Home flipping is starting to flip out. Redfin announced Wednesday that it's shutting down its home-flipping business and laying off 13% of its workforce, saying it's bracing for impact as the housing market rapidly decelerates.
Redfin announced Wednesday that it's shutting down its home-flipping business and laying off 13% of its workforce, saying it's bracing for impact as the housing market rapidly decelerates.
“To prosper in a housing downturn that could last at least through 2023, we have to simplify our business," Redfin CEO Glenn Kelman said in a statement. "We're closing our iBuying business, RedfinNow, because maintaining a profit with rising interest rates would make our offers on homes insultingly low."It's another sign that the housing market is losing the frothy edge that drove huge price increases and record sales over the last several years.
Active home listings soared 33.5% in October, compared with a year earlier, hitting the highest point since 2020,
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