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$3 billion SPAC valuation to $50 million market cap. When the housing market turns, iBuyers turn to dust.
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Algorithms can't price unique homes accurately enough. Every house is a snowflake of mechanical risk.
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Zillow lost $881 million on iBuying and quit entirely. We're still here, which is either brave or stubborn.
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The pivot to asset-light listing services is the right move. Owning houses was the wrong move.