{"id":463008,"date":"2022-06-14T23:02:50","date_gmt":"2022-06-14T20:02:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/compass-redfin-to-lay-off-hundreds-as-housing-market-cools\/"},"modified":"2022-06-14T23:02:50","modified_gmt":"2022-06-14T20:02:50","slug":"compass-redfin-to-lay-off-hundreds-as-housing-market-cools","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/compass-redfin-to-lay-off-hundreds-as-housing-market-cools\/","title":{"rendered":"#Compass, Redfin to lay off hundreds as housing market cools"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a387515cb096\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a387515cb096\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/compass-redfin-to-lay-off-hundreds-as-housing-market-cools\/#%E2%80%9CCompass_Redfin_to_lay_off_hundreds_as_housing_market_cools%E2%80%9D\" >&#8220;Compass, Redfin to lay off hundreds as housing market cools&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CCompass_Redfin_to_lay_off_hundreds_as_housing_market_cools%E2%80%9D\"><\/span>&#8220;Compass, Redfin to lay off hundreds as housing market cools&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Real estate firms Compass and Redfin revealed plans to conduct layoffs on Tuesday as surging mortgage rates trigger a slowdown in the once-booming housing market.<\/p>\n<p>Redfin\u2019s regulatory filing cited \u201cmarket conditions\u201d in the firm\u2019s decision to cut the company\u2019s headcount by about 470 employees, with cuts to occur throughout the month of June. <\/p>\n<p>CEO Glenn Kelman provided further details in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.redfin.com\/news\/layoff\/\">a blog post<\/a> \u2013 noting that the layoffs accounted for 8% of total staffers.<\/p>\n<p>\u201cWith May demand 17% below expectations, we don\u2019t have enough work for our agents and support staff, and fewer sales leaves us with less money for headquarters projects,\u201d Kelman said in the post.<\/p>\n<p>\u201cMortgage rates increased faster than at any point in history,\u201d Kelman added. \u201cWe could be facing years, not months, of fewer home sales, and Redfin still plans to thrive.\u201d<\/p>\n<p>The average rate of a 30-year fixed rate mortgage was 6.28% as of Tuesday, according to data from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.mortgagenewsdaily.com\/\">Mortgage News Daily<\/a>. Rates were hovering near 3.5% as recently as January.<\/p>\n<p>Kelman said the impacted workers would receive a minimum of 10 weeks of base salary, as well as three months of health care coverage and severance pay equal to estimated value of lost productivity or sales bonuses for agent and support roles.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/compass-redfin-layoffs-inflation-03.jpg?w=1024\" alt=\"Redfin\" class=\"wp-image-22656384\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/compass-redfin-layoffs-inflation-03.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/compass-redfin-layoffs-inflation-03.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/compass-redfin-layoffs-inflation-03.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Redfin shares are down nearly 80% this year.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Redfin shares were down more than 5% in trading Tuesday afternoon. The stock has plunged nearly 80% so far this year.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/d18rn0p25nwr6d.cloudfront.net\/CIK-0001563190\/6d382469-5765-40da-a98b-e868b4e20819.pdf\">The Compass layoffs<\/a> will impact about 10% of the company\u2019s overall workforce, or <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately 450 workers, the company said in a regulatory filing. The filing noted that Compass is conducting a \u201cwind-down\u201d of Modus Technologies, a real estate software platform the company purchased in 2020.<\/p>\n<p>\u201cDue to the clear signals of slowing economic growth we\u2019ve taken a number of measures to safeguard our business and reduce costs, including the difficult decision to reduce the size of our employee team by approximately 10%,\u201d a Compass spokesperson said in a statement on the decision.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/compass-redfin-layoffs-inflation-04.jpg?w=1024\" alt=\"Compass sign\" class=\"wp-image-22656386\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/compass-redfin-layoffs-inflation-04.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/compass-redfin-layoffs-inflation-04.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/compass-redfin-layoffs-inflation-04.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The Compass layoffs will impact about 10% of the company\u2019s overall workforce.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Compass shares sank about 12%. The real estate giant\u2019s stock is down about 56% so far this year.<\/p>\n<p>Home sales and prices surged during the COVID-19 pandemic, fueled by lenient borrowing conditions and a dearth of available inventory. But interest rates have skyrocketed in recent months as the Federal Reserve and other central banks move to confront decades-high inflation.<\/p>\n<p>Mortgage demand recently hit a 22-year low, according to data from the Mortgage Bankers Association. The volume of applications has declined as prospective homebuyers react to the difficult financial climate.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/compass-redfin-layoffs-inflation-05.jpg?w=1024\" alt=\"Compass sign\" class=\"wp-image-22656388\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/compass-redfin-layoffs-inflation-05.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/compass-redfin-layoffs-inflation-05.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/compass-redfin-layoffs-inflation-05.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Compass shares sank about 12%.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>Real estate isn\u2019t the only sector under pressure as the US economy teeters toward a potential recession.<\/p>\n<p>Earlier on Tuesday, cryptocurrency trading firm Coinbase announced plans to lay off 18% of its workers \u2014 joining other crypto companies that have cut workers during a major downturn in digital assets.<\/p>\n<p>Meanwhile, the S&amp;P 500 fell into bear market territory this week \u2014 with some warning stocks still have much further to fall.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/06\/14\/compass-redfin-to-lay-off-hundreds-as-housing-market-cools\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Compass, Redfin to lay off hundreds as housing market cools&#8221; Real estate firms Compass and Redfin revealed plans to conduct layoffs on Tuesday as surging mortgage rates trigger a slowdown in the once-booming housing market. Redfin\u2019s regulatory filing cited \u201cmarket conditions\u201d in the firm\u2019s decision to cut the company\u2019s headcount by about 470 employees, with&#8230;<\/p>\n","protected":false},"author":1,"featured_media":463009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/compass-redfin-layoffs-inflation-01.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[130298,12156,76659,77579],"class_list":["post-463008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-6-14-22","tag-housing","tag-luxury-real-estate","tag-residential-real-estate"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=463008"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463008\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/463009"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=463008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=463008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=463008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}