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Commercial real estate juggernaut CoStar™, one of the largest data and business intelligence providers in CRE, has been looking for some time to move into the residential real estate market causing a feud with Zillow™.  In furtherance of that goal CoStar™ is in talks with News Corp , the owner of realtor.com and Move Inc. Initial reports of the $3 billion transaction came to light in a Tuesday article by Reuters®.  The potential sale was confirmed in an Australian Stock Exchange filing: “NEW YORK – January 24, 2023, News Corp today confirmed that it is engaged in discussions with costar group incorporated regarding a potential sale of move, incorporated, operator of realtor.com. News Corp actively assesses opportunities to maximize shareholder value, and discussions with costar group are part of that ongoing effort.” From Australian Stock Exchange filing.  

CoStar™ has been consistently expanding its real estate presence with the 2020 purchase of Homesnap and Ten-X (real estate auction platform).  CoStar already owns Apartments.com. It remains unclear whether or not this deal between News Corp and costar will go through – but one thing is certain: if it does, it could have significant implications for both traditional brokers and tech driven companies like Zillow in the residential real estate market. If the deal goes through, it would be a huge boon for CoStar  giving them a large foothold in the market and put them in direct competition with Zillow™. We’ll just have to wait and see how things shake out in the coming weeks and months before we can truly understand what kind of impact this potential transaction will have on the residential real estate market.  

 

1 Comment

  1. michelle kotary

    This would be wonderful. Iv been ripped off by using Zillow after spending $1800.00 a month for them to sell out of the zip code I had purchased years back . I went to the zillow agent portal to find that I was paying for the number 2 spot fir 7 years , which that one zip code has been sold out , as they say , to go on and find that somehow 3 other new agents got in ahead of me , and they were charging me the same to than be in the 6th spot . You should run this completely different from them . As so many realtors are so disgusted with their crappy , greedy way they run and handle the sales of their zip codes .however , Iv cancelled all zip codes with them , due to their sold out policy’s . After being a faithful customer for 8 years .

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