>as of October 27. Out of 224 homes, 208 — or 92.9% — were priced below what Zillow paid.
>36.5% were listed for less than the company first paid for them from the outset.
So these are ZillowBots numbers in Phoenix. They start off with a third going for less than they payed. The rest "hold on for a bit" and slowly the price keeps dropping
Eventually there are so many price drops where 93% of the homes are on the market (so, even now, not even sold) for less than what ZillowBot thought was a good idea
so 2/3 of these houses go with the "hold on for a bit" strategy then fail
I don't live there, but from the outside it seems like the Phoenix market is on a downwards trend, and they chose horrible timing, or really bad algorithm coding
Because if they're just off a few percent, I don't know why Zillow wouldn't just hold on for a bit.