerpt

    The price months later · Supporting sources: S03 · S02 · S30

  18. Article

    Zillow recorded about $304 million in inventory write-downs during the third quarter of 2021, largely against homes still unsold at quarter-end.

    C55 C56 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S03 · S02

  19. Article

    A suggested way to review completed work: compare the agreed price with its eventual cost, and investigate differences. DelPrete compared purchase and listing prices; Zillow's own letter discussed acceptance and revised resale expectations.

    C54 Verified, reworded before publishing Report an error in this excerpt

    Put the cost beside the price · Figure · Supporting sources: S21 · S03

  20. Article

    Neither establishes why your customer accepted.

    C54 Verified, reworded before publishing Report an error in this excerpt

    Put the cost beside the price · Figure · Supporting sources: S21 · S03

S05

Zillow Group, Form 10-K for the year ended December 31, 2021

Open the source

In the article 4 excerpts

  1. Article

    The decision reached beyond the houses: CNN reported Zillow's planned reduction of roughly 2,000 jobs, while the company's filing put the cut at around a quarter of its workforce.

    C63 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S02 · S05 · S29

  2. Article

    The business closed with a $630 million loss for 2021 after income taxes; Zillow planned a workforce cut of about 25%, roughly 2,000 jobs as reported by CNN.

    C63 Verified Report an error in this excerpt

    Closing the business · Figure · Supporting sources: S02 · S05 · S29 · S31

  3. Article

    Zillow dates completion of the wind-down to the third quarter of 2022.

    C63 Verified Report an error in this excerpt

    Closing the business · Figure · Supporting sources: S02 · S05 · S29 · S31

  4. Article

    Zillow announced a reduction of about 25% of its workforce; CNN reported roughly 2,000 jobs.

    C63 Verified Report an error in this excerpt

    Closing the business · The cost of closing · Planned jobs cut · Supporting sources: S02 · S05 · S29

S06

Zillow Group, Q4 2021 Shareholder Letter, Form 8-K Exhibit 99.3, February 10, 2022

Open the source

In the article 1 excerpt

  1. Article

    A write-down reduces the recorded value to reflect an expected shortfall. The total for the last two quarters was $405 million, whereas Zillow Offers' full-year loss after tax was $630 million.

    C70 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S06 · S31

S07

Zillow Group, Q1 and Q2 2022 Shareholder Letters, Form 8-K Exhibits 99.3, May 5 and August 4, 2022

Q1 shareholder letter · May 5, 2022Q2 shareholder letter · August 4, 2022

In the article 1 excerpt

  1. Article

    The houses took time to sell. By the end of June 2022, purchases had ceased and seventy-one remained; Zillow reports the wind-down finished during the following quarter.

    C75 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S07 · S31
    Q2 shareholder letter · August 4, 2022

S08

Zillow Group, Q2 2021 Shareholder Letter, Form 8-K Exhibit 99.3, August 5, 2021

Open the source

In the article 6 excerpts

  1. Article

    Zillow accelerated its buying through the first three quarters of 2021.

    C31 Verified Report an error in this excerpt

    The purchases outgrow the sales · Supporting sources: S09 · S08 · S03

  2. Article

    Quarterly home purchases rose sharply during 2021; in the third quarter Zillow acquired 9,680 houses and sold 3,032.

    C31 Verified Report an error in this excerpt

    The purchases outgrow the sales · Figure · Supporting sources: S09 · S08 · S03

  3. Article

    These are transactions during each quarter, not a count of inventory on one date.

    C31 Verified Report an error in this excerpt

    The purchases outgrow the sales · Figure · Supporting sources: S09 · S08 · S03

  4. Article

    3,805 homes

    C31 Verified Report an error in this excerpt

    The purchases outgrow the sales · The pace of buying · Second quarter purchases · Supporting sources: S08

  5. Article

    During the second quarter of 2021, it purchased 3,805 homes.

    C31 Verified Report an error in this excerpt

    The purchases outgrow the sales · The pace of buying · Second quarter purchases · Supporting sources: S08

  6. Article

    Quarterly transaction counts; these are not counts of homes held on a particular date.

    C31 Verified Report an error in this excerpt

    The purchases outgrow the sales · Figure note · Supporting sources: S09 · S08 · S03

S09

Zillow Group, Q1 2021 and Q4 2020 Shareholder Letters, Form 8-K Exhibits 99.3, May 4, 2021 and February 10, 2021

Open the source

In the article 6 excerpts

  1. Article

    Zillow accelerated its buying through the first three quarters of 2021.

    C12 Verified Report an error in this excerpt

    The purchases outgrow the sales · Supporting sources: S09 · S08 · S03

  2. Article

    Quarterly home purchases rose sharply during 2021; in the third quarter Zillow acquired 9,680 houses and sold 3,032.

    C12 Verified Report an error in this excerpt

    The purchases outgrow the sales · Figure · Supporting sources: S09 · S08 · S03

  3. Article

    These are transactions during each quarter, not a count of inventory on one date.

    C12 Verified Report an error in this excerpt

    The purchases outgrow the sales · Figure · Supporting sources: S09 · S08 · S03

  4. Article

    1,856 homes

    C12 Verified Report an error in this excerpt

    The purchases outgrow the sales · The pace of buying · First quarter purchases · Supporting sources: S09

  5. Article

    Zillow acquired 1,856 homes during the first quarter of 2021.

    C12 Verified Report an error in this excerpt

    The purchases outgrow the sales · The pace of buying · First quarter purchases · Supporting sources: S09

  6. Article

    Quarterly transaction counts; these are not counts of homes held on a particular date.

    C12 Verified Report an error in this excerpt

    The purchases outgrow the sales · Figure note · Supporting sources: S09 · S08 · S03

S14

Zillow Group, Inc., Form 10-Q for the quarter ended June 30, 2026 (filed Aug 5, 2026), Note 11, Legal Proceedings

Open the source

In the article 4 excerpts

  1. Article

    Zillow's continuing business reported results for the quarter ending June 2026.

    C104 Verified Report an error in this excerpt

    Closing the business · Figure note · Supporting sources: S14

  2. Article

    As recorded in its results for the quarter ending June 2026, Zillow itself continued operating.

    C104 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S14

  3. Article

    Their different businesses and periods do not establish the frequency of failure. Zillow reported revenue of $772 million and a $4 million net loss in the second quarter of 2026.

    C104 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S14

  4. Article

    Investors alleged that Zillow's statements about its pricing systems were misleading; Zillow denies wrongdoing and says it will defend the lawsuit.

    C101 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S10 · S14

S15

Zillow Group, news release: Zillow Expands Instant Offers to Phoenix; Will Work with Agents to Test Buying and Selling Homes Directly (April 12, 2018)

Open the source

In the article 2 excerpts

  1. Article

    Zillow would acquire the property, make repairs and offer it to another buyer.

    C02 Verified Report an error in this excerpt

    One house, two prices · Supporting sources: S15

  2. Article

    A cash offer on a home's page asks the owner to judge a price. For the buyer, the test continues after acceptance: it still has to own, prepare and sell the house.

    C02 Verified Report an error in this excerpt

    Put the cost beside the price · Supporting sources: S15 · S01 · S16

S16

Zillow, Zillow Offers seller pages: FAQ, Pricing, Home Evaluations (Wayback captures 2021-06-06) and the zillow.com/offers landing page (2021-06-01)

Open the source

In the article 7 excerpts

  1. Article

    The first number was only the beginning. Zillow's description included pricing analysts, a local broker's valuation and a visit inside the house before a final offer; repairs could reduce the amount, and separate charges affected the seller's proceeds.

    C17 C18 C19 C20 C25 C127 Verified, reworded before publishing Report an error in this excerpt

    One house, two prices · Supporting sources: S16

  2. Article

    Its published terms left an owner free to decline before signing the contract.

    C22 Verified Report an error in this excerpt

    One house, two prices · Supporting sources: S16

  3. Article

    People helped set the price.

    C17 C18 C19 Verified, reworded before publishing Report an error in this excerpt

    One house, two prices · Supporting sources: S16

  4. Article

    Another person decided whether to take it.

    C22 Verified Report an error in this excerpt

    One house, two prices · Supporting sources: S16

  5. Article

    The 6.9% describes estimates of homes not listed for sale, rather than an independently measured error rate for the final offers Zillow made after its additional pricing steps.

    C17 C18 C19 Verified, reworded before publishing Report an error in this excerpt

    Which offers become houses? · Supporting sources: S16 · S18 · S30

  6. Article

    Zillow advertised that percentage as its average service charge, separately from selling costs, closing costs and repairs; deducting that one fee does not reproduce the full transaction.

    C25 C127 Verified, reworded before publishing Report an error in this excerpt

    Which offers become houses? · Supporting sources: S16 · S30

  7. Article

    A cash offer on a home's page asks the owner to judge a price. For the buyer, the test continues after acceptance: it still has to own, prepare and sell the house.

    C22 Verified Report an error in this excerpt

    Put the cost beside the price · Supporting sources: S15 · S01 · S16

S17

Zillow, "Zestimate" accuracy page, zillow.com/z/zestimate/ (Wayback captures 2021-06-01 and 2021-10-14)

Open the source

Visual or disclosure record; it is not a factual claim check.

S18

Zillow, news release: Zillow Launches New Neural Zestimate, Yielding Major Accuracy Gains (June 15, 2021)

Open the source

In the article 3 excerpts

  1. Article

    The illustration uses a bell-shaped distribution of errors, with their size calibrated to Zillow's published 6.9% median error for off-market Zestimates in June 2021.

    C28 Verified Report an error in this excerpt

    Which offers become houses? · Supporting sources: S18 · S30

  2. Article

    A median divides the errors into equal halves by size; it is not the largest possible miss.

    C114 Verified, reworded before publishing Report an error in this excerpt

    Which offers become houses? · Supporting sources: S18

  3. Article

    The 6.9% describes estimates of homes not listed for sale, rather than an independently measured error rate for the final offers Zillow made after its additional pricing steps.

    C28 Verified Report an error in this excerpt

    Which offers become houses? · Supporting sources: S16 · S18 · S30

S19

Zillow Group, news release: At Operational Capacity, Zillow Offers to Focus on Signed Customer Contracts and Current Inventory; Suspends Signing of New Contracts Through 2021 (October 18, 2021)

Open the source

In the article 1 excerpt

  1. Article

    On October 18, the company stopped taking additional purchase contracts for the remainder of 2021, attributing the pause to a renovation backlog and limits on operating capacity.

    C37 Verified Report an error in this excerpt

    The purchases outgrow the sales · Supporting sources: S19

S21

Mike DelPrete, "Priced to Sell: Zillow's Inventory Problem", mikedp.com, 2021-10-25 (Wayback capture 2021-10-25 15:21 UTC)

Open the source

In the article 6 excerpts

  1. Article

    Analyst Mike DelPrete checked a different part of the business: the prices.

    C41 Verified Report an error in this excerpt

    The purchases outgrow the sales · Supporting sources: S21

  2. Article

    On October 25, his Phoenix comparison put the median listing $29,000 below Zillow's acquisition price.

    C41 Verified Report an error in this excerpt

    The purchases outgrow the sales · Supporting sources: S21

  3. Article

    Again, he was comparing an asking price with a purchase, rather than reporting a finished sale.

    C41 C42 Verified Report an error in this excerpt

    The purchases outgrow the sales · Supporting sources: S21

  4. Article

    DelPrete's comparison made that second side visible by putting Zillow's acquisition prices beside its listings.

    C41 Verified Report an error in this excerpt

    Put the cost beside the price · Supporting sources: S21

  5. Article

    A suggested way to review completed work: compare the agreed price with its eventual cost, and investigate differences. DelPrete compared purchase and listing prices; Zillow's own letter discussed acceptance and revised resale expectations.

    C41 Verified Report an error in this excerpt

    Put the cost beside the price · Figure · Supporting sources: S21 · S03

  6. Article

    Neither establishes why your customer accepted.

    C41 Verified Report an error in this excerpt

    Put the cost beside the price · Figure · Supporting sources: S21 · S03

S26

Opendoor Technologies Inc., Form 10-K for fiscal year 2022 (filed 2023-02-23, SEC EDGAR)

Open the source

In the article 1 excerpt

  1. Article

    Opendoor reported a $1.353 billion loss for 2022 and Offerpad a $148.6 million loss; both were still acquiring and selling homes in mid-2026.

    C82 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S26 · S27 · S32 · S33

S27

Offerpad Solutions Inc., Form 10-K for fiscal year 2022 (filed 2023-02-28, SEC EDGAR)

Open the source

In the article 1 excerpt

  1. Article

    Opendoor reported a $1.353 billion loss for 2022 and Offerpad a $148.6 million loss; both were still acquiring and selling homes in mid-2026.

    C85 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S26 · S27 · S32 · S33

S31

Zillow Group, Form 10-K for the year ended December 31, 2022 (filed February 2023)

Open the source

In the article 8 excerpts

  1. Article

    The business closed with a $630 million loss for 2021 after income taxes; Zillow planned a workforce cut of about 25%, roughly 2,000 jobs as reported by CNN.

    C79 Verified, reworded before publishing Report an error in this excerpt

    Closing the business · Figure · Supporting sources: S02 · S05 · S29 · S31

  2. Article

    Zillow dates completion of the wind-down to the third quarter of 2022.

    C78 C79 Verified Report an error in this excerpt

    Closing the business · Figure · Supporting sources: S02 · S05 · S29 · S31

  3. Article

    $630 million after tax

    C79 Verified, reworded before publishing Report an error in this excerpt

    Closing the business · The cost of closing · Business result · Supporting sources: S31

  4. Article

    Zillow Offers recorded a $630 million loss for 2021, net of income taxes.

    C79 Verified, reworded before publishing Report an error in this excerpt

    Closing the business · The cost of closing · Business result · Supporting sources: S31

  5. Article

    Zillow reports that it finished winding down the business in the third quarter of 2022.

    C78 Verified Report an error in this excerpt

    Closing the business · The cost of closing · Completion · Supporting sources: S31

Show all 8 article excerpts
  1. Article

    The closure concerned Zillow Offers.

    C78 Verified Report an error in this excerpt

    Closing the business · Figure note · Supporting sources: S31

  2. Article

    The houses took time to sell. By the end of June 2022, purchases had ceased and seventy-one remained; Zillow reports the wind-down finished during the following quarter.

    C78 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S07 · S31

  3. Article

    A write-down reduces the recorded value to reflect an expected shortfall. The total for the last two quarters was $405 million, whereas Zillow Offers' full-year loss after tax was $630 million.

    C79 Verified, reworded before publishing Report an error in this excerpt

    Closing the business · Supporting sources: S06 · S31

S32

Opendoor Technologies, Form 10-Q for the quarter ended June 30, 2026

Open the source

In the article 1 excerpt

  1. Article

    Opendoor reported a $1.353 billion loss for 2022 and Offerpad a $148.6 million loss; both were still acquiring and selling homes in mid-2026.

    C110 Verified Report an error in this excerpt

    Closing the business · Supporting sources: S26 · S27 · S32 · S33

S33

Offerpad Solutions, Form 10-Q for Q2 2026 and Form 8-K of August 18, 2026

Open the source

In the article 1 excerpt

  1. Article

    Opendoor reported a $1.353 billion loss for 2022 and Offerpad a $148.6 million loss; both were still acquiring and selling homes in mid-2026.

    C111 Verified, reworded before publishing Report an error in this excerpt

    Closing the business · Supporting sources: S26 · S27 · S32 · S33

S37

Zillow Group Q3 2021 earnings call, November 2, 2021 (company webcast, public replay archive)

Open the source

In the article 1 excerpt

  1. Article

    On the November 2, 2021 earnings call, Barton said the volatility made the company resemble a “leveraged housing trader”.

    C135 Verified Report an error in this excerpt

    The price months later · Supporting sources: S37

Source type

Research papers

1 document

Academic research. Check the version, population, method and whether a result is empirical or modelled.

S25

Greg Buchak, Gregor Matvos, Tomasz Piskorski and Amit Seru, "Why Is Intermediating Houses So Difficult? Evidence from iBuyers", NBER Working Paper 28252 (Dec 2020, revised June 2025); Journal of Political Economy, doi:10.1086/742710 (online 2026-09-25)

Open the source

In the article 4 excerpts

  1. Article

    Economists Greg Buchak, Gregor Matvos, Tomasz Piskorski and Amit Seru describe the related problem as adverse selection: an owner who can readily sell elsewhere mainly chooses the instant buyer when that buyer values the home too highly.

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    Which offers become houses? · Supporting sources: S25

  2. Article

    The seller's choice changes the mix of properties the business receives.

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    Which offers become houses? · Supporting sources: S25

  3. Article

    But remember the convenience being sold. In the economists' calibrated model, most transactions with these buyers involve owners keen to move quickly.

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    Which offers become houses? · Supporting sources: S25

  4. Article

    Such an owner need not wait for an excessive offer. The researchers' five-market data from 2013–2018 also showed these businesses buying below comparable listed properties and earning a resale spread of roughly 5% of the purchase price before costs.

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    Which offers become houses? · Supporting sources: S25

Source type

Plain Stories calculations and tests

1 document

Saved outputs and methods for the illustrations and tests used in the story. Their assumptions and limits stay with the results.

S30

Plain Stories, adverse-selection model of instant home offers (own calculation, October 15, 2026)

Saved illustration output · JSONIllustration method · Python

In the article 19 excerpts

  1. Article

    Start with an illustration Plain Stories made, rather than a reconstruction of those transactions.

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    Which offers become houses? · Supporting sources: S30

  2. Article

    Its simulated houses each have an assumed value of $350,000.

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    Which offers become houses? · Supporting sources: S30

  3. Article

    Every owner knows that value and accepts only a price above it; an offer below it gets refused.

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    Which offers become houses? · Supporting sources: S30

  4. Article

    Under that rule, the low estimate leaves the simulated buyer with no house.

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    Which offers become houses? · Supporting sources: S30

  5. Article

    The high estimate puts a house in its holdings.

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    Which offers become houses? · Supporting sources: S30

Show all 19 article excerpts
  1. Article

    Now try the same choice across the illustration's thousand offers.

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    Which offers become houses? · Supporting sources: S30

  2. Article

    Illustrative model. 1,000 offers; 500 accepted. Assumed home value: $350,000. All offers: 0.00% mean signed estimate error. Accepted offers: +8.16% mean signed estimate error. Average overpayment: $28,562. Owners know assumed value and accept only overpayments. No service fee; not Zillow’s transactions or losses. Saved no-fee simulation with assumed known home values and overpayment-only acceptance.

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    Which offers become houses? · Figure · Supporting sources: S30

  3. Article

    These are illustrative offers, not Zillow transactions or a measurement of its losses.

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    Which offers become houses? · Figure · Supporting sources: S30

  4. Article

    The filter changes which mistakes remain. The low offers can balance the high ones in a score covering every estimate; they cannot balance the prices of houses the buyer never acquired.

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    Which offers become houses? · Supporting sources: S30

  5. Article

    In this illustration, a balanced set of mistakes becomes an expensive set of purchases.

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    Which offers become houses? · Supporting sources: S30

  6. Article

    The illustration uses a bell-shaped distribution of errors, with their size calibrated to Zillow's published 6.9% median error for off-market Zestimates in June 2021.

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    Which offers become houses? · Supporting sources: S18 · S30

  7. Article

    The 6.9% describes estimates of homes not listed for sale, rather than an independently measured error rate for the final offers Zillow made after its additional pricing steps.

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    Which offers become houses? · Supporting sources: S16 · S18 · S30

  8. Article

    With a simplified 2.5% deduction, the illustration accepts 401 offers and averages about $24,900 in overpayment per purchase.

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    Which offers become houses? · Supporting sources: S30

  9. Article

    Zillow advertised that percentage as its average service charge, separately from selling costs, closing costs and repairs; deducting that one fee does not reproduce the full transaction.

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    Which offers become houses? · Supporting sources: S16 · S30

  10. Article

    Nor does the illustration match Zillow's acceptance rate.

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    Which offers become houses? · Supporting sources: S03 · S30

  11. Article

    Zillow said it converted about one in ten serious sellers requesting an offer, while the version without fees accepts half its simulated owners.

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    Which offers become houses? · Supporting sources: S03 · S30

  12. Article

    Its output demonstrates the stated selection rule; it does not measure how much of Zillow's loss that rule explains.

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    Which offers become houses? · Supporting sources: S30

  13. Article

    The illustration holds each home's assumed value still while an owner makes a choice.

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    The price months later · Supporting sources: S30

  14. Article

    The selection illustration isolates one risk. It cannot tell you how much came from that risk, changing expectations or getting houses ready to sell.

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    The price months later · Supporting sources: S03 · S02 · S30

Source type

News reporting

2 documents

Reporting by established outlets, attributed to its original reporters.

S23

Patrick Clark and Noah Buhayar, "Zillow's Zeal to Outbid for Homes Backfires in Flipping Fumble", Bloomberg, 2021-10-26 (Wayback capture 2021-10-27)

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In the article 12 excerpts

  1. Article

    In September 2021, Zillow bought a Tolleson, Arizona, rental for about $412,000, Bloomberg reported.

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    One house, two prices · Supporting sources: S23

  2. Article

    Two weeks and light repairs later, Zillow listed that house at $387,000.

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    One house, two prices · Supporting sources: S23

  3. Article

    The listing was a request, not a completed resale.

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    One house, two prices · Supporting sources: S23

  4. Article

    A Tolleson rental house: Zillow's purchase price beside its asking price two weeks later, as reported by Bloomberg.

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    One house, two prices · Figure · Supporting sources: S23

  5. Article

    The listing amount was not a completed sale.

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    One house, two prices · Figure · Supporting sources: S23

Show all 12 article excerpts
  1. Article

    About $412,000

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    One house, two prices · The purchase and the listing · Paid to the owner · Supporting sources: S23

  2. Article

    Bloomberg reported a purchase of about $412,000 in September 2021 for a rental property in Tolleson, Arizona.

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    One house, two prices · The purchase and the listing · Paid to the owner · Supporting sources: S23

  3. Article

    $387,000 asking price

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    One house, two prices · The purchase and the listing · Asked of the next buyer · Supporting sources: S23

  4. Article

    After light repairs, Zillow listed that house two weeks later at $387,000, according to Bloomberg.

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    One house, two prices · The purchase and the listing · Asked of the next buyer · Supporting sources: S23

  5. Article

    The second price was a listing, not a recorded sale or a realized loss.

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    One house, two prices · Figure note · Supporting sources: S23

  6. Article

    For the Tolleson owner, Zillow's purchase completed the sale.

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    Put the cost beside the price · Supporting sources: S23

  7. Article

    For Zillow, it began the wait for another buyer.

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    Put the cost beside the price · Supporting sources: S23

S29

Anna Bahney, "Zillow to exit its home buying business, cut 25% of staff", CNN Business, 2021-11-02

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In the article 5 excerpts

  1. Article

    The decision reached beyond the houses: CNN reported Zillow's planned reduction of roughly 2,000 jobs, while the company's filing put the cut at around a quarter of its workforce.

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    Closing the business · Supporting sources: S02 · S05 · S29

  2. Article

    The business closed with a $630 million loss for 2021 after income taxes; Zillow planned a workforce cut of about 25%, roughly 2,000 jobs as reported by CNN.

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    Closing the business · Figure · Supporting sources: S02 · S05 · S29 · S31

  3. Article

    Zillow dates completion of the wind-down to the third quarter of 2022.

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    Closing the business · Figure · Supporting sources: S02 · S05 · S29 · S31

  4. Article

    Roughly 2,000 jobs

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    Closing the business · The cost of closing · Planned jobs cut · Supporting sources: S29

  5. Article

    Zillow announced a reduction of about 25% of its workforce; CNN reported roughly 2,000 jobs.

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    Closing the business · The cost of closing · Planned jobs cut · Supporting sources: S02 · S05 · S29

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