Here's Why Redfin Stock Plunged on Friday
Shares of Redfin (NASDAQ: RDFN) lost 20% of their value on Friday, following the release of the real estate company's fourth-quarter earnings report.
Redfin continues to take share in the $43 trillion U.S. housing market, thanks to its proven ability to help its customers sell their homes faster and for higher prices. The rising popularity of its website and mobile apps -- average monthly users rose 10% to 47 million in 2021 -- resulted in houses on Redfin's platform selling roughly five days faster and for $1,600 more than comparable homes listed by rival brokerages.
Cost savings are another powerful advantage for Redfin. Sellers can pay listing fees as low as 1%, compared with the 2.5% commission other agents often charge. In turn, Redfin estimates that it saved its customers over $77 million in the fourth quarter alone.
Source Fool.com
