Redfin Layoffs: Proof of a Coming Housing Crisis, or Just a Redfin Thing?

Real estate brokerage Redfin is laying off about 470 workers, or 8% of its workforce. They said one reason was that May demand was 17% below expectations and its CEO said there was not enough work for its agents. I read the email its CEO sent to staff announcing the layoffs, and here are key takeaways for everyone:

1. Redfin's demand is off 17%; that's not the market, that's Redfin only
2. The time for Redfin to make money is now; it has been losing continuously. NOW they are going to start to create a performance oriented culture;
3. What are they cutting? "We'll spend less on analytics and user research."
4. Their key strategy: "our best agents cultivate repeat and referral sales via those customers over time." That's always been the best strategy!