Zillow Closing Its Home-Flipping Business

Zillow announced it is laying off 25% of its workforce, about 2000 employees, and pausing its Zillow Offers program until after the new year. The program allowed homeowners to sell their homes quickly at market value, with Zillow reselling them after minor upgrades. The CEO cited tough competition and challenges in predicting home prices as reasons for shutting down the program.

What was the purpose of Zillow offers for homeowners?

What reasons did the CEO give for shutting down Zillow offers?