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Zillow Reports Record Profits of $52 Million in Q1 2021

During an earnings call Tuesday, CEO Rich Barton said home-price appreciation over the last six months hit “unprecedented” levels not seen in 35 years. “Volumes are up. Home price appreciation is up. Homes are just moving really, really fast,” he said. “All of that put winds in the sails of our Premier Agent business and business overall.” The housing market rebound coincides with the re-acceleration of Zillow Offers. Along with other iBuyers, Zillow suspended iBuying when the pandemic struck. During the quarter, Zillow purchased 1,856 homes and sold 1,965 homes during the quarter. “The Q1 resale velocity, in which 128 percent of beginning inventory was sold during the quarter, was ahead of plan,” Barton wrote in a letter to shareholders.

Rich Barton s Grand Plans for Zillow s One Click Homebuying Nirvana

Rich Barton The lights were dimmed. Soft music played in the background as Dan Levy, clad in paisley pajamas, parted his lips and tossed his head. “I need a new fantasy,” he moaned. “Are you in your 30s? You need something new,” a satin-clad woman purred in reply. “The pleasure you once got from sex now comes from looking at other people’s houses. You need Zillow.” Rich Barton’s company had made it to “Saturday Night Live,” in a skit that went viral. Acknowledging the pop culture milestone, Barton tweeted: “Wait. Have we been marketing @zillow wrong all these years???”

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