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Redfin Corporation (RDFN) is a pioneering residential real estate brokerage firm that has revolutionized the industry by integrating advanced technology with local real estate services. Founded with a vision to put customers first, Redfin started by inventing map-based search, enabling users to find homes more efficiently. Unlike traditional brokers, Redfin decided to forego running ads and instead partnered with agents committed to being customer advocates, not mere salespeople.
Redfin's innovative approach covers every aspect of the home buying and selling process. From home tours and listing debuts to escrow and closing, Redfin's technology-driven model makes each step faster, easier, and worry-free. Their commitment to excellence is evident in their unique bonus system, where agents are rewarded based on customer reviews.
The company operates through five segments, with three reportable ones: Real Estate Services, Rentals, and Mortgage. Real Estate Services generate the bulk of the company’s revenue. Alongside their core services, Redfin also offers mortgage loans, title, and settlement services via their website and mobile application, making it a one-stop-shop for all real estate needs.
Recent achievements include expanding their market reach and continuous technological enhancements to provide better service and save customers thousands in fees. Redfin consistently invests in the homes it sells, focusing on improving performance and adding value.
- Advanced map-based search technology.
- Customer-first approach with bonus incentives for agents.
- Comprehensive services from listings to mortgages.
- Revenue mainly from Real Estate Services.
Redfin's mission is to redefine how real estate is bought and sold, emphasizing speed, cost-effectiveness, and customer satisfaction. Whether you’re buying, selling, or renting, Redfin aims to make the experience seamless and beneficial.
News
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Redfin (NASDAQ: RDFN) expands its Redfin Next agent compensation plan to San Diego and Orange County, California, after the successful launch in San Francisco and Los Angeles. The plan offers competitive splits as high as 75%, covers virtually all business expenses, and provides technology, support, benefits, and customer introductions from Redfin.com, the #1 brokerage site in the United States. Redfin's new hires sold approximately one billion in real estate in the last two years, and the company expects top agents to earn even more under the pilot pay plan.
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Redfin (NASDAQ: RDFN) has launched Redfin Redesign, an AI-powered tool in partnership with Roomvo and Bright MLS, allowing buyers to virtually transform the interiors of for-sale listings and compare before and after photos.
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Redfin (NASDAQ: RDFN) reports that 2023 has been the least affordable year to buy a home in Redfin’s records, with someone making the $78,642 median U.S. income needing to spend 41.4% of their earnings on monthly housing costs for the $408,806 median-priced U.S. home. The typical 2023 homebuyer needed to earn an annual income of at least $109,868 to spend no more than 30% of their earnings on monthly housing payments for the median-priced home. The median monthly housing payment for homebuyers in 2023 was a record $2,715, up 12.6% from 2022, while the median household income rose just 5.2% to an estimated $78,642. Mortgage rates hit a 23-year high of 7.79% in October, and the $408,806 median home sale price in 2023 is the highest of any year on record. Austin is the only metro that became more affordable, while Anaheim and Miami saw the biggest decreases in affordability.
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Redfin (RDFN) predicts widespread home price declines in 2024 as mortgage rates continue to drop. The median U.S. housing payment was $2,561, down $177 from the record high in October. Mortgage-purchase applications are up 15%, new listings are up 7% year over year, and homeowners contacting Redfin for help selling their home have increased by double digits.
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Redfin (RDFN) predicts a shift toward a buyer’s market in 2024 as pandemic-driven inflation decreases, mortgage rates come down, and more people list their homes for sale. The company expects these trends to continue in the new year, ushering in a season of hope for aspiring homebuyers.
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Redfin (RDFN) reported a decline in the median monthly mortgage payment by more than $150 from its peak to its lowest level in three months. New listings are also seeing their biggest year-over-year increase since summer 2021. The typical U.S. homebuyer’s monthly mortgage payment was $2,575 during the four weeks ending November 26, down $164 from a peak of $2,739 last month but up 13% year over year. Mortgage rates are falling from their peak, with the weekly average 30-year mortgage rate at 7.29%, down from a high of 7.79% in October. The median sale price is up 4% due to low inventory, but there is hope for buyers as new listings are up 6%.
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Redfin (RDFN) reports Nashville as a top migration destination for homebuyers, with a typical home selling for $448,910 in October, half the cost of Los Angeles. Sacramento, CA was the most popular destination, with a typical home selling for $578,000, a million dollars less than San Francisco. 24.7% of Redfin.com users looked to move to a different metro area in October.
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Redfin (RDFN) releases new Redfin Home Price Index (RHPI) showing a 1% month-over-month increase in home prices in October. The RHPI uses the repeat-sales pricing method to calculate changes in U.S. home prices, providing more current data compared to the Case-Shiller index. The RHPI will be published monthly for national and metro-level indices.
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Redfin (RDFN) reports a significant decrease in median monthly mortgage payment by over $100 as rates dropped from 8% to 7.3%. Mortgage-purchase applications increased by 4% this week to their highest level in six weeks. New listings posted their biggest year-over-year increase since 2021, with median sale prices up by 4.6% to $367,750. The median asking price increased by 6.3% to $377,099. Pending sales decreased by 8% while new listings increased by 5.2%. Active listings saw a 7.3% decline, and the months of supply increased to 3.7 months. The share of homes off the market in two weeks increased to 34.8%, and the median days on the market decreased by 3 days to 34. Overall, the housing market is showing positive signs of recovery and growth.
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Redfin (NASDAQ: RDFN) reports that U.S. pending home sales rose 1% month over month in October, reaching the highest level in a year. The supply crunch has eased slightly, leading to a rise in new listings and active listings. Roughly 20.8% of homes sold in October had a price drop, and more than one-third of sellers are offering concessions. However, closed home sales have continued declining, and 17.2% of pending sales fell out of contract, the highest percentage on record. The median U.S. home sale price rose 3.5% year over year to $413,874 in October, with prices climbing 4% from a year earlier in North Port, FL, and declining 8.2% in North Port. For more detailed information, visit redfin.com.
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FAQ
What is the current stock price of Redfin Corporation (RDFN)?
The current stock price of Redfin Corporation (RDFN) is $8 as of November 18, 2024.
What is the market cap of Redfin Corporation (RDFN)?
The market cap of Redfin Corporation (RDFN) is approximately 1.0B.
What does Redfin Corporation do?
Redfin Corporation is a residential real estate broker that uses technology to offer faster, cost-effective services for buying, selling, and renting homes.
How does Redfin save customers money?
Redfin saves customers money by integrating technology to streamline the home buying and selling process, reducing fees and offering value-added services.
What services does Redfin offer?
Redfin offers home buying, selling, mortgage loans, title, and settlement services through their website and mobile application.
How does Redfin ensure customer satisfaction?
Redfin pairs their agents with technology and rewards them based on customer reviews, ensuring a high level of customer satisfaction.
What are Redfin's main revenue segments?
Redfin's primary revenue segments are Real Estate Services, Rentals, and Mortgage services.
How did Redfin start?
Redfin began by inventing map-based search and focusing on a technology-driven approach to make real estate transactions easier for customers.
What is unique about Redfin's business model?
Redfin’s model combines technology with local real estate services and aligns agent incentives with customer satisfaction.
Does Redfin offer mortgage services?
Yes, Redfin offers mortgage loans, title, and settlement services in addition to their real estate brokerage.
What is Redfin's mission?
Redfin's mission is to redefine real estate by making it faster, cost-effective, and customer-centric.
How does Redfin use technology in real estate?
Redfin uses technology for map-based search, home tours, listing debuts, and the entire home buying and selling process to enhance efficiency and customer experience.
Redfin Corporation
Nasdaq:RDFN
RDFN Rankings
RDFN Stock Data
1.01B
123.98M
4.25%
55.29%
17.51%
Real Estate Services
Real Estate Agents & Managers (for Others)
United States of America
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