This week, wow a hot week. Outside of that let’s digest a few items together…let’s start with your toolbox…
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Following the Redfin IPO?
I am, it is interesting to me. We asked Matthew Gardner to speak to it…
I see this as an IPO based on it being a technology company, not a real estate company. They have never been profitable and the filing actually states that they are a long way away from actually making money! Additionally, as their agents actually make a salary, the likelihood of them being able to continue to offer reduced commissions will be tested – especially when we start to get to a more rational market!!
My take on it is that the initial investors wanted a return on their initial $160M investment and that pushed the IPO.
Bottom line is that I am not worried about it relative to Redfin increasing market share.
Matthew Gardner | Chief Economist | WINDERMERE REAL ESTATE
Ok, let’s wrap this week up! Next week I dig out my podcast equipment and start another conversation with hopeful ideas worth spreading. Tune in as I’ll be interviewing our Tune Up team. Together we’ll share what we are working on in support of your businesses on our next Double Down podcast episode.
Welcome to Seafair weekend! Ps, I did grab a quick pause and look up to view those Blue Angels – oh what a sight – so much power! And yes, the below is a picture of those jets buzzing overhead as my son ventured out to the middle of Lake Washington in sailing camp. Fearless! – 11 years old and off he went with no idea what he was doing. He did make it back dockside. Phew!
That’s a wrap, have a fantastic weekend in productive work + play, here to help.
Laura Smith, General Manager | Windermere Real Estate Co.
Ballard + Eastlake + Madison Park + Northgate + Sand Point + Wedgwood