Why Zillow, Redfin and other real-estate stocks tanked after a jury ruling

📆 2023-11-01 00:34:00
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Recent ruling could hurt the buyer-agent business and alter fee conventions, analysts say

Shares of real-estate names plunged Tuesday following a jury ruling that has the potential to shake up the way people purchase homes.

Shares of Opendoor Technologies Inc. OPEN, -9.09% plunged 9% on Tuesday, while shares of Zillow Group Inc. ZG, -6.87% Z, -6.98% fell 7%, shares of Redfin Corp. RDFN, -5.67% dropped 6% and shares of RE/MAX Holdings Inc. RMAX, -4.36% declined 4%. Conaltuoni further commented that were the rule to become optional, the “status quo” likely would continue.What would these developments mean for Zillow, which reports earnings Wednesday afternoon? He flagged that nearly two-thirds of the company’s revenue comes from its Premier Agent business, which itself is primarily made up of revenue from buyer agents.

While Redfin shares dropped Tuesday along with other names, Chief Executive Glenn Kelman put out a blog post titled: “Change Comes to the Real Estate Industry.”

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