Home Offers Still Facing Competition

More often than not, you still can’t put an offer on a home without someone else making a competing offer. For the sixth month in a row, more than half of home sales have been the subjects of bidding wars, according to a new report released by Redfin on its properties. In October, 56.8 percent of Redfin offers on homes in the United States faced competition – down from a peak of 59.3 percent in August. “Has the market calmed down since the summer? Yes, but every offer I submit still faces multiple competing bids and we continue to see a lot more buyers than we normally would at this time of year,” said Melissa Killham, a Redfin real estate…

Redfin Posts Third Quarter Earnings

Redfin on Thursday announced financial results for the third quarter, with revenues down slightly but profit up significantly from last year. Third-quarter revenue dropped 1 percent year over year to $237 million, while gross profits was $93 million – an increase of 74 percent from the third quarter of 2019. Net income per share attributable to common stock was $0.30, up from $0.07 last year. Redfin also reported that gross profits on real estate services were $92 million, an increase of 70 percent from $54 million in the third quarter of 2019. “Redfin’s increasing share of North America’s online real estate audience, coupled with a strong housing market, has generated demand faster than we can recruit agents, lenders and partners,” said Redfin CEO Glenn Kelman. “Our market…