Zillow VS Compass Monopoly? Or will Zillow Xerox itself? 🦅 🌎 ⚓️

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Zillow VS Compass Monopoly? Or will Zillow Xerox itself?
Delistings Jump 28% as Sellers Pull Homes Off Market Rather Than Settle for Low Prices.
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Zillow VS Compass Monopoly? Or will Zillow Xerox itself?

Understanding Zillow's Ban and Its Implications

Zillow Ban makes searching homes more complicated, but is it legal now? You might not know this, but Zillow is putting bans on real estate companies that don't put their house on the MLS right away. We have some companies, compass and a couple other ones that do this thing called Coming Soon.

Where they have their own little MLS that's private to them for exclusive buyers, for et cetera, which I've spoken about before. I don't really believe that that's a value to the seller, mostly because you don't get to see what the actual market delivers. Is it actually a monopoly? Is Zillow performing a monopoly and hurting? Its. Viewers from not being able to see all of the listings. When you're going out and shopping and looking at houses, your assumption is that you're seeing all the houses when in fact you're not. The only way you get to do that is by looking at the actual MLS or say, a listing service, such as something that my website offers.

Something that's truly from it. So when you look at what Zillow's offering, it's a part and parcel of it. 

Comparing Zillow to Historical Market Leaders

I kind of liken it to what Xerox did in the eighties. they refused to look at the internet. They thought that paper was going to be around forever, which in fact it is.

But they lost tremendous market share because they refused to look at what potential was out there with the internet. They've since changed their ways, but they lost a ton of market share. They've lost their value as the copy machine company the, Xerox machine. That's the same thing as what Zillow is today.

Zillow is the Xerox machine. Hey, can you get me a Xerox? Hey, let's go take a look at houses. Where do you go right away? You go to Zillow and they're a massive behemoth in an aggregate of lead generation for real estate agents, which plus or minus, not really my problem to think about anyway. 

Impact on Real Estate Listings and Compass

Right now, what Zillow's doing is they.

Taking away value from you as a viewer, as a potential client for them, because they're not delivering the full 100% available listings that are out there. And it hurts Compass too. It doesn't really hurt them on the stock side, but what you're doing is when you go to Zillow, you're going to get, let's say 80%, maybe 95%, maybe even just 99% of the listings that are out there, but you're not getting the full value.

Conversely, what you're doing is if you go with Compass, you're not going to get your listing served on Zillow, which hurts you. 

The Monopoly Debate

But here in here they actually talk about, is this a monopoly?

They're trying to be the monopoly resource and the reason why they say that is because they do backend deals with Redfin and all these other companies to make sure that they benefit the most from it. Redfin, I think it was Redfin, and they were doing something with the rental business where they can go and put all, the rentals that Redfin has on Zillow and vice versa.

And anyway, there's some kind of partnership there.

It affects, compass says that these companies are working together to lock Compass Out. maybe. Is that true? Well, you know. Compass is now the big Kahuna on the block, used to be Century 21 and re max and all these other companies, and we are seeing an evolving movement of different companies coming in and out of the limelight.

I think the time will pass for Compass. What they have is they call themselves a tech company that sells real estate and their tech is Okay. it's basically Canva and a CRM, a little bit of Website Voodoo and an IDX, your listing's attached to it. I don't see it as that much of a value. It's, not great.

It's just an all-inclusive site that allows agents to do all the work, which in my mindset, an agent should be doing the work. Is it a monopoly or is it just a successful company? Zillow's massively successful. We can tell you that right now.

People go to it because they have that mindset of, oh, just go get a Xerox. Hey, can you get that Xerox for me? Let's go look at homes. First thing you do is you go to Zillow because they have every little aspect to it. I think it's great what they do. They do a great job in pr. They do a good job in posting out content.

I think it's a fantastic company Is it a monopoly? I'm not here to judge. I'm not a lawyer. Can't really tell you. I do see both sides of the party though. I see both sides of the complaint, and to me, what Zillow does is everything to benefit its stakeholders as it should.

Are they doing it right? Are they doing it legally? We'll find out in a couple months. This is going to take probably a couple years for this to settle out, but just something for you to be aware of when you go to Zillow. You may not get all active listings available for you to view.

REO of the Week 

Current Real Estate Market Trends

Deal listings, jump 28% sellers pull homes off market rather than settle for low prices. It is what it is unless you're forced to move. My people, my listing up in Hayward, they need to move for a job. They need to lower their price. My other listing, they don't need to sell. Period. So that's just sitting on market.

This is all across the United States. I'll show you the numbers in a minute, so you gotta stick with me. But here they're telling you like this de listings have been rising for a full year and a half. 

I know that this is something that's happening. People don't have the need to sell right now because. Rates are high Housing affordability is massively expensive and unless you have to buy, which there's not a lot of buyers out there that absolutely have to buy unless there's a tax reason they don't have to buy.

So buyers are being picky, sellers are being stubborn. It is what it is. So we just have lower homes being sold. It's frustrating for us. It's frustrating for the buyers. It's frustrating for the sellers, but it is what it is. Surges stale listings.

Yeah that's exactly what we're talking about today Let's talk about it right now. 

Detailed Market Analysis

234 homes on sale right now that have been on market for over 40 days. 95 of those have been on market over 95 days. That's just Santa Clara County, think across the United States.

We've taken  one withdrawn, one nine expired, and 27 canceled. That's 40 ish homes off the market because they'd just rather take it off.

That's just the last seven days.  We have 75 houses that pop back on market. Actually since last week we only had one get outta contract, but that's, that's just is what it is. The problem is, is we don't have enough inventory and we don't have the rates right now to discuss it. We haven't even talked about rates tomorrow we will, but yeah, it just is what it is.

We have 54 homes going to pending I don't know if that's been that low at all this year. No. Nope. We had 101 one day 58.

January we had 21 and 30, but we're going into the chili months of the year. This is the non-selling season, so that's why I'm drinking a coffee, relaxing and talking to you about it. We had 77 homes closed and 38 are back on market. That's from 38 last week. So whatever one popped on market, back on market, it was not in San Jose.

And then Santa Clara County, we have 800 homes for sale. That's probably a, no, it's not a record. 'cause January we had

like close to 500 last year, December 25th. So it'll continue to go lower. Nothing to worry about, just is what it is. 

Conclusion and Final Thoughts

All right. That's it for now. Thanks for watching. I'm Vito with Abano.  

Wednesday Real Estate Snapshot 🦅 🌎 ⚓️

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Vito Scarnecchia
Real Estate Broker, Veteran, Dad
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