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What is Redfin? Company known as an iBuyer, which uses computer algorithms to purchase homes in bulk and then flip them
ByAnna Bahney, CNN Business
Monday, November 14, 2022
SEATTLE — Real estate giant Redfin is closing its home-flipping unit and laying off 13% of its staff.
The Seattle-based company is making the move because its home-flipping business is losing money, CNN reported.
Redfin is following the lead of competitor Opendoor, which recently revealed it had sold too many homes for a loss.
RELATED: Meta layoffs 2022: Facebook parent company laying off 11,000 employees, 13% of workforce
Both companies are known as “iBuyers,” which use computer algorithms to purchase homes in bulk and then flip them.
Now the “iBuying” companies say high interest rates and the cost of renovations are rising faster than they can predict.
Executives at both Redfin and Opendoor are both predicting a slowdown in the real estate market for 2023.
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This article was originally published by a abc7chicago.com . Read the Original article here. .