I think Zillow is facing a big potential loss on these properties. The homes that I've seen on the market in my area through Zillow/OpenDoor have been exception

I think Zillow is facing a big potential loss on these properties. The homes that I've seen on the market in my area through Zillow/OpenDoor have been exceptionally poor quality and grossly overpriced. They've been steadily marking them down week after week and they're still not selling. Some are now more than $100k below what Zillow paid for them back in Aug/Sept (on a $600-700k home). Even with their fees, Zillow has to be taking a big hit on these properties. The end of this cycle is definitely going to scare a lot of companies and investors out of real estate for quite a long time. If you're looking to buy a house right now, make sure you're somewhere you want to live for a while. You're probably buying close to (if not at) the top.