- Zillow, Redfin, and Opendoor are all looking to improve the archaic buying experience in real estate through iBuying and offering adjacent products

- Zillow’s primary strength lies in its ownership of the customer relationship, which will translate into lower customer acquisition cost on both the buying and the selling of homes

- The unit economics remain unproven but Zillow has outlined a path to 2-3% adj. EBITDA margins. If successful, Zillow could more than double its adj. EBITDA

- Zillow’s most significant risk in the near-term is the large amount of change underway at both its new and core businesses. These changes, and the resulting guidance revisions that could come, keep me on the sideline for now