October 19, 2021 - 7:57am | By Kyle Cornell
(Seattle, WA) -- Zillow says it won't buy any more homes this year to catch up on the backlog of what it already has.
The "iBuyer" model used by the online real estate company purchases homes directly from sellers and re-lists them after minor work is done. Problem is, Zillow can't move fast enough due to a shortage of labor and materials.
The homes will still be marketed and sold through Zillow Offers.