Redfin LAYOFFS AGAIN | PROPOSITION 19 FACT SHEET

 






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Redfin to lay off 450 employees.

Redfin Layoffs: The Bigger Picture

Redfin to lay off 450 employees.

It's funny how everybody loves Redfin and Zillow and they just keep screwing people over. It's a big business, right? When you get a big business, you go public and when you're public, you owe. A duty to your stakeholders and stockholders, i. e. the CEO, C-level executives, and everybody that owns stock in a public company.

That's what sucks about this stuff, right? And the company that I hold my broker's license under is publicly held. They're not a huge mover and shaker. That's why I went with them because they're not about the stock market I'm sure they are at certain points, but they don't lay off 450 people, and Here's the thing.

This is about the rental part, right? This is for rental apartments, So 450 people work towards Building relationships and selling advertising and sponsorships or placement for their apartments. These are 400, 500, 600, 000 unit apartments all across the United States.

That's what these people do. 



Merging with Zillow: What It Means

Instead of fighting Zillow, they joined Zillow. So it looks like Redfin is going to get merged eventually with Zillow, But when that happens, some efficiencies happen and that means people get laid off. 


School Districts and Efficiency

It's when we had in our district here in our school district, they closed three schools. And my question was, why are they closing three schools? Because they're not being. Competitive to the outside sources when the outside competition, which was private schools, was just knocking boots out of the public school system, they turned inward instead of outward.

How can we make our services better? How can we produce smarter Children? More productive children or children that are better ready or better suited to go into college and become productive human beings, they turned inward and said, we're not making enough money. So we have to close schools.

Shame on them. And then somebody said, I should run For superintendent or whatever, and I said I would never make it because my platform would be to merge all the districts and create efficiencies, I would have one superintendent merge 10 or 15 school districts within Santa Clara County education system.

And get rid of chop heads. There's a lot of redundancy that happens over and over again. Plus you get bargaining power when you have not just 10 schools, but maybe 100 schools. I can go to the food people and the book people and the paper people and say, Hey, we're buying a whole lot more from you.

You need to give us better pricing and run a little bit more efficiently. That's what Redfin and Zillow are doing. They're just saying, hey, instead of fighting what's out there, how do we spend money to make it more efficient for our clients? Our clients, which is rent. Com and apartment. com. Those people who are buying ads and sponsorships for their system help the stakeholders and stockholders, right? And going back to the school district thing, it would hurt people. But there's a lot of redundancy and inefficiency in our public school systems all across the nation. The reason why I never ran is because I knew it would just be a waste of time and effort. After all, I just never got voted into that.

But I also didn't want to do the whole political thing. So shame on Redfin for. Laying off their people and not finding places for them because there are tons of places for them This is such a big Inefficient company that they could have done something better than just lay them off That's my thoughts.

My two cents. Tell me I'm wrong. 



Proposition 19 Explained

Proposition 19 fact sheet. This has been around since 2021. Before it was Proposition Proposition 60 allowed you to transfer your tax base anywhere in your county. As long as it was within 105 percent of the home value. The idea was you could take your tax base and Move it over to another house if you're an empty nester, because this is like 55 and over, right?

This also includes, permanently disabled. People and now, fire victims or victims of any kind of natural disaster. So the good thing, and then Proposition 90 was one of 11, then 10 state counties within California, which was like Humboldt and Sacramento. Anyway, that doesn't matter because we voted that out.

We voted Proposition 19 in. It allows you to do it three times, which is the selling point of this. The bad thing is, because you can only do it once with, propositions 60 and 90. The good thing is, you can do it three times. Now you can do it with your child. Let's say that I sell my house.

I could sell my house to my children and let them keep the tax base of this house. This house is worth anywhere between 1. million. I'm not arguing that we're going to keep it at 1. 7 just because I bought it 700. So I have a million dollars of equity or tax base that I get to enjoy.

Proposition 13 increases my home value. 2 percent max every year instead of what the market is, which is up and down and sometimes 8, sometimes 15%. So it'sPropositions 13 is huge and we should never get rid of that. We're the only state in the union that actually offers something like that. They do have stuff like Homestead and Texas where once you turn 55, you stop accruing More tax value to help people and I think something like that in Florida as well and other states have other things, but nothing to where it's just 2 percent increase maximum every year for whoever, whatever residents. And it doesn't matter if it's residential industrial or commercial. It's all the same thing. And a few years back, they tried to get rid of it and we voted that down and we should continue to vote that down.

If you want to do it with your children, you can do it with your children. If you want to do it with your grandchildren, you can do it with your grandchildren. The caveat is you have to take up residency in that house.

That's the caveat. You have to take up residency. So if it's a two-bedroom cottage, that's falling over and You want to take advantage of that tax basis and still live in Santa Clara County or wherever you are in California, you have to take up residency. You have to live in that house. So just be careful of that.


That's one of the caveats. Here's a little math to it and how it works. And here are some seniors. These are the excluded, not the exclusions, but the rules, how you do it. And then disaster victims. And then here it says right here's the thing. If the replacement property is purchased after the original pending on the period, when the replacement was purchased, the amount of 5 percent or 10 percent over the original property market value is added to the transfer base value so the original says you bought a house, 300, 000 good view. Now it's worth 600, 000. The. The market replacement value is 700. So you can actually move that over. So what happens if you buy a 2 million property? Then you're paying taxes on that 700 value back to your original tax amount, but then the Delta, which is 1.3 million, you're paying taxes on it. So it's fair and equitable and it's helpful to everybody in California still gets a little bit more. When you buy a bigger property. This is not tax advice. I'm not a tax advisor. I'm not certified or whatever to prepare taxes or give you tax advice. What I would suggest you do is call your local tax assessor and ask them how your scenario works out.


Make sure you understand that. I am NOT a tax advisor. Don't say, Vito said, because this is just me walking you through this fact sheet to produce more questions so you can go to your tax advisor and the tax assessor and ask them questions before you decide to move and use Proposition 19. You must understand every aspect of it because it's a huge, powerful law that we didn't act to help protect us and our equity and the money that we're spending here in California. So if you're going to do it, make sure you talk to your local tax assessor and if you're moving to another County, make sure you call that tax assessor and say, this is my scenario.


How does this work? I plan on buying an X amount of house and this is what I'm doing. My house is worth this and this is what I bought it for And they'll help you understand. They're not going to give you the exact, they're going to say, you're going to have to fill out this form and figure it out, but this is where it is.


So ask the questions, don't rely on the veto, don't rely on a sales guy, and don't rely on anything except the horse's mouth, which is your tax advisor and a tax assessor. Done. 

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Real Estate Photography Fails

This is why you need to have professional photos, guys. I took a picture of this because this is ridiculous. This is Google.

Oh no. This is even on Redfin. They took a picture of Redfin and put it on the MLS. I have no idea what the hell they're doing here. This is a house that's listed in Santa Clara County and they took a shot with their phone on their computer and then put it, and they didn't even clean the monitor before.

You can see little smudge marks where he sneezed or coughed up coffee. And then these are, your next picture is up a hallway. Blatantly doesn't understand how to take pictures. He's just writing it in. So congratulations on the listing Mr. Galahad Court. Not my listing obviously. This thing should have sold and maybe the reason it hasn't sold is because of the pictures.

That's your front picture. That's the first picture that you see. And you're like, what in the actual T


Four bedrooms, two baths. This thing should have sold for 1.1, 1.2. It's in the Capital Goss neighborhood. Pictures are cheap. If you're going to do it on your own, you should have taken 20 or 30, but no, you only took six. And of those six, the first one you're putting is. A picture of a screen. Okay, enough said


Market Trends and Insights


Bank-owned property of the week is in Hollister This one's been on the market for 81 days, 771, 000. There are 26 pictures. I've sold houses over here, and over here, and this place is actually Promise Way this one backs into a field.


Eventually, that's gonna get developed. In the meantime, you have. A nice backyard and there was another back home property here earlier. Maybe this was it and they finally cleared it out and cleaned it up and repainted everything. If you're thinking about Hollister, this is a nice house, even though some of it's boarded up.

Yeah, you can pick this thing up. Maybe 700, 000. There you go. Apple campus homes near Apple of the week. This is not my listing 2.3 million four bedroom, two bath, 1, 400 square feet built in 1958. And it is within walking distance of Apple. For the spaceship, we don't need 15 pictures of the front of the house. You only need one pick The photographer is giving you choices, right? You don't need to do the box brownie background and highlight and all that and you didn't even get this one light And they're two different lights, it looks like. Now, that one's on.


Okay, back to the album. You don't need to have 15 pictures of the house, front of the house. You just need one. And then you can put them in the back. Put them in the bottom of the pile, right? And then you get nicely staged. It's all pretty and all that. You only need one picture of the front, maybe the door, if it's a really pretty door, I showed a house yesterday and they have the exact same door we have with the exact same latch and key thing and it's oil-rubbed bronze, and over the years it's rubbed off. So it's dark Brown and where the thumb mark is. You can see the rubbing off, And they use the same rock trim that I have too. So they have good taste. Here's the thing, right?

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This is called box, brownie. com. And what they do is they overlay and put a funny background and make your house look lit up. You can just take this picture and say, set that one up, get rid of these. Power lines, and make it look pretty. And that's exactly what they did. That is the exact same picture as that.

That is the exact same picture as that. They have some people put the overlay in and some people hate it. One, two, three, four, five, six, seven, eight, nine, 10 pictures of the front of the house before you actually get into the house and nobody cares Get one picture and then spend the time Especially if you're at over two million dollars spend the time to get floor plan Pictures are great.


But this is the digital age get a floor plan. It doesn't cost that much shame on you Mountain View home of the week Lloyd Way is not my listing three bedrooms two baths 1700 square feet Looks like a cottage, built in 1953, and it is not really walking distance to Castro Street. You could, but by the time you get home, you will wear off, so you could probably just drive there.

Two pictures beyond me one day on the market. Maybe they have photography coming in. Yesterday I looked at this thing. I didn't change it because I was talking about this. Yesterday it was highs and lows. 5.7 million and 635, 000. Today we're looking at 40 days on the market.

We're up just a tad bit. I think what people are doing is saying I'm being picky about what I'm buying. I put a house on the market. It took seven days. I had offers on the third day, but I slow-played it a little bit, built up the buzz, negotiated, and we went way over we did some concessions. 


I'll tell you more about it once it's closed, but if your house is dialed in and marketed right and negotiated right, you're going to get a much better deal than if you overpriced it. And I'll leave it at that. Our inventory is climbing just a tad bit, but we're nowhere near where we need to be.

And days on the market are climbing just a tad bit. REOs are boring right now. So there you go. Not a lot of volume, but there are not a lot of options. And then the same thing here, 130 out of 809, this should be 2, 000, close to 2, 000 for it to be a good value. That's it. 


Final Thoughts and Sign-Off


I'm Vito with Abitano.


I'm going to the gym because my girls are taking the week off. They have President's Day week or Winter Week off. So my schedule is all jacked up. I'll be at the gym. If you want to say hi, we'll see you out there.






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Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

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