It’s paywalled so key paragraphs here:
“The iBuyers — Zillow included — experienced massive, transformational growth in 2021. And while Zillow stumbles, Opendoor appears to be firing on all cylinders and flexing its well-honed operational muscle as it reaches new highs.
The current problem seems to be unique to Zillow. The other iBuyers saw the signs and made strategic adjustments months in advance. Zillow either missed the signs, or decided to proceed despite them.
Which leads to the current situation: embarrassing, clearly not ideal, but also not the end of the world. A timely reminder that iBuying is an incredibly difficult business to scale, and when you move too fast, sometimes things break.”