Redfin: There’s Salvage Value Here (NASDAQ:RDFN) – Seeking Alpha
Summary
- Shares of Redfin have plummeted more than 85% this year, owing largely to the cooldown in the real estate market.
- Skyrocketing interest rates on top of a weakening labor market have dramatically impacted transactions in the second half of the year.
- Redfin has taken steps to salvage its business, including layoffs and ending its Redfin Now home buying program.
- Ultimately, Redfin’s brand loyalty will allow it to survive this downturn as long as it has sufficient liquidity.
It’s an open secret: Redfin (NASDAQ:RDFN) has had a bad year, in sympathy with the rest of the real estate industry. The pandemic home-buying craze is over. People are getting called back into the office and are no longer relocating to cheaper states in search of more land. Sky-high interest rates have pinched home affordability, and general economic unease and widespread layoffs have many consumers thinking that now is not the best time to make long-term commitments.
Year to date, shares of Redfin have…
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source: https://news.oneseocompany.com/2022/12/04/redfin-theres-salvage-value-here-nasdaqrdfn-seeking-alpha_2022120436955.html
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