Financial News Feed

SEATTLE , June 11, 2019 /PRNewswire/ -- (NASDAQ: RDFN ) — Thirty-five percent of offers written by Redfin agents on behalf of their home-buying customers in San Francisco faced a bidding war in May, up from 5 percent in January but down from 77 percent in May 2018 , according to a new report from Redfin ( www.redfin.com ), a technology-powered real estate brokerage. Nationally, just 16 percent of Redfin offers faced a bidding war in May. "Earlier this year, the San Francisco housing market appeared to be running out of gas, but the recent tech IPOs have reignited competition," said Redfin chief economist Daryl Fairweather . "Buyers want to get in now before prices shoot up, while many would-be sellers are holding out for higher prices. With more people looking to buy homes than there are homes for sale, what you have is a recipe for bidding wars." San Francisco was the most competitive market in the nation in May, beating San Diego (24%), the second-most competitive market, by over 10 points....

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SEATTLE , June 4, 2019 /PRNewswire/ -- (NASDAQ: RDFN ) — Sale prices for newly built homes fell 1 percent year over year to a median of $363,900 in the first quarter, the first such drop in seven years, according to a new report from Redfin ( www.redfin.com ), a technology-powered real estate brokerage. Sales of new homes were down 3.1 percent year over year in the first quarter, the third consecutive quarter of declines. Supply of new homes was up 4.2 percent in the first quarter, the fourth consecutive period of increases. The small declines in new-home sale prices and sales and the rise in supply were expected. Redfin first reported that demand for new homes was cooling in the second half of 2018 as builders started dropping prices and offering incentives to agents and buyers showing interest in new construction, such as free design upgrades. Connie Durnal , a Redfin agent in Dallas , said builders are now using other methods to lower prices for new homes in her area, such as smaller lot sizes and including fewer upgrades in spec homes (those that are built without a buyer lined up)....

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SEATTLE , May 28, 2019 /PRNewswire/ -- (NASDAQ: RDFN ) — Homes get 3.4 times more online views the day they are listed than they do the day the seller drops the price, according to a new report from Redfin ( www.redfin.com ), a technology-powered real estate brokerage. The analysis looked at Redfin.com pageviews for more than 1.2 million listings and found the average number of views each listing received per day on the market, relative to the listing date and the date of the first price drop. "It's critical to price your home to sell from the start," said Redfin chief economist Daryl Fairweather . "Fair or not, buyers judge a home by how many days it has been on the market. A home that has been on the market for more than a few weeks has a scarlet letter on it, and buyers will wonder why no one else wanted to buy it. Dropping the price can help get your home onto the radar of some buyers who are searching for homes priced just below the original price, but you likely won't be able to regain the appeal of a newly listed home. " A home for sale that is viewed by 100 buyers online in its first day receives an average of just 17 views per day after 30 days on the market. …...

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Zillow, Redfin slip on new home sales data
02:30pm, Thursday, 23'rd May 2019
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SEATTLE , May 20, 2019 /PRNewswire/ -- (NASDAQ: RDFN ) — Nationwide, vacant homes sell for $11,306 less and spend six more days on the market than comparable occupied homes, according to an analysis from Redfin ( www.redfin.com ), the technology-powered real estate brokerage. The analysis looked at homes that were listed and sold in 2018, comparing the sale prices and time spent on the market for home listings that were marked 'vacant' at the time they were sold with those that were not flagged as vacant. "Although vacant homes are easy for buyers to tour at their convenience, the fact that the sellers have already moved on is often a signal that buyers can take their time making an offer," said Redfin chief economist Daryl Fairweather . "It's also likely that sellers who are in a comfortable enough financial situation to own a property that's sitting empty aren't as motivated to get the highest possible price for their home as sellers who need the cash from their first home in order to buy the next one." Though vacant homes sell for less money in every metro area included in the analysis, the amount varies by location....

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SEATTLE , May 17, 2019 /PRNewswire/ -- (NASDAQ: RDFN ) — More than a year after the historic tax code overhaul, less than half of homebuyers (47%) say that tax reform has had an effect on their home search, according to a March survey commissioned by Redfin ( www.redfin.com ), the technology-powered real estate brokerage. That's down from 56 percent last year, when tax reform's effects were still mostly speculative and not yet realized in people's paychecks. The tax reform law lowered the caps on the tax deductions allowed for mortgage interest payments and state and local taxes. The Redfin-commissioned survey included more than 2,000 U.S. residents who planned to buy or sell a primary residence in the next 12 months. More than 1,800 homebuyers responded to the question: "How has the recent tax reform law affected your plans to buy a home?" Results from this survey were compared to over 1,300 responses to the same question in a similar survey commissioned in March 2018 . The most common tax-reform effect reported by homebuyers this year was that they lowered their price range because of decreased benefits on high-priced homes (14%, down from 16% last year)....

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SEATTLE , May 16, 2019 /PRNewswire/ -- (NASDAQ: RDFN ) — U.S. home-sale prices edged up 2.8 percent year over year to a median of $307,600 in April, according to a new report from Redfin ( www.redfin.com ), a technology-powered real estate brokerage. This marks a rebound from March's slight annual price decline and a return to a more sustainable level of price growth than the 7 to 9 percent home price increases seen early last year. Only five of the 85 largest metro areas Redfin tracks saw a year-over-year decline in their median sale price, the biggest of which were a 5.0 percent drop in San Jose , a 1.8 percent dip in New Haven, CT and a 1.3 percent decline in Seattle . The other two price declines were in San Francisco and Portland, Oregon , both of which saw prices fall just 0.1 percent from a year earlier. "Homebuyers should take April's home-price rebound as a cue that the cooldown may be coming to an end," said Redfin chief economist Daryl Fairweather . "The good news is that even though home prices are rising again, mortgage rates remain below last year's levels and are unlikely to tick back up in a meaningful way this year....

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RE/MAX ends Redfin partnership
08:45pm, Monday, 13'th May 2019
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SEATTLE , May 13, 2019 /PRNewswire/ -- (NASDAQ: RDFN ) — A statement from Redfin ( www.redfin.com ), a technology-powered real estate brokerage: RE/MAX withdrew today from its corporate partnership with Redfin. Redfin has the utmost respect for RE/MAX as a company, for its agents and leaders. RE/MAX agents who already work as Redfin's partner agents will continue to be our partners, and RE/MAX agents can continue to enroll in our partner program, but Redfin can now enroll partner agents from other brokerages to serve Redfin.com visitors in the U.S. and Canada . At issue between RE/MAX and Redfin has been Redfin Direct, the new service we're piloting in Boston for Redfin's listing customers to get offers from unrepresented buyers. We had briefed RE/MAX on the technology prior to announcing the partnership, but RE/MAX became concerned that Redfin Direct would undermine the standing of North American buyers' agents. Redfin understands this concern, as we employ thousands of … Full story available on Benzinga....

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Re/Max Holdings Inc. said late Monday it is dropping its referral program with Redfin Corp. because of the online real estate company's move to encourage home purchases without an agent. "Consumers faced with the largest, most complex financial transaction of their lives should have a knowledgeable professional to guide and advise them," Re/Max said in a statement. Because of Redfin's recent announcement of a program to eliminate real estate agents from the home buying process, Re/Max said "we cannot continue with an official, corporate-level relationship at this time. We have begun the process of dissolving our exclusive referral agreement with them beginning today." Both shares of Re/Max and Redfin were flat in after hours trading. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news....

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SEATTLE , May 9, 2019 /PRNewswire/ -- (NASDAQ: RDFN ) -- Birmingham, Alabama is the most affordable place in the country to raise an infant, costing an average of $16,383 in the first year, according to a new analysis from Redfin ( www.redfin.com ), the tech-powered real estate brokerage. The analysis calculated the cost of moving up from a two-bedroom single-family home to a comparable three-bedroom single-family home, or from a one-bedroom to a comparable two-bedroom condo, in 79 U.S. metro areas. Redfin added the difference in annual mortgage payments to average yearly childcare costs for the state in which the metro is located, plus uniform healthcare and baby item expenses, to come up with the total cost. Southern metros dominated the ranking of the most affordable places for a baby's first year, with Little Rock, Arkansas ranking second at $16,585 and Charleston, South Carolina coming in third at $16,566 . Washington, D.C. , where parents spend an average of $35,017 during a baby's first year, is the most expensive metro in the country to raise an infant, followed by Boston ($31,307) and Worcester, Massachusetts ($30,610) ....

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Earnings movers dominate premarket losers
01:25pm, Thursday, 09'th May 2019
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Compass Point hits Redfin sidelines
12:11pm, Thursday, 09'th May 2019
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