Rocket Companies has announced an agreement to purchase Redfin for $1.75 billion in an all-stock transaction, expected to close in mid-2025. Both companies aim to improve the home buying experience by uniting Redfin’s extensive home search platform with Rocket’s mortgage services. Redfin’s CEO, Glenn Kelman, will continue to lead the brokerage, with a focus on modernizing the home-buying process using technology and AI to streamline transactions and enhance customer service. This merger is anticipated to generate substantial revenue synergies and enhance Rocket’s mortgage growth.
Together, we will improve the experience by connecting traditionally disparate steps of the search and financing process with leading technology that removes friction, reduces costs and increases value to American homebuyers.
We want a customer to be able to check her phone to find out what she can afford, see which homes are just right for her, schedule a tour with a local, expert Redfin agent, and get pre-qualified for a loan, all in a matter of minutes.
The deal is also poised to drive Rocket's purchase mortgage growth, with the expectation that the transaction will generate significant revenue synergies across the real estate market.
Varun and I see how much better real estate could be when AI guides customers not just through that first step in their search, but all the way home, through the sale, the loan and then a lifetime of accumulating equity and wealth.
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