Could Investing in This Technology Stock Make You a Millionaire?
Real estate technology company Redfin (NASDAQ: RDFN) was a massive winner in 2023, but is still well below its 2021 highs, reached when the real estate market was booming. While I don't necessarily think Redfin will reach those levels again in the near future -- doing so would require roughly 10x returns -- it could still be a massive winner over time.
Specifically, recent developments are making consumers aware of the massive commissions being paid to agents when buying and selling homes, and this could be a big catalyst for Redfin, especially as the real estate market starts to normalize.
To be sure, Redfin has been trying to sell homeowners on its lower commission structure for years. The typical seller's agent fee has been 3% for decades, and Redfin charges half of that. And the progress has been impressive: Since its launch in 2006, Redfin customers have saved about $1.5 billion in commissions, and more than 80,000 transactions were completed through Redfin agents in 2022, the latest year for which complete data is available.
Source Fool.com
