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Zillow Group, Inc. (Z) Q4 2023 Earnings Call Transcript
Zillow has begun targeting customers who want to rent — or rent out — a room. The real estate website announced Thursday (Feb. 8) that its platform now gives users the option to search for or list individual rooms for rent.
Even amid constrained credit availability, elevated debt costs and a wary market, Zacks Real Estate Operations industry players, including Z and FSV, are in focus due to the growing trend of outsourcing real estate services, increased tech investments and other emerging industry trends.
The housing market could be breaking free from the "rate lock" phenomenon that froze activity in 2023. That's because owners appear less deterred by high mortgage rates when considering whether to sell their homes, Zillow said.
The work-from-home ( WFH ) phenomenon has faded tremendously, as many companies, large and small, are ordering their employees to spend at least a few days per week in the office. For example, JPMorgan (NYSE: JPM ), Apple (NASDAQ: AAPL ) and video game maker Activision Blizzard (NASDAQ: ATVI ) are among the huge companies ending or greatly curtailing WFH privileges.
Zillow (NASDAQ:Z) Group Inc shares have priced in a steady recovery in housing in 2024 and near record low home affordability could limit volume upside, Bank of America analysts acknowledged. In downgrading Zillow stock to ‘Neutral' from ‘Buy', the analysts also cited real estate commission lawsuits as being an overhang on Zillow's buy side agent lead generation segment, which make up nearly 50% of the company's revenues.
Shares of Zillow Group Inc. were knocked lower Wednesday following a Wall Street analyst's call to stop buying, saying prices already reflect a recovery in the housing market.
BofA Securities analyst Curtis Nagle downgrades shares of the real estate company to Neutral from Buy.
Buffalo, New York will see its housing market become the most competitive out of 50 major cities this year, projections from Zillow indicated.
The S&P 500 is about to make a new high, which seemed unlikely just one year ago. The longer investors stay in the market, the higher their likelihood of generating a profit.