Redfin pulls plug on iBuyer program. RedfinNow, which generated 40% of the brokerage’s Q4 revenue, was suspended amid coronavirus crisis.
“On March 18, 2020, we announced that RedfinNow, our business that buys homes directly from homeowners and resells them to homebuyers, will temporarily pause making offers on homes,” the company disclosed Wednesday in a filing with the Securities and Exchange Commission.
In a statement, Redfin CEO Glenn Kelman said that the decision was made in response to the ambiguous nature of the housing business right now.
The decision comes at a time when the platform was rapidly scaling. It was live in 13 markets and saw a 407 percent increase in the number of homes sold in 2019, over 2018.