Under the agreement, Seattle-based Redfin will change its minimum housing price policy, alter other practices, and pay $4 million to settle the suit brought against it.
A Redfin “for sale” sign stands in front of a house on Oct. 28, 2020, in Seattle.
“Our goal was to ensure that all neighborhoods are treated fairly and have access to the full range of services provided by any real estate company,” said Lisa Rice, president and CEO of NFHA. “The steps Redfin has agreed to take are a positive move toward stamping out some of the nation’s most harmful practices, like redlining and appraisal bias.”
“Our commitment to broadening the price range of the homes we can sell is why, every year, by design, we lose money selling low-priced homes,” the company said. “As part of the settlement, we will increase our investment in serving buyers interested in low-priced homes in communities that have historically been underserved by the real estate industry ... Redfin hasn’t broken the law and we continue to stand behind our business practices.
The housing organizations said that during a two-year investigation they documented the effect of Redfin’s “minimum price policy,” which requires homes to be listed for certain prices to reap the benefits of Redfin’s services.
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