{"id":17584,"date":"2020-12-09T07:26:59","date_gmt":"2020-12-09T14:26:59","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=17584"},"modified":"2020-12-09T07:26:59","modified_gmt":"2020-12-09T14:26:59","slug":"overnight-news-hey-redfin-is-it-really-catch-a-falling-knife-if-youre-redlining-drastically-to-stave-off-exsanguination","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17584\/overnight-news-hey-redfin-is-it-really-catch-a-falling-knife-if-youre-redlining-drastically-to-stave-off-exsanguination\/","title":{"rendered":"Overnight News: Hey, Redfin: Is it really \u201cCatch a Falling Knife\u201d if you\u2019re redlining drastically to stave off exsanguination?"},"content":{"rendered":"

\"Ya

\u201cReal estate is about kids and dogs. Can\u2019t walk a dog is there\u2019s broken glass everywhere.\u201d<\/p><\/div>Want me to tell you the secret to being right most of the time? Bet the odds. What will happen is what has happened. Not always, but most of the time. Hard lesson to learn \u2013 particularly when you have billions to burn and a burning need to buck the odds on every bet.<\/p>\n

So: RedfinNow is expanding its iBuying business into two new markets: Seattle and San Francisco. I’ve been mocking Redfin for months for its rose-colored riot-denial, but there is no bet more resounding that doubling down on dipshit.<\/p>\n

Consider: The game the iBuyers have not yet played, despite The Incumbent’s crowing mid-Spring, is called “Catch a Falling Knife” \u2013 not just one, but hundreds. The iBuyers have lived for years in a perpetual Spring: Steady growth in prices with \u2013 count them \u2013 zero downturns. (So you know, El Incumbento, what happened this Spring was nothing and what has happened since is the riots.)<\/p>\n

What happens to the iBuyers when all home values go down all at once?<\/p>\n

What happens when the iBuyers’ own price cuts are leading the market-wide slashscade?<\/p>\n

What happens when your bold plan to buy at 80% nets you a chance to sell at 60% \u2013 hundreds and hundreds of times?<\/p>\n

\u201cWe\u2019re all spending more time at home than ever before and many of us are dreaming of a home with a larger yard, a dedicated office, maybe even in a new city,\u201d said Quinn Hawkins, head of RedfinNow. \u201cYet at the same time, the idea of selling your home before you\u2019ve found a new place to move is daunting, especially if you\u2019re moving out of town.\u201d<\/p><\/blockquote>\n

Could not be plainer: They want to surf the deflation of two great American cities. The riot-denial thus becomes comprehensible: Seattle and San Francisco are “watered stock.” Redfin had been lying about the riots in order to prey upon their victims.<\/p>\n

Their safety valve? More de facto<\/em> redlining: “To qualify for RedfinNow, homes in Seattle and San Francisco need to fit certain parameters and the iBuying service Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cReal estate is about kids and dogs. Can\u2019t walk a dog is there\u2019s broken glass everywhere.\u201dWant me to tell you the secret to being right most of the time? Bet the odds. What will happen is what has happened. Not always, but most of the time. Hard lesson to learn \u2013 particularly when you have […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29,26,6,5],"tags":[],"class_list":{"0":"post-17584","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-group-therapy","7":"category-lending","8":"category-marketing","9":"category-real-estate","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1438,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1438\/not-to-be-missed-marlow-the-hammer-harris-on-the-redfin-hustle\/","url_meta":{"origin":17584,"position":0},"title":"Not to be missed: Marlow (The Hammer) Harris on the Redfin hustle","author":"Greg Swann","date":"May 16, 2007","format":false,"excerpt":"Eminently worth waiting for:I\u2019d love to be a fly on the wall at those meetings with the investors and venture capitalists. Pie charts, graphs, facts, figures. Lots of talk about disintermediation and volume of scale and that sort of thing. When Redfin fails, they won\u2019t blame themselves, the business model,\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12308,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/12308\/should-redfin-be-renamed-right-fin\/","url_meta":{"origin":17584,"position":1},"title":"Should Redfin Be Renamed Right-Fin ?","author":"Brian Brady","date":"June 16, 2010","format":false,"excerpt":"A La Jolla real estate broker noticed an article on Gawker.com, about a listing Redfin published, offering a currently occupied home (that isn't for sale).\u00a0 From Coastal Real Estate Stars: A new listing appeared on Redfin this weekend\u2026.1600 Pennsylvania Avenue! Now, in fairness to the Redfin folks, garbage in= garbage\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":217,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/217\/i-think-this-my-be-the-more-interesting-redfin-news\/","url_meta":{"origin":17584,"position":2},"title":"I think this may be the more interesting RedFin news . . .","author":"Greg Swann","date":"August 16, 2006","format":false,"excerpt":"Founder David Eraker to Leave Redfin. It certainly couldn't be because he was acting too much like a hard-headed real estate broker... Technorati Tags: blogging, disintermediation, dual agency, real estate, real estate marketing","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1671,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1671\/redfin-cops-another-12-million-raising-investors-stake-in-the-discount-realtybot-to-40000-per-closed-transaction\/","url_meta":{"origin":17584,"position":3},"title":"Redfin cops another $12 million, raising investors’ stake in the discount realty.bot to $40,000 per closed transaction","author":"Greg Swann","date":"July 17, 2007","format":false,"excerpt":"The indefatigable John Cook:Redfin has raised an additional $12 million in venture funding, money that the Seattle discount real estate broker will use to enhance its Web site and expand into new markets. First up for Redfin are the Washington D.C and Baltimore areas, which are being unveiled today. Next\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2701,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2701\/redfincom-builds-new-listing-oversight-tools-for-sellers\/","url_meta":{"origin":17584,"position":4},"title":"Redfin.com builds new listing oversight tools for sellers","author":"Greg Swann","date":"March 4, 2008","format":false,"excerpt":"Here's the news, snipped to the quick:Online real estate broker Redfin Corporation today released Redfin Listing Metrics, a dashboard for Redfin's listing customers to analyze neighborhood inventory trends and recent sales, and to compare their listing's online traffic to that of other listings in the neighborhood.That sounds slick, doesn't it?\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18563,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18563\/overnight-news-hey-redfin-how-do-recent-movers-feel-about-riots\/","url_meta":{"origin":17584,"position":5},"title":"Overnight News: Hey, Redfin: How do recent movers feel about\u00a0riots?","author":"Greg Swann","date":"October 18, 2021","format":false,"excerpt":"America is aghast at its own collapse, and this seems to have resulted in a dearth of fluffy real estate lies. But Redfin always comes through, today with a survey of recent movers' attitudes about hot-button political issues. That alone seems stupid to me: \"We're from Redfin, and we market\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=17584"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17584\/revisions"}],"predecessor-version":[{"id":17585,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17584\/revisions\/17585"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=17584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=17584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=17584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}