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'The housing market will get smaller in 2023': Redfin lays off 13% of staff

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Real-estate brokerage Redfin was laying off 13% of staff, CEO Glenn Kelman said. The headcount at the company has fallen by 27% since April, when 8% of staff were let go.

Redfin RDFN, -8.87% is laying off staff again, as the housing market continues to hurt from high mortgage rates and low demand.

The layoffs then were a response to the expectation that the company would sell fewer homes in 2022, Kelman said. This new round of layoffs “assumes the downturn will last at least through 2023,” he stressed. Additionally, in November, 218 more roles were eliminated, but those employees were given a choice between staying at Redfin in a different capacity, or leaving, Kelman said. If they choose to leave, then the total headcount will have been reduced by 29% over the last seven months.

— Redfin CEO Glenn Kelman on the iBuyer market and closure of RedfinNow The iBuyer market has been hammered — alongside the broader property market — by a sharp run-up in mortgage rates and plunging buyer demand. Rates are firmly above 7%, adding hundreds of dollars to homebuyers’ interest payments, which is putting many people off from purchasing a home.

 

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Needed cool off

Folks!, everything is just fine. The inflation…you know the thing, is gonna help us along the way. Don’t jump!

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Redfin to lay off 13% of staff, shutter home-flipping businessOnline real estate company Redfin announced that it's reducing its workforce again. This time, 862 employees will be laid off amid the uncertain economic environment. Good. These corps buying housing to turn into rentals is bad for the people. Laws should be passed to put an end to that So everyone waited till the day after the election to announce layoffs?
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