Redfin CEO on the Cooling Housing Market

Redfin CEO Glenn Kelman joins Emily Chang to discuss how real estate platforms can navigate the new waters of a cooling housing market after the housing boom of the last few years.

[UrbanBDKNY]

Too many act like the rates are the only problem. Sure 6% it’s not that high typically but IT IS HIGH when houses are at an all time high

Between the loan amount and the 2% higher rates from a year ago, the average payment has basically doubled

A house that used to be 300k is now 500k and a home that was 700k is now 1.2 million dollars. So calculate the difference in principal for the different and then calculate the difference between 3% rate and 5.5% rate AND THEN throw on a little more property tax because the price of houses have gone up and counties are adjusting the taxes

And finally, throw in an economy with layoffs happening left and right. What could go wrong

[ebeyslough]

So I love the "vulnerability" of this CEO, owning up accountability for the bets he made, and the people he hired ended up losing their chips but not his.

[tobahero]

Kudos to the CEO, very passionate about his Company.

[luganosolutions]

Shout out to this CEO more people like him

[rahzelwashington]

Gotta like this CEO's honesty. Makes me want to buy redfin

[VincentAnthonyE]

Lol buy now because it's cheaper than 3 months ago! Great advice guy

[Cyborg]

People are underwater on their mortgage. The bubble is finally popping. I lived through 2008, this is way way worse.

[rongliu]

Glenn is thoughtful and relatable. Not like the robotic CEOs that reads a script.

[Falconlibrary]

I wondered why Redfin stock is down 90%.
After this interview with their CEO, I wonder why it's not down more.

[michellethompson]

Based on his comments, he doesn’t appear to understand the issue at all. Home prices in my area (Raleigh, NC) have gone up 50% in the last two years. His advice is to go out and buy a house right now 😂 after interest rates doubled as well.. lol

[allenbythesea]

this guy is so honest about things. Really great interview.

[gideo]

I'm reminded of the rosy outlook the media tried to give about the market in 2007-08. And most of us remember what happened right after.

[rickertpropertygroup]

What incredible honest from Redfin CEO, refreshing

[robotman]

I like this guy being honest. Definitely going to be using Redfin more often now!

[DSC]

Here in California ave home prices are almost 8x average wages and almost 20x average annual rental value. Historically these ratios are at their highs and, be it a big pop, or a slow decline, housing needs to deflate 15, 20, maybe 25%.

[brianoleson]

home prices were already to high (adjusted for inflation) 5 years ago in many states its just over kill and another punch up now ...

[lizardkid]

Every relator in these media interviews all claim, “now Is a perfect time for the buyer to buy.” Which sounds like they are desperate, because I’ve seen homes that have been on the market since May.

[waywarddrifter]

Good piece surprisingly candid answers.

[byambaus]

I
Like his products and honesty and energy and stock prices

[TheGreatOne]

This guy seems so genuine, I hope Redfin does great !!