Redfin CEO on Housing Market, Rising Interest Rates
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- čas přidán 16. 02. 2022
- Redfin CEO Glenn Kelman joins Emily Chang to talk about mortgage rates in the U.S. inching closer to 4% and its impact on the housing market. He also shares his insight on where real estate investors are buying homes in the U.S. and how out-of-towners with big budgets are fueling rapid price growth in popular destinations.
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Glen just sold me in this interview to try to work for Redfin one day. He has a good head on his shoulders and I love that he isn't forcing his employees to go back to the office. Unlike most CEOs he seems to understand real people and what their needs are.
It should be an option not a mandate. During the pandemic, I was saving and made a promise to myself that if I am called back, I will issue my resignation. If my job is not rocket science as Management states then it should not be a problem filling it. I will just look for another.
I sold and bought with Redfin. I went from a condo to a home with multiple yards. The Redfin experience was seemless. They also gave their famous "Redfin refund" at the end, which paid for part of my moving expenses. It is an awesome company!
I love this guy, chill school-counselor vibes
"i'm not a loaf of bread 🥲" hahaha
I like him to. Cool guy.
Yeah, all the while being the head of a company helping to drive us to a housing crisis.
@@jrossutubeedt2 yeah no joke
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I bought my first rental recently and still yet to grab my head around the real estate market coming from a background of aerospace engineering. have around $110k in balance. not enough for the 25% down i need for a choice property mortgage. so it's lying around doing nothing in a savings account. don't really wanna get my hands dirty due to my job so I am thinking of buying and flipping or stocks.. maybe REITs
Thinking of it as a small business is a good way to look at it. A lot of my coworkers are similar to you, with degrees in management / engineers / comp sci. A few of them have purchased houses and then moved away. Because our field simply just moves around a lot. Even last month, someone took a higher paying job at Facebook and now has to sell their house, which he's trying to do remotely. my take will be to try something called algorithmic trading. it's a hands off approach to investing in stocks and can get substantially more profitable than RE if you do it right and it's a trending wave now
@@joshh6078 interesting. how does that work?
@@robertlambert1786 it's about translating someone else's trades into your own account. trick is knowing who to mirror. i've had bad luck doing it with some etoro traders and stayed in the red. these days I've stuck with Josephine Guevara Laporte. she seems to know what she's doing seeing as my account has done some ten percent in growth monthly. been with her for over two years now and have not seen any reason to complain. would highly recommend her to you
You really don't sound like you have the drive to do all that it takes in RE. i will go with the algo trading guy. it's quite popular these days for most people who cannot get into the nitty and gritty of the various markets owing to full time jobs
@@joshh6078 I am interested in this. what is Josephine's fee structure like and is there a minimum amount required to use her services
I haven't bust out laughing to a financial update video ever. This was actually funny, I like this guy now.
This is Comedic gold😂😂 but the ceo guy is right about wfh policies
I'm a first-time home buyer and it sucks. My wife and I gave up trying.
this guy is always a pleasure to watch , comedy
"I'm not a loaf of bread" 🤣🤣 thanks for confirming!!! Great interview
Microsoft isn't forcing people back. You choose what best works for you whether full time wfh, hybrid or full time in office. You just need to make your choice by Feb 28th
Amazing interview - makes me want to buy Redfin stocks - the guy really knows what to focus on
Yup
The most level headed CEO to date.
I live In Dayton, OH. The Market here is absolutely SICKENING!!! Barely any houses stays on the Market more than 3 days. The good ones sell in 1 day, or even just HOURS after listing!! People still paying way over asking with cash! The inventory is basically zip to none. This is Beyond out of Control!! I bet if interest rates were 6% it still wouldn't change anything.
Great for those who have to sell.
@@hokeywolf3416 ya but if you sell you you're buying elsewhere (unless it's a 2nd+ house) and have to face the other side of the coin a family member bought a house 2 months ago from previous owner, he made 130% profit off the house in 5 years 😂 and no there wasn't any remodeling
I think the answer right now for those renting is to pile up as much cash as possible for the next 1-5 years when this market corrects.
That’s what I said I should do.
Saving money while rent is at a all time high?
@@Larant88 I believe so. Some people aren’t seeing these major rent increases. For those who are lucky, they can still save and wait it out. I believe most apartment complexes are realizing they need to chill on the rent increases.
I think this interview dropped the stock another 5%
The guy wanted the interview over the moment he found out that the stock is down 15% after hour. He was watching the stock price while giving the interview to see if his comments are inversely impacting the stock price. Loft of bread 😂😂😂
oh, no! my options!
First time I have listened to this guy. Love his style.
"i am a loaf of bread" if this guy was ceo of a stock i owned, i would sell it too! thank god i dont have to.
Robot ceos can be out competed by algorithms
this guy cracks me up 😂
Awesome work Glenn!
Wow (at Glenn), really, really love your business attitude!
lol. What a guy! He sold me on Redfin . Great CEO-
@5:22 he gave the only and best answer.
That may have been the best shot someone has taken at zuckerburg in a while. lol
I’m a nurse. Can’t work from home. Can’t afford a home close to my job. This is very frustrating 😓 In addition to how this pandemic has treated us nurse.
@Brigith Bautista not sure if this helps, but apparently the same no money down mortgages offered to doctors are recently also being extended to nurses. Have a look.
Not that I condone buying a home if you think its overpriced. With current prices, its almost impossible to tell if the high prices are signs of a bubble in real estate or a currency devaluation.
Hi there, nurse here too....I know what you are talking about. Last 2 years wore me out in so many ways. Prayers for your health and happiness
I would love to work for this guy.
Being of age and how to manage the sequence of returns in those early periods is what seems quite scary in the current market. The market is never a loser in a twenty year cycle, but the 2000s decade scenario scares me and could really disrupt my retirement. When you are no longer accumulating but withdrawing its hard to be anything but cautious.
Exactly caution will grow with a aging population
Sometimes folks just have to face the thought of moving to another area where homes are more reasonable. Hint: Try OLD Bullhead City, Arizona. You can STILL buy a mobile home of your own for only $100,000. That’s right, only one hundred thousand, AND that includes the land it sits on, approx. 50’x100’. Seriously, you have the Colorado River a mere walking distance away, with nine gambling casinos on the river bank across the river in Laughlin, Nevada. And we’re only 90 miles south of Vegas. Water taxi’s move people from one casino to the other, for those who don’t drive. There’s plenty of water sports (fishing, jet skies, etc.) and the best Springtime in the nation, IMO.
glenn was the best , i loved how his responses were genuine and he wasn’t a interviewee puppet to the media and just giving answers that fit the disturbing status quo , and nice FU to meta was the best …🤣🤣
I like Glen. Easy confidence because he's got the experience to back it up.
How about you have a dynamic tax that increases property taxes the more SFH a investor owns. This would heighten supply, lower demand, give first time home owners a fighting chance, and collect money for the government. Plus now that demand would be put on dense housing which we need more of.
Why would you want to give the government more money to waste?
They'd bury it in company ownership anyway
@@Beary98 I’ve though a lot about that yeah. I would say they need to disallow company from owning SFH in the first place.
I understand that point, but the real fix is to end the Fed and go back to a real free-market monetary system where you have real savings and real interest rates. Otherwise you are just relying on politicians and bureaucrats to manage the economy - which only ever ends up creating more distortions and destroying liberty.
Very likable CEO.
Have a feeling “they” will say oh ok 4% don’t mind hit them with 5% oh still don’t mind hit them with 7%
He sounds like a real slick salesman
A real slick piece of shit
A real slick piece of shit
Glenn is what CEO’s should aspire to be like 👍
Taco truck and coffee cart love it
I💟Glenn Kelman
She didn't bring up Exp holdings when she talked about the metaverse and they are direct competition. 🤔
Totally agree! Redfin is a GOOD company for its customers and employees. When it focuses on doing good business, it's stock will go up. In fact, this is the good time to buy Redfin stocks.
this guy makes me want to buy a house with redfin. He should start a podcast LOL i would watch it hahaha
I like this guy.
Love this guy! Lol
U need to stop pricing out buyers
LOLd :-) Great interview
Let's go Redfin!
Glad, I sold that stock. This guy is crazy
Looks crazy too.
Housing market crash is not coming
This guy gets it.
Screw housing. Let’s boycott the housing market and live in RVs and boats!
Investors are going to start buying RV's and boats 😒
They think it's a game to play, investor's are buying 25% of the homes paying cash. People just want a home to buy to raise their family. In a normal housing market, home prices go up 1 to 2% a year. Playing games with the housing market is not fair game.
What a cool guy.
seems like a good guy. not spouting the usual pie in the sky drivel.
I'm a millennial. I'm just going to keep saving money for a better downpayment. In fact, if the market is still terrible by the time I have a sizable downpayment, I'll just keep saving up. I'm in no rush. I'd rather not be a slave to mortgage payments and high rent. I refuse to participate in this system. So if it takes waiting and saving so that I can own something...that's just what I'll do. Plus, there are too many aging baby boomers hanging onto their homes at this time....so it's a good time to wait.
ur doing what im doing and i say we’re geniuses
Just gotta focus on keeping my job if there is an economic downturn with layoffs so I can buy after the froth comes out of this market. I'm waiting too. My target is 3-4 years unless my family situation changes.
I'm selling at appraised value and nothing but can kickers (California). Might pull it off and wait this out.
Wait till the fed does 10 rate increases this year and a lot of buyers will be priced out. We will have a correction
Not this year tho. Consumer will be more eager to buy a house before rate hikes. I see housing price continuing increase
@@willz8494 100% this year. Inflation hasn’t been this bad in decades. The fed can’t continue to turn their head to this problem
@@chase5415 interest rates increase does not mean housing price will decrease. Historical data chart shows there is no correlation between the two.
@Rental Watch Specific area may vary. For example nyc is a very special case as well. Look at national average. Time will tell
hmm...what is going on with Redfin today...I need to read this on a format easy on the eyes... Hopefully, Redfin isn't affiliated with a commission- I don't have any more room in the advertising space for the health campaigns on my platform 🖼️
I like him
Not in Reno Nevada, the average cost of a house is now $ 650,000.00 .
No one can afford this that work in Reno unless you migrate from KALIFORNIA
So now we know he's not a loaf of bread
how dare you not respect how he identifies. wonder bread has feelings too.
This guy is sooooo funny. OMG
To know him is to love him.
Housing only goes up!
I think I might invest in Redfin. I like this guy
I listed on MLS yesterday afternoon and by evening today, I received 7 offers..all over list except one at list.. Nobody is asking my listing agent what I'm looking for..they are just more concern about the right price..all seemed similar but I'm probably going to go all cash(not investor) which had the highest offer with another conventional offer. 2 appraisal gaps but no lease back offer at all. Let's get creative and not complain about my offer was not accepted and lost out to cash buyer.
Metaverse refuses to let me buy real estate but I’m trying. Everyone go buy metaverse now Facebook VR will be worth $$$ one day. Mark my words.
LOL, and how about in the next 5-10 years a large chunk of these first time home buys are locked out even more than they are now, how about every Metro area in general become relatively very expensive let alone the hyper expensive markets like San Fran LA Seattle etc in relation to area incomes to historical prices/ rents. How about the American Dream of owning a home only gets green lit for millennials with wealthy parents to front run their house purchase for em all cash of course. Many “Middle Class” people today I think will have a standard of living as good or worse in the next decade with much more debt and less positive net worth for sure; The already Rich will become the wealthy, and the wealthy become hyper wealthier because of low interest rate leverage
Virtual Property 🤣🤣🤣 y’all better pay for real property first cause that virtual property going to disappear when you late with that internet bill.
Rising rates will have a massive impact on housing and push prices way down depending how high they go, it takes time, prices arent like the stock market where they fall in a day. After a good rate hike it takes 3-4 months to see the market adjust and they are small adjustments. A 400k home will drop price 5-10k for example, if it doesnt sell they will do it again, it takes time. Builders will struggle, some builders are raising the purchase price because cost of materials are rising, on top of buyers not being able to lock in rates...so a buyer doesnt know for sure what it will actually cost....super scary, i believe thats going to cause a lot of pain on the builders if it doesnt change. Im a real estate broker in 2 states, im an investor, ive flipped a lot of homes and sold bucket loads. I quit buying homes in 2022 thinking the top is in. Maybe im right maybe im wrong and leaving money on the table. Im waiting until late summer, or fall to see how things shake out before buying more houses. Just my 2 cents.
Baloney
Blah, blah, blah
Incorrect. Owners simply will not sell if prices drop, exacerbating an already critical supply shortage.
@@badactor3440 correct
"Down 15% afterhours"
O.O
Supply constraint??? That helps everyone qualify for a higher mortgage right! Something is not right with the industry and the reporting!
We need high speed rail lines so we can build more communities.
Everyone let’s rent for 6 months until prices drop or move in with parents People need to stop buying and control the urge to buy in order for these prices to drop, people are making things worse by over bidding which in turn causes more damage to inflation
EXTRM GOOD TIME FOR BUYING ETHERUM AND BITCOIN AND HODL!$!$!$!$!$!$!$!$!$!
I was saying to myself, the stock market is very unsafe space with so many people now over the age of 50 needing that bubble to keep growing to provide more into their nest egg.
WOW, question is how greedy these real estate agents, lenders and landlords can become? While middle class ppl are struggling to cope up with their monthly payments, these ppl continue saying this will be new normal. This situation is no less than a tease to the middle class financial situation. I am fed up hearing the reason of Low inventory, I have been hearing this since 2014 and the situation is worsening every year. Is there no one - man/woman to stand up to this problem and resolve? Not affordable a house has becoming a shame to the humanity especially to middle class and a mockery to their financial situation.
The greedy are keep getting Greedy.
Stop buying where you want to live buy where you can afford
@Rental Watch good luck with that I’m not into convincing anyone into financial decisions I just know I’m buying where I can afford now I’ll check back with u in 90 days I don’t agree with u for the record
This os the guy buying fsmily homes up zillow and redfin bought so much family homes hes evil hiding behind a smiley personality. Its going to crash in prices and hes panicking pretending assets wont drop they are about to drop big time.
#Truth. I'm working to get the vibe out to #abolishiBuyer via the #Gr8rUSaPledge .... #StreadTheWord
He's so cute
baby boomer population is huge and they will all be dying in the next 10 to 20 years. tons of them are homeowners.
Property tax drives information. Government knows this. It's a game they play with civilization. Keep the poverty and hunger game going!
Maybe it looked like a tasty loaf of bread on the outside, but when you cut into it, it was full of maggots
She's trying really hard to twist his words to make him look bad
This interviewer was super obnoxious. She kept interrupting him and changing the subject. She sucks.
How about sellers stop being greedy
LOL
what? you want a home in Beverly Hills for 10 bucks?
🤡🤡
@@alksjda No. i could care less about CA. I would like for homes in southeast michigan to not be 100k + more than they were last year. If is clownish to ask for that, then im your ronald mcdonald.
wouldn’t you be greedy if you could?
i don’t blame the sellers, i blame the buyers.
@@SeekingFreedom369 I'm from northeast Ohio... It's the same here.
His fake calming voice just feels like a facade when they themselves pumped the price up by pressuring buyers to bid up !!! They f.ing caused this market to push out the first time home buyers.
the redfin guy is too chippy . but then again, boomer antics.
redfin will get absorbed soon enough anyways. never knew Bloomberg was a comedy channel. better than Hollywood trash these days.
I think he's an early gen x
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Exactly! I started investing yesterday with .001 pennies and now my portfolio is worth 6.2 Trillion! I used ( insert generic fake investor's name here)'s method to make free money! Just ignore wall street and big bank manipulation of stocks using supercomputers, that's just a myth! It's not like they lobby politicians to earn tax favors, they are hard working angels! You should absolutely throw your money away at something you don't understand! ;)
Lies
Wow. Such an ignorant CEO when it comes to Metaverse property. Rude in his response too.
He is 100% annoyed that the metaverse will be a big competitor to his physical home-selling business.
If his company does not adapt, they will be destroyed- just like Blockbuster v Netflix, taxis v Uber/Lyft, etc.
This man reminds me of when Jamie Dimon said that bitcoin was worthless several years back, and now they have cryptocurrency-focused employees.
This man and company Lost my respect in this interview.
Glad I never owned Any shares of this company.
LOL, metaverse will be forgotten in 3 years.
I don't think it will be forgotten, it will just be for poor people who can't afford reality
Boomer attitude towards metaverse lol
I like this CEO in general though, and Redfin
I like this guy most of the time though, and Redfin IS a great platform
By the time supply comes zoom life will be gone
Oy. Vey.
Butt wrinkle
No one is moving from Cali to Ohio.
We need an immigration tax on homes. New immigrants with PR cards need to pay tax on homes bc they are the ones causing locals to be able to not afford it
Thou shall not use the Lords name in vain. God will not hold blameless those who use his name in vain.
YOU WILL OWN NOTHING AND BE HAPPY :)