Seattle-based Redfin lays off 4% of its labor force

Redfin will lay off about 4% of its labor force. (AP).

( AP).



BY BILL KACZARABA.

MyNorthwest Content Editor.

Seattle-based Redfin laid off 201 workers on Tuesday, roughly 4% of its workforce.

GeekWire reported the cuts were made in response to the real estate decline and ongoing economic unpredictability.

This is the third time in less than a year the business has let individuals go. Redfin would not confirm where those cuts would originate from.

Dave Ross: The elegant way of life of a Supreme Court justice.

" While another layoff is painful, particularly for those leaving the company, Redfin must continue to adjust to the existing financial climate," the company stated in a declaration.

Redfin stated last November that it would end its home-flipping program RedfinNow and eliminate 862 positions. That followed an 8% labor force decrease last June.

Redfin profits fell 25% in the 4th quarter after home loan rates and a sluggish housing market kept lots of on the sidelines. The business also reported a bottom line of $61.9 million, compared to $27 million lost in the exact same quarter in 2015.

Redfin reported in January that the housing market had begun to recuperate. That claim mentioned boosts in the number of users requesting trips and calling representatives to start the home-buying procedure. In King County last month, the typical house rate was down 10% from March 2022, and the number of pending home sales was down 33%.

The most recent round of cuts will mainly affect employees in the property support segment. Laid-off workers will get 10 to 15 weeks of severance depending upon tenure and health care coverage for 3 months, according to the representative.

Cooling real estate market prompts layoffs at Redfin.

" The people leaving Redfin have been fantastic associates, and if they wished to return, we 'd invite them back in a stronger real estate market," a company representative stated in a declaration.

A number of real estate tech business have laid off employees in Washington state over the last year in reaction to the market recession, including Zillow, Flyhomes, Compass, and others.

Redfin's net loss in 2022 was $321 million, more than double its $110 million loss the year before.

Share.