A landmark settlement Friday involving the National Association of Realtors will profoundly alter the way housing is bought and sold in the U.S.
“Now, when you sell a house, you’re looking at paying 2% to 2.5% versus the previous 5% to 6%,” explains Josh Steiner in this clip from The Call @ Hedgeye.
“When you buy a house, whereas you previously probably didn’t pay anything, now you’re probably going to pay something. The big question mark is what does that something amount to. And nobody knows.”
“All the public companies in this space, from Anywhere Real Estate to RE/MAX to Redfin to Zillow got absolutely pounded on Friday. We’ve been short Redfin (RDFN) for quite a while. The stock’s down about 40% since the start of this year.”
Helpful Links:
Join New Subscriber Orientation
New Conference: Hedgeye Live 2024 May 2-5
Hedgeye University | Become a Better Investor
Hedgeye Education Center | Learn More About Hedgeye
